Central Banks Admit the DAMNING Truth About Gold—It's Causing a System Collapse

Episode Transcript

Seth Holehouse (00:13):
Welcome to Man in America, a voice of reason in
a world gone mad. I'm your host,Seth Wholehouse. So if you've
watched this show for the pastcouple of years or maybe only
the past couple of episodes, youmight have noticed that one of
the things that I'm verypassionate about is the global
financial markets. And why? It'slike, okay.
I'm some man in America talkingabout prepping and a little bit

(00:36):
of politics and medical freedom.Why the interest in global
finance? Well, because one thingthat I've learned, especially
through doing the show and learnall the people I've been able to
talk to and interview is thatwhat's happening with the global
financial markets isunderpinning almost everything.
Right? You've probably heard thethe saying or seen the
documentary, all wars arebankers' wars.

(00:57):
Almost everything that we seehappening at the big level in
our society, you know, aroundthe world is driven by the
bankers, by what's happeningwith the banking system. Now
something insanely significanthappened this week. The European
Central Bank. Right? The thecentral bank of central banks in
many ways.
Like, the, you know, theEuropean Central Bank, they

(01:18):
penned an article that waswritten by, I think, by four or
five of their own expertanalysts, basically confirming
what we have been talking about.They're confirming that there is
a gold run going on right now,that they're concerned about a
squeeze on physical gold. So ifyou haven't listened to the
interview that I did with DavidJensen, I'll put the link to

(01:38):
that in the description becausethat interview will teach you an
insane amount of very importantinformation about the global
markets for precious metals andhow these markets have been
manipulated primarily throughthe LBMA. And so what we're
seeing though is that,basically, since the beginning
of 2025, we've seen this hugespike in demand for physical

(02:00):
delivery of silver and gold. Nowgold more specifically, that's
what we've been focusing on.
And what what does that mean?Well, one of the ways that they
have manipulated the silver andgold markets is through the
introduction of paper gold andpaper silver. Meaning that let's
just say that I go to a bank andI say, hey, I wanna buy one bar
of gold. I want one ounce ofgold. It's okay.

(02:22):
You can do that. But you canalso buy how about you buy 10
ounces of paper gold? It's like,okay. What's this mean? Well,
basically, to simplify it, it'slike, we're gonna sell you a
piece of paper saying that youown 10 ounces of gold.
And you think, oh, okay. Great.I'll take this paper gold. I'll
go put it in my my safe at home,and I own that gold, and you're
gonna keep it safe for me. Butthe reality is is that just like

(02:42):
our money we're putting into thebank, if you put a thousand
dollars in your local bank, theydon't keep your thousand dollars
in a segment a segmentedaccount.
Right? There's reserverequirements that at one point
were basically zero. So theymight take that thousand dollars
and keep $10 or a hundred bucksin your in in the bank. And the
rest of that money, they'replaying with playing stock
market, you know, investing inthings, bonds, who knows what.

(03:05):
The same thing what's happeningwith the gold market is what
they've done is they've createdthis paper market where everyone
is they think they're buyinggold, but actually that gold is
being oversold.
So say they have a one ounce barof gold, and they sell you this
piece of paper saying you ownyou own one ounce of gold. Well,
they might sell that same ounceof gold to a hundred different

(03:27):
people. So what happens if thesehundred people all come in the
same day and say, okay. I'mready to take delivery of that
one ounce of gold. The systembreaks.
The illusion breaks. Right?They've been able to keep the
price of gold and silver downat, like, way below what it
should be because they'vecreated an artificial supply of

(03:48):
gold and silver through paper.But going back to the European
Central Bank, they penned anarticle, which we're gonna be
going over in detail today,admitting that there is a gold
squeeze happening and that thebig banking institutions are
having a hard time deliveringthe physical, you know, delivery
of the gold that they people arerequesting, and that they're

(04:11):
seeing a gold squeeze unfold,and that the trillion dollar
derivatives market. Right?
So they're talking in Europealone, there's about a trillion
dollars trillion dollarderivatives market tied to gold,
how that that market is gonnasee potentially catastrophic
losses. Because as more peopledemand physical delivery, the

(04:32):
truth finally comes out that thewhole thing has been some Ponzi
scheme. And so this means a fewthings. One, as they admit in
this article, this could causewidespread financial chaos in
kind of my own words, but re youknow, kind of reframe what
they've said, is that this, theinstability and the problems
would extend well beyond thegold market. But the other thing
is that what happens when youhave a fake supply.

(04:54):
Right? And you say, oh, there'sunlimited supply because they
keep making more paper. Whathappens when that paper market
breaks and everyone realizesthat it's an extremely finite
supply? The price of gold andsilver go through the roof
because their way, their game ofmanipulating it no longer works.
And so joining me today is mygood friend Colin Plume, and

(05:15):
we're gonna be diving deep intothis overall concept, see what
it means, what it means for youand I, what it means for the
overall banking system, and alot more.
So please enjoy the interviewwith Colin Plume. Before we we
jump in, just a quick note foryou. As a reminder, every show
that I do is done as a podcastas well as a video. So if you
would rather listen instead ofwatch, go to your favorite

(05:35):
podcast app. Search for Man inAmerica, and you will find it on
there.
Alright, folks. Please enjoy theinterview with Colin Bloom.
Mister Colin Bloom, it's greatto have you back on, man. Thank
you so much for being here withus today.

Colin Plume (05:48):
Thanks, Seth. Good to be here. Exciting today. Lot
lots lots happening, so we candive right in.

Seth Holehouse (05:54):
Yeah. So one thing it's just kinda wild how,
like, gold, precious metals,like, the news, the markets, it
really comes it's like ebbs ebbsand flows. Like, you might have
a whole month where there's verylittle movement. Gold goes up a
hundred, down a hundred, up ahundred, down a hundred. And
then some news comes out, andthe whole thing just just gets
turned upside down.

(06:14):
And it seems like really sinceTrump won last year that it's
just thrown everything into thisthis tailspin, and we're seeing
just wild swings in what'shappening with the markets. And
we've got Basel III andeverything. So, yeah, there's a
there's a lot to dive intotoday. I'm looking forward to
it.

Colin Plume (06:31):
Yeah. I mean, it's been a bit of volatile year if
you look at the stock market andinvestments in general because
you've had days where the Dow'sdown 2,000 points. We've had
gold up a hundred. And I thinkit's even with a little bit of a
sell off, some profit taking ingold, I think you haven't seen

(06:54):
the kind of drop in other assetsthat you typically see. A
massive run up, a lot of timesyou would see unbelievable
profit taking and just peoplemoving away from an asset.
But if you look at the numbers,gold's still up about 14% this
year, which I think anybodywould say is pretty good.

(07:16):
Obviously, go back eighteenmonths, you're at above 40%.
Five years, it's up 86%, I thinkit is. Yeah, 5%. And I was
thinking a lot about whathappened in 2001 to 2011, which
was the last really bull run-inmetals, and it lasted ten years.

(07:40):
I think you could argue thatthis bull run really started in
mid-twenty twenty, so we'reabout four or five years into
this bull run. I think a lot ofpeople ask, How far into this
are we? What's happening? And Ithink we're still relatively
early with the news and whatpeople are saying and the

(08:02):
confidence in gold. The consumerconfidence in gold is that A
report just came out last weekthat it's at about 25% of
Americans feel confident aboutgold.
It's the highest it's ever been.You know, less than 8% of
Americans own physical gold, butthe confidence has been been
high. So that's I think that'salso pretty telling that people

(08:23):
feel more comfortable with theasset.

Seth Holehouse (08:26):
It is. And I think what's also kind of
strange is that if you look atobviously, a lot of these the
global markets, in my opinion,are are very rigged. Like, the
stock market is is controlled bya small group of shadowy figures
in a room. Like, I think it'sit's something that we can't
even comprehend the level ofcontrol that some of these these

(08:48):
banking families have over themarkets. But if you look at gold
and you look at what happenedafter, you know, '71 when Nixon
pulled the dollar off the goldstandard, And what's happened
since then with the the papermarket, and I've covered this
extensively in some earlierinterviews, and, you know, I've
talked about it a lot as well,how gold and silver are not

(09:10):
ordinary assets that they havebeen extremely manipulated.
And that manipulation has beenin one direction, is to keep the
prices down, to allow thecentral banks to buy, to also to
not show the true inflation.Right? And that was one thing
that, you know, getting backinto the interview I did with

(09:30):
David Jensen earlier this yeartalking about how when they
brought out the l of the LBMA, Ithink it was in, like, '86 or
something or somewhere in mideighties, how one of the main
reasons that they they createdthe LBMA and handed the control
over to the Bank of England isso that they could use the LBMA
to introduce all this paper goldto keep the prices of silver and

(09:51):
gold down because the silver andgold were a immediate reflection
of inflation, which is why,like, you know, from the
seventies into the eighties, wewe saw huge, huge increases in
gold and silver prices because

Colin Plume (10:04):
Right.

Seth Holehouse (10:05):
It's like, why is it because they went up that
much, or is it because they wereprinting so much money after
they pulled the the dollar ofgold standard that, you know, as
David Jensen said, it was thecanary in the coal mines. They
had to create this mechanism tosuppress these prices. Whereas
what it seems like right now andwe'll get into this into the
into today's show, that they'refinally admitting even the
European Central Bank came outand admitted, which we'll get

(10:26):
into this in the second half ofthe show, that their mechanisms
for controlling these prices arebreaking, and that they're were
they're warning of a goldsqueeze, which it's like we have
normal market, you know, kind offluctuations. But if if the if
the gold paper market breaks,you know, it's like, how high
could it go? It's not even yournormal kind of bull run of gold.

(10:46):
I mean, you know, there's someexperts saying that gold could
be $10.20, $30,000 an ounce.Some also experts even like Ray
Dalio talking about it andsaying maybe silver is gonna be
up to $500 an ounce. I mean, sowhat we're seeing is something
really unprecedented, especiallyin the in this modern central
bank controlled financialsystem.

Colin Plume (11:06):
Yeah. I always think of the quote that Alan
Greenspan would say about goldthat he could tell how he was
doing in his job based on thegold price. So if the gold price
was going up dramatically, hewould say he's doing a bad job.
If it's not going up, if it'sgoing up a normal pace, then
he's doing pretty well. Italigns with your interview with

(11:28):
David Jensen and the idea thatif the gold price is going up
significantly, it means they'vecreated too much debt.
They've created a market wherethere's too much money out there
and they've screwed up whereinterest rates should be, and
they've done a lot. We'veobviously seen that again since

(11:49):
COVID. It happened. It's funnyhe says that because it happened
during his reign in early twothousand and two. That's when
gold started to move again.
I remember him saying about realestate, I don't know if the
famous quote, he's like, Whatbubble? And it's very telling
that he looked at gold price asan indicator of how was doing

(12:12):
his job. Yeah, so we're seeingthat. I think everything's
coming out now. And maybe thisis an effect, a little bit of
Trump and Doge and transparency.
Lot of this is happening wherepeople aren't just accepting
these institutions. I mean,that's why I think that people

(12:34):
started to pull their gold fromLBMA. They wanted it home here
in The US or wherever they werebecause they just said, You know
what? Let me just see what Ihave. I want to take delivery of
this contract.
It's because they just didn'ttrust it. So I think there's a
level of distrust happeningwhere people want to see what
they have and bankingregulations are changing. A lot

(12:55):
of things are changing. So Ithink I think that's gonna make
for an interesting, you know,next few years in in the
precious metals market.

Seth Holehouse (13:04):
Oh, certainly. Well, so I wanna hone in on on
this this one particulararticle. And this is back in
02/2023. But it's talking abouthow The US proposes final Basel
rules transition period to startin July 2025. So can you walk us
through a little bit, explain,like, basically, what what they
refer to as the the Basel IIIreforms?

(13:26):
Because I know that theyannounced it, you know, well
before, you know, obviously,today. But basically, if I'm
correct, one of the thesignificant aspects of the the
Basel III was how gold was nowbeing treated as a tier one
asset. So can you walk usthrough that a little bit?
Because think that helps us tounderstand where things are at
right now.

Colin Plume (13:46):
Yeah. I mean, I think in simple terms, it's the
biggest reclassification of goldin our modern history. I think
that if we had done the FortKnox audit, maybe that would
have been similar, but I don'tknow what's going to happen with
that. But I think moving goldfrom tier three to tier one

(14:10):
basically is telling the banksthat they can't look at gold as
this other They actually have tobuy the physical gold, right? If
they want it on their books,they have to have assets on
their books to protectthemselves to continue to lend
and allow people to borrow moneybecause we know that it's

(14:33):
obviously they keep a fractionof your cash in the bank, so
they need to have some stabilityassets.
So they're moving gold from atier three to a tier one, which
means they're going to have toown the physical gold starting
in July. That's going to bring awhole new flood of buyers, new

(14:57):
buyers, banks, the big guys,Bank of America and Chase and
all these guys, Wells Fargo,they're going to have to do
that. I think this law thatthey're put into place is
actually very timely. Mean, yousaw a few banks last year go out
of business because they misreadthe market and they had too much

(15:18):
in bonds.

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Colin Plume (16:36):
And and so they they were leveraged in a bad
way. I think it's prettyinteresting that they set this
law a few years in advance, andnow it's coming. July is right
around the corner, so nowthey're going to start. So we
have a whole new buyer pool ofbanks that are going to acquire
gold. And so we'll, as a bigwholesaler, a big company that

(16:56):
sells a lot of gold, we'll becompeting with these guys on
buying because they're going tobuy, like us, we buy a lot of
bars and things for our clients,We'll be competing as a whole
new sector of people that we'llbe competing against in the
markets.
And when you have a squeeze andnow you have these new buyers,

(17:18):
it adds a whole new element. Itreminds me a lot, I think I've
told you this, that duringCOVID, I was competing against
Comex for silver bars. And so Ithink that's to add this new
element, this new buyer. Now wehave central banks that have
bought a thousand tons of goldfor three years in a row. Now
you're going to have actualbanks, real banks, Chase and

(17:39):
these guys coming in.
It's a whole new group of buyersthat are going to buy and hold.
They're going to buy and hold.They're going to be net buyers
of gold, not net sellers,because they'll be able to keep
it on their balance sheet andand show it on their balance
sheet as an asset. And so Ithink it's a pretty interesting
development, and it adds a wholenew twist to, to the gold

(18:01):
market.

Seth Holehouse (18:02):
And and so when you say that during, the
beginning of COVID, which Iremember those times, I remember
silver was one of the thingsthat it was hard to get a hold
of, and the premiums wereoutrageous. I remember at one
point Outrageous. Like, youknow, eagles were $20 over spot.
I mean, it was really difficultto to get get silver. Like,
even, you know, like like a 10ounce bar of silver, just like

(18:24):
pure bullion, poor bullion,like, premiums were were kinda
crazy.
But explain a little bit, like,when what does that mean when
you say that? When you say thatyou were competing with COMEX
for delivery of silver, give usa little more insight into that.

Colin Plume (18:39):
Yeah. So I would say, March or February, nobody
had silver. A lot of the silverthat we get in The US comes from
Mexico and the silver mines wereshut down. So they weren't
mining, they weren't delivering.I basically decided I have to

(19:02):
buy every silver bar availablein the country.
So I called every place that Icould and basically bought every
bar. Actually 10 ounce silverbars were impossible to get.
That's when we started buying alot of kilo bars because they
had kilos. So we bought kilosand then thousand ounce bars,

(19:24):
and then some hundred ouncebars. We bought everything.
We literally bought everything.Went and I leveraged, which I
don't recommend anybody, but Ileveraged everything that I had
and bought everything. And webought so much that there was a
good three to four months thatalmost any company in the
industry, you'd go to theirwebsite and they'd have no

(19:46):
inventory, none, none, none. Butif you called us, we never
stopped taking orders formonths. Were able to take
orders.
As we were taking orders, theprice kept going up and up and
up and up. We had clients thatbought silver from us at $14 15
dollars And by the time it allshook out after six months, that

(20:07):
price had gone to $28 They haddoubled in six months in the
real metal, not a leveragething. I took the leverage to
get the inventory in off myassets basically, and then took
delivery and then sent it toclients, which is a whole other
mess. But I know that COMEX wasnot getting as much silver as

(20:29):
there were contracts that werebeing sold, because the people
that I was talking to weresaying that to me, that they
were trying to buy everything,but they couldn't get enough.
They were absolutely sellingcontracts that, that they didn't
have physical delivery yet.

Seth Holehouse (20:42):
Which really kinda I I think that brings us
into this recent article thatcame out, and I'll pull it up
because to me, this is actually,wait. Here's the article right
here. Pull up. This, in myopinion, is one of the most
significant articles I've everread about the price of gold and
and the role of gold. So I'llspend a little time reading

(21:05):
through a little bit of thisarticle.
So keep in mind okay. What do wesee at the top of here? We see
European Central Bank. This ison literally this is
ECB.Europa.eu. So this is anarticle that was just published
from the European Central Bank.
Right? The ECB being, like, inmany ways, kind of like now

(21:25):
obviously, right, getting intothe BIS, and there's other
other, you know, kind of biggerentities, but the ECB is a
significant banking system.Right? Most people would agree
with that. Right?
The European Central Bank. SoI'm gonna read through a little
bit of this because this isreally, really telling. So what
it says, it says, what does therecord price of gold tell us

(21:46):
about risk perceptions infinancial markets? So I'll read
a little bit. It says goldprices have seen an
unprecedented surge since 2023reaching a series of all time
highs.
Gold has a long history of as astore of value. Given its its
limited industrial use, demandfor gold comes traditionally
from retail customers, like forjewelry. Although, it is also
employed as an investment assetand used by central banks as a

(22:09):
reserve asset, which is that'swhat we're talking about. Right?
And, you know, how Basel III,it's a tier one asset, that now
they're now and and we've seenthat the euro the central banks
have been buying gold like alike a teenager with a black
Amex.
Right? Just, like, going aroundjust buying as much as they
possibly can. Right? Absolutely.Maybe they're buying gold like
Colin Plume was buying silverduring the beginning of COVID.

(22:32):
So it says though, from aninvestment perspective, gold
differs from other assetclasses. Unlike most bought,
bonds and equities, it does notprovide cash flow. Instead, its
appeal reflects two uniquefeatures, particularly in times
of high uncertainty. First, itis not a liability of any
counterparty and thus carries nodefault risk. And that's key
actually.
And, Colin, can you explain, toto the listeners, what does that

(22:54):
mean that it doesn't have aliability of counterparty and
thus carries no default risk?

Colin Plume (23:00):
That is one of the things that I always talk about
with gold, and precious metalsin general is that, you know,
you own the asset. The way we doit at Noble Gold is that you own
the asset by yourself. So Idon't have a claim to your gold.
And there's so few assets thatyou own that have that. I mean,
everybody knows Enron and allthese stocks that people felt

(23:24):
really good about.
Then once they were exposed, yousaw that massive risk. There's
no counterparty risk with goldbecause you own it in entirety.
You're not leveraged, which isthe reason that I don't do any
leasing of gold. Actually, I hadsomeone recently ask me, Do we
lease gold? We do all that?
Because there's companies thatsay that we do that. And listen,

(23:45):
it's all great until it's not inthose situations. So I've seen
companies that have done that,that have leveraged for clients.
It seems like a good ideabecause you could spend $1,000
to buy $2,000 in gold,hypothetically. But if gold
drops and you need money andyou're not as liquid as you

(24:07):
think you are, you could losemuch more than the 1,000 you
originally invested.
That's what people don'trealize, is that these leveraged
ideas are good there's apullback and you need cash. So
you don't have to worry aboutwhether we store it in the
depository, it's segregatedstorage, you own it. We're just
helping you get it there andit's insured by Lloyd's of

(24:28):
London, it's protected, buteverything that you buy from us
has no counterparty risk. Thereis so few assets that people own
today that carry that, that arealso so liquid. I think that's
the other thing too, is nocounterparty risk and the
liquidity I think are extremelyimportant for people that are

(24:52):
looking to take some money tofix the roof or maybe start a
business or whatever they'regoing to need, you never have to
worry about that.
I think that in this most recentbull run that we've started in
2020, people have realizedhaving this asset that if they
need it, they can liquidate itand use it to buy things that
they need is is extremelyimportant. And it's and it's

(25:14):
liquid anywhere, you know,obviously, in the world.

Seth Holehouse (25:17):
Also, you know, looking at counterparty risk,
you know, one I kinda I becauseI'm not a financial guy. Right?
I I I love this stuff, and Ifollow it, but, you know, I
don't have some Wharton degreein in in global finance or
whatever. Right? But one onekind of simplified way I look at
it is, like, what's counterpartyrisk?
It's like, okay. Well, say I'vegot a car, and I I lend it to my
neighbor, it's in his garage.Well, now there's a counterparty

(25:37):
risk. Even if I own that car, ifhis house burns down, I lose my
car. Right?
It's kind of the same thing.It's like, you know, there's
counterparty risk in my bankaccount. Right? So say I use
Chase Bank, and say I've got$10,000 in a bank account that I
think is mine. Well,counterparty risk, and actually,
we even notice even more soafter David Webb kinda put out

(25:58):
the great taking, that there'sinsane counterparty risk,
meaning that if there's aneconomic, you know, kinda
catastrophe or whatever, evenour stocks and bonds, these
banks, like, they those assetsare theirs.
They're not ours. So so thatthat's the counterparty risk.
But the reality is is this chunkof silver right here, it doesn't
matter if tomorrow an asteroidhits. Right? As long as I'm
still living and I can I canhold on to this, there's no

(26:21):
counterparty risk?

Colin Plume (26:22):
Yeah. That's a great point. Yeah. Seth, it's
all those are all great points.Yeah.
Sometimes I forget about thosethings too. And and I think
everybody does to some extentbecause we've had a malaise of
where we feel comfortable that,you know, the banks tell us
everything's fine. But then yousee these things where these
banks go under and people arerunning the banks to get their
money and they can't get it. AndI think that in the bond market,

(26:44):
we've had some volatility theretoo. I think everything seems
safe with other people's controluntil something really bad
happens.
So it seems like Basel and theECB are sort of alluding, and
you'll talk about it more, thatyou got to be prepared for that

(27:06):
eventual situation. The banksare saying, No longer can you
just have it on loan. Youactually have to have the real
thing. You have to have theactual asset for it to be an
asset. So it's I think this,like, idea that it's it's okay
to have other people hold yourstuff or, you know, this, like,

(27:26):
borrowing idea, I think it'sit's going away.

Seth Holehouse (27:29):
It is. And so I'll jump back into the article
because it explains this in evenmore detail. So, again, so it
says first, and here we are inthis paragraph, people are
following along, not a liabilityto counterparty risk. No, you
know, default risk. Second,given its limited and relatively
inelastic supply, it retains itsintrinsic value and cannot be
debased.
Accordingly, gold is often seenas a portfolio diversifier, a

(27:53):
hedge against inflation and USdollar depreciation, and a safe
haven in times of severefinancial market or geopolitical
stress. Against this backdrop,this box analyzes gold's
performance during episodes ofstress as well as developments
in gold derivative markets. So Iwanna come back It's

Colin Plume (28:10):
funny what you just said because I always think
about, like, when we write, adsfor Noble Gold, we'll say things
like this, and they'll you know,sometimes like the networks or
some places Google will say, Youdon't have proof of this. And

(28:31):
yet now, in the sixteen yearsI've been doing this, I would
submit an ad copy to a networkfor an ad and they'd be like,
Well, you can't say that it's asafe haven. Can't say that it's
a diversifier. You can't sayit's a hedge. You can't say it.
But now they're saying it. Nowthe ECB is saying it with their
analysts. You know, there's fiveanalysts on this document.

(28:52):
Right? And so the proof isthere.
So now maybe they'll let me sayit in an ad, but probably not.

Seth Holehouse (28:59):
Well, all I have do is say, according to the
European Central Bank, goldoffers a safe haven in times of
stress, particularly duringepisodes of high geopolitical
risk or policy uncertaintyuncertainty. Right. There you
go. But kind of scrolling down alittle bit, let's see. There's a
few things here.
I wanna get to to the well, sohere's one thing for instance.

(29:22):
This right here shows this isthe gold price and purchases by
central banks and otherinstitutions. So showing that
you can see, like, if if youhone in right around after 2022,
huge, huge spike in thesecentral banks purchasing gold,
right, as the gold pricescontinue to go up. Now what's

(29:46):
interesting is that if you lookat this one line that's kind of
right after 2022, there's thatdip. And all the central banks
could they bought, you know,what, almost 3,000 tons.
Is that the the metric? I thinkthat they're oh, no. Sorry.
That's the dollar price. Theyhad a huge buy right there.
Shortly after that, the pricealmost doubled. Right? You can

(30:08):
see that the gold price fromfrom that big spike there almost
doubled. But what they also showcontinuing in this is, coming
down to this other chart here.This is really important.
Okay? Because now we're gettinginto this idea of the gold run.
Right? And this is and I'll I'llfinish this the next paragraph,
which really helps kinda paintthis picture. So, basically,

(30:30):
what a lot of this article istalking about is how amidst this
uncertainty, there has been thismass explosion in people
demanding deliveries, which isokay.
What's that mean? So but,actually, I'll I'll let you
explain. What does that mean? Sowhen you say when you look at
paper gold versus deliveries,what what why are they
highlighting deliveries?

Colin Plume (30:49):
Yeah. And if you I like this chart too because it
goes really, like and this is,like, 02/2020. So this is
probably the most recent bullrun at the beginning. You can
see early in 2020 that there wasa spike in deliveries. You see
that one blue pretty high.
Then there was just lessdeliveries happening. Obviously,

(31:11):
we know the buying from 2022 totoday, the central banks were
buying a thousand tons a year.But you see the retail market
get comfortable again, Oh, wedon't need delivery. We're going
to be okay. Things are going befine in 2023, but now the gold
price has taken off 2024.
Then there's whispers at theLBMA, Hey, they might not have

(31:32):
enough gold. Things arehappening. And as soon as that
starts to release, then you seethat one blue line in 2025. I
mean, it really just spikes. AndI can hear it from just our
clients, a lot of clients withus that over the last year or

(31:53):
two, if they're retired andthey're taking their
distributions in their IRA,they've taken in the gold.
They want the gold. So ourclients are doing it. Then
obviously you see the biginstitutions that are just
saying, We want the gold. Therewas concern about if there would

(32:17):
be tariffs on the gold. I thinkthat is a small reason, but I
think more than anything, peoplewanted to just get their gold as
close as they can to theirhands.
And so that's why you saw thatmassive, blue line, in 02/2025.

Seth Holehouse (32:32):
It's also pointing out, worth pointing out
the red line. So that red linesays EPU. So under here, it
explains what that is. It saysEPU stands for economic policy
uncertainty index. And so that'swhat's also interesting is that
if there's one thing in herethat's skyrocketing, it's going
vertical, it's that.
That the, really since the thesecond half of twenty twenty

(32:55):
four heading into 2025, we'reseeing even, like, way higher
than what we saw during COVID.We're seeing a very, very high
rate of the economic policyuncertainty. So which is really
people in general just nottrusting what's happening with
the financial markets, and yousee how that goes hand in hand

(33:16):
with people wanting physicaldelivery, which shows me that
it's like what you've beensaying as well. Like, people
don't trust these institutionsanymore, and they want to they
want to hold their physicaldeliveries in hand or in some
sort of very trusted segregatedstorage somewhere.

Colin Plume (33:32):
And, also, I think it's pretty telling too because
I think when you look at a priceof an asset that has gone up,
let's say 50% in the last twoand a half years, a lot of
people would just assume there'dbe selling, like profit taking.
But actually what we're seeing,which is it shows because the
price hasn't dropped that much,They're not taking profit,
they're just taking delivery,which I think is also really

(33:55):
telling is that they just wantit. They're not selling it. They
believe it's going to continueto go up. That's the
conversation a lot of ourclients are having, that they
have to do required mandatorydistributions because they're of
age, above 59.5.
So they have to take a littlebit out because the government
wants their tax money. But a lotof times what would happen years
ago is that they would just sellthe gold and pay the tax and

(34:17):
take the cash. But now whatpeople are doing is saying, No,
I'll just pay the tax with mymoney. Send me two ounces of
gold or a few hundred ounces orwhatever they have, send it to
me, I'll deal with thegovernment independently, and
then I'm going to hold thatasset to later because I think
it's going to And the onlyreason you do that is you think

(34:39):
it's going to continue to go up,right? I mean, that's what makes
the most sense.
And the other thing that I'vealways loved about the IRA that
I always thought was so uniquewith gold is that it's the only
asset you really could takepossession of in your IRA
besides cash. It does give youflexibility. And for people that
don't need the cash, gives thema nice thing. They're going to

(35:03):
get that 10 ounce silver barthat you have. They're going to
have that in their hands.
They pay the tax and now it'stheirs. Own it. If it's a Roth
IRA, there's no tax. They justget the silver and gold shipped
to them. So I think it's nicehaving that flexibility in this
kind of environment.
Obviously, if they get deliveryof it, they want to ship it back
to us and we'll buy it at anytime. But a lot of our clients

(35:26):
that are are doing this with usare saying that they'd rather
have the metal, you know, in theIRA as their distribution as
opposed to to cash.

Seth Holehouse (35:34):
And, you know, you you make an interesting
point in reflecting on that.Because I I used to I've had a
lot of different kind ofbusiness lives. Right? And I
know you also too. You're you'rein real estate, a handful of
different things.
And, I used to be in in the thejewelry and precious metals and
and kind of luxury watchindustry at an auction house,
and I had a small small littlebusiness where I was buying. And

(35:54):
I found what's interesting isthat when gold prices went up,
the people that were wealthierand more comfortable, when the
prices went up, they held evenstronger. But, also, I always
saw huge spikes in peoplewanting to sell, but it was
people that were dealing withinflation. Right? So say gold
was at, you know, say $2,000 anounce.

(36:15):
Right? You know, actually, was$1,800 an ounce last time I was
buying gold from public. And sowhen it hit, like, 2,000, that
was a big milestone. And I saw alot of people coming in to sell,
but these are people that had tosell their gold necklace. They
had to sell their their theiryou know, like a like a wedding
band from a previous marriage,or they had to sell some things
they had set aside or somebullying they had set aside, but

(36:36):
it was really because they hadto sell because they needed to
pay their bills.
And it wasn't necessarily thatthey were just selling to kind
of free up cash, the people thathad the liquidity. They were,
you know, they they were keepingtheir money in the gold, in in
the precious metals. It was thepeople, though, that needed you
know, they they had this goldchain that they knew was, you
know, half an ounce of gold, andthey're thinking, gosh. This is

(36:57):
a thousand dollars worth ofgold. Like, I need to pay these
bills.
I need to fix my AC, etcetera.So just interesting how
different ends the market play.

Colin Plume (37:05):
Yeah. Well and thank god they have that, gold
there to do that. Right? I mean,it's like it's part of the
reasons that people own gold isto help themselves through
inflationary times. So it's justanother thing.
There's so few things that youcan own that actually
appreciate. We were talkingearlier about cars. Some cars

(37:28):
appreciate, but the majority ofthem just drop like a rock.
Mean, they're not going to go upin value, but gold is something
that you can have enjoyment andwear as a chain or ring and use
it for many years. Then if youneed it to pay for something,
you have that flexibility thereto do that.

(37:49):
I was talking to somebody, Idon't know if you know about the
Pope, I was talking to somebodyabout the Pope and the story
about how after the pope dies,the ring that the pope has, they
destroy it, and then the newpope gets another ring. But it's
interesting, in that ring, itlooks like there's a lot of
gold, but there's actually only2,000 or $3,000 in gold in that

(38:11):
ring that the pope has, but theywere saying it's worth $500,000
Obviously, I think that ring'sworth There's no price to the
ring of the pope, right? Butit's ceremonial that the new
pope gets a new ring and there'sthis legacy of gold being passed

(38:31):
even in the Catholic church thatevery new pope gets a ring and
it's stamped for them, right?They can use it in different
ways. There's all these things.
It always just reminds me of howlong gold's been around or how
important it is to culture. Anda lot of our clients will buy
gold for their grandkids, orit's part of them like a legacy

(38:54):
that they're leaving for thenext generation. In that ECB
article, I know we're going goback to it, the ending part
Yeah, so I mean, this chart isjust unbelievable. The inventory
is there in yellow. I think it'sinteresting to show that the
inventories are below what thedeliveries are.

(39:18):
Then the EPU, that's really theconcern, right? The EPU is
really the concern in themarket. What are people saying?
They're concerned about what'shappening. Can they get delivery
and all these things?
I think a lot of people have hadthat concern in the physical
gold market. I think that's whythe banks changed the rules,
right? They're concerned aboutderivatives of gold. They don't

(39:41):
want to end us We don't want tobe in a 02/2008, '2 thousand and
'9 situation like we were withloans, right? And that
derivative market really blew upour economy for many years.
Yeah. So there was another partof this article.

Seth Holehouse (39:57):
Oh, yeah. So continuing. Because actually,
the the real juicy stuff wehaven't touched upon yet. So
okay. Let's see.
Continuing here. This is I thinkit's his last paragraph. Okay.
There's a few things I wannaread out of this. It Says, gold
markets appear to partly reflectelevated geopolitical risk and
substantial economic policyuncertainty, which is that red

(40:17):
line, with tail scenariospotentially having adverse
effects on financial stability.
What's interesting how theythey're saying potentially this,
potentially they're being socareful with their language, but
they're still saying it. Right?They're still admitting that
this could have massive effectson the overall financial market.
So, continuing here, it says,while prices are driven by many

(40:39):
factors, investors showed highdemand for gold as a safe haven
asset. At the beginning oftwenty twenty five, notable
preference for gold futurescontracts to be settled
physically.
So that what that is, whatthey're saying is that that is
the paper market breaking. Apreference for the gold futures
contracts to be settledphysically. So instead of

(41:01):
saying, I have a piece of paperthat says, like, you know, like,
this piece of paper right heresays that I own a thousand
ounces of gold. Well, this is afutures contract. Right?
That I'll I'll have it in thefuture, but I'll queue. What
it's now saying is that, no. No.No. I want it right now.
Like, hey, bank. Right. Give memy gold. Here's my paper. Right?
So continuing though, becausethe and this is this is again,

(41:24):
it's so significant that the ECBhas put this information out. It
says, these dynamics hint atinvestors' expectations that
geopolitical risks and policyuncertainty could remain
elevated or even intensify inthe foreseeable future. Should
extreme events materialize,there could be adverse effects
on financial stability arisingfrom the gold market. So here,

(41:47):
as I what I understand whatthey're saying is that this will
this will go beyond just thegold markets. That they're
they're talking about theoverall financial markets being
affected by what's happeningwith the gold.
It says this could occur eventhough the aggregate exposure of
the Euro Area financial sectorappears limited compared to
other asset classes, given thethe commodity markets exhibit a

(42:07):
number of vulnerabilities. So Iwanna continue actually, so what
real quick, they mentioned thederivatives market. So I wanna
highlight really quickly uphere. It says that in the Euro
Area, gross notional exposuresto gold derivatives amounted to
1,000,000,000,000 in March 2025,an increase of 58% since

(42:28):
November 2024. So this is reallyimportant because this is
showing how much the papermarket has because if if am I
correct in understanding thatwhen you talk about gold
derivative market, like,contracts are a big part of that
derivative it's value derivedfrom the physical origin.
Is that correct?

Colin Plume (42:46):
Correct. Yeah. Yeah. Exactly. Exactly what you
said.
Then later, as you were reading,it says the big risk is that a
lot of the derivative market isin with a few companies. There's
not a lot. There's just a fewcompanies. If you go down to the
next paragraph there, it saysthat. And I think that's the big

(43:06):
fear.
Such vulnerabilities have arisenbecause commodities tend to be
concentrated among a few largefirms. So that's the scary part
of this, right? You have thismassive increase in paper gold
contracts held by not manyfirms. So you have high leverage
held with a few firms, then theidea that people want to take

(43:33):
possession. Obviously, thederivative market, you sell
those contracts in the idea thatno one's going to take
possession or you hope that theynever want to take possession.
But now people do wanna takepossession of their of their
contracts as we saw. You know,people wanna take delivery, and
so they think this could reallyunwind this market and and and

(43:55):
create a supply shock.

Seth Holehouse (43:57):
Exactly. So I'll I'll read just this last section
here, and this really closes itout. And they really say the
quiet part out loud. So as asyou're referring to, it says
such vulnerabilities have arisenbecause commodity markets tend
to be concentrated among a fewlarge firms, I e, the Bank of
England, right, often involveleverage and have a high degree
of opacity deriving from the useof OTC derivatives. Margin call

(44:20):
this is critical.
Margin calls and the unwindingof leveraged positions could
lead to liquidity stress amongmarket participants potentially
propagating the shock throughthe wider financial system.
Additionally, disruptions in thephysical gold market could
increase the risk of a squeeze.The fact that they mention a

(44:42):
risk of a gold squeeze is sosignificant. Because it says, in
this case, market participantscould be subject to significant
margin calls and or have troublesourcing and transporting
appropriate physical gold fordelivery and derivative
contracts, leaving themselvesexposed to potentially large
losses. So I wanna get yourthoughts.

(45:03):
I'm gonna just highlight thisone more time, saying that the
market participants, the Bank ofEngland, could be subject to
significant margin calls. Right?What is what is that? This right
here, that blue line, thatrepresents significant margin
calls. People saying, I wantdemand of this.
I want this now. And socontinuing, just to highlight

(45:26):
that, so in this case, marketparticipants could be subject to
significant margin calls and orhave trouble sourcing and
transporting appropriatephysical gold for delivery and
derivative contracts. So thatwhat they're they're really
they're saying out loud thatthere is a gold squeeze
happening, and the big banksthat were most of these
commodities are sitting will notbe able to to meet the demand

(45:51):
for physical delivery, henceleading to a gold squeeze. I
mean, I I feel like what they'redoing here is that they're just
saying they're acknowledging thewriting on the wall that this
entire paper market is breaking,and that the way that they've
used this, like like, this paperSIOP to convince people to that
investing in paper is equivalentto investing in the real thing

(46:13):
as a way of flooding the marketand keeping the keeping supply
really high through paper, eventhough it's a very limited
supply, that that whole thing'sbreaking. And and I I feel like
that it's like if there's a goldsqueeze, I mean, it's like, what
how much could gold go for?
I mean, go I mean,

Colin Plume (46:33):
it could be I mean, and the timing of this is so
interesting too. I mean, whenyou look at I mean, we've we've
talked about it a bunch, but thefact that they still haven't
done the audit of Fort Knox, andyou have, in essence, this
article saying we have atrillion dollars in derivatives
out there. They're basicallysaying if people continue to
take possession, there's goingto be losses. Now the question

(46:54):
is, who's going to absorb thoselosses? And I think that that's
always been the thing that I'vealways said with these big
institutions is I think as asmall investor, a regular
investor, a retail investor, Ithink you're going to get pushed
aside.
JP Morgan's got a big contractor I have a big contract, who
are they going to fulfill?They're going to fulfill JP

(47:14):
Morgan before they're going tofulfill mine. And that's why in
today's world, this article, theECB is alluding that people want
possession, they don't feelcomfortable with derivatives.
Derivative market hasskyrocketed and you should make
sure that you have the gold,right? You should own it.

(47:36):
You should have the physicalgold. It's the only way you
protect yourself from thatsupply shock. There's no other
way to do it. And it's becomingso apparent that even
institutions don't have thatlevel of trust, right? That
they're even saying, And nowwe're telling the banks, the big
banks, to buy gold, right?

(47:57):
So you have this real move tothe physical, which it's always
been interesting for me being inthis business because it seems
like owning the physical thing,if you can do it, makes the most
sense in anything, right? Alwaysto own the But yet they've
always told us in the equitymarkets and all these markets,
just borrow or just own a pieceor do But why? Why? And now I

(48:20):
think the why is coming outbecause if everybody really
wants to take possession, theydon't have enough. They really
don't have enough.
That's in essence what they'resaying. If everybody takes
possession on this continuedpath, they'll run out of gold.

Seth Holehouse (48:36):
Exactly. And that's that's huge because as
they're also admitting in hereis that they're saying that this
this event, this squeeze wouldextend beyond the gold market,
that this is gonna affect theoverall financial markets.
Because the more you understandabout the role of gold,

(48:56):
especially as now a tier oneasset, it's not like it's not
like gold is the equivalent to,let's just say, some kind of
let's just say, like, a like aBitcoin or a cryptocurrency,
right, where it it is somethingthat exists, and obviously, the
the financial markets areplugged into it, and it has a
certain weight in that. But it'slike, this is something like

(49:18):
gold is is it's almost like it'sat the foundation of the entire
banking system. It's not like,you know, real estate or
something.
I think those are important, butthere's a reason why these
central banks and thesesovereign banks and now we're
gonna see even, you know, thenonregional or non sovereign,
non central banks also buyingout gold. That it's it's it's a

(49:41):
very, very significant part.It's almost like it it
represents the foundation of theentire financial market as much
as they try to get us away fromit because that's where they can
trap us. If if they can trap usin paper, they can trap us in
digital currency, that's wherethey can enslave us. But the
reality is is that thefoundation of this market is
still this physical substance.

Colin Plume (50:02):
Yeah. And and what they're really saying is that
we're going back to sort of agold standard. Right? They're
saying that if you really wantto be protected and you want to
avoid the supply shock, youshould own the real thing.
They're basically saying that ifeverybody owns a real thing,
then this derivative market'snot around and we're in a
different world that we're in.

(50:23):
But we've trusted the paperbull, we've trusted derivatives
for so long, now the truth'scoming out and they're basically
saying that you should trust.You should not trust the
derivative market. You shouldnot trust the paper market that
you should get possession of thephysical metal. It's
fascinating, me being in thisfor sixteen years and just

(50:43):
seeing how the verbiage andwhat's coming out has really
changed significantly. I thinkwe just hit that tipping point
in our economy where the BS ofthe story that the government's
been telling us and the economyand all this stuff that they've
been telling us out there, it'scoming to fruition that central

(51:06):
banks are coming out withreports saying that there's
going be a supply shock.
I mean, that's pretty telling. Imean, if anyone would not want
this article to come out, itwould be them. They want you to
be in the Euro. They want you tobe in their assets. They want
you to be in their equitymarkets.
That's the thing that helps themthe most, but they're literally
coming out with an article thatyou found hiding on their

(51:27):
website, alluding to the factthat there's a derivative
problem, that there's a trilliondollars in derivatives, and that
if people keep taking possessionthe way that they are and they
continue to, we could have asupply shock. Think it's a
pretty shocking article andsomething that probably a lot a
lot of people don't want you tosee, and and I think it's great
that we, you know, talked aboutit and exposed it today.

Seth Holehouse (51:50):
Well, it also reminds me of, like, the kinda
do as I say, not as I do. And ifyou if you follow, again, the
the kind of mainstream JimKramer, it's never go buy
physical gold and just hold it,go bury it somewhere, go put,
you know, put it behind yourdrywall somewhere. It's always,
oh, this is a good stock in techstocks and Nvidia and, in the

(52:11):
bond market is that they theywant us to have our assets in
things that can be taken awayfrom us. You know, things that
they can collapse, and then theycan then go in and scoop
everything up. Like, 02/2008,you know, the housing market
collapse, they go and they buythe houses for pennies on the
dollar.
So they want to do this to keepkinda stealing our wealth. They
don't want us to to know thisinformation, but the fact

(52:33):
they're coming out now andsaying it is is significant.
Because to me, what it shows isthat if because this is now so
public, if they don't saysomething about it, it almost
proves their complicity in it.If they don't come out and admit

Colin Plume (52:49):
their stuff. Ahead of it, basically. They're
getting ahead of the problem.Yeah. It's like today, I was
listening.
I was watching, the news, thestock the stock news they were
talking about. There's a stockthat's up 40% today. Came out
with some drone technology andthey were like, Yeah, that's
great. This is now up 40%. Andthen one of the commentators, we
just want to let you guys knowthis company is highly
unprofitable.

(53:11):
And it was so interesting. It'sup 40%, pretty significant. Was
like a 17 stock. I mean, hugecoming out today, but this
company is so far away fromprofitability. And it's like,
that's the thing, it's justbased on emotion or it's not
based on the fundamentals.
The fundamental, that company isstill not profitable, yet it had

(53:33):
a significant surge todaybecause it released the product.
Think we need to focus on thefundamentals. Really think this
article is telling people thatin a way, the two articles are
aligning that we're going backto the fundamentals, and that's
what they're alluding that ifyou don't own the real thing,
you don't own it, you're in apotentially bad situation.

(53:56):
They're also saying some of thekey indicators of why you should
own physical gold, thecounterparty risk, there's
limited supply. There's allthese reasons to be protected in
gold, and these are all thethings that have made it just an
unbelievable asset for people.
So it's an exciting time. Andobviously, if anybody wants to

(54:19):
learn about what we do on thephysical gold side of Noble
Gold, happy to talk to you. Wecan book appointments for you if
you want to learn and talk toour experts, and they can talk
about IRAs or home delivery andeverything's private, but we
take time with people. I thinkthat's the reason that we
partner, Seth, as you know, webuild relationships. So if

(54:42):
you're looking to talk tosomebody and get some
information, I think it's agreat time.
And just call us so you canlearn about some of these assets
that you can actually own on onyour own and and help avoid the
supply shock and help avoid thederivative market, and, you
know, this can help reallyprotect you, for your future.

Seth Holehouse (55:00):
Oh, absolutely. And I'll say, look. Here here's
we have a website set atgoldwithseth.com. And, you know,
full transparency, you know,you're one of my the key
sponsors of my show that you'veallowed me to be independent.
I'm not, I just discovered anarticle information the other
day about how even Soros iscoming in and buying up
podcasters because they wannacontrol the messaging.

(55:20):
And so, the thing is is I I'mI'm truly independent. I can say
what I wanna say.

Colin Plume (55:26):
And That's right.

Seth Holehouse (55:27):
You know, you've been very supportive of that.
And and, really, it's theaudience. So for people that are
watching and listening, ifthey're weighing out different
options, a, I trust you, like,immensely. I know how you price
everything. I came from theindustry, so no one can pull any
wool over my eyes.
I know exactly how the industryworks. I trust you guys.
Actually, I remember when Ifirst started working with you,
before I even worked with you, Icalled you as a customer just to

(55:49):
see how you handled it and seehow you price things. I was
like, oh, okay. Actually, thisis exactly how it should be
done.
So but when people work withyou, it's a way of helping to
keep my show on air and help mestay independent. We have a, a
web page set, goldwithseth.com.We have the phone number is
[phone]. You've got anincredible team. You can walk

(56:13):
them through again, like youmentioned, if someone wants to
take physical delivery, if youwant a shipment of these to show
up at your front door fullyinsured, you sign off on it,
great.
Boom. Done. If you wanna getcreative with their IRAs and and
ways of moving their assets overinto precious metals without all
these huge taxes and fees, Youguys are the masters at that. So
I I highly recommend people ifthey're on the fence. My

(56:35):
approach, honestly, is thatevery month, I buy a little bit
of gold and silver.
Right? It's like I I don't take,like, this huge amount and just
kinda dump it all in there. It'slike, no. I look at it as this
is how I'm saving. Maybe I'llbuy $2,000 worth of silver this
month, and I just set it aside.
Like, to me, like, that's how Isay I don't I don't save my
money in the way the traditionalway. Like, what I do is I move
my assets into a safe havenasset like gold or silver, and

(56:58):
just don't touch it. And that'sthat's and and ideally, you
know, people are in thissituation, and not everyone is,
but that's my way of trying tobuild generational wealth so
that my little girls who are,you know, one years old and four
years old now that, you know,look. I'd love to you know, as,
like, when they get married offwhen they're in their twenties,
I can say, hey. Here.
You know, here's, you know, 30ounces of gold and and, you

(57:20):
know, 2,000 ounces of silver.You you keep this and pass on to
your kids. Like, to me, this isRight. This is the foundation of
generational wealth.

Colin Plume (57:27):
Yeah. One of the ads we ran is I have a kilo bar.
Was talking about how it couldcover a college. And when I did
it, I think I mentioned it maybecould cover a college for one
year. And then as the ad is, itwas a few years ago now, now
that one kilo bar could probablycover two years of college.
These things have really gone upwith inflation, even though the

(57:48):
cost of college has gone updramatically too. But yeah,
these assets that you pass oncould help somebody buy their
first home or help them start abusiness. These are going to
help people in legacy, creatinglegacy for themselves. So yeah,
as always, great show, Seth. Ithink lot of good information
for people and we're happy tospend And we will spend a lot of

(58:12):
time with people, so don't feellike when you call us, you're
going be rushed into making adecision.
Don't work that way. We want tobuild a relationship with
everybody and make sure it'sright for them. So you'll call
us and use the gold with Seth orjust use the phone number and
call us and we'll spend timewith you and give you good
information and emails and PDFsand we have silver guides and

(58:32):
all this good stuff. I have mybook. So we'll give you a lot of
good information, and then, youknow, ultimately, you can decide
if this is something for you.

Seth Holehouse (58:39):
Exactly. So I'll make sure that the phone number
and the the website informationis in the show description just
so it's easy for people. And,Colin, you know, thanks again
for for giving us your timetoday, and what good timing to
have this show right at this ECBarticle comes out because, in my
opinion, this is so significant.It's very significant.

Colin Plume (58:58):
Yeah. Very telling. Yeah. Thanks, Seth. Looking
forward to the next one.
Appreciate it.

Seth Holehouse (59:01):
Of course. Thanks, Colin.