Transcription
Hello everybody, and welcome into Commodity Culture, where we break down commodity markets, sound money principles, and geopolitics, all with the goal of making you a better investor in the commodities sector. My name is Jesse Day, and today is November 4th, 2025. And I'm thrilled to welcome Ed Steer to the program, a precious metals expert who has been analyzing the space for over 20 years, a former contributor to Casey Research, and the founder of Ed Steer's Gold and Silver Digest.
Ed thinks the recent correction in the silver price wasn't a normal pullback, but a manufactured one, as bullion banks shorting the metal panicked and threw everything they had at tamping down the price. A situation Ed believes is only temporary, as the fundamentals for the metal mean it's only a matter of time before it screams much higher. We also discuss China tightening export controls on silver, why silver inventories at the LBMA are still in an extremely precarious position, why he sees the American empire as being on its last legs, and so much more. So strap yourselves in for my conversation with Ed Steer.
Ed Steer, it is great to have you back on Commodity Culture. Last time I had you on the show was August 22nd, when silver was around $38 an ounce. We have, of course, had a tremendous run since then, silver reaching a new nominal all-time high of $54 before correcting, and now we are at around $47, I believe, and 20 cents last time I checked. What do you think are the main catalysts that drove silver to that new nominal all-time high, and what do you make of the recent drop in prices?
>> Well, you know, it's strange. You know, we had our last, like you said, we had our last conversation, August 22nd, probably was the next day the silver price started to go. And like you said, you know, we've been in rally mode up until, uh, about a week or so ago. I think it was the 17th of September when the, uh, when they, the, uh, commercial traders stepped into the market on a Friday and, uh, smally. You know, it's a combination of a whole bunch of things that, you know, there's, there's, um, first of all, the debt. I think it just turned over $38 trillion. And then there was talk about interest rate cuts coming in, um, in October. And of course, we've already had that. And now they're talking about whether or not they're going to have one, uh, in December. That's sort of up in the air at the moment. But, you know, it's a combination of, you know, the economy and, uh, you know, the situation abroad and currency depreciation. You know, you know, we're well along the what I call the road to perdition, you know, where the fiat currency system is coming to an end. And, you know, we've had a huge run-up in gold and, and silver as well. And, you know, this is just everybody's starting to see the writing on the wall. And, you know, we're starting to see, you know, other, you know, major financial institutions like JP Morgan and Morgan Stanley and Ray Dalio and a whole bunch of other high-profile people saying, you know, have 10, 15, 20, 25% of your portfolio in gold. And of course, you know, silver's in a structural deficit. So, it's a whole combination of things that took us up to the, the high that we had. And, uh, you know, it was starting to run away to the upside. And, you know, if the, you know, the bullion banks and, and the whole, you know, bunch of crooks hadn't stepped in, you know, we'd be looking at some fantastic prices for silver and gold. So, you know, this, this correction, if you quote unquote, healthy correction, which it, which is, which it really isn't. It was, you know, a manufactured correction. You know, if they hadn't stepped in, uh, heaven knows what the prices of silver and gold would be right by now.
>> Well, let's talk about that, um, manufactured correction, because last time I had you on the show, uh, we were talking about the late great Ted Butler's article, The Bonfire of the Silver Shorts. Uh, were we seeing that type of scenario playing out? What is the current position, in your opinion, when it comes to the bullion banks and their manipulation of prices? And obviously, it ran away from them to a great degree. So, are, are we experiencing, you know, perhaps the real silver squeeze this time around, the real short squeeze? And are they on borrowed time at present?
>> Oh, absolutely. There's no question about it. I mean, we've been in a structural supply deficit in silver now, what, go for five years, going on almost six now. And, uh, you know, this is, this is starting to, uh, you know, manifest itself in the price. And, uh, this big run-up was, was, uh, it certainly looked like had all the manifestations of a short squeeze, although there's no real way of telling, Jesse. And the reason is because, because the US has shut down, the US government is shut down. We haven't seen a Commitment of Traders report since the 23rd of September. So that's six weeks ago. So there's no way of telling, uh, you know, what's, you know, what's going on under the hood. But, you know, this is, you're right. This had, this is starting to take off in the, in Ted's Bonfire of the Silver Shorts. And there certainly has been short covering going on because I've been watching gold and silver open interest, and they've been coming down like a rock, especially gold. And, uh, so there's no question about the part of this rally was short covering, uh, cuz the, uh, they're just, this, the short position is just absolutely choke a horse. And, uh, that's one of the reasons they had to step in because Ted's bonfire was lit. And if they didn't step in, uh, like I just said, you know, to answer your previous question, we would have seen, uh, the silver and gold prices that we can't possibly imagine. And, uh, that was the start of it. And so they had to step in. And, uh, but once this, uh, managed correction, or what I call a wash, rinse, and spin cycle is done, we had one in early April like that, too. Lasted, what, a week or so, and then we are off to the races again. And, uh, this one may last a little longer and go a little deeper, but the end result will be the same. We'll take off to new highs. Now, there's one thing you have to remember, at the low in April, I think silver got down to about $27 an ounce. Well, since, since the low in April and the high in, uh, what, two or three weeks ago, silver's almost doubled in price. So, this is just another correction. And, uh, once this one is done, um, we'll be off to the races to higher prices because, uh, this, you know, the, uh, silver deficit has not gone away. It's getting, you know, it's getting larger and larger all the time. And, you know, the problems they had in the LBMA last month running out of silver. I mean, you know, the four shocks are there that, you know, we must, we have to have much higher silver prices to, uh, close this structural deficit.
>> Well, I want to talk about LBMA inventories in just a moment, but first, I want to pull on a thread regarding the bullion banks stepping in, because from, from their perspective, when they see silver prices rising as rapidly as they were, we're dealing with, you know, short contracts, we're dealing with derivatives. It's a fairly complex, um, market for a lot of people. From their perspective, the perspective of the bullion banks and the people who are in this short squeeze, what are the mechanisms exactly, from, from your standpoint, from which they do step in and and control or tamp down the price?
>> Okay. Well, you have to remember, it's very easy. The commercial traders, the bullion banks, and, uh, commodity trading houses, they're, they've been on the short side forever. And all the other traders, the other reportables, the managed money, the small traders, they've been net long gold and silver forever. So when the price starts to rise, when, you know, when, uh, the, uh, traders, uh, you know, the small traders and the, the non-commercials, you know, start to put on long contracts or start to cover short positions, somebody has to take the short side of that trade, and it's always the bullion banks. So, as, as the other reportables and, and managed money traders pile in on the long side or cover shorts, the bullion banks and the other tra, and the bullion banks go short against them. So the short position just gets the commercials get more and more short until they get to the point where it is a huge short, much, it's a, you know, very usurious short position. They're, they're, they're, they're short about 60 billion ounces, you know, or $60 billion in, in the Comex futures market right now. And, uh, you know, they waited until all, all the managed money traders, etc., had piled in on the long side, and when they got as many mice in the trap as they could, then, uh, things started to run away. They pulled a lever on it, uh, like I said, back on October the 17th. So, you know, the bullion banks have been fighting this, uh, commodities rally in gold and silver all the way up. And this is, like I said, this is just a pause before we head, we head higher from here.
>> Let's talk about LBMA inventories, because when silver was around all-time highs, I heard a lot of reports that the LBMA silver inventory had essentially reached zero, and they were trying to ship in as much physical metal as possible. In your view, how much validity is there to these reports? A, and what is the current silver inventory situation at the LBMA? Is it still precarious?
>> Oh, uh, absolutely. I'll get into that in a second. But what happened was that the LBMA basically ran out of, they have a float there of stuff that they can ship out the door, uh, that, uh, you know, that has no claims on it. And, um, the fact of the matter is, they just plain ran out. And one of the reasons they ran out is because of the huge, huge purchase that India made, which, uh, they, back in September, what they, I think was the headline of my, they bought 21, 31 million, 31, 21, 31 million ounces of silver in September, which was all got delivered in October. And the LBMA just simply flat ran out. I mean, they had no silver at all. Okay. And the lease rates shot higher. If you wanted to borrow it, it became very expensive to lease it. And they had to fly in silver from all over the place, uh, Switzerland, the United States, from the Comex, and even the, uh, Shanghai Futures Exchange, um, you know, chipped some silver in to give you some idea. I got the numbers right here because I, I write them down every day. In September, um, silver was, this is the Comex. There's 27 million ounces shipped in, but only 14 million shipped out. But in October, when the, uh, crisis hit on the LBMA, uh, now that we, October is done with, there were 10 million ounces of silver shipped into the Comex in October, but 58 million plus troy ounces were shipped out, and that went to London to fill the, uh, the orders that they had there. And, uh, Switzerland, I'm sure contributed some, but we won't know that until, uh, another week or so. But the fact of the matter is that the LBMA flat ran out of silver, and they had to top it up from the, uh, from the Comex and probably from Switzerland as well. So, you know, as I said in my column this morning, they got, you know, maybe 10 or 20 or 30 million ounces of worth of float over there. But basically, uh, they saw the bottom of the barrel a month ago, and they don't have much left. And with this deficit going on, it's not going to take them long to chew through whatever has been sent, sent over there from the Comex and from Switzerland, cuz, uh, what is, I think the Silver Institute said the deficit this year would be around 150 million ounces. Well, you know, they got 30 or 40 million ounces over there. They're going to go through that before Christmas or early in the year. So, and it's, it was, it was a critical time, and they moved heaven and earth to put out that, uh, that fire in the LBMA, but it's just a matter of, uh, they, you know, they put off the inevitable, you know, two or three months down the road, they're going to be faced with the same situation where they just don't have enough silver. And if the battle will be on to find more silver to fill up the LBMA, in case, because the last thing they want to do is default. But sooner or later, you know, with this silver deficit running on five years, I can't keep it up forever.
>> Well, I want to talk about the on and off again US-China trade war. Um, obviously, we saw some, uh, controversy involving rare earths. China was going to be restricting rare earth exports. Trump threatening to slap an extra 100% tariff on them. Of course, the market started to crash, and he reversed course and said, you know, Xi's a great leader. Actually, I'm sure we'll, we'll come to a mutual understanding. It seems to some extent they have. They, they, they had a trade, they had a meeting, supposedly it was positive, but the interesting thing is, sometimes the Trump administration will give positive news, and China will say, "Yeah, we didn't actually talk about that that topic that they're, they're saying was good news." Um, but nonetheless, on the rare earth side, apparently it's not as bad as it was. But, um, I want to read a quote, uh, a tweet from the United States Antimony Corporation. They're talking about China actually tightening export controls. It said, on October 26th, China's Ministry of Commerce announced that tungsten, antimony, and silver will be added to China's key export supervision catalog beginning November 2025. So already started. Exports will now require quota review and joint approval, replacing the prior self-reporting system. This means tighten export oversight through 2027, not a relaxation of controls. Now, at the moment, I believe the US has added silver to a draft of, of a critical minerals list. I don't think it's been 100% finalized at this point. Do you think this will push that over the finish line, and your overall thoughts on these, uh, export controls?
>> Boy, there's a lot to unpack there. Let's, I'm going to go back to the previous question you asked where I said, where I, you were asking about the LBMA. I said, well, yeah, there was silver shipped out of, out of the Comex, and it was shipped out of, uh, Switzerland. That was shipped out of the Shanghai Futures Exchange, the Shanghai Gold Exchange. And what I didn't mention at the time is that the amount of silver that's left the Shanghai Futures Exchange, the Shanghai Gold Exchange is just absolutely enormous. How much they've been using and how much they've been shipping out either to the LBMA or for other reasons. The, the combined inventories of the Shanghai Gold Exchange and the Shanghai Futures Exchange are the lowest they've been since the first quarter of 2017. I mean, I, I looked at the chart on Nick Lair's website and I, and I published in my column, I don't know, two or three weeks ago when this was going on, and I said, I made a comment. I said, I just, you know, the, the Chinese have, you know, a seat on the LBMA. They know what's going on. I said, it, it's only a matter of time before they're going to step in and halt, halt, you know, halt exports of silver out of China because of their, you know, disastrously low inventory levels. And lo and behold, look what came up, uh, this on October the 26th. Now, it is going to be interesting to see how this is, this plays out. Okay, you know, China would have a good case for absolutely cutting, you know, silver off at the knees for, for export purposes because, you know, there's their silver inventory levels are, are critically low. So that's, that's, you know, that's just one straw in the wind. You know, got the LBMA at low record low levels. You got the Shanghai Futures Exchange and Gold Exchange at record low levels. And then add to the list, like you just mentioned, uh, the fact that, uh, you know, it's, you know, the US is considering putting, putting it on the list as a critical mineral. I mean, you got all these things coming together, the confluence of forces coming together in the silver market right now from every direction that you can imagine. You know, it just absolutely screams that higher prices are, are, are coming down the road. So, you know, we're all sitting here waiting to see what the government does about this, and I wouldn't be at all surprised if they added that, you know, and they started, if they start to stockpile silver. Good luck to them, because I don't know where it's going to come from.
>> Well, let's shift over to the gold market. A similar story to silver, with its rapid rise to around $4,400 before experiencing a dip down to where we now sit, last time I checked, was around $3,900. In my view, much like with silver, um, this is just a blip on the radar. The fundamentals behind the sector seem extraordinarily strong. What is, what is your view on the gold market and its future trajectory at present?
>> Uh, the same thing as silver. Um, the thing is that, you know, gold is, you know, is the, the king of money, and silver is the queen. Uh, and everybody talks about gold. I mean, that's what JP Morgan, Morgan Stanley, Ray Dalio, you name it, across the board. You know, all the, you know, all the big players, heavy hitters out there saying, buy gold, buy gold, 10, 15, 25%, as we spoke about at the top of the program. And, uh, you know, the thing is that, you know, the central banks, I, there was a story came out today where they bought 39 tons of gold in September, central banks of the world, um, and they're, I don't know if they're going to hit a record again this year, but the central banks are scarfing this stuff up because they know perfectly well that this whole fiat scheme is going to come to an end one of these days. And, uh, and they're preparing. Everybody's preparing for it. You are, I am, your, your listeners are preparing for it. We're all sitting here, all loaded up with, uh, you know, our precious metal portfolios. And, you know, these guys, you know, with the billions of dollars, uh, and the central banks of the world, uh, know perfectly well what's coming, and they're preparing for it, uh, just like we are. It's, uh, it's, it's, it's amazing to watch. And the other thing I want to point out, we're talking about low silver inventories and the LBMA. The other thing that, you know, I keep track of the gold inventories too, uh, from that, that get shipped out of the Comex. Uh, LBMA is totally opaque, so nobody knows what's going on there. But, um, in, um, in October, the month just passed, the amount of gold that we shipped out of, out of the Comex was just absolutely amazing. There was 457,000 ounces received in October, but they shipped out 2,562,000 ounces, which is like unbelievable. I mean, that's absolutely enormous. And my opinion is that it all ended up in London because I, they say that, you know, there's no problem with the, uh, gold inventories in London. There's lots of it. But, you know, I'll tell you what, there's been a run on silver, run on platinum, run on platinum. It's, you know, and, you know, I, my opinion is that there's a, the run on gold is starting to affect London as well. If you go back to September, what left the, the Comex in September, there was 1.2 million, 1.2, one and a quarter million ounces received, but only 175,000 ounces were shipped out. That's in September. And of course, in October, it went, it went to 2.5 million ounces shipped out, which is a huge change. So, you know, not only was silver flying, getting frequent flyer points to London, but gold was too. So, you know, my opinion is that the float of gold in London is not anywhere near what they think it is or what we know it to be. You know, my opinion is that their float there is in gold is getting pretty skinny as well. So, you know, the demand for gold this year, in the last two or three years, as everybody starts to, you know, head out of the fiat currency system and go after hard assets, has, you know, it's gone from a trickle to an absolute flood. And it's only a matter of time before we start seeing shortages in gold too. And it's, uh, I get a feeling it's not that far off.
>> What sort of risk do you think the, the Bank of Canada is taking by not having any gold whatsoever on their balance sheets? Do you think there's anybody there that realizes this is an issue? Um, do you think they perhaps do have gold, but they're not publicly stating it? Do you think in an extreme situation they would nationalize gold mines or or find a way to take a stake in gold mining companies in the country to try to get gold? What, what are your overall thoughts there?
>> Yeah, well, I'll tell you what. I, I am somewhat familiar with the, uh, what's going on in Canada since I live here, and I've written, wrote an essay about it about 20 years ago. Canada, the central bank, uh, Canada's central bank has no gold at all. Um, I don't think it has any plans to get any. Uh, what will they do in a crisis? I don't know. Uh, you know, we're a vassal state of the US, just like Europe is. And we pretty well do what the US tells us to do. And I don't know whether the Federal Reserve has any power over the Canadian Bank that says, you know, you, we don't want you going out there and, you know, refilling your gold reserves because at one time, way back, like 40 years ago, Canada had 660 tons of this stuff. And that all got sold out, uh, in the 1980s and 1990s. And, um, would Canada nationalize a gold mine? I don't think so. You know, this is just not the kind of country you're going to see that in. And, you know, we still have, uh, democratic institutions in this country. And any move to do that would just, it would, I just don't think it's going to happen. It's not something I can see. They may take a stake in gold mines, like the US is starting to do, government is starting to do in, you know, some of the rare earth minerals. And, uh, they may say, "Okay, fine. You got to, you know, tell the gold companies you got to sell a portion of your production to us, or all of it, or whatever." But, you know, that's, that's hypothetical. You know, I have no idea what they're going to do. But Canada's not in a very good place because I think they're the only member, one of the few, well, they're the only Western country that has no gold reserves at all. It's, it's absolutely pathetic.
>> Yeah, it's, it's completely insane. And none of the politicians, aside from Maxine Bernier, are really talking about it. I had him on the show, and, and, and I love Max, but I don't think he's going to become Prime Minister of Canada, unfortunately. And, and so there's, there's nobody really, they're asleep at the wheel, essentially. So it's, it's pretty incredible to watch. I want to talk about
>> Jesse, they're not asleep at the wheel. This is deliberate policy. Okay. I mean, they're not stupid. They, you know, they may have been born at night, but it wasn't last night. I mean, they see that, they read the same stuff that we read. They, they see the same stuff. You know, they hear the same stuff. They can see what's going on in the world, where China's accumulating gold, and Russia, and all the, Poland, and the whole nine yards. They can see everybody, all the central banks of the world are running to gold. I mean, the World Gold Council reports it, and I'm sure they read this stuff. They're not stupid, but it's a deliberate policy not to go there. It's as simple as that, you know, and, um, you know, it's, it's unforgivable. You know, they're putting our country in, in terrible shape. Just take a look at the Canadian dollar versus the US this morning. It costs $1.41 Canadian for every dollar US. Our Canadian dollar is worth $1.41. It's, you know, our, our currency is going in the toilet.
>> Yes. And, and speaking of currencies going in the toilet, I'd just like to get your views on the overall fiat currency experiment that we've been living under since essentially 1971, um, and how nobody really seems to be awake to it. But obviously, it's the US dollar, which is still considered the world reserve currency. How much strength do you think the US dollar has left in it here? And obviously, we've spoken before on this show about the BRICS nations and them starting to use gold and the potential for a gold-backed currency, all of those sorts of things. Haven't heard much of it in the media these days, but what are your current thoughts on the strength or weakness of the US dollar and the fiat currency system in general, and where you think we are when it comes to this experiment?
>> Well, you know, the, the US dollar is still the world's reserve currency, uh, for the moment. Uh, it's been declining in value and importance, you know, you, over many, many decades now, and the process is accelerating. You know, it's just recently with the run-up in the price of gold that, uh, that gold is now the number two currency in the world after the United States dollar and ahead of the euro. You know, basically, what's happening is the precious metals are, are remonetizing themselves. And then gold is money. It's always been money. JP Morgan, the man himself, was way back, right over a hundred years ago, he said, gold is money, and everything else is credit. And as far as the BRICS nations are going, I mean, uh, they would love to come up with some sort of other payment system, and they're working on one, and, uh, gold is going to be a huge part of it. I know that China's already, you know, heading down that path very strongly, and sooner or later, um, uh, that may come to fruition. But, uh, you know, the United States has basically, in the last two or three or four months, has declared war on BRICS. I mean, they've gone after Venezuela. Now they're going after Nigeria and Russia, and the whole nine yards. China, you know, this is, this is a fight, a fight of a declining, of a decline of the West in decline versus the ascendancy of the East and the southern, and the southern countries. And, um, you know, the United States and, uh, and its vassal states in Europe and Great Britain are not going to go down without a fight. And, uh, you know, that's extending into the precious metals, and you can see it in the price. And, uh, you know, uh, we're just, we're living through history at the moment. And, uh, it's just a matter of time before the West finally, uh, does give up the ghost, and the East becomes ascendant, and it's already ascended. And China, and whatever currency they come up with, uh, will, uh, will end up winning this fight, and to the detriment of everybody in the West. It didn't have to be this way, but the United States is, uh, like I said, they could cooperate and go along and become a multi-polar world, but, you know, they want to be the indispensable nation, and it's, it's going to cost the West everything.
>> Well, as you've outlined there, it really feels like we're reaching a tipping point when it comes to untenable government debt and unfettered, unfettered fiat currency creation. I, I think that one of the main reasons gold is going higher is related to that, and you've just laid it out there as well, but also governments getting more and more authoritarian in their attempts to control populations. Do you think this is them essentially trying to get people under their thumb as much as possible? So, in the case of a collapse of the current monetary system, or some sort of, you know, what you're describing, the rise of the East and the fall of the West, when society really falls apart, because, you know, using Canada as an example, I personally think it's headed for a long, brutal economic decline. Now, we have seen the Liberal government come out recently and say they're going to fast-track all of these critical mineral projects, or that they realize it's a problem, they need to do something about it. But life for your average person taking an average salary is absolutely brutal, and this is something that is being echoed across many, many countries, Germany, the UK, France, I mean, the list goes on. So, do you think this, this move towards authoritarianism in, in the West, to the point where it's now the mask of so-called liberal democracy has almost completely come off, is this completely connected to the situation we find ourselves in with rapidly devaluing fiat currencies, untenable debt and deficits, and perhaps, perhaps a way to just get everybody enslaved as much as possible before the whole system breaks, and then you can at least try to maintain your own power and your own wealth as a political leader?
>> Well, that's certainly a possibility. I mean, the powers that be out there in the financial world and the political world know perfectly well that, uh, the current system, the fiat currency system, and everything paper is going to come crashing down sooner or later, because everybody knows the, you know, the, uh, there's no, there's been no currency in recorded history that's not backed by something that has survived the test of time, and ours won't either. I mean, this is an old story, everybody knows. And, uh, you know, there's no question about it, the governments are becoming more authoritarian as, as the currencies get, get debased, and their economies collectively decline. You know, they may be, be able to control all of the people for, for certain things, but the fact of the matter is that gold and silver are international currencies and have been currencies all through recorded history. And, uh, they can, the governments can do whatever they want, but in the end, anybody's that's holding gold, silver, or the miners, or whatever, uh, are, we're going to survive this and thrive. But, uh, for the mass, vast majority of people, it's going to be a very ugly, ugly ride in the West.
>> Well, you touched on some of the wars that the US is getting bogged down in. Um, you know, we've got, of course, Russia-Ukraine, which Trump is constantly flip-flopped on, and, and now it seems like he, he wants Russia to, to essentially come to the table and, and negotiate peace on the US's terms. Talk of providing Tomahawk missiles to Ukraine, even helping them with, uh, targeting infrastructure and, and other targets within Russia. Of course, we've got Israel-Palestine, tentative ceasefire. Seems like that's just getting broken. That feels like it was more for optics than anything else, and perhaps for Trump to try to make a run to get the Nobel Prize. But we've got, as you mentioned, Venezuela, they're indiscriminately destroying boats, claiming they're smuggling drugs, murdering people. I mean, maybe they are, and maybe this is a great thing, but we don't really have any evidence from the government to show us that this is the case. And as you mentioned as well, they're threatening Nigeria now, uh, all for the Christians, uh, supposedly. Um, what, what is this? What is the impetus behind this? Is this for the resources? You know, Venezuela is very oil-rich. I believe Nigeria is also oil-rich, and, and other minerals as well. Is this them trying to basically strong-arm the world into into saying, "Okay, they're still the global superpower"? Is it the last gasp of a, of a dying animal lashing out? What, what, what are your thoughts there?
>> Well, like, we, I discussed that briefly before, but it, it, it's a combination of, you know, dying empire, natural resources, but in the big macro picture, it's a fight by the United States and the collective West against the rise of China, Russia, and the rest of the BRICS nations. East versus the West, and, uh, good money versus fiat money. So, you know, everything is at stake here. And, uh, nothing at all surprises me that the US is, is trying to pull off in the world to, to maintain their hegemony. But, uh, it's a losing battle that, you know, they, it's a war they have already lost. It's just a matter of how long they can prolong it before they hit rock bottom. And we saw it happen to the British Empire and the other empires that have followed before them. And, um, the US is going to end up, uh, in exactly the same spot. But, uh, between now and whenever they hit rock bottom, it's going to get very ugly. And, uh, like I said, uh, the only hope that we can, we as, uh, citizens can do is, is to survive it by buying the precious metals and just holding, holding on for dear life and just waiting to see how it all turns out.
>> Very well said, Ed. Fantastic conversation as always. Tell us about Ed Steer's Gold and Silver Digest.
>> Okay. If you're interested, uh, just Google my name, Ed Steer, Gold and Silver, and, uh, my website will pop up, and there's a, um, tab on there that, uh, for a free sample column. And if you, you can read that, and if you're interested in, uh, subscribing, you get about 260 columns a year, five days, five, uh, columns, uh, a week for 52 weeks, and the cost is US $100.
>> Great. Well, I will put a link in the description below for people who want to check that out. Thank you so much, Ed, for coming back on the show and sharing your knowledge with the audience.
>> Well, thank you for having me on, Jesse. I appreciate it.
>> Thank you for joining us today. Arc, Silver, Gold, Osmium has great prices on gold and silver products. Some of them are coming up on your screen right now. Now, these are all while supplies last. So, make sure to reach out to owner Ian Everard today at 307-264-9441 or by email at ian@archsg.com. And make sure to tell them that Commodity Culture sent you. And of course, pick up your Commodity Culture merch, all backed by a 100% quality guarantee, using the link in the description below. And I'll see you guys in the next episode. Commodity Culture is a series on commodities and natural resources. If you would like to see more, be sure to subscribe and hit the bell notification so you're always up to date with the latest episodes.