Coleman Church

You see what the hooties were able to do.

with not so sophisticated and not very expensive drone technology.

But that's pervy for some military expert, not me.

It does, but if-

Yes.

I think what was a very important moment

however, was the seizing of the Russian reserves at the beginning of the Russia-Ukraine conflict.

I felt that.

And I think... Can you tell us what happened, just for people who... Yeah, so quite simply, the Western powers seized the Russian reserves that were sitting in the New York Fed.

I believe it was 300 billion is the number that they seized.

And the Europeans still want to use that for...

for rebuild and so forth in Ukraine.

Now, not to get into who's right and who's wrong in the Ukraine-Russia conflict.

That's not the point of this.

The point is it sets a precedent that...

That's a scary precedent.

That is your money that sits in US treasuries or gold in our Federal Reserve is not safe if you run afoul of the powers that be.

So there's a very obvious and natural reaction function to that, which is

powers like India, China, and Russia, stop buying treasuries and start buying gold.

The gold call was, certainly we have inflationary pressures we can talk about, but even more to the point, it seemed obvious at that point that that's the trade.