The Charts Are Screaming | Francis Hunt on Gold, Silver & the Bond Crisis

The currencies and bond markets show things early, earlier than equity markets. Even distress shows in the foundation. Currency and debt. These two, they are one of the same thing. You know, one is money today and the other is a contract to receive money or pay money at a later point with a rental agreement attached. Both of which are the foundation. Fiat and debt. They show you first, and you'll always see it.

Um, so yeah, I leave you with that thought as an early indicator for the AI crash. Hey everyone, my name is Anthony Faties, and welcome to another episode of the What the Finance Podcast. On this episode, I have the pleasure of welcoming back Francis Hunt. Most analysts try to forecast news. My guest today reads the charts, and the charts have been telling a remarkably consistent story: a debt-based monetary system reaching the end of its road. Capital fleeing into gold and silver. Bond markets flashing the kind of warning signs that precede major dislocations and a generational shift out of paper assets into hard ones. Francis blends decades of technical expertise with a deep macro framework, and he has been ahead of many of the biggest moves of this cycle. With the Iran ceasefire still in flux, precious metals breaking out, and the bond market under mounting pressure, there's rarely been a more important time to hear what his charts are signaling. He isn't here to tell you what the headlines are saying. He's here to show you what the price action already knows. Francis, thanks so much for coming back on the podcast today.

>> Delighted to be with you, Anthony. Thanks for having me back on.

>> No problem at all. Really looking forward to the conversation. We spoke, you know, about four or five months ago. A lot's definitely changed since then. It was pre-pre-war, pre-volatility. Now we're seeing, you know, massive bull market apparently, you know, very frothy. Um, so yeah, I'd be really interested in hearing, you know, how have you thought about these last few months in the economy, markets overall, and geopolitics?

>> Oh, there's so much that can be said backwards and forwards, um, with regards to Hormuz, which I think has been the dominant theme since we last spoke. Um, we would have spoken with the, you know, gold and silver was still running. I think if it was January, uh, or tail end of last year. Uh, so, but I, I, I'd like to, uh, discuss where it is now with this much rust rushed through, um, event of, uh, a peace deal, which looks like a quite a bad capitulation deal on behalf of America. Um, you know, Bessant was bragging not so long ago about getting a billion odd of crypto out of Iran, and now they've sent 300 billion the other way for rebuilding and a whole bunch of, uh, things.

Uh, here's, here's why I think that happened. Um, the statists in America are, are util, are planning an exit strategy through SpaceX, an, uh, Anthropic, and OpenAI. These, uh, Elon, Sam Altman, and, uh, these others are all essentially frontmen for a large surveillance grid manufacturer centers. These have relied on hypervaluations and hyperscaling. The word "hyper" is very ironic because we're in the space of hyperstagflation. So, it is the extremity of everything, and, uh, they need to get out. These big listings, they've got so far, they've got SpaceX out. They need to get the other two out. Google also, who never needs to go to the market for money, also wants 80 billion, uh, and has normally been, you know, on ad revenue, just a cash-generating beast. Uh, so there's a lot of dilution and request for capital that's going on. You, you even had Micro MicroStrategy, by the way, issue more shares so that they could sell more shares to try to stay afloat with their, uh, their variety. The choice of dilution was the shareholders. So, there's a lot of, uh, equity market dilution.

Um, so that's all been an exit. And at the same time, you've had these record inflation numbers, 3.8, previously 4.2. So, you just have to look at those two numbers on the current CPI. Those are high numbers on a liar number, if that makes sense. So, they, they're high for the lie. And this, this one still working the liar formula is higher still, and not slightly. You've gone from 3.8 to 4.2. So, the key problem is you've brought in a guy who's a fake hawk that actually wants rate cuts and is looking at other manners of measuring inflation, and the one he had and was putting forward whilst it was 3.8 under Powell at the last month of Powell, his was measuring it at only two. So, you've got a guy that wants to outlie the previous liar on the CPI lie number. So, that's a whole bunch of eyes and lies, uh, being stacked on top of each other. Each one having to go before.

And I remind everybody that central banker policy is inflationary. In other words, the way they tax you is inflation, which is government overexpenditure by issuance of debt versus revenue. So, by continuing to issue debt and overexpend, they continue to dilute the everyday American. So, in that environment of needing not to have high rates that could crash the tech market, high rates bad for the tech market, by the way, if you weren't aware, and we were already pretty high, and we've done a feign and break triggering on our HVF that we've been calling a macro structure on the US 10-year, which is a very important bond rate, and it's across all the durations, by the way. Um, you had a, a, a breakout there that rained it back in by slight of bringing down the biggest inflation multiplier, and that is the price of oil, which is in cars, travel, but also packaging and everything else. It's the lubricant of the economy. It's in deliveries for people who buy retail. We are kind of recessional for the one half of the economy, the balloon-twisted economy, and we are, uh, on the other side, hyper-overscaled. All the capital is running into the status corporate fascist unicorns of the Mag Seven and the top 25 in tech.

So, the big story right now is inflation is a problem because it will put the brakes on the AI and the hyperscaling, and they need the surveillance grid. They need the super high equity. Just proof of that, by the way, Elon boards for 60 billion on an all-equity deal, deal, and acquisition on a company, a software company that is actually got some revenue. Uh, I would almost be tempted to say more than, uh, SpaceX by market cap. So, what you're actually having is they're using this hyperinflated stock valuation where they only listed 5%. They've, they've engineered instant passive buying through the ETFs, or near-instant passive buying to maintain the need to wait up, and all these very complex locking-in systems with slow releases to manage the super high and going higher as the passive buying of BlackRock, Vanguard, State Street, all part of the gang along with Elon, frontman, part of the gang, and maintaining all of this. So, it's a very well-engineered, we've got to keep this Ponzi up first, and they don't need higher rates. They don't need the rates things to go higher. So, they will bring the oil price down.

Now, the final thing before I hand back to you, because I have gone long-form on you, is the oil and the gold and silver relationship is adversarial. So, the, the massive trade surplus nations were buying gold and silver up to January until the Straits of Hormuz thing. They didn't stop buying gold and silver, but they also had to watch what they were expending. They were on net energy importers, and they had to obviously make sure that strategically they had, they had to look at their strategic reserves a lot more. So, there was a diversion away and a big bid of central banker, particularly out of the East, Eastern nations, reduced slightly and got reallocated to energies. If the price of energies and the potential for the, the throttling of the constriction is now being mediated away somewhat, you're getting the downward move on oil that takes the pressure off the bond market, brings the rates down, and gives breathing room to someone who needs and wants to be a dove while pretending to be a hawk. Walsh, the new guy, and allows Trump to get more easing rates and weaken the dollar as well, which is part of the trade surplus that China and the Eurozone have with America. Weakening the dollar means Americans can buy less, and European and Chinese goods look, look less attractive compared to local. So, that's what's gone on. This is the big story. The big part of that is right now we have a trade as Walsh is speaking on gold and silver to the upside, and I'll let you come back at me before I show it to you.

>> Yeah, super interesting. Thanks for running us through that. It does seem like it's a massive, you know, Elon is financial engineering, basically. He's trying to build something out of nothing. Well, there is something there, but then he's basically trying to then create an AI company out of a space company, which is 80 times the sale. So, it does seem like they're just, you know, they're offloading to retail, and they're going to be left with the bags, while Elon's just, you know, built an actual company out of out of paper.

>> You're not far wrong with that assessment, in my opinion.

>> Yeah. And same for all, like the Anthropic and, you know, OpenAI, as you said, as well. It's, uh, yeah, they're just going to take advantage of the, of the small guy and, uh, make, make money off it.

>> Let me give you that trade and then hand, let you take it back, because I'll do it quickly, having been quite long-form, as I mentioned already. This is what I would show everybody watching, if, especially if there's people that are going to get this quite quickly once you edit it. Um, we'll be right, or we'll be 180 degrees wrong, and we accept that. Um, so please, it's not, uh, it's not a recommendation, or this will be out, probably already will have moved. They're talking, uh, he's going to be talking in an hour and 45 minutes, Walsh. So, I doubt it'll be old news by the time the guys see that. Not old news, but it'll be recent, recently released news. By the sword, we live. We're never afraid to be publicly wrong. Let's just put it that way. And there is a real risk that that can happen. But that's a left shoulder for us. This is a head at a localized low for a gold chart that has, uh, been struggling recently. I'll go out on the bigger time frames just now. And there's your, uh, right shoulder for us. We call these armpits, the interaction with the neckline. So, that would be armpit one. Um, people can find out about our phraseology and our lexicon of terms. We only have, and we only deal in horizontal necklines. It's the price point that matters. 4360 is the magic number. You could probably argue that's 4350, and you just run the levels. Normally, we pushed it a little bit. Why? Because we want the biggest projection, and the biggest projection will give us the target, which will bring you to the foothills of 4,700. If Walsh comes and does what we think. So, that's an inverted head and shoulder. We'll see it. If he, if he speaks very hawkishly and there's no rate cut, and it shocks the market, um, you could have a move to the opposite way, and then we'll be 100%, 180 degrees wrong, and we're okay with that. Our stops are tight, and I'll show you why they're tight because I'll just show you the smallest part of this trade, and that comes in here in that right shoulder. And I'll wipe my face a little bit there. Uh, in that right shoulder is one of our favorite structures, which is a squeeze, uh, a volatility squeeze, and for us, it's already triggered. So, those following us on X on the Market Sniper dot com would have got this trade earlier this morning. Our community's been long precious metals, not just on this trade from this morning and last night, but actually for, uh, midweek last week, when we called oil short and metals long, uh, suspecting something like this would come, and then, you know, the whole Trump priest thing, because this was not a good time to have rates messing with the NASDAQ with these listings. So, you can see these are fatter candles, that's because of greater volume. We are on a 15-minute time frame. That is a triggering event. You got up to the key level, which is again, that neckline, and you got a bit of resistance, and now you're building, and they're waiting for the announcement on what the news will likely be. So, for those wondering what's, what's all the talk is about, uh, we are 1816 now, so an hour and 44 minutes, and you will get the Federal Funds Rate announcement. I imagine most people are expecting it to be no change, very low percentage for, uh, increase. Um, and then you'll have statements and projections and press conferences that will flow from that. And this will be, I think, Walsh's first of the, of this, uh, version of presentation. So, uh, and he's chosen, the first one that is deemed a choice, a choice by Trump. I don't think he's a choice by Trump. I don't think Trump gets to choose these things, but he's more the framing is that he's a Trump-approved. In fact, there's some indirect family, uh, links in all of that as well, for those that are a bit conspiratorial. But he's more dovish, it's or expected to be, even though he's probably sold himself, uh, as in both ways, as potentially being a hawk. He won't be a hawk. Some of the things he's saying is quite intent on running lower interest rates than is truly required for what is a much higher inflation rate than is truly being reflected. So, uh, we'll see today how that worked, and those watching will see if we're winning or losing.

>> Yeah. Okay. Thanks for running through that. In terms of the longer term, is that something that you'd really depend on this as well? Also, say, for example, if it hits 4700, would that then sort of, uh, you know, tick off other, uh, confirmations that potentially we could see higher as well for gold?

>> That's a very good question, and I did a YouTube on that, uh, earlier this week. So, here's my thoughts on that. If I go up to a weekly time frame, which whenever I'm looking for the, the grand macro feel, I look at candlesticks on bigger time frames. You can see typically when you get hammering, you're close to localized lows and upward moves. That was the only perfect hammer. That is a big rejection, similar to a hammer. The body, tiny bit big for a hammer, but still significantly less than the lower wick, which is the rejection period. And you have to some degree hammering here on gold. You have it better on silver. I'll show you that if you're interested. So, we've got the potential of a localized low here. But this was a bit of a sudden shooting star and pain, and it came quickly, and then dip buyers showed up. These were people who are in disbelief about the gold bull ending. Now, it didn't end, but at least had a, a medium-term, uh, downside move with setting up a fairly long time frame continuation pattern, which means in the end, it goes up, but you've had a lot of steam and hype, uh, and margin being removed first. So, you got quite a strong rally immediately on gold, not as strong on silver. The, it, it sat quite a lot back. So, we saw the gold-silver ratio going back. So, we talk about three key sell-offs before you typically get the breakout or the return to bullish in the continuation pattern. There is one possibility. We have, we have a two, we have a split, a fork view. One is the, the crash that's already occurred here in that first initial slap in the face. It's not a full crash. It's a slap in the face because you came back to within $200, uh, dollars, funnily enough, of the nearly five, six high. You went into the 5400s here. So, it was kind of the introduction of volatility that got taken back again, but you didn't make a new high. So, it was a slap in the face. It could have been a warning. It could be counted as one of the three strikes of selling off. So, the question then becomes, is that one of them? When I look on the weekly chart, you could make a case that you've had three, and that this will then be bottoming out, uh, and then you'll start going, and then rebuilding and going higher, and then maybe a bit of resistance before you make new highs. Maybe some form of winding up structure, and then you break higher, or maybe you come a bit lower and make a bigger winding up structure. That, that's, we're generally going to be heading higher with, with a few caveats to making new highs, a little bit of tenuousness.

The alternative view goes, uh, something like this. This is all part of the rails of going up. That was just a bit of volatility, much in the way you got a bit of ahead of yourself. You got brought back on track, and you continued up on track. You got a bit ahead of yourself. You got brought back on track, and you continued up. So, there was a little bit of people getting a bit excited along the way, but there was a, that steady move. This, that would make this the first clear harsh rejection, and that makes for a very good foundational first hammer rejection. Then you've got, this is a, a second impulse. So, this would all be impulse one. You know, all of this from there down to there would be impulse one. The second impulse comes here as we are potentially reversing. If I think what happens happens, and we trade somewhat up to around 47, that could be impulse two. We want three. Remember, that could point that you actually could still correct one more time and have another localized low. Let's draw a hammer, for example. It doesn't have to be a new absolute low. I don't think you necessarily will get an absolute low on gold. If I'm guessing, I think that's probably the absolute low for this pullback period. I'm not talking about absolute of all time, of course. I'm just saying since, uh, our blow-off high. Um, so that could happen as an alternative, the pink route option, which then means you've made a, a third little loop, you've had a resistance, and then you break out from here. So, there'll be one more up and over and around back down a little bit before you then start solid building on upward moves. And then again, you'll have, you'll deal in whatever way you will with the localized highs. You might need a deep dip, or you might just need a small wind-up, uh, and you'll carry on up. So, there's two views, uh, on that. And the one thing that gets tidied up on the pink view, that if we were to do that, is on the silver, and I'll show you the silver in a minute. It's a three-impulse falling wedge. The, when I was drawing on the bigger, the lower time frames, gold, it's more of a broadening structure. Well, it can become the falling wedge on the weekly time frame if we were to get, you know, that upward move that gets us to 47 and a little bit of a resistance and a little bit of a come down for a bit. You might notice that we have that, and we could also just as easily have something like that. Um, I probably made that third impulse a tiny bit high. Um, so if I join it again, maybe that, and that could also mean you also get a falling wedge, uh, structure, uh, coming out of, uh, this if we were to get a new high. Let me just fix that. Sorry. Uh, so you could go up to 47 fairly promptly, and then you could come back down and have a little bit of a easing, and then we could break and go, you know, and we're done with a continuation pattern. And that would give you three impulses where largely we don't count this too much. It's mainly wick. It's a, it's a period of extreme volatility. It was the warning, the slap in the face warnings, but that was the that was the death top in the end because that's when you crashed and you failed. You really failed substantially to make new highs. That would be impulse one, two, and three. So, that would be my framing. Two, two options. We'll go one of the two ways. One is a little earlier, one is one more up and over. Uh, so I hope that answers your question as well as possible.

>> Hi everyone, thanks again for listening and sorry for interrupting. The podcast has always been about the guests and trying to better understand this crazy world we live in and the geopolitical, macroeconomic, and financial trends that are shaping it. To try and delve deeper into these challenges that we're facing in the world, I've recently started the Substack. My first piece, Reset and Reorder, looked at the strings that bind everything together and what's led us to the situation where we are today. The Mechanalist Restoration has really delved deeper into China, the Mechanalist Reemergence, and what this means for trade globally and everyone in between. If you're interested, I'll put the link down in the description. Otherwise, thanks so much for watching and let's get back to the show.

>> Yeah, definitely. Thanks. Thanks for, uh, going into that. And could you, yeah, could you be, would you be able to show us silver and, uh, what that would look like?

>> Yeah, it's a good follow on, uh, to do as well, on the same time frame as well, to, to put this. Now, the, the key part on silver is that you never made back as much on the, uh, after the first sell-off. So, the slap in the face was very real, and it had follow-through. While gold trucked on for a little bit longer, it had a bit of disbelief before it then got spanked the second time harder. By the, that time, silver had already not rallied as far and didn't have such a big percentage sell-off. So, again, the fork pattern we're, we've either got one impulse on silver here, but I will remind everybody that gold is still the god market, the decision, the decider market. You still will typically follow. And we are used to when you get these kind of impulses that are very lengthy and broad, they took quite a lot of time to happen, that those are usually your second, that that happens, the bloat, the bloated impulse when I talk. So, they usually second, which has me believe maybe this is an ABC down leg as well. And I, when I look at the gold, when we look at that shooting star and that immediate hammer, and then you still trade it quite strongly trending up, um, I think silver more likely follows gold. So, this could just be one sell-off, and this could be our two. And that's not a two. That's just the fact that you had a bounce, smackdown, and you came down in an ABC instead of just one straight line, which also would mean on the pink option, because I use pink with gold, that you would go one more up and over. Again, better hammer here from silver. You see that's a hammer. Um, it's kind of a green body, just, uh, you could call it a doji. All, all of it is to the downside. Good rejection. If Walsh does what we think, and you get, you know, beyond 75 part of the way, you could slow down again. Then, um, we got to remember we've got this peaky AI story that's probably going to bring, um, could see metals get sold off. So, even when this eventually breaks, let's say that's your falling wedge, and you get it eventually, maybe it has this extra impulse, and this is all part of one. And again, I will show you just why I say that. The time between the top, you know, that was the top, and that was the first low bottom there. That's very little time. That's why we call it a slap in the face. It's violent. And then you get that. The second impulse here, or the third, depending which you think, is by far the larger one. So, I'm more inclined to combine these as one. I think you can, we will trade long this move, but we will apply shoot and scoot rules. If it starts getting soft and coming off, we'll cut and run with any profits we have. Whilst normally, if we were here and breaking, and we had, we were confident of our third impulse, once this breaks, you can still have a return move. We wouldn't care. We'd hold through the return move and just stack along the bottom even more, uh, and build further positions, and then we'd go. So, explaining the, the pink route, uh, if we caught out, and it, and it's, we actually, that is the first, and this is the second, and we already made the third, my slightly less convincing option, you would break straight out, and this will be a, you know, we're straight into it. Then we're going to be heading to new highs a lot quicker. So, we'd probably get out, uh, here, and then when it return moves, and it starts going again, we'd probably have to chase back in. So, that's my less ideal because I don't, I don't like out and in. But my, I think we got one more up and over in there. There's still the notion that the debt markets are going to be a comfy place, especially if Walsh starts talking dovish and has a dovish statement. Um, the bond market is not long-term. People will be selling bonds if they think they've got a dove in the house, if it gives, gives, uh, gives that away too easily. Um, so there's what everyone needs to realize. We told everybody in the 2020 of September, it's changed. The world has changed for the debt markets. Nobody believed us because we're minor, small. We have no gravitas on the big stage. Once Druckenmiller and Paul Tudor Jones came out and said, that's it, debt market is done. And everyone stopped talking 60/40. You know, I have on my shelf, "How to Get Rich" by Tony Robbins, who suddenly entered the financial space when he was interviewing Dalio, and the 60/40 portfolio is all in that. You know, that book is outdated. It's done. And we were, I was like shaking my head when I was reading about bonds and all of that. Well, that's happened now. And now not just the mad guy on YouTube about it. Now you've got respected financial billionaires saying debt market. So, the notion that the debt markets aren't going to cause more chaos and start devaluing and causing rate moves to the upside, uh, and potentially AI sell-offs, and everybody selling everything that isn't nailed down because the one thing is institutions are overleveraged. They're in everything, including bad assets, and when they are getting margin calls on bad assets, overvalued Nvidia, overvalued SpaceX, potentially, they're going to be selling their gold and silver as well. So, first, when we get the panic, the demand-destroying event, which is inevitable, we'll probably have another sell-off in metals. Now, that could happen up top here as we start approaching new highs. It could be part of this down leg in the pink draw, or the return move in the blue, but I think it's going to be a bigger thing, and that could pull us back down into range. Again, just a couple of scenarios thinking forward how it might work, and how our brain works on a very simplistic level on how we model for, uh, various outcomes.

>> Yeah. No, super interesting. I, I definitely agree with you in terms of the debt, uh, potential, you know, loss of value in debt. How, how do you look at, do you look at, can you do this on NASDAQ then? And sort of see the perspective, because I imagine that's extremely frothy at the moment, especially with SpaceX and then...

>> Um, it's almost the other side of the...

>> SpaceX is having quite a choppy session. Sorry for interrupting at the moment. So, yeah, so again, you know, so much excitement, uh, for this. Uh, it's a little bit of, it's so far, obviously, we've just opened, so making anything major. We had a bit of a dip, and then a bit of a hammer, so we've gapped open. If you'd asked me just on the hammer yesterday, after this day, the, the day was done, I would have said you probably gap open, or you'll trade up. But having opened, you've gone up, but you're actually not so much follow-through yet. But this is the first hour, I would imagine, and I wouldn't be surprised if SpaceX's performance is probably the leader on, uh, volume. Let's try to spell it correctly, um, and pull that one up. I wouldn't be surprised if it sold off a bit after being up. Yeah. So, that's what you've got on the daily. I think daily doesn't give you much. So, I like to give you a little bit more of an idea what's been happening. And you can even do the 15-minute. And you can see you are getting a little bit of a, a chilling out here. So, of course, the first day, super fat again. You had that same, very much like the NASDAQ, by the way, the squeezing higher. We call these HVFs in rising wedges. They're three impulse setups. You had the gap for your second impulse there, there, there, down, and then you started your three. Very little of a gap, and then your gap broke. That's your breakout. So, it was a great buy at the close, uh, if you wanted to catch, because you would have got a gap, gap, and you would have had real power and volume behind you. That shooting star as you were coming into the late part of that day was good take profits. If you're a short-term trader, we're looking at a 15-minute chart now. So, I'm just telling you just for a bit of fun, but, uh, th this, this is now rebasing a little bit down. And I will warn that the open, I think this is the open today, 17 June. We are, there's the number 17. You gapped open with that hammer that I showed you on the daily, which is, uh, you know, would have been that, that data consolidated. Uh, you gapped up, but then these are quite fat candles. Again, the open is the most traded moment in the hour. Sadly, everybody does this every time. You know, they don't plan. If you want to buy, you should buy the last few minutes of the previous session because you're paying a whole bunch more. You would have gapped open there if you came in and bought, uh, SpaceX, and you're now trading down. Now, you've had follow-through down, and we're, how many 15 minutes have we got? One, two, three, four, five, six, seven, eight. We're in the ninth quarter of an hour. So, we've only had, uh, two hours and 15 minutes, and you're getting a bit of recovery here. It could be that this turns into a falling wedge. Uh, again, I would watch for the three impulses. So, in terms of how we do it, if I was a day trader on SpaceX, which I am not, uh, but we apply our macro techniques, and they are not only relevant and dominant on the macro time frames, they actually continue to have quite a lot of value even on the lower time frames for assessing markets, and that's what HVF method does for you.

>> Yeah. Go, super interesting. Thanks for, thanks for showing that. Yeah. How do you, so, especially if we're see, if we, if Walsh comes in more dovish, as you expect, you know, good for gold, good for basically all except for debt, bad for oil. Okay.

>> So, uh, again, um, if I just, I'll, I'll show you this because as I say, we, we've been short for a while. We, we did call short before, and we're too early. Um, so, you know, we, you can get things wrong. It's not XDI oil. Let's just go USD, uh, in there. Um, so we don't want 15 minute. We want, you see this is on a very low time frame, but you had a big rejection and sell-off. That's a great invitation for tactical trading. This is how we've been, uh, trading, and this is how it's worked for us. You know, we got stops, uh, we're trading this on a downside. So, our assessment is that this would be coming down. Um, and it is again, a three-structured setup. In fact, yeah, we're like that rather than that line there. And we caught the gap, and we've just caught a second gap, uh, on the peace announcement. You've had a weak rally which is reversing now. You saw in the 15 minute that shooting star that was really big, and then the fat candle pulling it down. So, we think oil's coming back down into the 60s, the low 60s as well. Don't forget we were at hundreds and upper 90s for most of the time, and we did in fact trade a couple of times, you know, the 105s, you know, uh, uh, this range. And the amazing thing to me is the amount of commentators that were saying, "We're going 200. We're going 250." And people that missed the oil bump try get in ahead of the narrative by just being ridiculous on numbers. If, if you can see what's gone on with our bond market with this run-up to 100 dollars and getting above 100 a couple of times for a short spell. If people understood and saw and were watching the US tenure, I don't see how you could be predicting $250 as oil on oil, which is not just one commodity like you would say bread or stuff. It's everything. It's absolutely everything in packaging. You would go into, you wouldn't be getting 4.3 even on a 4.22 in inflation rates on 200 or 250 as some of these people that came out and said that. I was just like, I was flabbergasted. You, everyone says, well, but look how much higher gold is. Gold is a monetary metal that preserves value. We do not have a shortage of oil. We just have inflation on costs for extracting it. That's it. Um, and, uh, if it goes, if it went to 200, uh, I would hate to know how fast the interest rates would be. So, I mean, these, these are, um, these are open positions that were entered here, here, and here, and short, and we put them on last week at the same time as we long gold and silver because of that antagonism, and it's given us, uh, profits on both sides. So, that's, that's the key thing. We expect this to trade and meet our targets to the downside. So, uh, yeah, I hope that's interesting because I find that fascinating. And long-term, when dollar debases, oil should go up, and gold and silver together because of price in dollars. So, I think you'll see that come back again. But the, the, the unique setup of the Hormuz trade, which was a supply chain throttling, not a shortage of oil in terms of we don't have enough oil, the logistics of getting it around the planet and natural gas and other things, gas for chips, and the insurance costs, and all of that. That was a stagflation replay that did push the debasement of debt, which they also need, but not to the extent that they are ready to crash the the stock market whilst exercising. We're watching a, a herd of elephants exit a phone box. You know, this is the legacy family elephant that's exiting a phone box right now. Takes quite a bit of movement and shuffling, and they need everything to be, uh, just right with, uh, what they're planning and ensuring that the bid is there so that they can get out. And I, and I think something like that's already happened on Bitcoin, by the way, hence the treasury companies of Jack Miller's and Michael Saylor on strategy. I think those have happened because you've seen a lot of OG wallets. So, we are watching a lot of exit liquidity being sought and engineered for insider, my opinion, dark state cartel actors and legacy family holders. So, call it conspiratorial, um, but that's the, that's the model that keeps serving me on a worldview and keeps us positioned well, as well as our technical analysis. It seems to dovetail often.

>> Yeah, but it, see, it seems to be, you know, equity as well. Basically, everyone's trying to, as you said, exit, exit liquidity for, for something else into real assets.

>> Yeah, 100%. I agree.

>> How do you have a time frame on on that perspective? Or I guess, no, it's quite challenging to understand how long that something like that would take. I do, I have, I have indicators for you, and this was previous, this is also recent theme work we've done, and that takes us back to what are the early indicators of how things will drop. And the interesting thing is there's a mini America in the AI boom, only far more fragile and even more narrow. So, you say, what's more narrow than 25 stocks leading the S&P to new highs, the NASDAQ to new highs, and so many of the others being well below their 200-day moving averages or, you know, performance? How can you be more narrow than that? Well, how about the Kospi index with two stocks, Samsung and SK Hynix? And the Kospi looks like this. And by the way, just in terms of how much it's done, it's outperformed. It's closer to a new high. And it's, it's outperformed since April, the April low of, um, 2024. So, let's just go and find that. There's roughly here. Let's take April as 2025. Let's take this and just illustrate how low it was here. We had a bit of a, a short, a sell-off. It's a localized low, April. I am cherry-picking, fact, but it's also a long duration. Now, to that high, you're at 291% and to be fair, you're at 2889. 288% means 3.88 times. You're just a shaving below 4x in 13 and a half months. That's just over a year. So, almost 4x in almost a year. Just over a year. You know, month and a half. Throw an extra month and a half in. You'll forgive a man for saying it. That, that is surreal, and that is being led by SK Hynix and Samsung. And so much so that when this turns down, what we've actually seen is international professional managed money is withdrawing from Korea because it's done so much. So, let's just be clear. Professional, institutional, foreign, international investors and traders are selling and bringing money home. That could be Switzerland, America, Europe. However, the Kospi is continuing to make new highs. We've had a net divestment out of it that is punishing the currency for now. However, the Kospi continues to make new highs as record levels of policy surrenders are taking place by local, domestic, retail traders. So, foreign, professional, institutional versus domestic South Korean, many of them pensioners or approaching pension age, 50 to 60% surrendering policies, taking a beating for that, buying into 2x and 3x record margin debt. Now, you'll say, well, America's had always making records on its margin debt. You know, it's kind of part for the reckon, record margin debt in Korea. This means everyone's becoming a, a stock, a heavily leveraged stock trader. So, the replacement is the shoe shine boy story. It is the dentist. It's the bag holders are now taking their seats on the plane when the plane's about to crash, and all the professional travelers are stepping off and handing their seats over to the little old Korean lady who's going to leverage long, the taxi driver, and everything else. So, the early indicators for us will be the Kospi. We'll put alerts here always, and more so an acceleration in the devaluation of the currency because the, the one thing that's earning them foreign currency is Samsung and SK Hynix, obviously, and they've had inflation rates on the two chip profiles that are the most common for the data centers of 90% and 180%. So, they are getting record levels of dollars inbound. If you end up in a major curtailment of investment in this space, where your two largest product champions, Samsung's a trillion market cap company, you know, it's through a trillion. Um, and I'm not sure about SK Hynix, but quite possibly too. Uh, I'll have to check that. But if they suddenly reverse and stop getting the flows, and the head of Samsung has said China is entering specifically that chip market and will provide in volume because there's been a shortage that they've, they've given only partial allocations to orders from Nvidia and other companies. So, what's happened is then the likes of Nvidia have double-ordered to get the allocation they want. If they only get given half, or quadruple ordered, and the more they do that, the more they overwhelm the supplier with the order, the, the smaller the amount they get. So, you're in a perfect doom loop of ridiculous bringing forward of future orders on the basis that this inflation will just keep getting worse and worse and worse, and everyone should chase in. At the same time, you have China that never has a problem in delivering anything in volume are now going to enter into those same markets. So, this is a setup for it, and the Korean one, we've spoken about it. Uh, we see harvening. I actually think there could even be, uh, emerging eventually of the north and south. I think China might like that. Uh, instead of this two-Korea policy, you might be looking at the equivalent. China might be looking at that in the same way as, uh, Europe looked at East and West Berlin, and Germany. East and West Germany, and the splitting of the Berlin, uh, and the wall, which you'll probably not remember. I do, uh, as an older man, but you, I'm sure you've read about it in the history books. So, we see this particular big setup on the Korean one. You are pulling off a little bit now because you've just had the, the Kospi go back up. The minute that turns, you'll start to see this go up. Because what we've shown is when the, the one, the Korean one is weakening, in other words, this chart going up, USD KRW, um, it will become chronic when the, the deval of the Kospi occurs. So, all these spikes, which are devaluation moments in the Korean one, they're there, and they are on Kospi crashes, same, same period. So, if the Kospi starts correcting on the AI boom, that line goes blue, very strong, and very violently, and we see, uh, massive more than hardening in the USD KRW, uh, as part of the AI bust. So, the currencies and bond markets show things early, earlier than equity markets. Even distress shows in the foundation. Currency and debt. These two, they are one of the same thing. You know, one is money today, and the other is a contract to receive money or pay money at a later point with a rental agreement attached. Both of which are the foundation. Fiat and debt. They show you first, and you'll always see it. Um, so, yeah, I'll leave you with that thought as an early indicator for the AI crash, which is the question you asked.

>> Yeah, definitely. Thanks so much for running us through that. So, Francis, thanks so much for your time today. Covered so many different, uh, avenues, so many different commodities, and, uh, really interesting to see how you look at things from a chart perspective. But my last question is, what is one message you want people to take away from the conversation?

>> So, I'm an optimistic person. I live a very good life. But I have to tell you that the trajectory that the planet is taking is deeply dark and dystopian, and, uh, it requires action. Um, there's a multitude of things we could have spoken about that we could have gone in detail, but time restraints are what they are. But right now, just as a flashby, Europe is at, uh, is is eliminating USDT, is, uh, giving out licenses to a selection of crypto exchanges only that will have to comply and will be removing privacy, will be banning privacy tokens. At the same time, is also looking at the regulation or control of the use of VPNs. Uh, Britain is, uh, going to require biometric internet identity, all in the name of proving you're not a 16-year-old who could be faced with porn. Something that never worried them for two and a half decades of retail access to large-scale internet. But now suddenly worries, now suddenly worries them. This is all part of a control and attack vector. By the way, they also have the highest number of social media arrests that are larger than the sum of the next nine. At number one, Britain is the, in terms of arrests on social media. This is draconian, Bolshevik, communistic control. Never has it become more important. Look into my eyes for this one. This is the real message you need to hear because there's action you need to take. Never has it become more important for people to build wealth, not for the sake of being rich and Porsches and fancy and flexing and all of that, for preservation of your standard of living so that you can buy back more privileges and have a broader footprint that takes you outside of Western nations. If you're watching this, you're probably an English language speaker, maybe maybe second, but most will be first. You're probably in one of the many countries for which specifically you are being targeted and restrained. And the kettling of Europe's money, for which the UK is participating in a similar way, is there because the extraction comes next because they can't raise the amount of money to run their agendas through the debt markets anymore. Ergo, our 2020 call, why it was the most important call we ever made. What you can't do in debt, remember raising debt and spending more than you get in is actually a tax on you. But it's a slight of hand one. When they can no longer do the sneaky theft of your money, they come directly. This is capital extraction. And this is why you also hearing about the Dutch and a 36% unrealized capital gains tax, the Spanish with a wealth tax that was temporary coming out of COVID-19 and has now been made permanent every single year, and the level of wealth has come down for which they are extracting on. You are being kettled in Europe and the UK, and you're going to be extracted from ever more viciously. If you haven't thought of leaving, if you haven't thought of even having a holiday and finding a place where you could have a second home that is outside of the Western European and UK conundrum, you are about to be cold financially before possibly physically. You really need optionality, and that applies for all the Western nations, Canada, US, and Australia too, in varying forms. Yellen, by the way, has already floated unrealized capital gains. The sole purpose, my messianic cause, is to help people navigate one of the most dangerous periods in our history of multi-millennia, and that is the reset and the global communistic attack vector on one's capitalist nations. So, what you need to do is you need to build wealth, preserve that wealth, and broaden your footprint outside of the West. That is what we do. We're on the Market Sniper dot com. Um, and, uh, you can follow our YouTubes where we discuss these topics. Trading, wealth building. Sadly, it's a speculator society. I'd love it to be a society that was kinder to nurses and vets and people that do amazing things, but it's a speculator society. And these huge moves that are coming will generate unbelievable trades. That wealth will allow you to buy back some privileges in what is a tightening up of the world towards totalitarianism. Um, so come and check us out on YouTube and or X under the Market Sniper or the Crypto Sniper. Thank you very much for having me on. Great to be on with you, Anthony.

>> Yeah, thanks so much for coming on. It's, you really appreciate it. I'll put all that in the description below. But, uh, yeah, look forward to doing it again soon.

>> 100%. Hey everyone, thank you so much for listening. Really appreciate your support, and I hope you found amazing value out of this interview. If you really enjoyed it, would appreciate if you liked and subscribed or shared. Uh, it really helps with the podcast. We're still trying to expand, get to more people to help make sure that everyone understands and decodes what's really happening in the world of finance, investing, macroeconomics, and geopolitics. If you enjoyed this one, then you might enjoy this other interview as well. It's really appreciated and thank