Please note: This conversation was recorded last Friday (October 10) but didn’t make it out before the weekend. Any mentions of “breaking news” reflect that date.
It’s finally happened: $4,000 an ounce.
Doug joked we can finally stop looking at the right side of the menu. But under the humor was the real question: what now?
The Liquidity Sink
Here’s the simple version of my argument:
The U.S. has no way out of its debt except to devalue the currency. Period. $37 trillion in federal debt, $175 trillion in total obligations—you don’t “grow” out of that. You print.
And when you print, the liquidity has to go somewhere. In the 1970s, it was oil. In the 2010s, it was bonds. This time, it’s gold.
Gold is becoming the liquidity sink—the place all that excess money settles so the books can be “balanced.” It’s the only way to recapitalize the system without defaulting outright. That’s why I think we’re not in a cyclical gold move; we’re in a structural reset.
There’s no upper price limit when gold becomes the mechanism for writing down sovereign debt. None.
And as Doug pointed out, with all-in sustaining costs around $1,500, miners are now printing money. $2,500 profit per ounce. Expect the debt to vanish, dividends to rise, and buybacks to surge. The next mania in gold stocks could make the 1970s look tame.
China, Russia, and the Game Board
China’s citizens have quietly acquired 27,000 tons of gold—four times America’s official stash. The state’s fine with that because it strengthens the national balance sheet. Russia loves it too; they’re both major producers.
For once, every major power benefits from higher gold prices. The U.S. might finally stop fighting it, if it means shoring up its own position through devaluation. This is what a coordinated monetary reset looks like, even if no one wants to call it that yet.
The House Divided
From there, we went straight into America’s domestic mess. Trump’s been deploying the National Guard to collapsing cities. Judges are split—one blocked it, one didn’t.
Doug reminded me that using troops internally isn’t new. Eisenhower did it in Little Rock. JFK did it at Ole Miss with the 82nd Airborne. We just forgot.
He thinks we’re heading toward a real internal rupture—not a repeat of 1861, which was a war of secession, not a “civil war.” But this time, the red-blue divide cuts through every institution. A house divided cannot stand.
He’s probably right. I talk to people in Denver and other big cities; they’re exhausted. Car break-ins, addicts, chaos. The moment enough people start begging for order, they’ll accept a strongman. Doug calls it “the man on the white horse moment.” We’ve seen that movie before—usually in South America.
The Nobel Peace Farce
Trump, meanwhile, is reportedly lobbying for the Nobel Peace Prize after claiming a Gaza deal. Doug’s take: if Kissinger, Wilson, Arafat, Gore, and Obama can win it, anyone can.
He’s not wrong. The Nobel Peace and Literature Prizes have both devolved into political theater—rewarding whatever narrative the establishment wants to bless that year. They should probably be scrapped.
After Charlie Kirk
Finally, we talked about the Charlie Kirk assassination—if that’s what it was. No one really knows. Money’s pouring into “support” groups, most of them sketchy, some probably fake. Doug suspects half the sites are being run out of Nigeria or Pakistan.
People have turned “sending money” into a form of therapy. Buying a piece of the cause makes them feel like they’ve done their part. It’s consumer politics for the attention-deficit age.
Whether Kirk’s killing becomes the spark for a wider conflict is anyone’s guess. But as Doug said, the ingredients are there: emotion, distrust, economic stress, and too many people looking for simple answers.
Wrapping Up
Next week we’ll be broadcasting from somewhere between Istanbul and Azerbaijan—if Turkish Airlines doesn’t lose our luggage.
Until then, remember:
Gold is the balance-sheet reset. The real crisis hasn’t even started.
00:00 Introduction and Travel Woes
01:03 Seafood Delights and Subscriber Gifts
03:13 Travel Plans and Gold Market Insights
05:37 Gold as a Financial Safe Haven
08:47 Global Gold Dynamics
15:26 National Guard Deployment Controversy
20:00 Racial and Religious Demographics in America
21:28 Economic Disguises and Human Emotions
23:27 Federal Government’s Role in Local Issues
26:46 The Nobel Peace Prize and Its Controversies
31:38 The Charlie Kirk Assassination and Its Implications
38:33 Concluding Thoughts and Future Plans
