Gary Stevenson

Can that be right?

Spain is up 32% and you know, these are one year moves from a situation where even one year ago, mostly stock markets were at all time highs.

It's not just the stock market of the gold price.

Gold has gone absolutely mental.

Gold has gone up 98.5% in the last two years.

The silver price has gone up 174% in the last two years.

So we're sitting here,

in the midst of like an enormous economic crisis and what we are seeing is like all global asset prices all global stock markets like doing incredibly well and a lot of people are confused about this because people have generally been led to believe and there is a general assumption that when

The economy goes good, stock markets go up.

When stock markets go up, it's because the economy is good.

When the economy is bad, stock markets go down.

If stock markets go down, that means the economy is bad.

And yet here we are in the midst of like probably the most obvious piece of economic like sh**ness we've seen in a long time.

Stock market's going through the roof.

We are going to explain to you what is happening.

So the first thing to say is like this is not new.

So I'm talking to you now in 2026, in the midst of one economic crisis that appears to be pushing stock markets up.

And obviously, five years ago, we had COVID, which was another enormous economic crisis.

And what was the long term effect of COVID on asset prices, gold stocks, housing, they went up 2011 sovereign debt crisis.

pushed asset prices up.