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As Gold Price Soars, This Shift Could Destroy U.S. Dollar and Create New Currency

The Daniela Cambone Show Mar 8, 2024

Join Daniela Cambone at PDAC as she sits down with Jeff Clark, the founder of Paydirt Prospector, for a pivotal discussion on the future of gold, silver, and mining stocks amidst soaring debt levels. Jeff predicts a potential shift that could undermine the U.S. dollar and hints at the emergence of a new currency, offering five compelling reasons to keep a bullish outlook on gold. Tune in for this insightful conversation as Jeff gears up for what may be an exceptionally profitable journey, with his only concern being the timing may be sooner than anticipated.


0:00 Gold rally
1:52 Market reaction to the Fed
3:08 Bitcoin
4:05 5 reasons to be bullish on gold
5:53 Gold/silver investment
6:32 U.S. dollar
7:13 U.S. debt
8:45 PDAC energy



Hi, this is Daniela Cambone. Welcome back to the Daniela Cambone show on the road here for ITM Trading. We are at the PDAC. It’s the world’s largest mining conference and an event during the PDAC, probably the most popular event at the Ripley’s Aquarium hosted for a celebration surrounding gold and silver, really. And joining me now is one of the celebrities of the space.



Jeff Clark, he is the founder of the newsletter, Pay Dirt Prospector, and also the writer of the book, Pay Dirt. Right. Welcome back to the show. Oh, great. It’s so great to be back with you, Daniela. Thanks for having me. Yes, well, your first time on ITM Trading with me now. Yeah, absolutely. Welcome, yeah. Great, thank you. Okay, what an exciting time to be talking gold. And so, I mean, today, hopefully the price is whole here. The folks wanna know, can we believe in this rally, Jeff?



So gold has risen almost $40 two days in a row. After Friday’s big rise, I thought the gold price was going to cool off on Monday, today. And it did just the opposite. So there’s some momentum there. It’s probably some short covering. It’s probably some speculators jumping in. But the kickoff of that was real. The economic indicators came in and they were weak, meaning the Fed.



the market thinks the Fed will likely lower rates sooner than what they said. So whether or not that’s true, we really should look forward to the Fed eventually lowering rates. And that’s kind of what kickstarted this and we’ll see if it continues. Bingo. And I love talking the Fed with you and monetary policy. So this was my big question for you is, do you think the market is finally saying, you know what, Fed, we don’t wanna hear any more about soft landings.



We don’t want to hear about inflation not being sticky anymore because we’re looking at the inflation data and what you’re saying doesn’t match with what we’re seeing. And now they’re talking, what, the rate cut in June. Like, do you think the market is just saying, or people at home really are just saying, we don’t believe the Fed anymore? I think people at home have been saying that for a while. I think the market is a little skeptical as they should be. But that jump really hinged on



the economic data, especially the manufacturing data that came out that was really weak and that’s what kickstarted this. So for me, it almost doesn’t matter when they lower rates and that will kickstart gold, I believe, and it could trickle down into the juniors and shift sediment. We’re above $2,100 now. I have said that if we can stay above that level and sustain that and not fall back down to 2000 or below.



that that could be the beginning of a shift in our market. Well, let me ask you this because Bitcoin is also having a moment, right? What do you think of folks who say Bitcoin has killed gold’s thunder? I mean, yeah, gold’s making new highs as we speak right now. But are you concerned at all about money flowing out of gold ETFs going into the Bitcoin ETF now? I mean, any thoughts on the Bitcoin versus gold debate?



The Bitcoin ETF has now surpassed assets under management, the silver ETF. It just passed it today. So that move is real. People are buying that. But look at the demographic. You have to. Most people buying Bitcoin are on the younger side. Most people that are in gold are old guys like me. So I think there is a demographic issue to that. But Bitcoin was rising while gold was rising.



So that tells me that the two are separate, at least to a degree, so I’m not too worried about that. You wrote an interesting piece, five reasons to be bullish gold. Uh-huh. You wanna go over them with us? Well, the first- Five bullish gold, yeah. The first reason has to do with the Fed, and I hate the fact that we have to look at the Fed and rely on the Fed to determine what the gold price might do. But in the short term, this is what is happening now, because they might lower rates sooner than expected, gold jumps.



If you go back to the last 11 times, there’s been an easing cycle with the Fed and they’ve lowered rates. Nine of those 11 cycles, the gold price rose. Gold stocks even in the last three rate lowering periods, gold stocks rose like 218% on average. Silver rose over 400% on average in the last three lowering cycles. So there’s a lot of historical evidence that says,



When the Fed does lower rates, that is going to kickstart something in the gold and silver market and the equities. Why else be bullish gold? Make the case for gold. I think there’s another silver thing we should look at. There’s a lot of things happening in the silver market. I put them all together in some charts. Basically mine supply is falling. It’s in a major downtrend. Total supply is in a major downtrend. And of course, as many viewers know, silver.



demand is actually rising. So you have falling supply, rising demand. What does that mean? We have a deficit. We had that big deficit two years ago. This year it’s projected to be another major deficit. If you add up all four years of the silver deficit, it’s two thirds of a billion ounces of silver in four years that we are in deficit. That’s not a small number.



I’ve not invested in gold and silver yet. And you know, they’re debating, what do I do? Where should I put my money? I mean, how do you, how do you make that call? Well, for gold and silver, it’s easy. You know, it’s, it’s money. You’ve got to view it as that. If you view gold and silver as money, you’re more likely to buy it. If you just view it as a metal, you’re less likely to buy it. So if you view it as money, start to look at that and view it that way. That’s how you view it. That’s how I view it. It’s down money for you.



It’s some money, but I mean, it’s also the traditional argument. It’s insurance. It’s a hedge. It’s it’s it’s, you know, protection against monetary issues. Crisis. I mean, do you think the US dollar is, you know, do you think what happens to the US dollar if you’re bullish gold? Do you have to believe in the dollars, the mice to be bullish gold is the question? No, no, no. That’s a big picture reason. I think that will eventually happen. I don’t think that’s going to happen tomorrow.



But that’s a reason the monetary system is going to have to shift because our debt load is unsustainable. Everybody’s seen the charts on the interest payments on our debt. That’s not sustainable. Biggest spike in the history of them keeping records. They can’t pay all that. They’re probably going to create currency to do that. That’s going to weaken the dollar even more. Long-term big picture, yes, you should be in gold because of that.



look at the US debt. I mean, I can’t believe the numbers goes up 1 trillion every 100 days. Yeah, that’s obviously not sustainable. The population is not growing that fast GDP is not growing that fast. So the growth in that is not when that breaks. What does that look like Jeff, it could be very ugly. And I think that’s another reason to own gold and not just own gold, but make sure you own in a physical form. I mean, I hate to say it could get



you know, really ugly, but I do think that’s a possibility. So, uh… You want physical because if disaster does strike, you want it, you want it in your hands. Right, because, not because I want to use it to barter with. I mean, that would be an extreme scenario. Let’s hope we don’t get there. I want it because it, uh, it’s gonna protect me against all these issues. And, uh, I don’t want counterparty risk. That’s the big thing for me. Um, I do have some in storage.



So there’s some counterparty risk there, but I want physical within my immediate grasp because I don’t want counterparty risk. I don’t wanna have to rely on another party, a bank, a fund, an institution, a CEO who ran off. I don’t want any of that. That’s why I own physical. You wanna be your own central bank. Yeah, you are your own central bank. Very good. If you own physical. I’ve been at this a little bit. Yeah, right. Yes, you have. You get the, take the power back basically.



Yes, you will. You will have power that you otherwise would not have if you own physical. Yeah. Well, what an incredible evening. Over 2000 people expected. I feel the energy. It feels good, right? It does feel good. For gold and silver. It is a celebration. I, you know, at some point, I think sediment’s going to shift back into our sector. And when that happens, honestly, Danielle, I’m going to see some very easy doubles and triples with, with the miners. I think that’s going to happen. There will be some money made.



So I’m positioning now and my biggest fear is that it happens too soon or so quickly. I’m not as positioned in as many stocks as I want to be. That’s a real thing for me. But I am looking at a lot of things now. You know what? I always look forward to this evening because I always get to chat with you. Yeah, great.



No pun intended of the industry. Thank you, Jeff. Thank you very much. It’s great to be back with you. Pay Dirt Prospect is your newsletter. I encourage everyone to read it. You have really good stuff in there. Thank you. Thank you very much. And you have a book, Pay Dirt. And the book, Pay Dirt. So the new newsletter is named after the book. Yeah, so it kind of follows the tactics in the book. Continued success with that. Yeah, thank you. And thank you for watching. We’ll have more great content coming your way. So be sure to stay tuned to the Daniela Cambone show here on ITM Trading.



on the road in beautiful Toronto, Canada. Thanks for watching, we’ll have more for you.






Sources & References In This Article

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