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Announcer:

Wall Street Unplugged looks beyond the regular headlines heard on mainstream financial media to bring you unscripted interviews and breaking commentary direct from Wall Street right to you on Main Street.

Frank Curzio:

How’s it going out there? It’s April 19th. I’m Frank Curzio.

This is the Wall Street Unplugged podcast where I break down the headlines and tell you what’s really moving these markets.

So on Friday afternoon I played in the charity golf tournament.

I like to do.

I have some fun benefit.

Different places different people and this one had to do with raising money for the museum of history not the one that you’re thinking of but the Museum of History for Amilia Island, Florida.

Cool.

 It’s like 14, 15 years they’ve been doing this.

So I went with three buddies and we do these events a lot together the golf courses here.

 There’s a lot of them where I live so they always have these charity events and you know join them up if it’s right if it seems cool.

Biggest chance to get together drink have fun.

Act like idiots and play Bad Golf and what was in the middle of a pile? We shot -8.

 I think the winner was minus 16 and they I won’t go into a lot of stupid rules that they have nowadays because mine is 16.

 I think it’s crazy In a best ball format.

But you know, they offer mulligans if you pay for them and I get it because you pay more money, but still it’s just I don’t know.

 It just takes a competitiveness out of it a little bit but we usually in the middle again we go there laugh have some drinks.

 Have fun side bets.

 We have a good time.

So one guy in our group Brian.

happened to win a putting contest We’re at the turn that’s after the ninth hole.

 You have to hit like a 30 foot putt that they set up a practice screen.

 It was a hard putt had like two different breaks in it.

 It’s downhill it’s hard.

 So he gets up there.

 We all get up there miss he gets up there and bang he nails it right.

 He knows I was like no way guys cool.

 It’s probably around there with cheer and I was like, holy cows this is that like a hundred twenty people that were in this tournament.

so By the time everyone gave it a try.

 There was three people that hit it so they had to do like a puddle off on the 18th.

 Green 18 green is huge big green lots of undulations or whatever and here comes the Florida moment.

So the guy in charge and there’s like sick of six of us will walk outside.

 So Brian walks out.

 I see I walk out with him and every the other two guys walk out with someone else like a partner because you want to see it everyone’s inside because it’s afterwards they’re eating they’re having fun.

 They’re drinking.

 They just finish and talking about a while how great they did the golf tournament.

 So I was like, all right.

 Let’s go to the 18 green I walk over there with them.

So the guy in charge says okay.

 Here’s a deal pick a number from one to 20.

Because I have a number in my head.

So right away you like, okay.

You need to pick that number or come closest to it? Now this is a big deal because the pun in 18th green gets a very big green this put was like 45 feet.

Okay, and has tons of breaks so going last has a significant Advantage because you will start at different holes as a shotgun format.

 It’s not like you just put it on the screen.

 We didn’t see that green for a while.

 We started on the 10th hole.

So you don’t really know the pot.

 You don’t know how it’s gonna act.

 But if you go third now, you can see the brakes you can get a lot closer and everybody see the speed of the green.

 It’s a big deal.

 Okay, the last of the technicals are gonna tell you about so you just so the first guy goes and he goes I picked 17.

 That’s my number.

 I’m picking 17 the next guy picks 12.

So my friend Brian goes and Let’s talk to each other.

 We’re thinking the same thing.

 Hey, just pick 11 because if you pick 11 everything lower than 12 You’re Gonna Be A Winner you got to get to put list.

And we even talk about without saying that he goes I’ll pick 11.

Guy goes yup.

 That’s the exact number.

 I was thinking you yelled it.

So mean by like, oh, that’s awesome.

 Right? You have a real shot at winning this However, Brian, I forgot that we lived in Florida just for a minute.

 So the guy goes up you guess the number one ahead and for that he tells Brian that you go first.

It is but first and I’m like whoa.

 Whoa, actually, I was like Woody I said that makes no sense.

And even the guy the other two guys like wait.

He should be going he actually guessed the number now.

He’s close.

 He actually gets the number yet.

 So he’s getting penalized to get some number one at twenties beginning penalized.

So I mean if that was the case and I was a rules he would have picked 20 when he went right because he had nothing to worry about it 20 and he’s gonna become the furthest away from anyway, so Brian goes first he gets to put actually at a good part with an eight feet next guy goes he sees the exact pot and has like two breaks and go and the guy gets in six feet in the last guy gets it inside of four feet and winds up winning, right which is kind of predictable.

 But what the f*** I mean I should know better by now that it’s Florida and the rules are different, but I just can’t figure it out.

 I was just like everyone we have a couple drinks those because we just play the whole ride.

 I was like, whoa, wait a minute pick a number from 180 and you’re like 35.

 That’s the number and you get penalized anyway to those funny.

 We got a good time, especially over the weekend and stuff houses getting done.

 Thanks for asking everyone took a talk about it.

But anyway to the markets, we are it hard of earnings season.

Okay started last week really they say I mean when Alcoa used to be the one that led us off now, it’s the Banks Banks already go and yeah, just let you know.

 We had a banking crisis.

 I don’t if you knew this a couple of weeks ago not even months couple weeks ago.

You know scared the hell out everybody.

 Holy s***.

 Let’s get buying treasuries and then forced to to sell them because they’re seeing runs in the bank and two major banks were closed.

I think was one of the biggest large biggest bank failures.

Whatever.

 The number was top two or three.

All this I don’t know if you didn’t know that there’s a banking crisis.

 There’s warnings are more cracks in a system.

 This is coming from the Fed said, you know, we could, you know, see more cracks to actually said that we’ve seen mass layoffs across most industries right recession warnings from Bank CEOs from the again this Jaime Dimon saying that a recession is likely and all these Banks saying a recession’s likely, right? So what happens where the banks do well Would you think they do, the largest banks? They all reported record Revenue record Revenue.

in fact, if you look at the four big Banks That would not supposed to be too big to fail anymore following the credit crisis.

 This is Wells Fargo, Citigroup, Bank of America, JP Morgan, right? We always talk about Exxon, you know, it’s when Exxon reports earnings everybody put these revenues and everybody goes after them and we need to tax them more take all that money away.

 And the reason why they’re doing so well cuz I f****** politicians are idiots and won’t let us drill more.

 That’s beside the point.

We’re always criticize them.

 But let’s hear about the banks.

 How come there’s not more criticism among the banks who all blew out their numbers.

while those four Wells Fargo, Citi, Bank of America, JP Morgan reported over a hundred and five billion dollars in revenue for the quarter not for the for the quarter.

all that money and you have to see because you’re looking at that interest margins, of course, and of course interest margins are huge because they haven’t raised their rates right for anybody else.

You’re not generating High return.

 No, you’re not getting more interest.

 Of course not that’s why you know talk about Apple in a second who just launched their new banking option Forbes and interest rates, which I think is gonna wreck a lot of these Banks.

But now they’re saying oh, well, you know, we’re gonna see larger.

Loan reserves right for things that are not doing as well which should hurt earnings which should hurt them directly.

They’re saying that they’re not expecting margins to be as high because eventually they’re going, you know, you’re seeing competition into the market where I’m going to put money into Apple a lot of money into Apple because I like that 4% interest and it’s hooked up to Apple pay where you could use it all the time compared to a couple of Alternatives that you really haven’t heard of that.

 You kind of like a little bit of pain.

 Yes.

 It’s up over 100 million people have an Apple iPhone in the US and I had a guess about 92% of them.

Hate Banks, right? So my point that I’m making with the banks is they’re seeing that interest margin come down.

They expect the recession but yet you know why they’re revenue is so strong is because they’re feeing everyone to death and that’s where they’re seeing the biggest jump when you look at the details inside of those but a hundred and five billion dollars in sales for those four companies for the quarter.

Nobody says a word it’s okay.

I thought the world was ending was an ending for the bank.

 So a while ago.

 I thought it was and it wasn’t even like hey, we lowered estimates, we’re talking about record Revenue JP Morgan.

The same can’t be said for the mid-cap Banks, community bank smaller banks.

 I mean those loans those loan loss reserves are really going to hurt them compared to these guys.

 I think Bank of America said it was 900 million dollars which didn’t put a dent in anything right? I mean this trillion dollar asset companies.

huge but now you’re gonna see the laws, more regulation, which is gonna hurt the smaller guys.

That’s saying it shouldn’t considering we have like, you know.

Thousands of banks here.

 How many banks is the countries have like five six we have thousands of banks.

 But anyway, it’s just funny how the system works right make the big bigger and bigger and bigger.

 That’s okay.

 They’re fine all these deposits.

They’re great.

 You don’t’ have to worry about the banking system collapsing ever again because you guys have trillions an assets doing just fine.

Now you see in most stocks.

I wouldn’t say most stocks, but these Banks doing very well.

 The stock prices are doing much much better.

It’s in a market overall up over eight percent now and it’s leading to a lot of pundits if you watch it CNBC Fox Business that hey we’re in a newbull market.

 I told you a bull market.

Everything’s fine.

 We’re good when you say bull market.

 I mean you should buy the s*** out of stocks right now.

 That’s the definition of a bull market.

 Okay buy right now.

But let’s talk about what’s driving this Market agian which is up over 8% year to date when you look at S&P 500.

Let’s go to the videotape.

I just lost everyone who’s under 40 everyone over 40 knows what that means big one wolf thing.

If we look at data.

Five stocks Apple, Meta, Microsoft, Nvidia, Google a driving two thirds of the S&P 500 gains this year.

Two thirds of those gains.

So this isn’t like a broad rally by any stretch.

 This is people putting money into these large technology companies which by the way are not really doing that well, Okay, you see Google under threat from Microsoft now with Samsung just switched to Bing you look at Invidia I was going AI.

 Yeah yet last quarter and hopefully this quarter is gonna be great.

 They’re getting massive upgrades now and everything’s I mean if Invidia’s sales declined 20% year over year earnings decline 50% year over year.

Now you look at Meta.

I mean you have Tiktok.

Massive threat to their business advertising which doing great for Meta.

 They cut costs dramatically.

 That’s great for them.

 Not seen the man.

Look at Apple.

 Look at a shipments going down.

 Look have you seen that the new iPhone they’re giving it away for free for free right now to anyone all the carriers are giving away for free just trade yours in we don’t even care if it’s six years old give it to us.

We’ll give you a brand new one just get on it so we could charge it to death with services and stuff and good for them.

 But we’re not seeing demand for any of these products or things going great.

 It’s just a push into these stocks that have very strong balance sheets and seen as a safe haven.

but Now they’re getting very expensive.

So we don’t have a broad rally by any stretch also.

If you look at earnings season after it begins buybacks typically accelerate over the next few weeks.

It’s called this window that opens.

But this year thus far it’s been interesting.

Because buybacks as a percent of the S&P 500 market cap was the largest.

since 2010.

The way you think these buybacks are being driven driven by the big names those companies.

 They just met with the strongest balance sheets.

Think about that for a minute because these guys they’re buying back their stock at insane valuations now, how insane right now the S&P 500 is trading 18 times forward earnings, which is More expensive than 20 years if you factor in growth and you’re factor in where interest rates are.

This is based on something called the equity risk premium.

Meaning like how much you can get from the risk free rate, which is now you can get four percent.

from Apple again throw yourself throw money at Apple But 18 times forward earnings, that’s the average of the last 10 years, but over the last 10 years we’ve known since before this year in last six months.

Interest rates were relatively zero.

The Fed was buying bonds like crazy injecting money into the system called QE.

Anything that happened that was there constantly free money free money free money.

 We injected trillions of dollars into the system post covid, even though everything went back to normal.

 We still haven’t removed that money from the system.

 We’re supposed to strict the balance sheet.

 The Fed’s not doing it.

 So it’s trading at this enormous valuation at 18 times for what earnings which you could say is crazy expensive.

 However, when you look at those five stocks the average forward PE is 32 times.

That’s 80% higher than the average S&P 500 company and they’re buying the s*** out of this stock at this valuation.

 This isn’t 2010 when the stocks crashed.

These valuations are sky-high right now.

So what do we see? We see a market going high here, but it’s not because of Demand right? Let’s see, especially in earnings which are gonna fall seven percent.

This quarter that’s from last year.

I mean that’s a massive amount for earnings to fall year over year.

 So not seeing this this huge demand.

 It’s a strong economy.

IMF just lowest Global growth forecast.

 So slowest level in 30 years.

 So it’s not like all of the economy’s on fire.

So because we think the Fed’s going to stop raising rates immediately and then lower they actually came out and said look, we’re going one more time.

But they’re not lowering anytime soon.

 Absolutely now with wage growth and near record low unemployment.

I mean, you know you they’re not gonna lower anytime soon.

 Absolutely not inflation still through the roof.

 It’s not even close.

 It’s not even close to the Target of 2%.

 It’s still five percent.

 No way.

It’s kind of like trip by China.

 You say well Frank China four and a half GDP growth the Q1.

Higher than a 4% expected so the growth is back in China.

These guys are completely full of s***.

 I mean, how do you believe that number if you take all the data China’s reporting as a whole? How do you believe that number when inflation? Reported what a week before as an 18 month low.

That shows the companies No longer have pricing power.

I mean, it’s crazy give the massive stimulus being provided by the Chinese government that you’re not seeing any inflation.

Where we see in GDP is the government spending? Again.

We just see a number and say wow China’s back.

Let’s look at more details in China.

 Consumer prices are crashing as well.

Down two and a half percent last month fell at the fastest Pace since June 2020.

Think about that time frame.

June 2020 that’s like the prime month within a two two month stretch of covid, but everything was closing.

 Everything is closed.

Right how to produce a price how they crashing right now? How are you seeing inflation at 18 month low in China right now if you seeing or if you believe what everyone’s telling you about this massive growth and the reopening story? That’s how you know, it’s BS and a lot of numbers are reporting a BS.

It’s gotta filter down.

and it’s not So you look at this Market you say what’s driving? It’s really.

cost cutting, buybacks, and technical factors That I don’t think it could be sustained for much longer.

If you look at it, how much can you cut costs before impacts your products and services? I know you guys are seeing it now.

You’re going to your favorite restaurant that serves you less food.

It takes longer to serve because they have fewer employees.

 They have less items on the menu, but they charge you a shitload more compared to what last month last quarter last year.

Well ready consumer company you tried calling customer service if you have a problem.

And those departments they make sure they do everything possible that you don’t talk to anyone.

Oh put in all this information.

 Oh and then it put in all this information again.

 All right, let me get you to the proper thing select one of these and if it’s not one of those we’ll say select one of the it’s something a lot of times they hang up on you.

 I mean, you got to be seen this.

 I’m hearing from everybody.

But you really do you call customer service and inside of 45 minutes get your problem solved.

 They’re gonna answer.

 Absolutely not.

one of the things that they’re cutting have you gone into Home Depot, Lowe’s and these are the do it yourself stores that have nobody in there to help explain how to do any of these things by yourself.

 You try finding a guy who works at Home Depots or woman or anyone to ask them about anything that you’re doing.

Good luck.

And usually you’ll find someone in his three or four people behind them in the middle of an aisle waiting to ask.

Because they’re cutting employees so much.

And that works.

That works for now.

Have you been to Disney, Universal lately? Holy cow.

 Have you seen the lines? I say Disney man, get ready a streaming service.

 Everything will be fine.

But we’ve seen a lot of these places seen a complaints.

 I’ve seen a prices how terrible the services.

The service absolutely terrible lines are terrible.

And yet they charge you insane prices right now.

What about hotels? the extra fees they charge you that they never charge you before on the services if you use Kayak to use all the online services Expedia.

 I used to use these Expedia all the time now, I just go directly to because getting charge.

 I want to get to hotels they charge me even more so called incidentals charge you more money for services that you don’t use.

Well, that’s for the refrigerator here.

 I’m not gonna use it.

 If I do you could charge me.

 Oh, well, it’s in there.

 So you get charged.

 We’re gonna charge you for Wi-Fi and the Wi-Fi barely f****** works of these hotels, you know it they bit I travel it barely works.

I end up shutting it off and not even using it because everyone has usually full data plans nowadays.

 They sell them from the major carriers.

Oh, what about the bestest parking? Well, you get parking.

 Well, I don’t have a car get parking for free.

 What am I gonna Park? I don’t have a car.

I feel like giving the pass and giving it to somebody in the street and saying here take it.

It’s a joke.

But how much could you do this before enough’s enough? I mean you get past the time buying say okay, let’s cut costs cut employees.

 And so we see demand come back.

 It’s not coming back right now.

And it’s gonna be really hard to come back.

 We’re not seeing the numbers or seeing growth slow and so many places some areas in a few do well in this environment Lockheed Barn 52 week high spending on Ukraine, defense companies.

Is he some food companies pricing power people have to eat.

You look at the banks are a loss set up where the five major Banks everyone fails.

 They get those assets for free.

 Here you go.

 We’ll set you up.

 No problem.

Like being in a rough and someone giving you a tee for your golf ball to put underneath it so you can hit it.

 That’s what it’s like for those Banks.

 Those banks are great.

 Oh, man.

 I wish I ran a lot back.

 Oh, forget it.

Can be done as a God God.

Government loves them.

people like them says whatever he wants.

Makes an absolute fortune and will forever no matter what he does.

You can’t mess up those Banks even if you try to destroy those Banks.

We saw the massive fees the mortgage crisis going all in none of those guys got fired and they no matter what they do.

 They’ll never fail.

They’ll never fail and they’ll always make fortunes always that’s why you should own a couple of them.

specify a nice dividend.

But if you super bullish guys, if you really super bullish I could say on TV.

Because I know a lot of guys are saying that I seem on TV and I mention any names but if you see a bullish and that’s fine if you are that’s what you believe.

 That’s cool.

If you’re super bullish and believe recessions priced in we’re gonna be okay.

 You may be right with that thesis.

 I don’t think so data doesn’t show that but you may be right, but if that’s truly how you believe You should be going long the US dollar.

 You should be shorting gold buying the crap out of banks buying the crap at a commercial real estate and shorting investment grade bonds.

That’s the bullish case and I can tell you those people who are bullish are not doing that right now.

They’re not.

It’s nice to say it on TV.

 They might be the long a sector Here a sector there and oh, I like these stocks or whatever.

But bullish means all in stocks going higher buy right now.

And I can tell you they’re not doing stuff like that.

Because that tells me yes, you are very very bullish.

And that’s not happening.

Because you’re not doing that as a bull again.

 Most Bulls are not it’s hard from the convinced me.

 That’s a bull market.

but But I love that word.

 Everything is safe for but is meaningless, but I can tell you it’s not bullish.

Gold demand surging.

You see gold demand surge.

When people are bullish on the markets, I mean you could earn a massive return on stocks which we saw for a 10-year period which made gold meaningless gold doesn’t pay interest interest rates are zero.

Markets are flying going all over the place.

 It’s great.

Feel like oh, well, it might be a good idea to buy gold in a… no.

 I mean why you want to sit on gold when the government’s giving away money for free.

Pump It Up the market anything happens they’re there to bail you out.

 Don’t worry about it.

Low inflation why? You don’t buy gold if you think.

Stocks are going much much higher from here.

But if you look at data from the World Council the world gold Council.

Shows a central banks around the world acquired a net 157 tons of gold in the first two months of 2023.

It’s the fastest pace of buying the start of the year in a decade.

This is on top of central banks buying.

for the markets most part.

That was the most in any year on record and almost all the so-called pundits even people who were bullish or gold said that that’s gonna come down a lot and reverse itself, but you know what it hasn’t.

Buying is increased.

As you know central banks often hold foreign currencies and gold in their reserves as they do.

the US dollar remains dominant people hold it Reserve currency But now more countries are working to diversify their reserves outside the dollar.

So they have China People’s Bank in China.

 Been a big person to go adding 15 Tons in January 25 tons in February to its Reserves.

Central Bank of Turkey bought a combined 46 tons of gold in the first two months 2023 Russia boost its reserves by 31 tons in February.

India, Brazil buying pretty amazing how these countries are buying gold at the same time the coordinate effort, isn’t it? These are BRIC countries for the most part in Turkey, but BRIC countries.

That have been publicly saying over the past three to four months and especially over the past few weeks along with Europe.

That they want to reduce their Reliance on the US dollar.

And you could say they’re full of s***.

 They’re not gonna do that.

They just playing tough.

Like China was playing tough with tariffs.

 And this is what we’re gonna do the US they’re not gonna do nothing to the US because they can’t because we buy all the goods from them.

We could buy them from any place we want and we will pay higher prices, but we could destroy China if we really want to by itself.

But not when they’re able to get their oil from Russia.

Not when they partner with Brazil.

with India and you put all these countries together.

And it gets pretty scary.

Because now gold is pushing all-time highs and people say all time highs that’s nominal terms.

 It’s not real terms or adjusted for inflation.

If you adjust for inflation the record high is three thousand dollars an ounce, you know when that was take a guess.

I’ll give you five seconds.

I can be three seconds.

That was in 1980.

Hmm what happened back in 1980? Forgot.

Just happened to be the last time we saw inflation surge.

 happened to be the last time the Fed raised rates significantly to Cover inflation.

And what happened which hasn’t happened yet during that time.

The US saw a massive recession unemployment surge.

Stocks got wrecked.

You believe the past.

is an indication of what’s gonna happen in the future? I’d be nervous about being 100% long stocks right now.

Especially when you could earn 4% risk free by opening an Apple new savings account.

You can’t something I think it’s gonna wreck the banks over a hundred million iPhones.

people on iPhones they used to use an Apple pay I’ve used it because I had to because I went out I don’t have a wallet.

 I carry my cards and my money and for the last 20 years.

 I just don’t have a wallet.

 So why just another one? But sometimes I’ll run out and forget.

 I’m like, holy s*** and then I buy something and almost everyone accepts Apple pay.

Now you can throw it in there.

Something you trust.

 It’s on your phone.

 You can pay through you could use it four percent.

 Holy cow.

 It’s gonna Force the banks to say.

 Hey, you know what? We really have to raise our rates instead of screwing everyone and charging much more fees.

I mean, come on.

Keep up with the Fed there guys.

Some would save accounts yielding yes to less than one percent what’s going on? Has it possible? That this is a regulated industry.

Of a force to use so many of these Banks which I am no longer forced because Bank of America kicked me out of their company because they deem me as a risk.

I’m a risk to Bank of America the trillion dollar assets.

 That’s what they think.

 Of Curzio Research.

 I’m a risk to Bank of America because I invested in.

A metaverse company through a metaverse for us, but we’re risk, we’re gonna put Bank of America business unless they kick us out.

 Holy s***.

that but getting back to Gold here.

If you look at it should push past 3,000 simply based on the current environment right inflation Rising interest rates coming recession all things that happen in the 80s or 1980.

However I don’t think the BRICS are buying gold.

simply because their history buffs or they believe that Gold’s gonna go to $3,000 out simply because of the macro environment.

And these countries BRICS Nations Are in talks with Saudi Arabia, Argentina, Iran, Indonesia, Turkey, Egypt to create a universal digital currency to compete with the US dollar.

Sounds crazy.

Do a little homework on it.

The BRICS have their annual whatever conference.

 This is the topic of the entire conference, which is happening in August.

This could be in South Africa.

 Maybe I should attend.

I’m not American.

 It might be the crap out of me.

 Holy cow.

 That is the central topic.

how to reduce our Reliance on the US dollar this is one way to do it.

I mean talk about central banks creating.

Individual right digital currencies, but they still couldn’t compete with a dollar.

 But if you have all these countries together for in Saudi Arabia the Middle East now you can compete.

And this is happening.

When you look at this, you say well could this it’s not gonna happen tomorrow here see people on Twitter just like oh, well this person accepted dollars when I went on my trip to New Zealand.

 It was a capture.

 It’s not gonna happen overnight dollars are still gonna exist.

Because you have to realize this has huge implications.

The fact that their old units at a coordinated effort is massive.

And those think that it can never happen this happens all the time around 80 years, which is where 80 years.

The question should be asking yourself is.

What is this gonna be backed by? Because digital currency has to be backed by something.

It’s not gonna be backed by rare earth metals, not gonna be backed by soil, not be back by oil any commodity which puts one of these hunt countries in a dominant position.

 That’s not the point of this.

But it’s gonna be back by gold.

That’s why you seen so many central banks buying up gold like crazy right now.

right now not even last year, but right now.

Is it a coincidence that they’re all talking about it? Say we got to reduce our dependence the US dollar and you’re buying gold.

 It’s gotta be back by something.

And it might be back by Bitcoin as well.

Now if I’m right gold.

It’s not gonna go to 3000.

It’s gonna go to 15,000 like five or seven years.

It’s a hole in the class.

Okay, that’s something you never heard me say ever ever about gold.

You’ll get Bitcoins not gonna go 100,000.

 It’s gonna go to 500,000.

And this is serious stuff.

And you know what? If you’re out there, you’re skeptic and you like you know, what Curzio you you’re an idiot have no idea what you’re talking about.

 I don’t care.

If you’ve done tons of research on this subject, I’m not just like throwing this out there.

 I don’t know where I actually was worried about my best clients.

Okay, one person who’s one of the largest mountain managers or email me I said and he was talking about this and telling me he’s like I’m seeing it.

 I’m watching the bottom managers.

They just just some evidence towards it and I’m like, I was worried that you’re gonna be like, I’m off the Rockies like nice and look I’m just going to where the research is pointing me.

 And that’s why I’ve done my whole entire career.

 I don’t give a s*** about politics.

 I don’t give sure I care about making money for my family for my clients that keeps me in business.

 That’s all I care about whichever way it’s gonna go.

But if I’m wrong on this you like Curzio is a complete idiot.

Both gold and Bitcoin have incredible upside.

Simply for the macro conditions and The Reckless spending while politicians.

Going to continue to devalue the US dollar.

 They’re not slowing down.

They’re supposed to slow down.

 They’re not.

Now that have you seen some of the things that are the current Administration is doing.

I mean Europe hates us right now.

We just crushed them in terms of EVs providing tax credits for US companies.

So demand’s gonna fall for Cliff for those guys.

I mean, it’s serious they’re pissed off about that.

making deals with with Australia from military or the UK and France losing orders because of that.

 I mean they’re pissed off at that.

The US what we did to Russia.

What we did to Russian took them off the social system scared the s*** out of so many countries.

Because we have the power to destroy their economies and we have the power to destroy them if they don’t agree with us.

 Now.

 What does that mean? We’re not talking about something large like a war.

 Okay, whether you agree or not agree with Ukraine.

 It’s a big deal right with Russian.

 Nobody wants war but what happens if Brazil is like, you know what I’m not cutting our emissions we don’t need to do that because I don’t know if you know this they don’t tell you this but if the US only accounts for 12% of the coal emissions, no matter what we do, we can’t do anything unless it’s you know, it’s not like we control the globe.

 It’s the whole world.

 Right? We all have to be in the same page China’s on the same page.

 China doesn’t care about this right to do some more coal and ever produced.

 So it doesn’t matter what we do what we’re doing and reduce less oil is it puts us into disadvantage for other countries? What you’re seeing? Lets OPEC to kind of show their strength cut production out of nowhere.

These are little things but what piss off a lot of people out there a lot of countries and together now, we have Europe saying Europe not just France coming out.

 This was like number three story on CNBC yesterday.

Tell you about how we have to be able to talk to China.

 We have to be able to partner with China.

You know, are you kidding me? I mean that that just the fact that we know where covid started from and nobody cares.

 Nobody’s even punching China whatever sanction whatever nobody cares.

A million Americans you kill how many millions around the world without admitting it or whatever? But now you I mean you hate us that much that you’re like, well we need to open the door to China and see what they’re saying.

 That China is smart.

 Negotiating peace deals.

 You gotta understand the politics get into politics here because It’s going to be meaningful to how you make money.

The biggest trades in the world come from these macro-political events.

the biggest monies made Soros I love other Republicans.

 Soros-funded Soros-funded.

I love when they come to these sayings.

 I just wonder if the Democrats Republicans like, you know.

Like do they lock themselves in a room and say okay everyone Now set this out to all your media outlets.

 And this is what we’re gonna call it from now, just so funny the Inflation Reduction Act.

It’s just it’s hilarious.

 I guess they don’t think we’re completely idiots.

But it’s awesome.

 That’s our politicians for us.

Getting back to the bigger point.

 Do you really think I mean? If you look at gold and Bitcoin, even if I’m wrong on this which again the research is incredible if you just do a little digging.

Which we’ve been doing.

You still gonna see both of these things probably go a lot higher from here.

 So the risk reward.

I don’t think you’ll find a better risk reward for any two asset classes.

I’m gonna share much more details.

 Tomorrow’s Wall Street Unplugged Premium podcast guys.

 Dainel and myself we host paid podcast where I share my research engines with you also give you specific ideas so ideas within crypto and gold that you can make a fortune on if we do see a universal digital currency by Europe, Asia, South American countries come to fruition, which Is going to happen based on the research.

 I will share with you.

Also going forward.

 I’m going to include on Wall Street Unplugged Premium, I’m gonna be interviewing high profile guests about this reaching out to a lot of these guys.

 Remember Hester Peirce as well as all over what’s going on with crypto and she came out and she is pissed.

And what happened? I interviewed her already had back on I did Barnie Frank back on.

I reached out to Cooper and Kirk they got back to me and said well a little crazy right now.

 We’ll try to do it and like a month or so.

 They’re suing the US government.

But they got back to me.

 So a lot of these interviews you’re gonna hear and it’s not gonna be interviewing these guests or people who support my thesis about de-dollarization, which It’s now being called.

But also wanted to do people who don’t agree.

I mean our goal is to provide unbiased research in order to get to the truth, right? That’s how we get the story right? That’s how we make money.

We can prove the stories wrong and what you hear out there is b******* like what we saw on Covid and other things and getting you know yelled at and wrecked and suppressed stuff like that.

 We made a lot of money.

We got out of the market just in time.

 We got back in just a time understanding the market conditions understanding what was going on not believing what you’re hearing on TV.

Remember when the story was inflation’s transitory the whole Fed that it was a condescending.

 It’s transiory.

 It’s always transitory.

 They were it was probably the worst call on inflation in the history of the Fed.

I mean they were like yelling at you.

 The president was going on saying it’s a Fed says his transitory you went from going transitory to raise by the fastest amount in in the Fed era.

You can’t be more wrong than that.

Getting that story right is critical.

 So it’s not just gonna have people on and interviewing people about that support.

 The thesis is people that are dead set against is who are really smart.

That’s like San Diego’s San Diego capital.

Because a copy that I have on.

Just people who believe and some people who are like God that’s never gonna happen.

 I was a guy in this Camp guys.

 I was a guy that was like this is never gonna happen.

a lot of these stories interviews, you’re gonna see it’s all gonna be done on Wall Street Unplugged Premium podcast, that podcast which includes Dollar Stock Club.

 That’s a trading newsletter.

 We get an idea every single week, which is cool.

 Just $10 a month.

and right now we’re seeing lots of demand people signing up followed by lots of testimonials for the service since it’s affordable and The value you get is unmatched anywhere in terms of research and actual ideas.

 So really appreciate all those emails coming in people subscribe.

 I mean it takes a lot for someone.

To actually subscribe to one of our services and then go out and send an email to us and saying hey, you know what? This is great.

 I love it.

 That’s cool.

 That’s what we want to do.

 That’s a goal of this.

 You want to get this a hundred thousand, two hundred thousand, three hundred thousand people.

So anyone could afford it.

 It’s a necessity to service.

 No BS independent.

 That’s what we want.

It’s pretty cool right now.

 And thank you so much for all the support to be interested subscribing go to wsuoffer.com this wsuoffer.com again, you can cancel anytime you want.

That’s it for me.

Let’s see you tomorrow where I’ll share again.

 It’s amazing research.

It’s going to make even the biggest Skeptics.

Think holy s***.

 The dollar losing its Reserve currency status is actually very real.

It’s not some BS thesis that I’m pushing or whatever.

Because I never talked about this I mentioned earlier I never talked about this being a possibility in my 30 career, I thought that people were crazy.

But now I’m down a rabbit hole.

Meaning a lot of people talking a lot of people talking a lot of sites have some members of my team will constantly email and stories going.

 Holy organizations.

 We didn’t know that existed.

 I’m like what is going on here? When you stop putting it together.

It’s very very interesting.

And when you see it.

There’s gonna be a reason why.

You understand why I think differently now, so I’m gonna explain what tomorrow in a premium podcast.

 I’ll see that take care.

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