Transcription
The Chinese central bank is buying a lot right now. China itself has accumulated quite a lot of gold. Whether expensive or cheap, they will buy it. China is the big brother of the SCO group and the BRICS group, and China is definitely confident that it will use gold or the gold standard to back the digital yuan. The Chinese central bank is buying because they buy and hold, and they have a clear objective: buy and store, buy and use it to fight the dollar, to back their own currency in the future. China's latest purchase was 163 tons, the highest since March of last year. I personally think that no country sells gold; they only buy. I think with policies like this, many countries, including their central banks, will have to think hard. There are rumors being spread that gold is still a trustworthy asset. Why not look at stocks? In reality, stocks, at least in terms of performance, are more reliable because holding gold doesn't earn interest or provide returns unless someone buys it. This is the reason why the BRICS group has been aggressively buying gold in the past year. In reality, the price of gold did not fall beyond expectations because last year it rose by over 100%. But by this time, it has only fallen by 30%. When they were discussing ending the war with Iran, suddenly I don't remember if it was JP Morgan or some other bank, I don't remember, they came out and said they expect the Fed to raise interest rates three times this year. How coincidental is that? The US has figures that show there are over 8,000. But they haven't really divided it. What they said at first, that they would come and inspect, they didn't dare, so they stopped. As they say, anything that rises too much, rises abnormally. When it rises abnormally, it must fall abnormally. They believe that soon the price of gold will return to its all-time high again because, don't forget, every central bank is buying gold and stocking it up. If the price of gold falls, their assets will also fall. What is the relationship with gold? China itself is currently accumulating quite a lot of gold. Some sources say they have 30,000 tons, maybe even 50,000 tons. But the official figure they have released so far is less than 3,000 tons. If one day China reveals the actual amount of its gold reserves, everyone will be shocked. Our goal is to take this channel to 1 million subscribers. Please subscribe. We now have YouTube Membership. By subscribing, you will get exclusive content and seminars from PRP and Team Business Tomorrow. Oh, and Mr. Gita, based on the information I have, why has gold been falling continuously? The most plausible reason right now is that central banks are selling gold. Why? Because of the domestic situation, there is a lack of capital, a lack of liquidity. They need to sell gold to get liquidity back because the economy is currently declining worldwide, inflation is soaring, and the energy crisis is escalating, increasing expenses. This has led to oversupply. But I believe that ultimately, gold will definitely come back because it is a safe asset. But today, gold has fallen a lot. I have done a lot of research, and the most plausible reason is that people are selling gold to bring liquidity back into the country because if gold is just sitting there, it doesn't earn interest, right? Gold is just an asset that guarantees the country's stability. Therefore, when there is a need for liquidity, another possibility is SpaceX entering the stock market. People are selling gold to subscribe to SpaceX's IPO. Yes, but today they have suffered heavy losses, haven't they? Because SpaceX did not perform as expected. These are two major reasons, but the first is the lack of liquidity in each country, especially in the Middle East, which has suffered a lot. The Middle East holds a lot of gold, and the countries that have sold a lot of gold are Turkey and Saudi Arabia. Therefore, I say that everything I have said has a cause and effect. So, viewers and listeners, take my causes and effects, analyze them, and plan for yourselves, whether it's for your business or your finances. Yes, but don't believe me. Yes, there is information that China is buying gold at the highest rate in about 7 months. Mr. Sri, how do you see China's role with gold, especially if a major war were to occur in the future? How do you view this strategy of China? I see it this way: China is the big brother of the SCO and BRICS groups. China is definitely confident that it will use gold or the gold standard to back the digital yuan or BRICS digital currency. They have stipulated that the digital currency issued will use the gold standard, and the settlement of the digital yuan or digital currency can be done using the assets of each country. This means that if we have rare earth, we have rice, we have agricultural products, and if there is a deficit or surplus, we can use these to settle. Or if a country has forests or oil, they can use them. It doesn't necessarily have to be only the gold standard. Yes, but the gold standard is the main thing. This is the reason why the BRICS group has been aggressively buying gold in the past year. In reality, the price of gold did not fall beyond expectations. Why? Because last year it rose by over 100%. Mr. Guitar, but by this time, it has only fallen by 30%. And they believe that soon the price of gold will return to its all-time high again. Because, why? Because, don't forget, every central bank is buying gold and stocking it up. If the price of gold falls, their assets will also fall. Yes, this is the reason. Yes, but what we have discussed are hypotheses that Mr. Sri has analyzed from his military expertise and military indicators. Are there any deterrents to a major war, or is there anything that would cause Mr. Sri to change his hypothesis that war will not occur in the next six months? If the United States accepts the situation, if the United States controls the American continent, whether it's Cuba, Mexico, Venezuela, or Greenland, then it's over. Let Europe stay in Europe, and China stay in Asia. Do you think this is possible? It's a division. Let's divide it into major powers, each in its own region, without interfering. Do you think this is possible, Mr. Guitar? If it's possible, then everything is over, right? Yes. So, Xi Jinping controls Asia, Putin with the EU controls Europe, Donald Trump goes to control Greenland, Venezuela, Cuba, Mexico, Brazil, what do you think? India cooperates with China to manage Asia. Do you think this is possible? If it were possible, there would be no conflict. But generally, I say that those who rise to become major powers look at the whole world, and they don't just look at the world; they look at the oceans too. Don't forget that the land area is smaller than the sea area. Yes. So, look at the South China Sea. How can they fight there? Even Japan is discussing defining exclusive economic zones with many continents. China says, "Hey, how can you define this? The South China Sea is also partly ours." So China sent its naval forces. Do you think that's right? And the United States, which has dominated the world, do you think they can accept this? Yes, and people like Donald Trump, they won't lose face. You observe his behavior; he's always talking about success, victory, and Iran begging. Actually, I believe he is the only politician in the world who dares to say this. Yes, Mr. Sri, but from 100 years ago, when World War II occurred, the economy has grown much larger, and the interconnectedness of the global financial system has also grown much larger. And with technology and AI also involved, if there is a war this time, how severe will the damage be to the economy and the world system? It will be prolonged and severely shaken, but it can recover. But if it drags on, I think it will sink deep. Because nowadays, you have to understand that it is a global business, it is a global economy. What they fear the most is the supply chain. If the supply chain collapses worldwide, that's the big problem, Mr. Guitar. But people, do you understand? When people are powerful, they can become arrogant. Look at Mr. Xi, for example. To be simple, let's look at someone close to you. Mr. Xi has been in power for 40 years. Now he is doing everything wrong, but he is still stubborn, you see? Yes. And the worst thing is that instead of stepping down and letting others come in, because he has ruined the country, he is still trampling on the country. Have you seen that? Or major powers, many dictatorial countries in the world, why do you think Hitler, Hitler, at that time, if he had only invaded Europe, he would have won against Britain and France and stopped there, establishing stability and rebuilding the country. I believe Germany would have become the world's superpower. But why didn't Hitler stop? Hitler invaded further, invaded Russia. What was the reason to invade Russia? At that time, Russia was not ready to fight Hitler. And when Hitler invaded Russia, in St. Petersburg, in Leningrad, you know that the front line of Russians ran to hold guns, and the back line had no guns. Because Russia lacked weapons, when the front line soldiers were shot and died, the back line soldiers picked up guns to fight back. Yes. You see, there is a reason why Japan had to bomb Pearl Harbor. [Laughter] Even though the United States wanted to enter at that time, there was no reason to enter. Everything is possible, Mr. Guitar. Human affairs, you have to understand that humans, you can read what they say, but you can't read their minds. Yes. So, a husband and wife who loved each other for 10 years and got married for 6 months are getting divorced. I ask why, because you can't read their minds, right? It's the same in the world. It happens like this, Mr. Guitar. So, if it doesn't happen, it's best. But when I appear on your show, Mr. Guitar, I will say, "Oh, the United States, Japan, China, Russia, Iran, they will all make up soon. Don't worry too much." Why would I say that? Yes. But the reason I bring this up is that I see it as a preparation for how to deal with it if it happens. If it doesn't happen, you don't need to prepare; you just live your life normally, right? But if it happens, how do we prepare? That's what we're here to do the show and analyze, right? Yes, exactly. That's why I say don't believe me. Listen to my reasons, because nowadays there is digital content. You can rewatch it a hundred times and see if General Sri is talking nonsense. Is the information correct? I welcome scrutiny. But I think if my information is beneficial, and the listeners today, whether they listen a little or a lot, use it to adapt their lives, and if it actually happens, they can handle the situation, then I still have some benefit to the Thai people in this country. That's my thinking. I don't want to be famous or popular. But since I have experience, I will come and talk about it at a coffee shop with friends, chat, and go home. It's beneficial. But don't be superstitious. Don't just believe me. I like it. Before, I liked listening to people analyze. If someone was talking nonsense or had bad information, I wouldn't listen to them anymore. I give them no more than three chances. It's the same if I talk nonsense; you don't have to listen to me anymore from now on, right? But if I speak, and it seems plausible, then you can follow me. I am willing to find information, which is very difficult, Mr. Guitar. Analyzing future events is extremely difficult. I think even Xi Jinping, Putin, Khamenei, even Donald Trump don't know what will happen in the future. They have the power to make decisions to some extent because it depends on the factors, the components, the environment, the pressure of the problems, right? That's how analysis can be done. Right now, you and I are like spectators watching a chess game. The player might not know they are making a wrong move, but the spectator sees it. Yes. Because they are not stressed, they see both sides, right? But generally, when people have power, they only see their own side, Mr. Guitar. Yes. That's why a coin has two sides. You have to make two sides. You've made one side, so why make two sides? Mr. Moo, how do you see gold at its current price of 4,000 and its future? Let's start with this. No need to go too far back. 4,000 was the last time we saw it before it went up to 5,600. When was that? The answer is October 2025. Yes. You can check it. 4,000 was in October 2025, and it took about 4 months to go up to 5,600, right? 5,600 was probably in January or February of this year. And after that, it came down. Today it's at 4,000. I think this. I'll summarize. First, I think gold can hold at 4,000. It might dip a little at times; it's an error, it's consolidation. Why is that? Because first, I observe 2-3 things. The first is that if you look at it, you can check. The Chinese central bank, the central banks are buying like crazy right now. When it dips, they buy because they buy and hold, and they have a clear objective: buy and store, buy and use it to fight the dollar, to back their own currency in the future, whether it's digital or anything else. This is why 4,000 has support. But it cannot go much further if the second and third groups, investors, do not come. The second group is those who buy for returns. Because right now, I don't know what to call it. Let's say the United States has succeeded in creating expectations or guiding the market that they will raise interest rates, right? When the war was discussed, gold fell. After the war ended, gold should rise. Why did gold fall? Why didn't gold rise? Because the United States noticed immediately. As soon as they discussed ending the war with Iran, suddenly I don't remember if it was JP Morgan or some other bank, I don't remember, they came out and said they expect the Fed to raise interest rates three times this year. Bank of America. How coincidental is that? And after that, people started debating it intensely. Oh wow. Yes. Right? And another thing that reinforced it was that 9 FOMC members started thinking that they must raise interest rates twice. Oh, it suddenly changed because of inflation. Let's analyze it. It's very coincidental that these two things came out. And it made the market excited that interest rates must rise. Now, let's think again. Do you think it's true? What will definitely happen, what will definitely come out first is inflation. In June, US inflation will fall below 4%. Believe me, I'll bet on it. Why do I know? Because I looked at the components of US inflation. It hasn't risen much, but the components that have fallen a lot are energy. Energy is what pushed inflation up from 2.6% to 4.2% in 3 months. 4.2% for 2 months, 5% based on WTI oil at $100. 3.8% for 8 months, 4% based on WTI oil at over $90. What is WTI today? In the 70s. Yes. And do you think inflation will be in June? If it exceeds, if it doesn't fall, it's unbelievable. If it falls below 4%, it's normal. How low will it fall? In April, 3.8%. It was based on oil at over $90. Do you think it will be below 3.8% in June? This is my own thinking. I told you from the beginning that other components haven't changed much. Next, in July, do you think that oil prices, in old Thai terms, have no "skin" or "boundary" from the war? Look, the war is fighting, oil prices rise, don't rise, stay the same, in the low 70s, not much change, right? And today, someone said that Thailand will run out of oil in June. Do you remember that they said there would be no oil? Today, June is over, and I haven't seen anyone mention it. Where did the person who said that go? I don't know. I'll bet on it. It exists, it will go, there's nowhere it doesn't exist. The world is as we discussed at the beginning. The world has diversified a lot. Don't think the same way. Energy is not concentrated only in the Middle East. If that were the case, oil would have gone to $200 long ago, and it wouldn't be like this. Now, back to the point. If oil stays in the low 70s like this until next month, will CPI fall further? And if CPI falls from 4.2% to 3-something, say 3.7%, 3.4%, 4%, let's assume. If you were the Fed, would you raise interest rates? What reason would you use to raise interest rates? Those 9 FOMC members who said they would raise them, what reason would you use? If you say another reason they often cite is that the US economy is good. Is 2.1% in the first quarter good? No, it's normal. Yes. Unemployment, non-farm payrolls, pick any number, it's good. Is that really true? Not at all. If you raise interest rates, what will happen? The bond market will be destroyed. The mortgage market will be destroyed. Right? The stock market might also be destroyed. Right? And the US government will also be destroyed because of the dollar. Because they have no money to pay their debts. For every 1% increase in interest rates, you have to pay an additional $0.4 trillion. Excuse me, do you know that today, a 1% increase in US interest rates is almost equal to a 10% increase in the past? Yes. Because the debt has increased tenfold, almost tenfold, compared to the 1970s and 80s. Therefore, today, a 1% increase is like a 10% increase 30-40 years ago. And I ask, what reason would the Fed use to raise interest rates, or dare to raise interest rates? Better to say it this way, to be more accurate. Yes. Second, I think they will keep interest rates unchanged. They might not lower them, maybe they will lower them at the end of the year, I don't know, but they won't raise them. Because I see that what I've described, I'm not guessing. At least in June, there's no need to guess, it will definitely fall. As for July, we'll have to see what the oil price is. Actually, right now, it doesn't have much to do with the war. It's about what the oil price will be. That's all. And what will happen to oil after the war ends? First, the world relies much less on oil. Do you know a figure that people don't often mention? It's the energy intensity to GDP. Do you understand this? In the past, we had to use over 10% of oil to generate 1% of GDP. But now it's only 4%, 3%. Is this an average, Mr. Moo? Yes, because we have renewables that are much cheaper than oil. We have batteries, right? We don't need to use oil. Like electricity now. Do you think we need to use oil? No. If electric cars, for example, if a country, let's say China, uses electric cars nationwide, China will need very little oil. Well, China's electricity is not from oil. It's 50% coal, 14% hydro, 10% nuclear, 20% renewable, and a little bit of other sources. I ask, where is oil? There's hardly any gas either. Therefore, if China's electricity does not rely on oil and gas, and let's assume they switch all their vehicles to EVs nationwide, then why would China rely on oil? It will be used for other things, a little bit. That's why I say the world uses much less oil in terms of per GDP. It's called intensity. Don't look at the absolute figures; they are not useful. Yes. Second, the distribution of production is wide. In the past, you didn't have Kazakhstan, you didn't have shale oil, shale gas, you didn't have oil sands in Canada, you didn't have Brazil, you didn't have all these things. Now you have them all. Therefore, OPEC has almost no power to determine anything. And especially now, the UAE says no, they don't want to. This is even worse. Yes, Iraq is threatening to leave too. See? When you look at it like this, these risks, this fragmentation, is good. Do you know what it does? It makes oil cheaper and more stable. Don't you think so? But during the period when the dollar was strong or interest rates were rising, Ms. Citi, gold also faced pressure. If we look back at the cycle, for example, around 2012, when gold rose a lot, but when the Fed's interest rates reversed and liquidity was withdrawn through QT, gold also fell a lot, by 50% from nearly 2,000 to 1,000, and then fell for 4-5 years before rising again. This time, if interest rates start rising again, will gold experience the same symptoms as in 2012? I think it will be different because the US economy is in the middle of the trade war, and the war has caused the economy to decline, inflation has increased, and the economy is bad. Therefore, the strengthening of the dollar, which is claimed to be due to rising oil prices, means gold must be sold to buy dollars. I personally think that no country sells gold; they only buy. So this reason is not convincing at all. Regardless, I believe that in the long run, the dollar must weaken. If the war continues, it will create enormous debt, and confidence will likely decrease. The central banks that are buying more gold are selling it because they don't have confidence in the USA. Therefore, no matter how you look at it, I believe the dollar will weaken, and gold will rise again. Yes, this is interesting. It means that Mr. Citi believes that 2026 will not be like 2012 because this time central banks are the main buyers who continue to buy gold. Because, in any case, they must be afraid of the depreciating dollar or the US debt problem more than in the past. Yes. And they are afraid that if they hold too many dollars, and sanctions are imposed, and they are displeased, their assets will be seized. This is clearly a problem for many countries now, they just don't talk about it. Yes, but sometimes the numbers represent us, Mr. Citi. We see the figures of China's gold purchases in the latest round. It's a purchase of 163 tons, the highest since March of last year. China is buying a lot this time. Mr. Citi, how do you observe China's gold purchases this time? I think they are still buying. Not just them, Europe is also buying. For example, recently France sold gold to America and then bought gold for itself. It's clear that not everyone is happy or comfortable. I think with policies like this, many countries, including their central banks, will have to think hard. Yes. Especially with China, which Mr. Citi has likely studied and seen the economic and political structure of China. What is China's trend with gold? Will they continue to buy gold at this level for a long time? How does China position gold as an asset in its reserves? I think their reserves have a lot of money left. They thought that before, they discussed that they had less gold than other countries. They had over 2,000 tons. The US has a figure of over 8,000 tons. But we haven't really seen it. What they said at first, that they would come and inspect, they didn't dare. In China, if they have a lot of reserves, a lot of money, I think if their gold reserves increase by another 5%, they will have to buy several thousand tons of gold. Therefore, I think they are accumulating. I think no matter what, they will gradually buy it in. They won't buy it all at once and sell it. They have been continuously buying it for many years. They have never stopped, whether it's expensive or cheap, they will buy it. I think no matter what, they will think that their gold reserves can gradually increase. Therefore, I think the price of gold, actually, both China, Europe, and the whole world, if central banks are buying gold, including the current price of gold which has fallen. Yes. I think worldwide, people are buying gold now. The behavior of Thai people now is to prefer buying gold when it's cheap. They buy and store it. And those who are stuck at high prices, if they need to sell, they don't sell; they just keep it. And when it falls, they gradually accumulate. Therefore, I think in the long run, many countries around the world, gold at this time, like India or elsewhere, their people are also buying and storing it. Therefore, no matter how you look at it, the price of gold at this time, compared to the beginning of the year, is still much cheaper. At the beginning of the year, it was said that it hadn't risen yet. Since January 1st, it was $4,313. Now it's still in the low 4,000s. I think it's a good opportunity if you have spare money. If you have spare money, I think you can gradually accumulate it. I think it's a good opportunity for investors who hold gold for the long term to gradually accumulate it. Yes. For those who want to invest long-term and have spare cash, and for those who are stuck at high prices, Mr. Citi, what should they do? For those who are stuck, I think they should be patient. Be patient. I think at the end of the year, the highest price was 81,950 baht on January 19th. At that time, the spot gold price was $5,584. I think if you are stuck long-term, be patient, and you will have an opportunity. You will have an opportunity. Be calm. You need to be patient. I think there will be an opportunity for recovery. Yes. Meaning, from your perspective, Mr. Citi, first, they don't need to rush to sell, right? Meaning, they don't need to worry to the point of having to sell gold for fear that gold will fall further. And, some people are often advised to buy more to lower your average cost, like buying more. What do you think of these two approaches? If you have spare cash, you can do it. If you have invested too much in gold, and it's not spare cash, if you have spare cash, I think you can accumulate it when it falls. If you borrow money to buy, I don't think it's suitable. Of course, it's not necessary because if it's not spare cash, I don't think you should invest. Investing in gold is for the long term. For those who are stuck, I think there will definitely be a chance for recovery. At the end of the year. At the latest, it might extend to early next year. But no matter what, I think there will be a chance. By the end of this year, there should be a chance. But we know how long the war will drag on. But even if it drags on long-term, I think America will have to incur more debt. I think this will make central banks buy more gold. Therefore, looking long-term, the dollar is likely to weaken, and gold must rise again. As far as I can think, if someone says, "Oh, gold, I'm stuck," and advises to sell, ask yourself, for those with spare cash, who sells it? And where does the money go? Inflation is increasing. Gold still beats inflation. Who sells it to invest in interest rates, or what? I think it's better to be patient and endure. I recommend this, it should be better. And the role of gold in this war? There's something that seems like a mystery. People ask, "Why did gold prices fall during the war? Gold fell heavily, to the point where questions arose: Is this really a safe haven? Why, during a crisis, is it sold off so drastically?" Mr. Tanong, how do you explain this? We have to look back. Since the war in Ukraine began, the price of gold has risen significantly, right? And going back to the COVID period, the price of gold also started to rise, but it became significant during the Ukraine war when central banks started buying gold significantly, 1,000 tons per year, 1,000 tons per year. Which was a record. The buying pressure from central banks pushed the price of gold up. The purchase of gold by central banks worldwide, including the Bank of Thailand, is considered a significant shift in portfolio management. Because buying gold means what? It means selling dollars to convert into gold. And now, if we look at the international reserves portfolio of central banks worldwide, they now have more gold reserves than US dollars. Significantly changed. Gold, I don't remember the year, but going back, in the recent past, it was 20,000 baht per 10,000 baht of gold. And it shot up to over 80,000 baht, right? Yes. At that time, I observed that central banks worldwide were silent. They didn't seem shocked. Central banks are the ones who print the baht, who print cold cash, who print. They didn't feel shocked that the purchasing power of the baht, the purchasing power of the dollar compared to gold, decreased by 100%. They should actually be concerned because purchasing power has decreased. So, does gold mean real money? Or is it that because our trading system has a futures market, and the West has controlled the commodity markets for a long time, look at rice, how much is it per kilogram? 15 baht, 20 baht. In reality, rice is very valuable. Yes. Because these countries, African countries, Asian countries, our country, are designated as primary product producers. Primary products are suppressed by the futures market. If they move up a little, it's the manufacturing countries. China also manufactures. Yes. The price of industrial goods or manufactured goods is higher than primary products, right? Like rice, raw rubber, tin, etc. But those who eat from the top are those who do research, foreign companies, European companies, etc., who set the standards. But at the very top, the most advantageous in this world, are those who produce money, who print money. That's the Fed, which prints dollars. America makes a living by producing money. China produces goods. Huawei. America prints money to buy. Prints money, prints money without limit. And the whole world is still chasing after it. The financial industry is more powerful than the real sector industry. Exactly. It's at the top. And it suppresses everything else to have low prices, especially gold. Because after President Nixon abolished the gold standard in 1971, Yes. The price of gold soared because people didn't trust the dollar. So they went to Kissinger. In 1974, they made a deal with the oil fields of Saudi Arabia and the Middle East to back the dollar. That is, they asked our country to sell oil in dollars, and then recycle the dollars to buy US government bonds, invest in the stock market, capital market. Yes, that's how the dollar era began. This dollar era has continued from 1974 to now, right? About how many years? 50 years, 40-50 years. It can't go on because, as I said, there are more alternatives emerging. Because America continues to print money and spend beyond its means. The military budget is now how much? 1 trillion. Trump wants to increase it to 1.5 trillion. The more the quantity of dollars, the more the value of the dollar depreciates. Countries holding it are not comfortable holding it. We see that Saudi Arabia previously agreed to sell oil in yuan, accepting China's yuan. This means there is a distribution, a departure from the dollar. Therefore, the United States knows that if this continues, it will be bad. So there is a confrontation, by supporting proxy wars, supporting the war in Ukraine, supporting the war in Iran, or in the Middle East in the recent past. Now, back to the question of why gold prices have fallen recently. As I said, anything that rises too much, rises abnormally. Gold, right? When it rises abnormally, it must fall abnormally. Yes, right? So we shouldn't be surprised, right? Because if it were truly stable, it should rise like this. Yes. But if it rises like this, it must fall like this. Yes, it rises like this. But during this period of decline, rumors were spread that gold is still a trustworthy asset, or is it not? Why not look at stocks? In reality, stocks, at least in terms of performance, are more reliable. Because holding gold doesn't earn interest or provide returns unless a new buyer comes in and buys it at a higher price. But as I said, the reason gold prices have fallen recently is, as I said, various portfolios might have sold off. There are reports that Turkey itself sold 53 tons of gold. This is one of the reasons why gold prices have fallen so much recently, in the short term. Because their foreign exchange reserves also had to be used to protect their currency, or they had a need to buy. Some portfolios might have sold for profit. But as they say, ultimately, commodities will have to rise anyway. Because everyone can see that the money supply in America must increase, the money supply in Europe must also increase. Money supply can increase without limit, debt can increase without limit. Whereas tangible things like gold, commodities, etc., are limited. Therefore, I think no matter what, it will return to being a safe haven. And from the perspective of BRICS, we have heard that BRICS has created its own currency, and within that, besides the currency of each country, there is also gold. What is the relationship between BRICS and gold, Mr. Tanong? Yes, China itself is currently accumulating quite a lot of gold. Some sources say they have 30,000 tons, maybe even 50,000 tons. But the official figure they have released so far is less than 3,000 tons. Maybe there are over 2,000. Yes. Over 2,000 tons, but in reality, it's more than 10 times that. Yes. And Russia also has quite a lot, and India is also accumulating quite a lot of gold. If one day China reveals the actual amount of its gold reserves, everyone will be shocked. Because if there is a lot of gold, it means that country's fiscal and financial status is stable. Like you, Mr. Guitar, if you have a lot of gold, you know you are a stable person. If you hold paper, bills of exchange, this and that, swaps, derivatives, etc. Yes. You are not very confident, right? Therefore, BRICS will use gold to support its currency even more in the future. Especially for Thailand, I think it will be inevitable that we will have to convert our country's foreign reserves, the part that is in dollars, the part that is in dollar bonds, euro bonds, yen bonds, etc., into gold even more. Because currently, we hold about 8%, 9% of our foreign reserves. And we will have to hold more yuan bonds. Suppose in the future we trade with any country. Suppose we buy oil from Russia or trade with Russia more. Then Russia will want to have a portfolio of Thai baht. We will also want to have a portfolio of yuan for trade, right? But for another country to accept the baht, there must be something that supports it stably. Or the currency that will be accepted more in the future is the Chinese yuan. But in terms of BRICS, they are currently in the framework, conceptual framework, a structure they have devised. It is the digital currency of the BRICS group, a common currency. The portfolio will consist of the currency of the major power of BRICS, which is China's yuan, Russia's ruble, the currency of South Africa, and the currency of Brazil and India, making up half. The other half will be gold to support this BRICS currency. This BRICS currency will have half gold and the other half will be those currencies. But in the future, commodities might also be added. Suppose in the future, Thailand, for example, if we have a lot of oil or a lot of rice, we might put our strategic oil reserves into our foreign reserves. It serves as collateral. If the baht becomes like Tom Yum Kung, don't worry. You can claim our assets, meaning you can take gold, or oil, or this. Iran can also use its oil to back its currency. America now has nothing backing it; it's just paper. People still believe in it. But going forward, if we use our natural resources, our minerals, to back them, the baht will be stable and credible. Yes. 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