Latest / SILVER / GOLD / $UFD Meme Coin Investing & Global Economics / Silver Market Update with Chris Marcus -- Will THIS Ever Happen?

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Silver Market Update with Chris Marcus -- Will THIS Ever Happen? · SILVER / GOLD / $UFD Meme Coin Investing & Global Economics

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Silver is sitting. At $22.00 per oz, will we ever
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see prices like 40 or $50 per oz again?
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Today we have a special guest, Chris Marcus from Arcadia
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Economics. He's been following Silver for
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years. He's a respected voice within
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the Silver community. Chris, welcome to Ron's
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Basement. Hi Ron, it's a pleasure to be
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here. Always fun talking with you and
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been nice getting to know you the last couple years and
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obviously plenty to talk about in the silver world.
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So happy to be here with you today and dig into it.
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Let's dig into it. Well, my first question, because
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you were a person who taught me a lot about silver years ago.
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Would you ever think that this dollar fantasy or the the market
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would be able to remain in the current state that it's in for
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as long as it has? Well, certainly when I got into
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this which was 2009, now that was before the run up in 2011,
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which obviously for anyone who was falling it back then I I
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think certainly has an impact and has opened our eyes into
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what is possible given some of the types of events that can
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play out. Obviously, I don't think many
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people, if you had gone back 20 years, would have expected QE
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234 and the way some of these programs have been used.
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And when I left the trading floor in 2012, about a year
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after we had hit the $50 silver price and solver, things were
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headed from a monetary perspective.
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Yeah, I very much agree. I I don't think I would have
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believed that we'd be sitting there 1012 years later and
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here's Silver and and Ron, I might know we're not a 22 bucks
1:53
anyway. We're at 22 1/2, so a little bit
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better. And so there's on on one hand
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where seems a little difficult to imagine that things would go
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on like they have yet. As I've thought about it more
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and reflected in these past couple years, I think there's
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also a degree in which it's wise to realize that things can go on
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for a lot longer. Obviously there is some things
2:22
happening this year where a lot of us are keeping an eye on the
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draining of the reverse repo facility, the expiration of the
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bank term funding program and wondering exactly how that's
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going to play out. At the same time where you have
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the treasury going wild and now some legitimate concerns of how
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do we actually fund this, this gap that continues to exist.
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But with all that said, I mean we saw last year a great data
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point of all right, the banks got in trouble, what happened?
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the Fed did launch a new facility, The government is
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spending more money and we may not agree with that.
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We may not like that. Although when I think about, you
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know, if there are liquidity issues or credit event at some
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point this year, you do expect that they're going to do
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something similar, that there will be another round of the
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same thing. And you know, on one hand I get
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it where I may disagree with the idea of using currency creation
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to pay for these things over and just push it down the road.
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On the other hand, if someone in the Fed or the government is
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making the decisions, what are you expecting them to do?
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They're going to keep propping it up to avoid any sort of more
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severe calamity that think when we look at some of these trends,
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think at some point is coming and there's going to be a day of
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reckoning. Yet when you think about the
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mindset of the people who have the decision making power over
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how these things play out, yeah, you have to expect that they're
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going to continue to prop this thing up as long as is possible.
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In fact, if you think back what we're recording February 6th
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today, I think especially in the gold and silver community, if
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you think back just about a year ago when Signature Bank, Silicon
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Valley Bank, First Republic, when they were failing and there
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were bank runs, probably if you told most people that the rest
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of of 2023 would play out like it did, where things calm down,
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the BTFP patch things over and you didn't have any further
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issues. Especially with concerns about
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commercial real estate and other areas in people's minds, it
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might have been hard to imagine that things would calm down like
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they did for almost a year now. So I don't think that means that
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the situation is patched up and from a long term perspective
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it's it's Miller time just yet. But certainly something to keep
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in mind especially when you're setting your expectations and
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looking at metals and what role that you're expecting them to
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play that we we have seen this template and there is an ability
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to keep things at least appearing the way they are
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longer than we would expect. So balancing that with how
5:19
people see the bigger situation playing out I think goes a long
5:23
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in demand, precious and base. Metals.
6:06
They seem to come up with more and more new and creative ways
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to bail out the economy. I mean, the BTFP program was a
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bailout, a rescue program. You know, I found it interesting
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just recently. Jerome Powell was on 60 Minutes
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and he directly addressed the fact that that this, you know,
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the debt situation, the deficit situation in the United States
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is a real problem and is something that needs to be
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addressed. And I think he even said like
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sooner as opposed to later. What do you what do you make of
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those comments? Yeah, it was interesting when
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he's been asked about that, talked about it in a couple of
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his Fed press conferences after their meetings in the last year
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or so. And he said that the debt is not
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so much a problem, it's the trajectory of the debt that he
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feels is a bigger issue, which I don't know.
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I would, I would say they're both seem to be issues in my
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opinion. Yet in either case, well, that's
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fine except that the trajectory of the debt is going in the same
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direction as the debt itself. It's not like Ron Paul is is the
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leading candidate in the presidential election coming up
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and we we've not seen anything to indicate that the trajectory
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of the debt is going to change except that it's going faster
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than ever. It's being loaded up and
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especially in an election year it's I don't know if it's a wise
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bet to assume that we're going to see much deficit reduction.
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We had the debt ceiling come up last year and like just about
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every previous occurrence, it at this time, it was just removed
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for a year and a half. So yeah, that's that's a a bit
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of a problem we've seen historically.
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Eventually empires get too big, they start spending more than
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they can, and eventually that does come to an end and you're
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hearing the Fed acknowledge it. The Congressional Budget Office,
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they warn of the heightened risk of a financial crisis as debt to
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GDP continues to grow. I mean, some of the numbers in
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their forecast that they have in 10 years by 2050, I mean it, it
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gets disturbing. And again, this is a government
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agency telling you the same thing.
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So I think people are, when you ask them, the direct question,
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even in some of these offices, I mean, we even hear some
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politicians talk about how they realize this isn't a good trend.
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What to do about it becomes a trickier situation because,
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yeah, we're getting great GDP numbers that are coming out, but
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what would those GDP numbers look like if you didn't have
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such large government spending? So even if you did cut
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government spending at this point, you're going to see a
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massive drop in tax receipts, which just exacerbates the
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deficits further. I don't think that there is an
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easy, perfect solution out of it.
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And that's the problem. And I think that's what leads a
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lot of us into looking at gold and silver, where you you see
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where it's headed. That part isn't complex.
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And now you see, like you point out that other groups are
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mentioning that there's an issue here which only goes one way.
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And when that becomes a more significant event, I mean it
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seems to me that inevitability that we're going to have a
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situation similar to what the what we saw in the housing
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bubble when you we had one problem that was just resolved
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with even faster money printing faster debt.
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So it it hasn't gone away and going back to your first
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question of well how long does this go on for?
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How do you balance that? That's the part that we sit
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there and watch and keep an eye on.
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I don't think anybody knows the answer.
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I go ahead. Yeah, well, and and and and we
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don't want to be doomsayers, right.
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Sometimes we get accused of you know, being doom and gloom
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Sayers. I heard someone recently say,
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I'm not a doomsayer, I'm a risk assessor.
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And I think when we look at the mathematical facts as they're
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presented to us, it sure feels like we aren't headed in a in a
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in a real good direction. And I would just throw out that
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you know if you look let's say from 1970 around the year that I
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was born through today about 50 years.
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We know that the dollar has lost 98% of its value against gold.
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And the fiscal and monetary situation during most of that
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fifty year period would probably be, I wouldn't say healthy but
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much healthier than what we're going to face in the next 50
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years. So, you know, I think when we
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look at the facts, it becomes pretty obvious that we're we're
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headed for some interesting times.
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And you know, I watched the, there was a documentary I think
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on Netflix about Bernie Madoff a few months back and I was
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engrossed and it was like 2 hours long.
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But I was just amazed at how he was able to keep that situation
11:21
going for so long until finally it blew up.
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And again, I don't want to be a tinfoil hat, you know, the sky
11:29
is falling type person. But I just wonder to a certain
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degree if what we're living through, you know, like like you
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talked about, right, You know, the reverse repo program, the
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the BTFP program, QE. I mean they keep coming up with
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newer ways to kind of perpetuate the system because they're all
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beholden to it. But at some point, does it?
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Does it, you know, do things start to fall apart?
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I know what you mean and especially what you mentioned
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about the mindset, whether it's a a doom and gloom crowd.
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Yeah. I mean, I think there's an
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element of that mixed in there because there are things that
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are are taking place that aren't particularly good.
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So certainly that can make for an interesting psychological
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challenge where you know, once people get invested in gold and
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silver, there's that part of you that wants to see your
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investment decision pay off. And you look at the things that
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have traditionally moved the gold and silver prices.
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And on one hand, they're not good things for society to see.
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Maybe prices have gone up in the past couple of years here in the
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US and around the globe. It's it's not something you want
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to see the the way debt loads have gone up to see the way
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things are patched over with more printed money.
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These aren't good things and it it can be tough sometimes where
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especially if you read Zero Hedge and a lot of the news
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that's coming out and you see the types of trends that would
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support the thesis behind gold and silver and it it can be
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tricky to stay balanced of thinking all right I I have an
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investment that can perform well when these things do unfold yet
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not wanting them to unfold and everyone has their different
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spectrum where they are in that line and and so it can be hard
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to read through some of these news events and see the things
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that are happening without falling into that doom and gloom
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mindset. Like you said though I mean
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we're we're risk assessors and again it reminds me of a very
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similar environment that you saw leading up to the housing bubble
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where there were people warning about it.
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Most of them were talking about the Fed and gold and silver and
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printed money and how these credit cycles work out.
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Most people are in the housing market, didn't want to hear
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about it. In hindsight, I think a lot of
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people would have wanted to have that warning beforehand and look
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at some of these things. Is it easier when you're seeing
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bubbles inflated? I mean, right now we're seeing
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stock markets hit new highs and so perhaps it's more fun to talk
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about that. I think it's good to look at all
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of these things and then balance them together and and find out
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where you stand. But certainly, yeah, it can be
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tricky because there is a lot of heavy news that comes out.
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We're seeing new conflicts go on in the world.
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We're seeing a lot of money being spent for weapons and to
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fight new wars, which is going straight on to the the balance
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sheet of the treasury. So it's it's understandable that
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it can be a doom and gloom thing.
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I think balancing that is a big part of being invested in these
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things. And why perhaps looking at gold
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and silver as insurance more than a speculation might be a
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healthier way for many people to approach it so that you can see
15:09
what's going on, feel prepared, not end up.
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I know there's that temptation to go where yeah, this the
15:17
bricks are going to kick our asses tomorrow and gold's going
15:20
to take over which you yeah, you could see a big appreciation in
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the gold price in a scenario like that.
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But again, what does that mean for the way that they're living
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day-to-day so? Yeah.
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Certainly something that I think is a challenge for a lot of
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people who get into this. Balancing the emotions of that
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and getting to a place where you can feel prepared for the things
15:44
that you see that are out there. Not having it take you to a
15:48
little bit of a darker emotional place.
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And just balance these all together so you can continue
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living your life and have the investments serve you, rather
15:57
than necessarily getting yourself beaten up by some of
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the heaviness of a lot of the things that are going on.
16:03
If you're looking to buy gold, silver, or platinum, do yourself
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16:27
you're from Ron's basement. Have you ever heard this notion,
16:31
Chris, that some people say the price of silver is manipulated?
16:35
Have you have you ever heard that once or twice over the
16:37
years? I've I've heard it once or
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twice. I've talked about it more than
16:41
once or twice. And yes, it's certainly a
16:47
pricing system we have. So, so I have a question for
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you. I want to get your take on this.
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It dawned on me the other day. Currently as you pointed out
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earlier, we're sitting at about $22.50 silver right now.
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If the market were functioning properly and the and the market
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were really determining the price at $22.50, wouldn't supply
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and demand for silver on an aggregate be about equal?
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And I guess the point I'm trying to make is the fact that we have
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according to the Silver Institute and a number of other
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people that are studying the supply and demand numbers and
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silver, we have a big deficit in the silver market.
17:28
Wouldn't that just quite simply on its own, indicate that the
17:31
real market price of silver should be higher?
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I would think so. And perhaps it's similar to what
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we've seen in the uranium space where for years Rick Rule was
17:44
out there talking about how either the price of uranium is
17:47
going up or we're going to stop using electricity.
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And it it was a tough wait for a lot of people who were invested
17:54
in the uranium space and then eventually it did go up to
17:57
resolve that imbalance. Similar with silver, now you
18:02
have the deficit that you mentioned.
18:05
We've seen declines in the COMEX inventories in the LBMA Silver
18:11
Holdings, which you, you and I talked a little bit before over
18:16
the last week before we recorded and seeing those declines at the
18:20
same time that we are seeing the deficits.
18:23
And even though it's interesting, Comex and LBMA have
18:28
kind of stabilized for over a year now, we saw that
18:32
significant decline that began back in 2021, right around the
18:36
same time as the Silver Squeeze and LBMA and Comex inventory
18:42
levels were falling pretty sharply for about a year and a
18:47
half until let's call it I believe around November Ish of
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2022. So we've seen those levels stay
18:55
flat for about a year. And what's interesting is that
18:58
as we ran another deficit last year, we've seen the ETF
19:03
holdings go down. So a lot of SLB and some of
19:06
these other funds. And I've wondered if that's how
19:09
the deficit has been funded over the past year.
19:13
So we can have deficits as we've seen, can see the price stay the
19:17
same. Although when you look at all
19:19
right, well, how does this get resolved?
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What are the pieces that you want to look at moving forward
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now? We have an environment where, as
19:29
I know a lot of your listeners are familiar that are invested
19:32
in the mining stocks you've had. What I've had many people
19:38
describe who've been doing this for decades were sentiment
19:41
they've seen with the miners. For any of your primary miners,
19:46
a lot of them, this is close, the price is close to their all
19:50
in costs. So it's not as if we're in an
19:55
environment where we're running a deficit, but people are out
19:58
there milling the heck out of silver and finding new deposits
20:02
and bringing them to surface. So that I think is going to be a
20:07
big issue at some point because if we're running a deficit now,
20:10
you're not getting the new investment to go in there.
20:15
That's a problem. And especially when you think
20:18
about how long it takes between getting something permitted
20:22
going out and drilling and then bring it to production.
20:25
If you do have a shortfall of silver, you there's not a switch
20:29
that you can flip on. And next year, all right, here
20:32
is a big new supply of silver that's coming on to the market.
20:38
So a lot of these things take longer then we might be ideal.
20:43
I mean, do we, are we living under the efficient market
20:45
hypothesis where everything gets factored in by everyone
20:48
perfectly at the same time? No, it doesn't work like that,
20:52
especially when a lot of the pricing is driven by bestman
20:57
speculation and what the Fed is doing and you can have these
21:01
periods and we're not seeing it just in silver.
21:03
There's other commodities that the supply and demand dynamics
21:09
aren't lining up, let alone if someone is expecting that we're
21:13
going to hit any of these green mandates, you don't, you don't
21:18
have the mining supply there to do so and it's not a quick
21:23
process that happens overnight. So I think that's where
21:26
ultimately we see the price forced to react to that.
21:31
Does it lead us to a situation where there is a shortage of
21:35
silver available to meet industrial demand, let alone if
21:42
we have a monetary event that really spikes in investment
21:45
demand higher as well It it certainly seems to me like we're
21:49
on track to have that when that plays out again we'll see and
21:54
people want to keep watching what's going on in Ron's
21:56
basement of course, but that's that's where it's lining up
22:01
right now and we'll we'll we'll see how that holds.
22:05
Yeah, yeah, you're you're, you're getting me excited
22:07
because I'm, I'm looking at the facts again, right, that in a
22:11
properly functioning healthy market, when demand is greater
22:16
than supply, the price goes up to fix that, which encourages
22:20
more people to to invest into things like silver.
22:23
That has not been happening. I guess the theory would be that
22:27
this the deficit has been plugged temporarily by what had
22:33
been some excess above ground inventories.
22:36
But at some point the market will prevail.
22:40
In theory if if demand does indeed continue to outstrip
22:45
supply and like you said, we do know that supply coming from the
22:49
mining companies for a number of factors has been going down.
22:54
So we could have a, a point at which there are no more or a
22:59
limited amount of above ground inventories to satisfy that
23:03
deficit and at that point possibly you know we could see
23:07
higher silver prices. Now on top of that and I want to
23:10
get your opinion on this Chris and and I think you touched on
23:13
this investment demand for silver fluctuates and that's
23:18
I've heard some people say that's that's kind of like the
23:21
marginal demand number and that's what can to a certain
23:24
degree really move the price. So if we work off this theory
23:29
that let's say in the West, in the United States, maybe, I like
23:33
to say maybe maybe one in 200 people invest in physical
23:38
silver. If we focus in on silver, that
23:40
if, if, if, if, if there's a big uptick, maybe because of
23:45
financial issues, whatever the case may be in investor demand
23:49
for silver and that number goes to 2 and 200 or 4 and 200, you
23:54
start to look at multiple amounts of money coming into the
23:58
silver sector. Maybe what happened a little
24:01
less than a year ago with the banking crisis in 2023 is a good
24:06
example of what can happen where it's you know I would go to my
24:09
local coin shop and there there was no silver and they were you
24:13
know I was saying hey you need to wait six weeks or 8 weeks
24:15
whatever the case may be on top of that.
24:19
So you have that that prospect of of of increased investor
24:24
demand. But on top of that also we all,
24:28
we also know that as the price of silver goes up silver
24:31
investors we and I'll include myself tend to buy more as at
24:36
the price goes up that we could have like AI don't want to say a
24:39
perfect storm but I'm trying to be optimistic here that we could
24:43
get into a period of time where where where where the demand for
24:47
silver becomes quite robust and a a point at which the market
24:51
can't supply the silver that's needed.
24:55
Yeah, absolutely. I think that makes a lot of
24:57
sense. And one of the things that draws
25:00
people to silver sometimes in in some cases more so than gold
25:05
where you have a very small market that if you see a lot of
25:11
interest come in which you know we've we've had glimpses of at
25:16
various points in the past couple of years, although
25:20
they've died out somewhat quickly yet.
25:23
You know if you see money come in and I mean it's a billion oz
25:27
market at 23 bucks that's silver supply 23 billion or so.
25:33
I mean that's relative to the size of a lot of other markets
25:37
is a small market. Certainly people who get into
25:40
the mining stocks, especially some of the silver juniors and
25:44
explorers, if you have any significant amounts of money
25:49
come into these spaces, that's going to have to push things up.
25:53
So I've wondered what things will look like when you see
25:58
silver over $30. Again, we live in a world where
26:01
there's a lot of investing on momentum and people wait until
26:05
things start moving up to pile in.
26:07
And certainly that creates an environment where with a rising
26:11
solar price, if you do see, I wouldn't say even when you do
26:15
see that investment come in, that necessarily has to push
26:19
things up in a bit of a substantial way.
26:24
And it's it's it can be tough to wait, tough to sit on yet when
26:34
when you have a credit event. We again looking back to what
26:37
happened last year, I mean there was a stunning surge in retail
26:41
physical silver investment. A lot of shops are running out
26:45
of product and that's something that we've also seen several
26:50
times over the past couple years during silver Squeeze, a couple
26:53
times in between. Then when to it's a bit of a
26:57
bipolar environment in which it works where for the last couple
27:02
months things have been really on the slower side, but when
27:06
things heat up, things quickly go unavailable.
27:09
So that certainly has been the history of silver, especially in
27:14
these past couple of years. And I would expect that we'll
27:17
get that again because if you have the industrial demand
27:21
continuing to grow, which all of the reports and data that we've
27:25
seen have suggested that's the case and is forecast to happen
27:28
again in 2024. Then if you have a ongoing surge
27:35
in investment demand, certainly that throws A variable into the
27:40
equation somewhere to what we saw last year where there was a
27:42
big spike. If that doesn't come down
27:45
quickly, yes, that's when you could see the potential for a
27:50
gap between that supply and demand to really exacerbate
27:54
things. And I think when, yeah, when you
27:57
have that happen, there's going to be a day where you can see
28:01
things move pretty quickly. And I think we'll be worth the
28:04
wait for people are testing in this little space, even aside
28:08
from, you know, some of the bigger monetary implications,
28:11
like you said, just the small size of it and fitting money
28:14
into that, it's going to have an impact.
28:17
Yeah, it it you know I like to point out I I always check on
28:20
Yahoo Finance every morning and at the top of the page they have
28:26
the tickers you know the NASDAQ, the S&P and you know the the
28:31
Russell 2000 and then they have gold and then they have silver.
28:35
And it just you know boggles my mind I think how you know if if
28:38
silver's not that important why does why you know it's a 20 like
28:42
you said $23 trillion worth of silver is mined every year and
28:46
when you compare that to billion I'm sorry, I'm sorry billion.
28:51
And you compare that compare that though to the trillions
28:54
that you know that the market caps of companies like Home
28:57
Depot even or just, I mean it's it's a very small market that I
29:03
guess I forget who says it, but you know that if money starts to
29:07
come in, it's like trying to drain Hoover Dam with a garden
29:11
hose. I forget who who said that, but
29:13
it it to me that makes sense. Yeah.
29:17
And I I think that's one of the things that really catches the
29:20
eye of a lot of people who get into silver, perhaps draws them
29:24
in some cases away from gold where most of the gold's still
29:28
out there versus silver. So much of it being consumed by
29:31
industry, so not much leftover for that monetary component.
29:38
And it'll be an interesting dynamic.
29:41
Well, we haven't seen central banks buying any silver yet.
29:45
Certainly that would be quite a game changer if that did take
29:51
place, although strong demand of silver from China.
29:56
We've seen India slow down but there's a lot of a lot of places
30:00
especially in the Far East where we're we're seeing a lot of
30:03
demand for silver and at some point you reach that break point
30:09
where it's just not there and if you don't have money going into
30:13
increasing the supply, we don't know the timing on how all that
30:17
shakes out, but you can you can see where it's headed in
30:20
advance. Similar to the same way I think
30:23
a lot of people who were looking in the right places saw what was
30:26
going to happen to the housing market in advance.
30:29
It's just tough in a world where investment horizons often very
30:34
short term day trading or a lot of funds or banks marking by the
30:39
quarter of the year. Doesn't make it easy if people
30:43
have that mindset to be looking at something that's more long
30:47
term before you see that payout. But you can see the the pieces
30:52
and certain things that are going to have to evolve and and
30:55
follow through whenever that that day and time comes.
31:00
Yep, Yep. And we could, we could talk
31:02
about the bricks for hours in this.
31:06
You know, we are seeing a a shift, a slow gradual shift
31:10
though towards new markets for the metals being developed as
31:14
well. The Shanghai Gold Exchange, for
31:16
instance, where I keep hearing that an ounce of silver on the
31:20
Shanghai Gold Exchange sells for sometimes two, sometimes $3 more
31:25
than what they're selling for in the Comex.
31:28
Yeah. We've seen those increased
31:29
spreads. The gold spread got pretty wide,
31:32
I believe it was back in early September.
31:34
Silver premiums have remained elevated and you know there's
31:40
going to be some degree to which we see some of these things are.
31:43
We've seen a lot of gold go over to China in these past couple
31:47
months and I believe there's a lot of silver going over there
31:50
as well. And you see the the way that
31:54
countries are speaking about this situation, they they they
31:57
taught you see Putin say the same thing that gold and silver
32:00
investors are one like with the with the way the dollar is used
32:03
as a weapon. They don't like how borrowing is
32:07
just papered over with more printed dollars.
32:09
And that's a big change that we've seen in these last couple
32:13
years because 1020 years ago it was one thing to say all right
32:17
countries don't like how the US is is pulling people around and
32:21
using the dollar as the financing mechanism.
32:25
Now they're standing up in ways that decade or two ago would
32:28
have been unimaginable to believe.
32:32
And it's not just some smaller countries that are more easily
32:36
pushed around, but large nations with large resource bases that
32:41
are actively moving away. And this is let alone the the
32:45
possibility that don't think we know how it's going to play out
32:49
yet, but we've heard the White House talk about taking the 300
32:53
billion that was frozen of Russian assets and now
32:58
considering taking it and just sending it to Ukraine.
33:02
And if foreign countries were a little concerned about the
33:05
safety of reserves that could be frozen at any point, they were
33:10
already concerned about that. Should that go through, I've
33:14
read some interesting research papers in the last couple weeks
33:19
imagining how Putin might respond to that.
33:24
Obviously you would imagine he's not going to be particularly
33:26
thrilled and same time when they've been studying, we we
33:32
don't know what the ultimate outcome but certainly we've seen
33:35
enough out of Russia. They had that temporary soft peg
33:38
to goal shortly after the invasion.
33:41
Sergey Glasyev has been one of the top lieutenants in Russia,
33:46
has been studying ways to move and transition towards this
33:49
system. There's a lot of speculation.
33:51
Maybe something would happen at last year's BRICS meeting, which
33:55
it didn't happen overtly yet. I don't get the feeling that
33:58
it's not that it's been dropped behind the scenes and we see
34:02
enough coming out. And you can also look at the
34:05
reasons why countries are responding like this.
34:08
So another dynamic added on that leaves you feeling a little less
34:15
than ideally safe in some of the current traditional legacy
34:19
assets like a dollar in the US Treasury, Yeah.
34:22
Yeah. Well, Chris, thank you.
34:25
This has been great. I think we, we, we looked at
34:28
some of the base fundamental factors affecting the silver
34:32
market. We zoomed out and looked at the
34:34
geopolitical factors and I think you and I could talk for a lot
34:37
longer, but on behalf of everyone who's joined us today,
34:41
I want to say thank you. Like I said at the beginning,
34:44
you have years of experience, your respected voice within the
34:47
precious metals community. I think we also share a channel
34:53
sponsor, Fortuna Silver sponsors my channel.
34:56
Also, one of your sponsors will say thanks to them for making
35:00
this video possible. They're intermediate, global
35:04
gold and silver miner. And if people want to learn more
35:10
about you, Chris, in Arcadia Economics, how do they do that?
35:14
Well, best way is just go to YouTube and find us at Arcadia
35:18
Economics. We have show Daily actually
35:22
about to be introducing some new a new schedule with some
35:27
different things that I think people will enjoy.
35:29
Fortunate to have a couple other posts on there that have
35:32
different perspectives and talk about the markets from different
35:35
angles, but certainly with a focus on the metals and our
35:41
channels at Arcadia Economics. And as you mentioned it's, it's
35:47
been nice following your progress along as you built your
35:50
channel up. And I I think it's great that
35:52
there are people out there talking about these things.
35:55
I know you're going at this every day and just letting
35:58
people know about some of the things that aren't covered in
36:01
many other of the financial media, which I think are
36:04
important to know. I think it's good to have a
36:07
balance to a lot of these things get different sources of
36:10
information. But certainly appreciate, I
36:13
enjoy watching your show and appreciate that there's there's
36:16
Someone Like You that's taking a step back and looking at some of
36:20
these bigger issues and helping people to be prepared for some
36:24
of the things that are happening and coming.
36:26
And just nice to catch up with you again today.
36:28
Absolutely. And some of my favorite guests
36:31
that Chris has on Arcadia Economics, Rafi Farber, Dave
36:35
Kramzler, is it Jim Willey, is that correct?
36:39
He's he's one of my favorites as well.
36:41
From time to time, always, always playing to say for Jim.
36:45
Yes. And in many more, I think Bill
36:48
Holter, I've seen, I mean you you get some of the top people
36:53
and some of the most insightful people.
36:55
So I would encourage all of our viewers right now to go, if you
36:59
haven't already, most people know of Arcadia economics, but
37:02
if you haven't already, go check out Arcadia.
37:05
Chris, Thank you and I'll look forward to talking to you soon.
37:09
Thanks, Ron. Appreciate it.
37:11
And we'll we'll look forward to doing this again soon, my
37:13
friend.