Jaime Carrasco: Gold at the Heart of the New President's Agenda?

The 10-year bond currently trades around 4.50% and has never come back down after rising from 4%, remaining elevated, which puts a crimp on Trump's plans to rebuild the US economy because rising interest expense on the debt overwhelms tax revenue.

“the global economy and to a big extent the US itself rely on the 10-year bond well if you look at the 10-year bond we're sitting at 450 it never came down it went down just around four and then started coming right back up same thing with the 30-year Bond and that is consequential because it puts a crimp on on Maga Trump on on whatever whatever whatever plans Trump is going to have to rebuild the US economy and think about what's happening with interest rate expense that tax revenue is um is uh is um uh overwhelming uh the um the interest rate expense that the US is paying”

Building US manufacturing infrastructure (factories, refineries, roads) will take years despite American capability, as seen by China building 25,000 km of high-speed rail while California spent billions on 1 km.

“well you have to build the refineries you have to rebuild the roads you have to build the infrastructure and and and don't tell me that it can be done because I'm looking at China look at look at the high-speed rails in China right over the last day added 25,000 kilometers California they couldn't even add one kilometer and they spent how many billions right”

Gold will be in the middle of the multipolar world system; a decentralized ledger (blockchain/mbridge) will allow nations to trade with gold backing, eliminating the need for bankers and creating a truly decentralized global financial system.

“we are going into a multi multi- poolar world where things are shared and I see gold in the middle and a lot less Bankers because we have a decentralized ledger that we can use and that's why you know I've always said Gold Silver and and and Bitcoin are important for the future because it's it's a decentralized ledger but silver will be the goat of all investment moves because that's where the true value is”

Russia has strengthened through sanctions, has no debt, and lower debt levels than the US, indicating sanctions have not been economically destructive to Russia as Western media claims.

“you know if anything these sanctions have made in my opinion Russia stronger they keep buying gold they have no debt they have less debt than us so how bad has has it been for their economy if if the economic conditions have have improved through in Russia right”

1973 when Nixon unwound the gold standard and created the fiat system allowed an enormous debt bubble to grow that is now trillions and trillions of dollars that will never be paid back, and the inflationary pressure from that bubble is now returning as the system unwinds.

“1973 he temporarily Unwound the the the created the Fiat system we are in that allowed for this amazing debt bubble to grow that now is trillions and trillions and trillions of dollars that will never be paid back so how do we how do we pay it back and so in that context what is amazing is that gold is already doing its thing”

Bitcoin and blockchain technology will fundamentally disrupt the banking system the way email disrupted the post office, enabling decentralized ledgers (mBridge) that allow nations to trade without SWIFT or US dollar dependency.

“I bought my first Bitcoin early on because after I read the white paper thanks Jesse Burger uh um I immediately said to myself this technology will do to the banking system what emailed did to the post office the the the the beauty of a decentralized ledger amazed me”

The 1973 creation of the fiat system (Nixon removing the gold peg) allowed a debt bubble to grow to trillions of dollars that will never be paid back; this debt can only be resolved through a reset, not through inflation or growth.

“1973 he temporarily Unwound the the the created the Fiat system we are in that allowed for this amazing debt bubble to grow that now is trillions and trillions and trillions of dollars that will never be paid back so how do we how do we pay it back”

China's approach to Latin America is fundamentally different from US imperialism: China builds infrastructure and respects sovereignty in exchange for resource access; they don't install puppet governments (contrast with US policy in the 1950s-1970s).

“the policy of America the the the nixonian America to L America was hey we don't like your government we're just going to get rid of your government impose our government and take your resources China's attitude to the world has always been especially in Chile we need your copper what does codelco need to get that copper out we'll build the infrastructure whatever you need we're not going to get involved in your government you run your government the way you want to but make sure that we have that Co access to that copper”

Sanctions on Russia have made Russia stronger, not weaker; Russia has accumulated gold, reduced debt, and improved its economic conditions through the sanctions period, proving sanctions failed.

“these sanctions have made in my opinion Russia stronger they keep buying gold they have no debt they have less debt than us so how bad has has it been for their economy if if the economic conditions have have improved through in Russia right”

Chile and Argentina both experienced monetary resets with significant economic pain, but Chile is ahead of other countries because President Pinochet's constraints (Constitutional requirement for government approval of debt increases) forced a 'cleansing' that set up future growth.

“Chile is a better example because and and look at what's happening in Argentina today right...the Chilean economy was it's 3,000 per person uh debt to GDP because you can't raise debt unless it's approved by all forms sets up to government you know that that the Constitution that he said still hasn't been changed um and it set set the reset for Chile so Chile I think is ahead of everybody else”

If Trump implements a reset using mBridge (a decentralized ledger system), his interests may align more with Russia and China than with the West, because mBridge enables a multipolar monetary system independent of the US dollar and SWIFT.

“if if Trump resets and uses emage his interests lie more with Putin and shei than with the West right because again let me back out to me this election wasn't about Democrats versus Republican to me this election was Americans taking back America versus those that want to win the America”

Tariffs are a two-edged sword but raise prices of commodities due to supply-demand; better to own hard assets through tariff period than be exposed to currency devaluation without commodity hedges.

“that's a really good question because that's a two-edged sword that cuts both ways because the problem in the US is that you're not producing anything right now right so so how how is that resolved you know look at Canada yeah he puts tariffs we tax we we go we we slam back with our energy but the problem is that our pipelines have to go through the US before they get to Ontario so we have a problem right but but but again I think everybody's going to lose is who loses the most I think that the important thing though is that it it it it raises the prices of these Commodities because now we're fighting for them so it's Supply demand again and so you're better off owning them than being away from them so I rather own hard assets through that period than than not right”

Putin stands for Russia and Russian interests (like Peter the Great rather than Stalin), and the Ukraine conflict is fundamentally about energy transfer and the end of the petrodollar, not Russian hegemonic expansion.

“the first interview that was done I don't speak Russian but it was to answer the question is he more like Peter the Great or Stalin and I realize that that that I personally think that that his um um um Whatchamacallit sorry that he stands for Russians I I don't think he and and Ukraine's a is a funny situation you have to understand the minks Accord”

The move in silver miners during a reset will be even bigger than the 2009-2011 mining bull market because the current gold-silver ratio (90:1) is worse than it was then, creating more catching-up to do.

“I think this time the move in silver is going to be even bigger because we weren't even nowhere near 90 921 gold to Silver ratio then right so so the opportunity is even better”

In four historical periods of monetary crisis (1921, 1932, 1948, 1981), institutional investors held 20-30% of global assets in gold and gold miners; in 2024, that allocation is only ~1%, representing a massive underweight and opportunity.

“these are the last four times that we had monetary issues in the world right and the response of institutional money and and money that understood gold in terms of the ownership in the gold and gold miners through that period it stood at about 28 so just just for those just for those that are listening on audio the the last times that ha is talking about is 1921 1932 1948 and 1981 where they averaged 20 to 30% of gold and gold miners as a percentage of total Global assets right now in 2024 we're you know somewhere around 1% that's me that's me very few in the sector that understand history and economics”

1932 was historically unique among monetary crises because it combined an economic depression with a complete political breakdown and loss of trust in political systems, similar to what is happening now in Canada, France, and Korea.

“1932 is completely different because you you not only had an economic storm of inflationary storm but you also had a political breakdown in the world right that that causes the the big depression of the 1930s which forces Roosevelt to reset the price of gold versus the pound now why is that important and more an knowes to today is because that was the last time we saw a political void Within in systems look at what's happening in Canada in France Korea”

The US dollar's status as reserve currency is at risk; Trump may signal a return to either a fiat dollar or a gold-backed dollar as the reserve currency, echoing Roosevelt's 1933 monetary reset.

“he does talk about the US dollar as the reserve currency but is that a a Fiat dollar or or a back to Gold um uh gold back dollar now that's important because we go back to the 1930s um that's when Rosevelt resets the monetary system May 5th 1933 using the gold reserves”

Judy Shelton (Trump's treasury nominee and a gold standard advocate) proposed issuing a $5 trillion bond paid over 50 years backed by US gold reserves; this would equate to ~$15,000 per ounce of gold (based on 8,000 tons), matching Roosevelt's 1933 revaluation strategy.

“she said why don't we issue a $5 trillion Bond pay out over 50 years back by the US's gold reserves you know what that's a great idea when you really think about it and you put it in a historical perspective because it's exactly what Rosevelt does in 1933 and it's important to understand to equate to five trillion which would be a nice little line of credit to rebuild the US uh each one of the 8,000 ounces or more more should be should be priced around $15,000 an ounce”

1932 is the most important historical parallel to today because it combined both economic crisis (like 1981) AND political breakdown (unlike 1981), creating systemic stress; current political fracturing in Canada, France, and Korea signals we are in a 1932-type scenario.

“1932 is completely different because you you not only had an economic storm of inflationary storm but you also had a political breakdown in the world right that that causes the the the big depression of the 1930s which forces Roosevelt to reset the price of gold versus the pound now why is that important and more an knowes to today is because that was the last time we saw a political void Within in systems look at what's happening in Canada in France Korea who have thought Korea was going to be in political trouble right”

The US still has 8,900 tons of gold (Carrasco believes this is true) stored at Fort Knox and other locations, guarded by the Army, with the Treasury having access but the Army ultimately controlling it—this is key to any reset plan.

“the key question is that the US still have its 8,900 tons of gold at at Ford dox and that's a big debate I think they do because in my opinion the fact that it's at for it's guarded by the Army the treasury has access to the to the reserves but it's the army that guards it and that's why Nixon was forced to un Peg because the Army said no you can't take this goal it's not yours right it's the people's goal”

The future geopolitical order will be multipolar with independent nation-states respecting each other (not the globalist agenda of one-world governance), and gold will be in the middle of this multipolar system.

“and I think Trump also stands for Americans right for for rebuilding America itself so the world I see Rising forward is a is a multi world with some respect among nations among themselves so so this whole globalist agenda of of of oh we're all going to be one when it's silly I don't want to be somebody else I'm me right”

The Latin American experience (Argentina, Chile) during their inflationary crises shows that resets happen quickly and are less painful than prolonged inflation, and Chile's constitutional limits on debt-to-GDP ratio (3,000%) was set by Pinochet after his reset and has never changed.

“look at the economic process of of of what we're talking about in Argentina and Chile Chile is a better example because and and look at what's happening in Argentina today right and it's funny because mle and Trump chatted for what three hours in in Mar Lago and I'm chatting with my Argentinian clients and and they're like oh this is great you know my my neighbor just lost his job but but the government was paying his wages so I don't care”

Current asset allocation (60/40 equities/bonds) is identical to what investors held coming into the 1970s-80s inflationary period, repeating a mistake. The only way to survive the inflationary storm was to shift to a 30/30/40 model with 30% in precious metals.

“what I see here in this chart in terms of how people are invested today is making the same mistake that they did coming into the 70s and 80s where everybody's a 6040 model 60% inequities 40% in bonds without really thinking about it but the only way you survive through the S through the 80s was to switch to a 30 30 40 model where that 30% in Precious Metals was doing a thing”

Most other sectors are not keeping pace with currency depreciation and loss of purchasing power; precious metals is the only sector that stays ahead of it by definition, meaning institutional investors and pension plans will be forced to allocate to metals regardless of preference.

“the problem is is that most other sectors are not keeping up to the loss of purchasing power the only sector that tends to do to to stay ahead of it is precious metals and that's why the by default whether kicking or Screaming institutional investors pension plans are going to have to switch into that sector”

Mining as a business has not been bad; rather, it's a generational issue where younger investors don't understand gold or have the same historical knowledge that previous generations (who worked under gold standards) possessed.

“Do you not think though that despite you know making reset and and you know I think it's a it's a sound argument that you're making for the reset but won't that be inflationary as well considering you know all of the we're gonna get wet anyways the question is how do you drive the fastest right and what costes the least pain the least pain is a reset because”

The equity value of multinational companies that have benefited from the old paradigm of cheap Asian production is highly unlikely to continue under a MAGA-driven reversal to US-based manufacturing

“the first question I would ask right off the bat well what's going to happen to the equity value of all the companies multinationals that have benefited from that Old Paradigm is that are their Equity value going to continue I would say that it's highly unlikely right”

MAGA represents a complete unwinding of the 40-year economic paradigm in which manufacturing was offshored to Asia, funded through debt and credit, with cheap goods returned to the US at inexpensive prices; Trump proposes reversing this entire model by rebuilding production in the US.

“to me Maga is the unwinding of the economic model of the last 40 years the economic Paradigm of the last 40 years now that economic Paradigm what was it we're going to build cheap things in Asia fun through debt again credit and then bring it back to the US at very very inexpensive prices now what he's proposing though is a complete unwinding of that economic Paradigm where he wants to have it built in the US and completely reverse that Paradigm”

Canadian pension plans have no hedges for the inflationary storm already starting, which will create problems as the inflation accelerates; they need to be warned and repositioned.

“if you look at the Canadian pension plan and one of the issues that pier lasson and uh Frank juer are starting to Lobby is that the fact that the Canadian pension plans are have no hedges for the inflationary storm that's already that's already uh starting right”

The US dollar is the monetary Titanic sinking; the Canadian dollar at CAD $4,000 gold vs USD $2,700 gold shows different decks of the ship are sinking at different rates; as the USS dollar sinks faster, the price of gold in dollars signals how far we're descending into the abyss.

“I see that as the monetary Titanic is sinking right so so so you have the Canadian dollar $4,000 gold US dollar at $2,700 Gold because there different decks in the Titanic what is important is the edge of the water the surface was $2,000 gold and as the US dollar runs away from from that Shore the price of gold is just signaling that how far down into the abyss are we heading right”

Trump's move toward tariffs signals a return to the 1930s mercantilist system where US revenue was funded by tariffs rather than income taxes (IRA); eliminating the IRA and replacing it with tariff revenue (ERRA) is a way to 'drain the swamp' and defund Washington without defaulting on debt.

“the whole move to tffs I think it's important because he's signaling a return to the 1930s uh I return to that mercantilist system of the US where a lot of the the revenue in the US was funded to tariffs not Internal Revenue Agency which again it's important because that that that that thing that he signed that he's on he's getting rid of the IRA and turn it into the erra right to to me those are very important signals because what a better way to drain the swamp as he calls it now that he has political Goodwill than to get rid of the IRA”

The true wealth from the 1930s came not from equity appreciation but from the dividend cash flow during the recovery: a $7,000 Homestake investment paid $7,000 in annual dividends per year through the 1930s-1940s period, allowing compounding wealth generation while assets were cheap.

“7,000 in in in homestake mining turn into $70,000 paying you 10% right into the setup of Brett and woods right so so the dollar value turns into its dividend value”

From 2009-2011, investing in silver miners (GDX index) turned $100,000 into $350,000 due to the 2008 financial crisis and subsequent recovery; silver miners will have an even bigger move now because the ratio is worse (90:1 vs lower then).

“I've been participating in the section since about 2005 2006 Watching The Dead bubble get bigger and bigger and bigger right in 2009 my strategy turned a 100,000 into a million dollars because I had silver within the within the basket 100,000 just in the GDX the index turned into 350 ,000 by from 2009 to 2011 that hide in the market I think this time the move in silver is going to be even bigger because we weren't even nowhere near 90 921 gold to Silver ratio then right”

This is a generational issue: younger investors (except Asians) have no experience with gold standards or the need for monetary hedges because they've grown up in a 40-year credit bubble; only those educated in history and economics understand gold's role.

“I think it's a it's a generational issue right I'm lucky enough to have I'm I'm I'm I'm old enough to have been taught the business by the last generation of bond traders who have worked under a gold standard and gold was traded on the bond desk ahead of the US dollar so they banged away in my head that hey you got to look at gold anybody younger than me has no idea what gold is unless you're Asian right those guys understand what gold is because for them it's always been part of the of the ethos but in North America we've been accustomed to this credit bubble”

Carrasco's core investment strategy is based on the belief that a reset is highly probable and will have to reset old debt; therefore he owns gold not for speculation but as the core mechanism by which debt is reset, making it a certainty play.

“I've always said that I own gold right now because what we're living through is different than than before because we need a reset to deal with the debt I have always stated that as part of the core of the core of my investment strategy that that it's highly probable that we're going to go through a reset that's going to have to reset the old debt”

If you understand history and economics, you own gold because those historical patterns repeat; those who owned gold mining stocks (Alaska Juneau, Homestake Mining) before Roosevelt's 1933 reset saw massive gains, and a similar setup is happening now.

“as Dalo said if you don't understand history of Economics uh you don't own gold I understand them both and that's why do own them and I think that the the the way to deal with debts has always been the same and and I see a similar pattern going forward”

Latin American experience with inflationary storms (Chile, Argentina) shows that institutional investors must position in a gold standard or hedge to survive; Carrasco's strategy learned from this experience.

“one of the things that I have urged my clients and what I've been trying to do for clients is looking at my Latin American Experience looking at at how Chile Argentina all of these countries dealt with that inflationary storm and why gold within that context is was so important to set up our own go standard right”

BLS (Bureau of Labor Statistics) inflation data has been manipulated in ways similar to what Fidel Castro would have been proud of, with many statistical anomalies embedded in the official numbers that mask true inflation.

“the um BLS the Bureau of Labor statistic was putting out you know I kept pointing out if you read the fine print this is Fidel Castor would have been proud of these numbers right um uh to me they were they were silly because a lot of that was was uh statistical anomalies”

Gold's price of $2,700 is nowhere near equilibrium levels needed for gold to function as global money; it must rise much higher (implying $15,000+ in reset scenario) to serve its historical role as monetary anchor.

“first of all gold at 2723 on where this chart was is just nowhere near where it has to be to be at equilibrium to function as money for the world and anybody that thinks that you know five six years ago when I was talking about gold and the monetary shifts and history a lot of people were saying well what are you talking about you're crazy”

The true financial lifeboats are still cheap: miners and gold itself, with silver miners as the best positioned for the reset, and Bitcoin as core infrastructure alongside gold and silver.

“so so the true lifeboats in my opinion are still cheap they're the the miners and gold itself silver is even better so I would urge investors to have an allocation and Bitcoin I still have my core investments in in in in blockchain but gold and silver are also part of that component in terms of how do we survive what's coming next”

We live in a fantasy world now; reality has been destroyed and this is a time when you really need to pay attention because the probabilities are overwhelmingly on gold's side as the best environment to see gold increase in value.

“we live in a fantasy world now reality has been destroyed this is the time that you really need to pay attention the probabilities are overwhelmingly on Gold's side that is the best environment to see gold increase its value”

We live in a fantasy world now; reality has been destroyed, and this is the time to pay attention because the probabilities are overwhelmingly on gold's side to increase its value.

“we live in a fantasy world now reality has been destroyed this is the time that you really need to pay attention the probabilities are overwhelmingly on Gold's side that is the best environment to see gold increase its value”

India and much of the world are aligning with Russia and China in the multipolar system; this is not due to sympathy for authoritarian systems but recognition that Western hegemony is ending and new alliances serve national interests.

“and and I see that India in that environment and the rest of the world are aligning themselves a little bit more and I think Trump also stands for Americans right for for rebuilding America itself so the world I see Rising forward is a is a multi world with some respect among nations among themselves”

Trump's moves toward tariffs and away from income taxation signal a return to the 1930s mercantilist system where revenue was funded through tariffs instead of the IRS, which could allow him to 'drain the swamp' by eliminating the IRA (Internal Revenue Agency) without needing tax funding.

“the whole move to tffs I think it's important because he's signaling a return to the 1930s uh I return to that mercantilist system of the US where a lot of the the revenue in the US was funded to tariffs not Internal Revenue Agency which again it's important because that that that that thing that he signed that he's on he's getting rid of the IRA and turn it into the erra right to to me those are very important signals because what a better way to drain the swamp as he calls it now that he has political Goodwill than to get rid of the IRA without without the IRA without the funding of taxes um how is Washington going to fund itself”

Canada has no gold reserves for its citizens (unlike Australia with 80 tons), which is showing in the Canadian dollar trading at $4,000 CAD per gold ounce versus $2,800 USD, demonstrating that gold is accurately tracking currency devaluation.

“I'm comparing what's happening between Canada and Australia right now where Australia still has 80 tons of gold for its people the central bank we have nothing and that's that's showing in the Canadian dollar which last week closed about $4,000 uh announced for for gold versus 2800 in the US well a couple of years ago that was at par so so gold is tracking very well”

Quebec is the only Canadian province that encourages continued investment in its own economy, which is driving outperformance in Quebec-based miners, and Canadian pension plans have no inflation hedges, which creates a crisis when inflation hits.

“I see what's happening within Quebec Quebec is the only provinces Pro province that encourages a continued investment in the economy of Quebec and so you're seeing an outperformance within the miners because because the they are overweight but if you look at the Canadian pension plan and one of the issues that pier lasson and uh Frank juer are starting to Lobby is that the fact that the Canadian pension plans are have no hedges for the inflationary storm”

BRICS was called inconsequential by media 2-3 years ago, but its importance is now evident in Trump's policy arguments, suggesting BRICS is a more consequential geopolitical force than Western media portrayed.

“another thing with the bricks you know three year two years ago before before the election everybody was the the media was telling us that bricks was inconsequential well now I it can't be that inconsequential is if it's part of the of the whole argument that Trump is presenting right so so there are a bigger force and people would understand right”

Five years ago, Carrasco was discussing blockchain and decentralized systems for monetary reset, and now Judy Shelton and others are publicly discussing the same ideas, validating his forward-looking analysis.

“that's exactly what we were talking about five years ago when I said you know the beauty of of of blockchain is that since it's a decentralized ledger it offers us the ability to set up a a um a um um a decentralized banking system which means no Bankers”

Scott Bent trained with Jimmy Rogers and rockefeller Miller (bond traders who love gold/silver), is 40% invested in physical gold (unusual for major investors except Ray Dalio or others), and is an investor not a trader who buys during low-price periods.

“right away I checked you know the the web and and it was oh he's a Soros guy well right off the bat I'm like well that doesn't matter because Jimmy Rogers one of my heroes who I met along the way he also he was soros's partner well it turns turns out that he trained with Jimmy Rogers and rock and Miller Another Bond guy that I really appreciate and both of them love gold and silver”

The US dollar is like the sinking Titanic with multiple decks, and gold signals how far below water (into the abyss) the ship is sinking based on the price spread between currencies.

“you know we have this whole discussion about gold about the dollar the the the dxy I see that as the monetary Titanic is sinking right so so so you have the Canadian dollar $4,000 gold US dollar at $2,700 Gold because there different decks in the Titanic what is important is the edge of the water the surface was $2,000 gold and as the US dollar runs away from from that Shore the price of gold is just signaling that how far down into the abyss are we heading right”

Trump's election was fundamentally about Americans taking back control of America from a competing bloodline/power structure that has held influence since 1776, rather than a simple partisan Democrat vs Republican divide

“to me this election wasn't about Democrats versus Republican to me this election was Americans taking back America versus those that want to win the America and what am I talking about the bloodline of those that won the US in 1776 between versus the bloodline of those that want it back because they lost it in 77 1776”

Trump saying 'Spain is part of BRICS' during inauguration shows he is negotiating rather than naive, implying some of his policy statements are positioning tactics rather than literal policy positions.

“I was watching him sign the the those things during inauguration and he was saying oh the S oh Spain's part of the bricks I don't think he's naive enough to to not understand that yeah Spain is not part of the braks so to me that was key right”

The equity value of multinational companies that have benefited from the old 40-year paradigm is highly unlikely to continue if that paradigm is reversed through onshoring manufacturing.

“the first question I would ask right off the bat well what's going to happen to the equity value of all the companies multinationals that have benefited from that Old Paradigm is that are their Equity value going to continue I would say that it's highly unlikely”

Investors should have allocation to precious metals to build 'equity' (savings/wealth) that will allow them to benefit once the reset period is over and recovery begins.

“so I would urge investors to have an allocation and Bitcoin I still have my core investments in in in in blockchain but gold and silver are also part of that component in terms of how do we survive what's coming next so that we have Equity to be able to benefit once this period is over but I am very optimistic right”

Greed eventually offsets fear, and the dividend income from companies like Agnico Eagle (currently 3% yield) will eventually attract investors away from fear of volatility, driving capital into miners and creating upside for those positioned early.

“well you know what greed eventually offsets fear right and the greed of uh passing up on a on a dividend from magneo that now is tracking 3% and it's been 3% steady because it continues to build I can tell you that within my precious metals portfolio I have uh four companies now paying a dividend”

Americans have distinct cultural values (guns, church, community) that differentiate them from other societies, and they will rebuild their country faster than other nations because of their cultural cohesion and will.

“they like their gun they like their Church they like their community and I'd rather hang out of the bar with them and chat right so yeah no I I think that uh that positioning is important but I think people have to start looking forward and but and at history and economics to fully understand the setup”

Carrasco has owned Kirk Land Lake Gold since the portfolio's inception and still holds it; he funded Tour Lake (which Agnico Eagle now owns), showing long-term conviction and continuous portfolio building across multiple cycles.

“I I I funded uh C Lake before before they sorry um the tour Lake before they they uh they drained the lake that is now owned by anniko Eagles so I still own it kirken Lake was in the portfolio right off Inception I still own it”

Scott Bent's primary reason for owning gold is the fiscal imbalances between China and the US (the 40-year debt/credit paradigm built into the system), which is exactly the thesis Carrasco has been promoting.

“the first thing he says is I like gold because of the fiscal imbalances between China and the US exactly what we're talking about right the the the the the model the the economic Paradigm was built on that debt and that has to be Unwound”

Don McLean, head of Heckla Mine, lived mining his entire life, became a client, and immediately understood Carrasco's reset thesis when told about Homestake Mining's 10% dividend during the 1930s reset.

“Don mlan I was recently invited to the mining Hall of Fame I I was invited by by JRA who just got one of the inductees but the other integr was Don mlan Don mlan was passed away last year he was 90 and his father was the Mind manager for the heckla mine up in U up in Northern Ontario so at the age of nine sitting around the Round Table would talk about head”

Gold is already performing its role as institutional investors and central banks allocate to it, even though most retail investors don't yet recognize it; gold's rise is signaling the imminent shift.

“what is amazing is that gold is already doing its thing as much as investors institutional investors don't yet see it right and and one of the things that I have urged my clients and what I've been trying to do for clients is looking at my Latin American Experience”

Most sectors cannot keep up with inflation and currency depreciation except precious metals; therefore, institutional investors and pension funds will be forced to migrate into precious metals to maintain purchasing power, regardless of their current preferences.

“the problem is is that most other sectors are not keeping up to the loss of purchasing power the only sector that tends to do to to stay ahead of it is precious metals and that's why the by default whether kicking or Screaming institutional investors pension plans are going to have to switch into that sector”

Don Maclean (a mining legend) was skeptical of mining stocks despite understanding mining deeply; when Carrasco explained the reset thesis using Homestake Mining's 1930s dividend example, Maclean immediately understood because his father had lived through that experience and wished he'd bought before the 1933 reset.

“Don mlan was passed away last year he was 90 and his father was the Mind manager for the heckla mine up in U up in Northern Ontario so at the age of nine sitting around the Round Table would talk about head right so so he knew mining he lived Mining and and when we first sat down uh he became a client and a friend along the way and met him through his sister through his daughter sorry and the first time we met he said to me Jamie I have a lot of physical goal but I don't like the companies because I work for them”

The pension that was depending on treasury returns will see its purchasing power collapse like the Soviet republics when they broke up: still getting ruble payments but worth penny-on-the-dollar purchasing power due to currency collapse.

“the purch the the the cash flow that you're going to get will be no disimilar to what happened to the Soviet republics when they break up you were still getting that Ruble but it was buying you a penny a penny purchasing power right”

Investors should find a professional advisor to build their allocation properly, specifically using a 30/30/40 model (30% equities, 30% precious metals, 40% bonds) that proved successful through the 1970s-1980s inflation.

“I would urge investors to find a an advisor that builds their allocation for them because allocation Keem back to the 30 30 40 40 model that's what that's what allowed investors to survive the 7 the period of the 80s right”

To benefit once the reset period is over, investors need equity (capital) which comes from dividend income during the crisis, allowing them to deploy cash when assets are cheap and maximize returns through the recovery.

“we have Equity to be able to benefit once this period is over”

Trump is an emotional character and disruptor who is changing the world as we know it; understanding his changes is critical, but most people react emotionally rather than analyzing the structural implications of his policies.

“Trump is an emotional character so right off the bat what I what my advice to people is to understand that the world we're living in is more like a like a movie we have no control all we can do is analyze the people the changes”

The bottom line for portfolio positioning is: make sure your allocation to precious metals is greater than zero; anything more than zero beats the alternative of no precious metals exposure during monetary reset.

“so bottom line as I always pose what is your allocation let's hope it's greater than zero absolutely”

The Bureau of Labor Statistics inflation data has been producing misleading numbers with statistical anomalies, similar to what Fidel Castro might have been proud of, which the bond market has been correctly signaling through rising long-end yields.

“the that that that the that the um BLS the Bureau of Labor statistic was putting out... I kept pointing out if you read the fine print this is Fidel Castor would have been proud of these numbers right um uh to me they were they were silly because a lot of that was was uh statistical anomalies and the bond market had been signaling that”

Chile's approach under Pinochet allowed a cleansing/reset of the economy that positioned Chile ahead of other Latin American countries, and Carrasco set up client portfolios in Chile specifically to benefit from this economic advantage ahead of the broader region.

“so Chile I think is ahead of everybody else um you know and I think uh uh that kind of reset is always easier because you can start a rebuilding process a lot quicker right that's why Chile over the last couple of years you know my period through SC with Scotia working in Chile covering Chile for Scotia was so amazing because not only where Chileans uh um understanding the economic pain that was coming because they had lived through it so that's why I set up the portfolios the way I did”

Bessent's investment stance mirrors historical reset investors: he is not a trader (short-term speculator) but a long-term holder who averages down into positions during periods of low prices to maximize long-term compounding.

“the next thing he says is I'm not a Trader I'm an investor and the last we you know I love periods of long term where the prices stay low because it allows me to average down on my positions well I haven't run away from this sector you know that I think we did an interview three years ago where I was saying how cheap these stocks are all I've done is had a process by which to add more shares of Cheaper values”

Future generations won't willingly pay off debts accumulated by previous generations, making a reset inevitable and necessary to avoid intergenerational conflict.

“how how you know are we going to are we going to depend on four generations of of of people to pay off the debts that just this generation acred I don't think I don't think the future Generations are going to be that silly”

Jimmy Rogers and Rockefeller Miller have been continuously adding to gold and silver positions for years, saying 'I wish I could buy more, I'm gonna buy more if I can,' showing conviction from serious bond traders.

“all they've been doing is as Jimmy Rogers always says oh I wish I could buy more I'm going to buy more if I can right so they've been adding and adding and adding which is exactly what I've been doing for clients”

The stock market's rise is primarily attributable to the Magnificent Seven mega-cap tech stocks and money that was issued through COVID, not to healthy broad-based economic fundamentals

“the stock market has taken off but in my opinion it had taken off because of the we call the Magnificent sevens and the fact that it's all that money that's filtering back that was issued through covid but the bond market the rise in interest rates is signaling something completely different from the last 40 years”

Carrasco's junior silver companies have been bought down from ~$3/share to sub-$1 average cost through 3 years of accumulation, creating a position that will generate multi-generational wealth if silver reaches its equilibrium ratio to gold.

“some of the junior silver companies that I own you know some of them were trading around $3 now my average cost is below a dollar uh and I have way more shares because I I I had a good process of adding to those companies by asset allocation rebalancing very so I've done exactly what he did right”

The race is now underway once we get the signal; a reset is needed and is what Trump's team is aiming for based on the puzzle of key figures (Shelton, Bent, etc.) and historical patterns.

“the question is um when do you cut the ribbon once the race starts we'll know right so we're all waiting for that start once we get the the gun to go then we'll know however to me the the the race ahead is pretty clear because a reset is needed and I think that's what they're aiming for full reset of things right”

Agnico Eagle, producing gold at under $1,000 CAD per ounce, will generate exceptional profit margins at $4,000 CAD per ounce, with expanding margins driving ever-increasing dividends—this is already visible in their cash flow growth.

“at nio Eagle that that's the one company that I've been mentioning since 2015 has been my top pick all along on BNN and all kinds of things and I still hold a great position and I'm so happy to have own it all the way because that that the cash flow keeps building the dividend keeps increasing they're producing gold at you know below $1,000 Canadian well at 4,000 that's a hell of a profit margin”

Trump has three paths: print money (inflation), reset (devaluation), or maintain course (gridlock). A reset is the quickest and least painful for Americans who have demonstrated willingness to make sacrifices for their president, and Trump has political backing (House, Senate, presidency) to implement it.

“there's only two roads ahead both goals in the middle either he's gonna inflate to pay for everything but that's going to create greater pain for for Americans or he resets and you have less pain but a much quicker solution and I think Americans will will deal with that much better they've done it in the past and I think they're going to align themselves behind their president”

Trump is a disruptor who will be consequential in changing the world as we know it because he is an emotional character and the world is like a movie where we have no control, only the ability to analyze changes and their effects

“Trump is an emotional character so right off the bat what I what my advice to people is to understand that the world we're living in is more like a like a movie we have no control all we can do is analyze the people the changes and you know like who shot Jr back to that Dallas show”

Judy Shelton is an important figure because she was nominated by Trump to replace Janet Yellen at the Fed, was supported by Ron Paul (oversees Fed via Hawley committee), and is now working with Elon Musk on the DOGE commission, positioning her to influence monetary policy.

“she was the person that that uh Trump nominated to replace Janet Yellen when she was stepping down from the FED she moved over to the treasury and Powell steps in now she was given her time in Senate thanks to Ron Paul Senator Ron Paul who was head of the chairman of the Huxley committee that oversees the fed and the treasury now he's also working with Elon Musk on the Dodge commission right so when you start to see the different players in the puzzle you start to see a better a better picture”

Bitcoin and gold could have a similar move going forward (as they did from 2021-2023); silver will be the 'GOAT' (greatest of all time) investment because that's where the true value is during the transition.

“this time around I think Bitcoin and gold could have a similar move going forward but silver will be the will will be the key but what are we building we're building a fully decentralized world where nation states can grow can grow and respect each other and I think Trump can offer that uh within that mix what happens to Europe I don't know I can tell you that Africa uh is finding its way uh I think Asia is finding its way and I think Latin America is finding its way on its own”

Scott Bessen (Trump's Treasury Secretary nominee) has 40% of his portfolio in physical gold, citing fiscal imbalances between China and the US; this shows alignment with Carrasco's thesis at the highest policy levels.

“the first thing he says is I like gold because of the fiscal imbalances between China and the US exactly what we're talking about right the the the the the model the the economic Paradigm was built on that debt and that has to be Unwound”

Greed eventually offsets fear, and pension fund managers ignoring precious metals dividends (like Magneo at 3%+) while holding tech stocks are making a mistake because dividends from gold miners will compound steadily while tech valuations compress.

“greed eventually offsets fear right and the greed of uh passing up on a on a dividend from magneo that now is tracking 3% and it's been 3% steady because it continues to build”

Scott Bessent's approach mirrors Carrasco's: he is not a trader but a long-term investor who loves periods when prices stay low to average down on positions, exactly the strategy Carrasco has been using for 3+ years in depressed precious metals.

“the next thing he says is I'm not a Trader I'm an investor and the last we you know I love periods of long term where the prices stay low because it allows me to average down on my positions well I haven't run away from this sector... I've done is had a process by which to add more shares of Cheaper values”

At current gold price ($2,700), it is far below equilibrium; to be at equilibrium and function as money for the world, gold must go much higher than this level—the actual target is unspecified but implied to be in the $10,000-$15,000 range from earlier discussion.

“$2,700 goal to return to equilibrium has to go back much higher than this level to to do what it has done well in that case what's even at lower equilibrium is silver silver right now at 30 bucks is an economic anomaly”

Rick Rule (a prominent mining investor) bought a stock for $1 that fell to 10 cents, only to sell it at $10, demonstrating the massive returns available during mining cycles when prices are suppressed.

“Rick was talking about uh how he Rick rule I appreciate him because he's uh 15 years my senior we've known each other and and he was he was relaying a story about how he had bought a stock in the 70s that for a dollar that went down to 10 cents only to sell it at $10”

The 10-year US Treasury bond at 4.50% is a major problem because it never came down as expected and is now staying elevated, which will crimp Trump's MAGA plans and rebuild efforts due to high government interest rate expense.

“the global economy and to a big extent the US itself rely on the 10-year bond well if you look at the 10-year bond we're sitting at 450 it never came down it went down just around four and then started coming right back up... it puts a crimp on on Maga Trump on on whatever whatever whatever plans Trump is going to have to rebuild the US economy”

Bitcoin and gold could have a similar move going forward as they did from 2021–2023; silver will be the 'goat' (greatest of all time) investment in the next cycle because of its leverage relative to gold.

“I I was on BNN and I said hey bitcoin's going to have a nice move of been buying the miners and we made like bandits from 2021 to 2023 this time around I think Bitcoin and gold could have a similar move going forward but silver will be the will will be the key”

Agnico Eagle (AEM) is Carrasco's top gold mining pick since 2015; it produces gold at below CAD $1,000 per ounce at CAD $4,000 per ounce, creating a large margin that will expand further as gold prices rise.

“I'm Keen to see where at nio Eagle that that's the one company that I've been mentioning since 2015 has been my top pick all along on BNN and all kinds of things and I still hold a great position and I'm so happy to have own it all the way because that that the cash flow keeps building the dividend keeps increasing they're producing gold at you know below $1,000 Canadian well at 4,000 that's a hell of a profit margin”

Management quality is critical in mining; Agnico Eagle and Majestic Silver are Carrasco's top picks, and the merger between Gatos and First Majestic is as significant as the Kirkland Lake-Agnico Eagle merger in positioning for sector leadership.

“and that's why you need a professional so so my quadrant of CH is first of all management is key you know the the two companies that I've mentioned all along for gold and silver uh ago Eagle for Majestic they've been my top picks well both of them I think are set up to be leaders in the sector especially now with the the merger completed between Gatos and first Majestic I think it's as important as the merger between Kirkland lake and ago”