Todd 'Bubba' Horwitz on China, Gold, The Problem With the Markets + Emperor Metals CEO Interview
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In this video, I spoke with Todd 'Bubba' Horwitz and Emperor Metals.
Timestamps: 00:00 - Introduction 1:42 - Is gold predicting more inflation? 3:18 - Will inflation push my stocks up? 5:00 - Will a stock sell-off drag gold down? 6:25 - Can you be bullish on gold and still be contrarian? 8:26 - Should regular investors trade gold or just hold it? 9:56 - Will we see an increase in shorting if gold keeps rising? 12:32 - Will we see more paper market manipulation? 15:17 - Do you see silver following the same path as gold? 17:05 - Will governments react to $5,000 gold? 18:23 - Could we see gold confiscation again? 19:37 - How would BRICS nations react to $5,000 gold? 21:41 - Do you share the same optimism for gold equities as for gold itself? 23:59 - Will junior miners perform well again like in the 2000s supercycle? 26:30 - Why did stocks sell off after the rate cuts? 31:50 - When will the stock market reflect economic fundamentals? 34:39 - Can wage growth in any sectors impact spending or inflation? 37:00 - Could CBDCs be used to control people’s access to resources? 41:13 - How does tax inflation impact our budgets? 43:43 - Are we already in a recession? 47:08 - Should investors own physical metals during stagflation? 48:16 - Will real estate prices collapse soon? 52:06 - Why are you called “Bubba”? 53:03 - Important Warning 57:21 - Emperor Metals (CSE: AUOZ) Company Overview 01:04:03 - Emperor Metals (CSE: AUOZ) CEO Interview
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Bubba argues that rate cuts drive inflation rather than economic relief, gold and precious metals are essential hedges against currency devaluation and potential systemic collapse, and junior gold exploration offers significant upside in a stagflationary environment where commodity prices will surge.
- Rate cuts are tools to inflate the economy and increase tax revenue through hidden inflation rather than stimulate growth
- Central banks have systematically devalued currencies and assets for centuries, making physical precious metals necessary as alternative currency
- Stagflation similar to the Jimmy Carter era is imminent, with 50-70% equity market decline possible, making gold and commodities the primary beneficiaries
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Emperor Metals has been using artificial intelligence and machine learning to build 3D geological models and identify exploration targets more efficiently than previous operators could, enabling faster resource definition with fewer geologists required.
“what we're trying to do is we're trying to well first of all it was somewhat obscure when we picked up this deposit and we used as you mentioned we we used artificial intelligence to identify it and illuminate the expiration potential and we did that by creating these really quick 3D models”
During major market sell-offs, investors typically sell their strongest positions first because they are most profitable, which paradoxically accelerates market collapses by flooding the market with the highest-quality assets when panic selling begins.
“typically which is the wrong thing to do but most investors will sell their strong stuff first because it's profitable and then worry about the other stuff so that's usually what creates these Market meltdowns”
The Dow Jones index has risen from 800 in 1980 to 43,000 in 2024, but this reflects currency debasement more than real economic value creation; despite making more money in 2024 than in 1985, people lived better in 1985 due to lower purchasing power erosion.
“I'll make the point that I make a lot more now than I did in 1985 but I lived a hell of a lot better in 1985 than I Live Now well it seems like the only jobs the FED is concerned with is keeping their own jobs and and that's it with all the layoffs that we've seen and I don't know about Janet Yellen being a because if you see her returns that's uh that those have been spectacular that's maybe due to a different reason well I mean again look at what she says I don't care listen any any idiot can force markets higher you give me that control I'll make the markets go to 100,000 okay give me the control let me devalue your currency enough they have to go up again I go back to what is better today than was in 198 80 when I started the Dow was 800 I mean is it truly worth 43,000 compared to the 800 it was worth in 1980 you make a good point actually actually and and it there seems to be a disconnect in the broad markets”
Emperor Metals conducted an 8,000-meter drilling program in 2024 combined with comprehensive reassessment of historical core from previous operators, at an average all-in cost of $200 per meter or less, significantly below the industry average of $400-600 per meter in the region.
“our all-in cost this year if you look at the 16,000 M that I just kind of outlined there it was going to be like $200 a meter or less so very very efficient use of money like you're an accountant so one thing is you know this project has about 120,000 meters drilled on it you know we picked it up with 100,000 meters you know through drillin and RI and core we're about at 120 something and um you look at projects of similar magnitude because as you mentioned earlier in this conversation you know we're looking at a large scale open pit above a highgrade gold deposit and if you look at those type of projects you know traditionally there are 300 to 600,000 meters of drilling”
Emperor Metals expects to raise capital through flow-through financing leveraging Quebec's 130% tax credit program, which provides investors with a 30% government rebate on exploration spending, significantly reducing net capital requirements.
“you're located in Quebec and you know it's been it's been a tough Market recently and a lot of the money that we raised was flow through money and Quebec has a program where you get 130% to write off against your taxes so it really helps fund these Junior expiration companies in in times of you know difficulty in the market and um so we've been able to use some flow through money um last year on our campaign and all of our subscribers in that flow through were from outside of Quebec so basically we could you know you were able to claim that additional 30% and get hard dollars kicked back to you from the government in Quebec yeah after you're on so that that's huge so we'll get a check of like another half a million dollars from the Quebec government from our last year's drill and program”
Institutional traders and banks always maintain offsetting positions on both sides of large trades, meaning they never take pure directional risk and instead profit from the gaps between retail investors who fall for one-sided narratives about whether to buy or short.
“no big firm no big bank is taking one side of the trade they're not gambling they're basically lining their pockets because of the investors who fall for the Trap that Goldman Sachs or JP Morgan is shorting silver so I better short over okay I'm shorting gold again it's it's all nonsense because they've got another side of that trade”
One of the worst inventions ever is the iPhone because it enabled daily monitoring of investment portfolios, causing constant emotional reactions to normal market volatility rather than allowing long-term investing discipline.
“one of the worst inventions ever was the iPhone you know not because it's a bad product but because people are checking their 40ks every day you're not getting out anyways what are you checking it for it doesn't make sense okay”
Rate cuts are designed to inflate the economy because higher inflation forces citizens to pay more, generating additional federal tax revenue through the hidden tax of inflation, a mechanism Bubba calls the 'hidden tax' that allows government to extract more money without explicitly raising income taxes.
“one of the reasons for the rate cut is that that is to inflate the economy so everybody thinks that a rate cut is a good thing but really what it really is telling you that you're paying more taxes because of course if you spend more money and you go to the store more often you're paying a federal tax so the federal government needs tax dollars so they want inflation to go higher so they can get those tax dollars known as the hidden tax of inflation”
The GameStop-style short squeeze attempt on silver failed because the silver market is too large to corner, and most investors who follow such narratives fall into traps set by major firms who have offsetting positions on both sides of the trade.
“a few years ago um the GameStop people who tried to uh short silver they tried to call for a short squeeze on Silver and of course I said immediately and I'll say it now there's no way that the silver market is way too big to try to pull what they did with a GameStop and of course it lasted for five minutes and it was over”
Banks cannot effectively manipulate precious metals prices downward indefinitely because price manipulation eventually attracts buyers, forcing short sellers to cover positions and causing prices to rebound, creating a self-limiting mechanism that prevents sustained manipulation.
“if you push markets too far remember you have to deliver at that price that you are selling so if you're manipulating the price lower we've watched silver for years we've watched gold for years every they push it down it bounces back and if we go back and look into history we see that prices continue to go higher”
Investors should distinguish between trading and investing: traders actively manage positions and can attempt tactical trades, while investors should buy and hold indefinitely without monitoring daily price movements, as most investors panic-sell at market bottoms.
“if you're an investor buy it forget about it and hold on to it same as I would say with you in the equity Market because again the equity markets have gone up eight and a half% year over year since the Inception and 10% year-over year since 1950 so unless these companies are going to collapse unless the United States of America is going to collapse I see no reason not to hold those now you want a hedge which I do or there's other things you can do to still be an investor and not a Trader but you have to first decide am I investing or am I trading”
Warren Buffett's statement that 'there is no new economy; a company has to make money to attract shareholders' remains the most fundamental principle of equity valuation across all time periods
“Warren Buffett okay in the 90s he said the most classic words he said there is no such thing as a new economy old economy a company has got to make money to attract shareholders and and that is fact”
The middle class is in recession currently (though government does not admit it); evidence includes Darden Restaurants (Olive Garden) reporting their customer base has shifted from those earning $70k+ to those earning $150k+ because lower earners have stopped dining out due to cost pressures.
“I think that the banks are going to have a major issue again I think they're well erex exposed I think they're well overleveraged once again and I think they're only being held together by by spit and glue right now until after this election is over which is why I say that this is one of the biggest elections coming again you you cannot continue to to strip the middle class of everything they have and since the middle class is in a recession and all you have to do is look at Darden Restaurants which is Olive Garden which is the famous one but Darden Restaurants is telling you that they no longer attract the customer that makes 70,000 and below they now have their customers are now 150,000 plus because they're coming they're walking their way down because they're tired of spending all that money to go to restaurant”
Wage growth since 2021 has been completely offset by spending increases; 66% of jobs created since 2021 have gone to illegal immigrants, 33% have gone to Americans, and of that 33%, approximately 50% are government jobs rather than private sector jobs.
“they've destroyed all that if we go back to 2021 uh 66% of the jobs have been created since 2021 have been given to illegal immigrants 33% of jobs gone to Americans out of those 33% 50% have gone to government jobs the federal government was never intended to be the biggest employer in the world in fact if you read the Constitution the Constitution says government has run City County State and the federal government is supposed to be just an overseer well that is not the case the federal government is the largest employer in the world okay which is totally ridiculous which is why the politicians are more powerful than the bankers and everybody else now because they control all the money”
Beyond Meat, Peloton, and similar 2010s-era IPOs became massive bubbles with valuations in the hundreds despite having no earnings or unique products, proving that speculation overrides fundamentals during bubble periods
“Beyond meets was $250 I said there is no way pelaton was a million I there's no way why because they have nothing there's nothing unique and they don't make any money”
If markets are allowed to trade freely under capitalism with genuine price discovery, interest rates would be approximately 7% rather than the suppressed 4.5%, because current rates do not reflect true market equilibrium or the fair value of capital.
“if you let it trade freely then interest rates wouldn't be in at four and a half percent they'd be at about 7% because that's the fair value right now uh prices change”
Without competition created by free markets, prices remain high because companies eliminate competition through government-enabled monopolization, preventing small entrepreneurs from entering markets and creating new businesses.
“when you go to the grocery store when you go to the the clothing store wherever you go your prices are going to be higher without competition and that's what they're trying to do they're trying to eliminate competition and allow the big the big corporate world to to exist and not let the small guy come in and be a capitalist trying to be an entrepreneur and make a new business”
Real estate market is showing signs of severe stress with people unable to afford purchases, enabling mega-corporations like BlackRock to accumulate property, which removes property from free market system and concentrates ownership
“there's trouble in the real estate market in this country people can't afford it which is allowing Black Rock and those guys to suck up all the the real estate you know again that's not people may think it's good that's not good for capitalism when you have you know in this country Bill Gates is the single biggest Farmland holder in the world okay of as a single person black Ro Black Rock owns more real estate than anybody else that's not a good position because that takes away the free market system”
Central bank digital currencies represent a complete elimination of personal freedom because they enable total tracking of all spending, allowing governments to monitor and control all financial transactions, leisure activities, and private spending decisions.
“I think digital currency is Criminal I think it takes away the rest of your freedom you know again I'm a big First Amendment guy right I'm a big freedom of everything and I'm a big Second Amendment get okay and and digital currency takes away your freedom it's like putting a chip in your head and knowing everything you do every day okay”
Market collapses in history (1987, 2008) occurred over months of gradual decline before the climactic selloff day, so the 50-70% decline will happen in two phases: the first 25-50% will be slow as investors keep 'buying the dip', then the final 25% will come quickly once conviction breaks.
“listen I go back to 87 I was a Floor Trader that October 19th was the end of the selling not the beginning the Market's been selling off for two and a half months before that got here in '08 where we're selling off long before Paulson went on Face the Nation and said the banks were safe and sound okay again everybody points to a day but the markets were going down before and we'll start going down again at some point and the collapse that I'm looking for won't happen until the very end of it but it'll already have gone down so let's say we're down 25% okay the last 25% will come quickly but the first 25% will be slow because people keep trying to buy it because for the last 20 years just had to buy the dip”
Investors should maintain 5-10-15% of net worth in gold, silver, and hard metal assets that can be physically touched and held, as protection against unpredictable economic crises.
“I believe that all investors should have five to 10 15% of your net worth in gold silver and metals hard assets okay not paper assets hard assets that you can touch and smell because you never know when you're going to need them okay and if you're a true investor you're not spending them anyways you're not launching the market tick by tick day by day”
The Duane West deposit shows replacement-style gold mineralization rather than quartz vein mineralization, making it more predictable and easier for mining operations because grades are more homogeneous and don't have the nuggety, pinching-and-swelling characteristics of vein deposits.
“if you look at our what's really neat about this deposit Antonio is that it's replacement style primarily in the main zone so this is not a quartz vean that pinches and swells and has high nuggety gold we have you know this beautiful Rock the original protolith original lithology of the rock is obliterated you can't even tell that in spots that it's a mic volcanics CU place with acerite you know cite and quartz um flooding and the grade is pretty homogeneous you know throughout the interval so that's a beautiful thing for a minor right you don't have these quartz veins that are nuggety and pinching and swelling”
Real manipulation in precious metals markets, if it occurs, takes the form of accumulating physical precious metals while simultaneously shorting paper markets and options to suppress prices, allowing manipulators to buy physical cheaply while profiting from short positions.
“they could be accumulating physical silver and physical gold and selling the the the crap out of paper okay because paper will typically carry a premium especially if they're selling options okay so they're they're probably that would be the the correct way if you were trying to manipulate the market it would be to buy the physical and short the Futures and short anything that has premium to it because you already own the physical side of the market so you're not worried about how high it goes so your short positions become a mute point”
Investors should own physical precious metals rather than paper metals like ETFs or futures because there is not enough physical gold in the world to satisfy all the paper gold that has been sold, meaning paper gold holders cannot redeem for physical at current prices.
“I don't believe there's enough gold in the world to satisfy the amount of paper that has been sold so if you want the protection of the asset then you need to own the physical asset”
Government over-taxation and regulation drives the creation of black markets, and what are called black markets are actually free markets where prices are lower, goods and services are cheaper, and both providers and consumers benefit.
“it's funny they call it black markets because a black market is essentially what the free market should be so every black market is just a free market you let if you see this is where they don't they let the free market be we pay less for all of our goods and services everybody makes money there's plenty of jobs there's plenty of opportunity and for those who want to thrive they have the opportunity right”
Banks engage in fractional reserve lending where they borrow from the Federal Reserve at a discount rate, reclassify the liability as an asset on their balance sheets through accounting tricks, then lend out 10 times the borrowed amount at higher rates.
“they get to take that money and let's say they borrow a million dollars use a round number they take it in as a liab they flip it in their accounting system to turn into an asset so now they've borrowed a million dollars they take it in flipped it from a liability to an asset although it's still liability to a Federal Reserve window but they've now flipped it in their books now they're lending out 10 million against it at their 10 to1 ratio okay what kind of con game scam is that”
John Floric, Emperor Metals CEO, is a geologist with 35 years of industry experience including 15 years in exploration and 15 years in production, with notable roles at BHP, Barrick, Detroit Lake Gold as Chief Geologist, and previously at Hemlo Gold Mines as senior geologist.
“I'm a geologist and I have about 35 years in the industry first 15 years was in Exploration and subsequent 15 years was in production so I worked for companies like BHP baric Tech um most recently I was up at um Detroit Lake gold I was Chief geologist up there that was subsequently bought out by Crook and lake and anoo we can get into that later um but yeah so in my so my production was at the open pit up at Detour Lake but I also spent like six seven years at hemo gold mines underground a senior geologist there”
Costco selling out of gold bars each time they're available indicates strong retail demand for physical precious metals, providing price support from an unexpected retail channel
“even Costco which started selling gold bars every time they bring them in they sell them out so that does tell you there is a demand which on hard assets that's an important thing to supply versus demand and we don't have enough Supply which is what's keeping prices higher right now”
The CPI (Consumer Price Index) reported by government is manipulated downward by only accounting for 4% food and energy weighting when average people spend far more than 4% of income on these necessities, making the official inflation number fraudulent.
“the CPI number they report is all ridiculous because again it only accounts for 4% of food and energy and I don't know about you but I know that here that the average person other than an emergency is spending a lot more than 4% for food or food and energy”
Commodities broadly (not just gold/silver) will 'explode higher' as equities correct and money flowing out of stocks is deployed into commodity markets, grain markets, and other hard assets; this is a predictable historical pattern.
“I think Commodities in general are going to explode higher uh I think this was the the drill this was the determination and I think that money will come as it always does from the equity Market I think the equities are due for a pretty massive severe sell off and usually that money flows into alternative Investments and the number one alternative investment is usually like the grain markets corn wheat and soybeans and other Commodities markets”
Over 1,000 regional banks have created signals indicating serious trouble; this banking stress is being masked until after the 2024 election for political reasons.
“over a thousand Regional banks have have created and say that they're in trouble”
Over 21 million people in the United States are paying over 30% of their annual income for rent, which is unsustainable and demonstrates that inflation is destroying the middle class despite official denials of economic deterioration.
“in the United States you've got uh over 21 million people are paying over 30% a year for rent okay you can't live like that okay the cost of inflation is killing the middle class in this country okay”
Bubba's daughter moved to San Diego and was shocked to discover she pays approximately 60% of her total income to combined federal and state income taxes, demonstrating the hidden burden of taxation in high-tax states.
“my daughter moved to San Diego okay and the first time she had her first paycheck she called me up crying because she didn't realize how much tax she would have to pay there I mean she pays about 60% of her total income to either federal or state income tax”
When the Fed cut rates after the May 2010 market panic, Ben Bernanke 'couldn't hold his water'—indicating that Fed leadership panics when markets decline and immediately reverses course, abandoning any pretense of data-dependent policy.
“it was proved that the greatest bubble Builder all time was Allen Greenspan and of course continued by Janet Yellen who's a and then it added on to uh Ben banki who couldn't hold his water when when they went into the the May of 2010 when he went to raise rates and the the market had a a panic attack and back down okay”
States without income taxes (Florida, Texas, Nevada) thrive economically while high-income-tax states (New York, California, Illinois) are always broke and seeking more money, proving that low-tax policy is more effective than high-tax policy.
“the states that are thriving the most Florida Texas no State no no state income tax the states that are always broke New York California Illinois lots of state income tax so tell you tell me why do the non- tax states Thrive and the tax states are always broke looking for more money”
The Abitibi greenstone belt has produced over 200 million ounces of gold, which represents approximately 90% of all gold produced in Canada, making it one of the world's most prolific gold districts.
“there's been 200 million ounces that have been produced in this district and that's like 90% of the gold that came out of Canada came from this District so the best place to reduce your risk and expiration is to basically explore and um at the margins of known deposits and keep add in these ounces it's proven successful in this District”
Emperor Metals has identified and is developing a significant gold deposit (Duen West) in the Abitibi greenstone belt of Quebec, which historically had a small resource of over 700,000 ounces but has never been fully explored for large-scale open pit potential.
“the duken or Duane if you want to be American about it project is located which if you're paying attention you already know that this is the Abu Tibby greenstone belt duen has a small historical infert resource on it showing just over 700,000 ounces of gold with an average grade of about 52 gram of gold and an average thickness of just over 5 A2 meters”
John Floric owns approximately 3 million shares of Emperor Metals, purchased at 10 cents per share, giving him significant personal financial stake in the company's success despite current underwater position at 8 cents.
“I own um close to 3 million shares myself um and my partners in management own very similar plus or minus a million there so um we all have skin in the game we're all committed to this project um you know we've added and contributed more money recently um in recent finances”
Long-term investing in equities has returned approximately 8.5% annually since market inception and 10% annually since 1950, making equities sound long-term holds if individual companies remain in business
“the equity markets have gone up eight and a half% year over year since the Inception and 10% year-over year since 1950”
John worked at Hemlo Gold Mines (now closed) and helped develop new zones that extended the mine's life beyond its scheduled 2012 closure, earning 'Developer of the Year' for Northwestern Ontario and demonstrating ability to extend deposits through geological work
“I also spent like six seven years at hemo gold mines underground a senior geologist there we won um you know develop of the year for Northwestern Ontario so I have a a track record of taking deposits and making them viable because at hemo the deposit there was supposed to close down in 2012 I arrived in 2006”
The country is already in a recession, though government will never admit it, and the economy faces a choice between either a deflationary market collapse or stagflation similar to the Jimmy Carter era, with stagflation being worse because it combines high unemployment with high inflation.
“I think we're in a recession now I already think we're in a recession they won admit it but I think we're in a recession I think it gets much worse I I think we're in danger of stagflation going back to the Jimmy Carter era okay that's where I think we are we're either in a market meltdown and and deflationary times or stagflation which is worse of anything because there's no jobs there's no money there's nothing okay all there is is high interest rates”
The federal government's ban on federal marijuana legalization despite state legalization is strategic: the government waits for large corporations to establish market dominance before federal legalization, allowing them to destroy independent growers and capture monopoly rents.
“in this country marijuana okay it's legal in many states but it is not federally legal and if they would federally Legalize It they would have gazillions of tax dollars but they don't want to do that because they're waiting for the big companies to get set up to destroy the little companies and then federally legalize it the same as prostitution okay again listen I'm not saying I believe it I don't believe in it but you might as well make it legal and collect the tax dollars”
The Federal Reserve has failed its mandate; its two statutory jobs are inflation control and employment, but it has spent decades manipulating rates to benefit asset prices instead, and this mandate drift began systematically under Alan Greenspan.
“the Federal Reserve is way off their mandate anyways okay they have two jobs inflation not inflation excuse me jobs and and price stability that's their job their their job isn't to manipulate rights to try to to to create one side of the other but they've done that and of course if you go back to 1913 which is when the Federal Reserve was created the Model T was also created in 1913 now if you look at a car it's made a hell of a lot more progress than the Federal Reserve they're still doing the same things but again the whole Federal Reserve was basically built on stripping the American people of their Capital through inflation and through other things”
An American revolution is likely in the near future due to government overreach, loss of law and order (police defunding), hatred in society, and the systematic destruction of the middle class; people will eventually refuse to accept further degradation.
“I think that really in this country it could lead to a revolution and that's and I'm not kidding I mean I'm not saying that to be to be spectacular and make some crazy claim I do believe we're on the verge I think if you look at this country and see all the hatred and all the damage that's being done and the lack of you know the defunding of the police the the lack of of of actually Law and Order in this country something's going to happen soon because people are getting sick and tired of it and they're not going to lay down forever and I think that's a big problem I think you will see unless something changes uh and people start to be able to live because you cannot create jobs because there is none here they don't leave them here anymore they send everything offshore”
65% of election years see equity gains; however, the prior 41 days before this election are where markets are being kept artificially elevated, and serious declines should begin after the election.
“with the election you know 65% of election years are higher for equities I think either before probably after I think these markets are in pretty big trouble because I think we're overvalued”
Central banks have been systematically devaluing assets and stealing from people since at least 1600, beginning in England, making gold and silver necessary not just as investments but as potential alternative currencies when paper dollars lose acceptability.
“the central banks have been stealing from from England starting in 1600 okay all they do is devalue your assets and I think that people are starting to realize that there may be I may need this not only as an alter alternative investment but as an alternative currency because I may need it to buy food and groceries”
The Duane West project is located zero kilometers from existing mining infrastructure including highway access, mills, tailings facilities, and residential areas, eliminating capital expenditure needs for basic infrastructure compared to remote exploration projects.
“basically we're in the South kind we're in Southern nativi and there's just a lot of people and a lot of infrastructure and they support minded yeah yeah that's right again hopefully you can make the market realize that or hopefully you can help whoever's been selling realize that they should stop do you know who's selling like you have access to that someone calling you up saying like hey I want to sell find me a block or is that does that happen um well sometimes we have to actually do the calling like um we found out who was selling um and then we basically um took it out ourselves um with with people that we know that were interested in getting a position so sometimes it's a lot of hard work so like I said we put a lot of energy into our marketing and investor relations”
Duane West project is located 8-10 kilometers from the town of Duparquet in Quebec, close enough to provide employment opportunity for local workers (who can work and return home nightly) but far enough to avoid urban conflicts; the area has a mining-dependent economy that is receptive to mining operations.
“I sat down with the mayor this month I went to his office visited the town hall talk to the mayor about our projects they're excited about it because a lot of their guys are traveling fly and fly out camps or traveling two hours one way to go to a mine to work and to be 8 kilometers away be home for lunch if you want to be is a great opportunity for them it's far away from town that it's not going to oppose any kind of issues”
Emperor Metals operates within Quebec's permitting framework which has good First Nations relations protocols; the company has met with relevant First Nations multiple times, drill permits are approved, and no historical issues exist; the CEO implements an MOU-level communication standard even where formal agreements are not required.
“Quebec is um Advanced um they they have this new permanent process everything has to go through the first nation's desk so they have not denied it we've reached out to them we met with them a couple times our expiration manager when he's up there he goes visit them there's no issues all our pyramids seem all our drilling permits get approved by the First Nations that are relevant for the area and no one's had any isues on this property that I know of um going way back with the First Nations so Quebec has generally a better First Nations environment I think than other provinces um but we make sure that we communicate with them and you know that's the level of standard um that I'd like to implement when I ran other Junior companies um there was no mou basically attached to um some projects I worked on but you know I formulated I operated under the spirit of anou”
The United States federal government is now the largest employer in the world, which is contrary to the Constitutional design intended by the Founding Fathers, and this represents a dangerous consolidation of power
“the federal government is the largest employer in the world okay which is totally ridiculous which is why the politicians are more powerful than the bankers and everybody else now because they control all the money where does all that end though like do we have an Argentina moment”
Previous operators at the Duane West deposit did not sample entire core intervals or reassess the deposit for open pit potential because they believed the property had only underground mining viability, missing the opportunity to recognize wider mineralized zones.
“it's very easy to miss if you don't sample the entire core so we sampled the entire core in our 2023 drilling program and the host Rock that contain these high-grade mineralized lenses there's about eight of them stacked up on top of each other but we're getting intercepts like 25 M of 1.69 you know 17 M of 045 or 20 M of8 so the subgram material that was my point previously is that you know you can't really Envision something like that if you don't see that the host rock also contains ounces”
The S&P 500 and NASDAQ sold off hard on Wednesday (after 25+ basis points of Fed cuts) but bounced Thursday due to short-covering; market participation is only ~50% of normal, making it easier for the 'plunge protection team' to control pricing and keep markets artificially elevated.
“I wrote about before it happened I said anything more than 25 basis points they're going to sell off okay and they did and then they came back and ried on Thursday but they were up like the the the NASDAQ was up like 300 and closed down like 200 on on Wednesday okay and I don't listen I don't think it's over yet I think one of the the things we're seeing in the market there's a lack of participation and there's a lot of you know call it what you want the big the fancy term here is the plunge protection team is continuing to float this Market because again we know that our media is more controlled by the left than it is by the right okay and of course they want to keep these markets floating and and it doesn't take a rocket scientist to know what stocks to buy to keep the Dow and the S&P higher okay at least for the next 41 days”
A massive sell-off is coming in equity markets, banks are in very big trouble and overleveraged, and politicians now control more money than bankers, making the situation worse than when banks were in control.
“I would suggest that there's a massive sell-off coming I would suggest that the banks are in very big trouble and I would suggest that when the banks are no longer in control and now the politicians are basically in control and have all the money that's a much bigger problem than you or I care to figure out”
The government will not confiscate gold in a modern economy because they don't have effective mechanisms to seize it, but there's a more likely outcome that people would revolt before such a confiscation attempt occurred
“they can try I don't know how they're going to get to it and remember there are other ways to play the market now is especially if you bring in the cryptocurrency world and I think long before that would happen I personally believe there would be a revolution okay and and I'm not and I wouldn't be surprised”
Jerome Powell, despite his background in markets and financial services, has abandoned his previous market knowledge and financial principles since becoming Fed Chair, suggesting institutional incentives override individual judgment
“I thought was a reasonable human being until I found that he was an idiot but I guess it's part about being in that building when you're the Federal Reserve you go from a smart Common Sense person to an instant because you don't think about what you thought about your whole life how you made your money I mean Ben uh Jerome pow came from our industry okay he knows how the markets work but he chooses to ignore how the market functions”
Gold is currently overbought and may experience a near-term pullback of $100 or more, but long-term investors should not be concerned about short-term volatility and should continue holding or buying on dips as protection against currency devaluation.
“Gold's pretty overbought here and I would not be surprised at a selloff however I wouldn't be surprised if gold got to 27 2800 maybe even 3,000 by the end of the year but you're to answer your question the next big sell off in the equity Market everything will go down first and then the the asset classes that have strength will then start to rise”
Emperor Metals is targeting 1+ million ounces in the updated mineral resource estimate planned for Q1 2025; this threshold is important for institutional investment because most strategic investors require 1M+ ounces to justify equity participation.
“so yeah we're that's our hurdle is to get past the 1 million ounce so the institutions and some of the more um you know Equity you know significant strategic partners that might want to take an equity stake in our company they usually look for that 1 million oce hurdle”
Every inch of core at Duane West is being sampled and assayed with multi-element analysis to build a complete database for sophisticated AI modeling to improve future mine economics
“we're doing that at Duane West every single um inch of core is sampled and assay we do multi-element on every single inch of core uh and we assay it um so we we can complete our database and we can create more sophisticated models to improve economics in the future”
Cryptocurrency is real and valuable as an alternative store of value and should be owned alongside gold because it can be stored on flash drives and hidden in ways governments cannot easily monitor or confiscate
“I personally believe that crypto is real as well unfortunately I wasn't an early enough believer and an early enough player but I do believe in I do own okay and I will continue to buy that as well because that is one thing that no matter what they try to do I got a flash drive I got a dead wallet that I can put it anywhere I want nobody's gonna know about it until I need it”
Silver has greater appreciation potential than gold because it is currently 40% below its 2011 all-time high while gold is at all-time highs, and silver also has industrial applications beyond monetary value.
“I see a bigger path for silver actually now again it's been very silver has struggled for years now we're finally getting back into the 30s remember well you may not remember but you're pretty young but it was $49 at one point not that long ago right 20 years ago okay so I wouldn't be surprised again I don't think we'll get past the mid-30s this year okay but again I would say that that all-time high is in play and I think silver is a much more affordable for most and remember this goes back to my theory about currency you can't just buy gold if you need currency because who's going to make change and if they make change what are they going to make change in they're gonna have to make change in silver”
Real estate will experience significant downside in coming years, but long-term investors who own property should not panic sell; Bubba strategically mortgaged his properties at 2.5% when rates were low and expects to benefit when prices recover.
“I think real estate's gonna go through a lot of pain but I don't care okay again here's here's the interesting part to look at okay I moved to Nevada six years ago okay I I own more than one home okay I borrowed every dime on every house I had because the interest rate was two and a half percent okay and I knew that I could make more by trading that money than two and a half percent so it made logical sense to me to borrow all that money anyways”
John Floric believes the Duane West deposit has potential to contain 3+ million ounces when combining open pit and underground resources, with potential for 9-10 million ounces if similar three-to-one depth-to-width ratios observed in regional deposits apply.
“the vision is that from a kilometer to surface and you m both underground and open pit in that range we could potentially put together three plus million ounces um and what's really neat about this District if you look East to us and West to us a lot of these mines go down pretty deep like Theon just next to us is down 3 kilometers um these deposits they basically are um you know 3 to one so the horizontal extent is basically um you know they're three times deeper than they are horizontal and so if you have 3 million ounces so what is the potential for this deposit that's some of the questions that we ask ourselves as geologists well this thing looks like it has legs some of our good um you know grade time thickness intercepts are are pretty deep and you know you just multiply what you might be able to cob together and times it by two or three so maybe it has a a 9 million Oz potential 9 to 10 million Oz potential I don't know”
GNA (General & Administrative) costs at Emperor Metals have increased due to marketing and shareholder awareness efforts, but the company expects to bring GNA down to $60-100k/month in the future as the company becomes better known; marketing represented ~54% of the ~$200k/month GNA in recent quarters.
“I think that um GNA like should be about under 100 right so okay between 60 and $100,000 that's where we want that that's our burn rate I mean if we stopped our our marketing and stuff like that our burn rate is pretty low so we could go into like a a very low cost per month if we wanted to if we wanted to put this thing on care and maintenance but we're not going to do that we're going to continue with what we're doing um and it depends like if the market is hot we want to get the word out there”
A 50-70% haircut in equity market valuations is coming, though Bubba has not predicted the timing and remains long through his own holdings while trading from the long side, waiting for confirmation that the decline has begun.
“I've been saying this for I don't know 12 14 16 months now I believe there's a 50 to 70% haircut coming and listen it doesn't mean that I'm trading that and I'm not short I mean I've been long the markets I'm always long through my own Holdings but I've been trading the market from the long side because I can recognize the Market's not ready to go down yet”
Total effective tax burden on Americans is approximately 58%, including all federal, state, local, and hidden inflation-based taxes, which represents a confiscatory level of taxation
“I believe we're at 58% total tax or something like that well nobody wants to talk about that because of course you'd realize that you're getting screwed okay”
Duane West gold deposit is being significantly undervalued by the market compared to peer junior exploration companies with similar or lower resource grades and deposit sizes
“we look at comparables their market cap is 50 to 200 million ours is at 10 million so see we see a lot of growth potential here”
Emperor will not fund financing at 'very very low prices' and is strategic about timing to maximize shareholder value, suggesting the current 8-cent price is considered too low for dilutive capital raises
“I don't want to loot this company at very very low prices right now like you said we're at 8 cents we as high as 18 cents we should be 18 cents in higher in my opinion especially with the gold price Rising since we picked up this property”
Emperor experienced significant share selling from previous financing free-trading in recent weeks, requiring management and investors to step in to stabilize the price by finding motivated buyers
“what was the question I sorry got what do we have one coming up anytime soon oh yeah so um what was the question I sorry got what do we have one coming up anytime soon oh yeah so four months plus one date when you do a financing and then four months later the shares are free trading so oh yeah yeah so um what was the question I sorry got what do we have one coming up anytime soon oh yeah so um what was the question I sorry got what do we have one coming up anytime soon oh yeah so four months plus one date when you do a financing and then four months later the shares are free trading so oh yeah yeah so um what was the question I sorry got what do we have one coming up anytime soon oh yeah so um what was the question I sorry got what do we have one coming up anytime soon oh yeah so four months plus one date when you do a financing and then four months later the shares are free trading so um what was the question I sorry got what do we have one coming up anytime soon oh yeah so four months plus one date when you do a financing and then four months later the shares are free trading so oh yeah yeah so um what was the question I sorry got what do we have one coming up anytime soon oh yeah so um what was the question I sorry got what do we have one coming up anytime soon oh yeah so four months plus one date when you do a financing and then four months later the shares are free trading so um what was the question I sorry got what do we have one coming up anytime soon oh yeah so four months plus one date when you do a financing and then four months later the shares are free trading so oh yeah yeah so um what was the question I sorry got what do we have one coming up anytime soon oh yeah so um what was the question I sorry got what do we have one coming up anytime soon oh yeah so four months plus one date when you do a financing and then four months later the shares are free trading so um what was the question I sorry got what do we have one coming up anytime soon oh yeah so four months plus one date when you do a financing and then four months later the shares are free trading so oh yeah yeah so um what was the question I sorry got what do we have one coming up anytime soon oh yeah so um what was the question I sorry got what do we have one coming up anytime soon oh yeah so four months plus one date when you do a financing and then four months later the shares are free trading so um what was the question I sorry got what do we have one coming up anytime soon oh yeah so four months plus one date when you do a financing and then four months later the shares are free trading so oh yeah yeah so we just if you look at yesterdays we traded 4 million shares so um so that was some of these flowr funds you know dropping some of their shares and so so we found people to help back us so the stock price seemed relatively stable but we had um some people that want to sell some of the shares to previous financings so yeah I mean we're trying to manage we have a like I said um Alex horley is my business partner this he's a very experienced investor relation um person and um myself we have contacts in the industry and we're able to um find like you said said we have a quite a few High net worth investors in this company they see the value like Rob MCU is in on this you know he sees the vision and we have a line strategy for the district”
The government's stated goal under the current administration is to implement communism or socialism, which does not benefit the middle class and requires systematically stripping wealth from citizens through inflation and taxation.
“their goal in my opinion at least this administration's goal in my opinion is to get communism okay socialism whatever you can name whatever you want I mean you live in it you understand it and I don't think it's very good and it does not benefit the middle class”