Latest / SILVER / GOLD / $UFD Meme Coin Investing & Global Economics / 🚨 Don't MISS what's coming for SILVER 🚨 - Gold Price & Precious Metal Mining stocks) - Lior Gantz

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🚨 Don't MISS what's coming for SILVER 🚨 - Gold Price & Precious Metal Mining stocks) - Lior Gantz · SILVER / GOLD / $UFD Meme Coin Investing & Global Economics

• 0:00
  2025 was a banner year for precious metals.
• 0:03
  What will come in 2026? Today we have a special guest,
• 0:08
  Leor Gantz. He's the founder of Wealth
• 0:11
  Research Group. He's been following silver,
• 0:14
  gold, precious metal mining stocks for a long time and he
• 0:17
  has some interesting insights into what we may see in 2026.
• 0:22
  Leor, welcome to Ron's Basement. Thank you.
• 0:26
  So 2025 before we went live, I looked back a year ago right now
• 0:32
  silver for instance, we had a silver price around $30 and it
• 0:35
  really stayed there almost through May, June of last year.
• 0:40
  Obviously the last six months have been very good for silver,
• 0:43
  but pretty much the same thing is true for gold as well.
• 0:47
  When you look back at 2025, any any observations, anything that
• 0:52
  you think was significant that caused the big price increase?
• 0:56
  Yeah, I think if you look in general, the the world that we
• 1:02
  live in, in terms of silver started when Trump's first
• 1:07
  victory came about in November of 2016.
• 1:11
  And from that point on, you are effectively living in in a new
• 1:18
  world that is post the Bretton Woods system.
• 1:22
  And I would say it's it's post the Soviet Union LED America
• 1:29
  system that you saw from 1993 and you saw really failing in
• 1:34
  2008. And after 2008, the United
• 1:37
  States had a chance to effectively vote for somebody
• 1:41
  like Trump that wants to to make America great again, that wants
• 1:44
  to reassert sovereignty and, and take it back to more of its
• 1:51
  greatness and roots and, and thinks that it's special.
• 1:54
  And in fact, you had the opposite.
• 1:56
  You had a sort of the taken over of the bureaucrats and you saw
• 2:03
  the central bank taking a much more important role in finance
• 2:08
  and economics than the Treasury or the government.
• 2:11
  Basically, you know, interest rates up or down and QE yes or
• 2:16
  no that determined everything. And because it started to
• 2:20
  determine so much interest rates went to went to 0.
• 2:24
  Now the reassertion of the importance of government came
• 2:28
  with with the people voting for him.
• 2:31
  But he had a very rough time trying to basically execute on
• 2:38
  what he did. And after losing the 2020
• 2:41
  election, when he came back, he came back with a very clear
• 2:44
  mandate of what he wants to to do.
• 2:48
  And on Liberation Day, you saw the clearest example of the new
• 2:55
  world that we are entering, I call it the capable nations
• 2:58
  world order. I, I can explain that further.
• 3:01
  But effectively, how many times has Donald Trump ahead?
• 3:07
  And I will get back to the silver question, of course, but
• 3:09
  how many times ahead of Liberation Day?
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  As he told everybody, the entire world, everybody knew Liberation
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  Day is coming April 2nd. And on April 2nd when tariffs
• 3:21
  were announced, the markets tanked just like in COVID.
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  And my point is to say that this was such a stark difference
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  between his strategy and what you see in Europe and in other
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  Western countries where they, they always or or at least in
• 3:40
  the last 30 years, they've chosen to go with diplomatics,
• 3:43
  with flexibility, with not going all the way.
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  And you saw the opposite. So even though it was such a
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  known event, the markets crashed because it was out of character
• 3:54
  for a politician to follow through on everything.
• 3:58
  And and on April 7th, silver bottom for the year.
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  It started to then climb because the markets started to realize
• 4:09
  that you have a new world. If you have tariffs, that means
• 4:13
  there's a risk premium on commodities.
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  The risk premium intensified after Trump announced 50%
• 4:22
  tariffs on copper, aluminum and steel in in August 1st and that
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  prompted the CCP to use their weapon, or I shouldn't say
• 4:36
  weapon. There's their leverage. the US
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  has a leverage because it's 5% of the global population, but it
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  has a 250 year market that is unmatched in the world.
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  Sophisticated, complex, rich, abundant, etcetera.
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  And so Trump uses it to say this is a premium market.
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  If you want to play, you need to pay.
• 4:56
  That is the duty you need to to get in.
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  And before the bureaucrats took over government with the first
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  reformist president, Woodrow Wilson, in 1913, there was no
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  income tax, There was no central bank, certainly not no Federal
• 5:08
  Reserve. That everything was about
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  tariffs. So tariffs made America rich and
• 5:14
  it can make America rich again. And obviously it unburdens its
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  own population because it it it effectively taxes the rest of
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  the world the other 95%, which is makes more sense.
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  China has a real foothold in value chains, in supply chains,
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  in in manufacturing, refining, processing, etcetera.
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  So just like the US can use Liberation Day and tariffs, they
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  can use their soft power, which is the threaten.
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  Hey, we will do this if you such and such.
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  And in October they did that for real.
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  They sent a letter to basically all governments saying rare
• 5:55
  earth. That is our game.
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  We own it. OK.
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  Just like, you know, the United States has their market, we have
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  rare earths. They will be now restricted.
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  We will call the shots that started a, some sort of a, a
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  extrapolation effect as to what could be the next rare earth.
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  And when they announced it on silver, that really made silver
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  go go to where it is today. And it can go a lot higher
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  because what the markets now realize is that anytime these
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  two countries need to, they can, they can go to full blown like
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  crazy mode. When, when Thailand and Cambodia
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  started to fight again, Trump really recalled him.
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  Is that 100% Europe from now until you finish?
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  So and, and, and China can do the same thing.
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  So that premium now that hey, we just don't know, there could be
• 6:50
  a, a chance that you don't get your silver is now in place.
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  That effectively is what's happening with silver.
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  That is why it has done so well. And here's the kicker, since
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  1993, because the Soviet Union collapsed and because silver was
• 7:10
  so abundant, because it was demonetized, so the bigger, the
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  biggest seller, the biggest buyer in the market, which was
• 7:16
  governments and central banks historically for silver, went
• 7:19
  away. You had abundant silver.
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  The price plummeted and had no premium as a precious metal.
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  It became so cheap that most mines turned it into a
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  byproduct. And then and then it became so
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  cheap that it was found out or discovered or rediscovered for
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  its conductor uses in electricity being the best
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  conductor. So then you had the perfect
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  storm. You have a very industrial metal
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  right now which so, so this is very different than 2011.
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  This is not a retail mania. This is industrial companies
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  saying we have to have it. We we use it for everything and
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  that is what happened in 2025. Wow, Yeah, very interesting.
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  I wanna, I wanna point out, I appreciate the way you talked
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  about what I would call the big macro effects that are affecting
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  the silver price. I think I'm guilty of it.
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  A lot of people in the silver market go look at the DXY index
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  or look at these different little data points.
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  But there really is like a big underlying current that you
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  described very well that I think is affecting kind of the the big
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  picture when it comes to silver. Do you agree with the statement
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  that I hear a lot of people making that China is effectively
• 8:34
  now taking over the pricing mechanism for silver?
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  No, I I elaborate. So where you live, the price of
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  an orange is probably different than the price of an orange when
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  I where I live and in the world we lived in, there was a fake
• 8:53
  price for silver determined only by the Comax in London.
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  That has nothing to do with most other nations, most other
• 9:03
  markets, etcetera. Now we have a, a better market,
• 9:07
  a freer market and the price of silver is different and that's
• 9:11
  exactly how it should be. It is different.
• 9:14
  Every country has its own rules. It's not a globalized world.
• 9:17
  We have, you have different tariffs on every country.
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  So of course there's a different price for silver.
• 9:22
  And I think that mechanism will continue.
• 9:25
  Obviously the arbitragers will start to tighten.
• 9:28
  But yes, the, IT, it's, it's, it's definitely a, a much freer
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  market. And I think that what China is
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  doing, it's not taking over, but it's certainly creating a
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  situation where it's, it's, it's creating its own closed circle
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  supply chain just as the US is creating its own.
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  And then Europe is trying to understand where it comes in, in
• 9:55
  the whole picture because it's not, it's, it's, it's not the
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  same as in the United States. They're not playing to win.
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  They're in a managed decline mode and they're trying to
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  create this global bureaucratic governance around the entire EU,
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  where as the US is trying to reassert its foundational roots
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  of freedom and greatness, etcetera.
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  So and then you have India, obviously the biggest country in
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  the world and they're playing and everything.
• 10:23
  So we're just in a freer market and it just means that the price
• 10:29
  of silver will be different in in different regions.
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  That's what I think. And, and I did Ron, before the
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  show. Create a special report for your
• 10:36
  viewers on my outlook for silver for 2026 that you can download
• 10:41
  at wealthresearchgroup.com/two 026 or 2026 silver.
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  So 2026 silver. If you download that report,
• 10:50
  you'll see more of my thinking for the rest of the year because
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  I think we are, we are in a bull market and that bull market does
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  not stop just because the price is now 80 and and you're
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  thinking, wow, this is high. Yeah, yeah.
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  And before we end our interview, remind me and I'll actually go
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  out, show the viewer on the screen, the website, if you'd
• 11:12
  like me to, where they can go to download that report.
• 11:15
  Sure. Appreciate it.
• 11:16
  Yep, Yep. So when I look at the, the
• 11:20
  history of the silver price in nominal terms and I look at
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  let's say 1980, right, the big cup and handle formation that
• 11:27
  started in 1980, 2011. And then we Fast forward to
• 11:32
  today with all the factors that you, that you, you described,
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  you know, I can't help but think how different things are now.
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  Also when you look at just the nominal high, right, 1980, 2011
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  and how, as you described now in 2025, fourteen years later on,
• 11:51
  AI would guess, I would say a world market force level, right?
• 11:55
  Like the free market, the free market forces will, will now
• 11:59
  determine the price of silver. You know, when I look back at
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  it, 2011 or 1980, I don't think the China and India were very
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  big influencers or players. I mean, they were players, but
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  they weren't, they didn't have the ability to exert the, the
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  market force on the metals like they do now.
• 12:17
  Is that a safe a safe statement? We are.
• 12:20
  Absolutely. I think look in in in 1971 in
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  August when when the the gold window closed a silver oz was a
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  dollar and 92, it went all the way up to 50.
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  But if you, if you remember 1979, it went up 433% in one
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  year. And that's because to oil meant
• 12:44
  from, from Texas cornered 1/3 of the warehouse supply.
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  They literally cornered the market.
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  So it was, it was a much less sophisticated market back then
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  and certainly a lot less robust in terms of industrial uses.
• 12:59
  It was mostly a purchase metal and mostly controlled by
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  governments and, and there was a retail market in America.
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  But yes, I, I, I would definitely say that China and,
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  and India does not play a big part in the 1971 to 1980 market.
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  Then in 2011, effectively you had a bull market from 2001 and
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  and then it, it, it crashed basically in 2008.
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  It went from $21 to $9 in, in the, in the unraveling of Morgan
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  Stanley and, and, and of Lehman Brothers.
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  And then it it, and then there was a retail menu and, and the
• 13:39
  retail menu took it from 9 to 49 in, in a couple years.
• 13:44
  And that that's why that bull market was killed just by the
• 13:47
  CME raising margin requirements, which you're trying to which
• 13:50
  you're doing now. But it's ineffective because
• 13:52
  there is no leverage in the same way.
• 13:54
  So it's, it's very different and it's not because of the same
• 14:00
  causes. So we are where, where I see the
• 14:04
  price of silver can going to is from an industrial point of
• 14:09
  view, you have a very simple every CFO in the world is is
• 14:13
  doing the same thing right now is he's asking himself, at what
• 14:16
  price do I switch my silver conductor in, in my solar panel
• 14:22
  in my in, in, in whatever I use it for with something else.
• 14:27
  Others, other companies, other CF OS are looking at what price
• 14:31
  does it make sense to open recycling plants and try to
• 14:35
  recycle all this scrap silver that is being thrown away
• 14:39
  because it's going out of circulation forever.
• 14:41
  And of course, governments, and this is the big one.
• 14:44
  This really can change the entire market if one government
• 14:49
  decides to re monetize silver and create a trickle effect.
• 14:54
  It could be even a small government.
• 14:55
  It doesn't have to be anything big.
• 14:56
  Could be a Latin American country where it's where silver
• 14:59
  was first found in quantities by the the the Peruvians and
• 15:04
  obviously the Mexicans and and or it can be a bigger country
• 15:09
  could be a region in India, a region in India with two hundred
• 15:12
  250 million people. So these are like the the wild
• 15:15
  cards. If if it if it's re monetized,
• 15:19
  that's a big one. So.
• 15:22
  Yeah. What, what about this report?
• 15:24
  I'm, I'm sure you saw it or most likely I've seen it that in
• 15:27
  India, I think in March or April, the banking system is now
• 15:31
  allowing the like the Indian farmers to use silver as
• 15:36
  collateral is direct collateral to, to get loans from the banks.
• 15:41
  I mean to a certain area. And some people have said that's
• 15:44
  a kind of a pseudo re monetization of silver because I
• 15:48
  know in India, I mean, right, 1.4 billion people.
• 15:52
  I heard a report the other day that showed how fast their
• 15:56
  economy is growing like 789 percent per year.
• 15:59
  That's the. Big dog now.
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  And they love precious metals and they love silver that that
• 16:05
  could be a real driving force going forward as well.
• 16:09
  Absolutely. And and I think the big one for
• 16:12
  them is if they allow the people to to put it in their pension
• 16:17
  programs. So the world is aging a lot.
• 16:23
  And if, if big economies like those and not big in just
• 16:29
  necessarily in, in numbers, but big in demographics are allowed
• 16:33
  to have silver back in their lives, it's going to be an, an
• 16:38
  enormous thing. I, I would say if you're looking
• 16:41
  for like a price target and and like begging me to give you 1,
• 16:45
  come on. Lior we want a price target.
• 16:46
  Yeah. So I, I really do think that 120
• 16:50
  for silver is very doable because at 120 it starts being
• 16:57
  more economic to use other metals for a few of the
• 17:03
  materials. But for now it's not.
• 17:05
  So I think the demand for silver is going to continue.
• 17:10
  And at the same time, there's nothing weird about silver going
• 17:14
  to 120. Even if the price of gold
• 17:18
  doesn't do anything crazy, even if it goes to 5000 it's still a
• 17:23
  40 to 1 ratio which is very doable.
• 17:25
  Just over 40 even. Yeah, so.
• 17:28
  And let's not forget, there's only so much silver on the
• 17:32
  planet, right? And we know that for the last
• 17:34
  what, 5-6 years, the world's been running a silver deficit.
• 17:38
  So essentially kind of borrowing silver from the above ground
• 17:42
  rainy day fund. And and you said this earlier
• 17:45
  and it's something that really excites me and there's such a
• 17:48
  confluence of factors supporting the silver price.
• 17:53
  But because the price has been kind of artificially manipulated
• 17:57
  down for decades, a lot of people say there hasn't been any
• 18:01
  incentive for, for people to really go out and try to
• 18:04
  discover or develop new silver mines.
• 18:07
  So this idea that that you could just turn a knob and, you know,
• 18:11
  increase silver output, it's gonna take five years, 10 years.
• 18:15
  I mean, it really it's, it's, it's a, it's a very optimistic
• 18:18
  scenario for the silver price. And I know you've followed some
• 18:22
  of the silver miners as well. I mean, that's just, there's
• 18:25
  not, there's not a not not a great number of of of silver
• 18:30
  mines that are that are planned to be coming online in the
• 18:33
  coming years. Is that safe to say?
• 18:35
  Yes and and we haven't seen a lot of innovation in mining.
• 18:38
  It's been such a deserted industry that it, it's it, it's
• 18:42
  it, it just takes time. There's no real innovation.
• 18:45
  There's no robotics automation, AI has not come in yet.
• 18:50
  It it in a big way. So yes, it, it just, it just
• 18:54
  takes time. And because it's a byproduct,
• 18:57
  it, it is important to to realize that it's not a direct
• 19:02
  thing that that can happen. I do think that in America you
• 19:06
  will see a boom of silver mining coming back from Nevada and
• 19:11
  other jurisdictions because the Trump administration is going to
• 19:14
  just fast track permits. I think that that idea of fast
• 19:20
  tracking permits is going to happen throughout the Americas
• 19:25
  because that's the only way to compete with the with China that
• 19:28
  plays by those rules. They, they, they are only
• 19:32
  interested in the bottom line. And, and so that's going to
• 19:36
  happen in the West as well. Look, at the end of the day,
• 19:40
  when the price of silver goes nuts, it's not it's not healthy.
• 19:45
  So it's not like we're we're all sitting here giddy because the
• 19:49
  price is going to 1000. That means something's
• 19:50
  incredibly wrong. But before it was incredibly
• 19:53
  wrong that it was artificially low.
• 19:55
  Now I think we we've seen a re rating, I think that we are in a
• 19:59
  bull market. The bull market will end at some
• 20:02
  point and, and, and who knows what will happen to the to the
• 20:07
  monetary system itself, but. For now, I think we are in a, in
• 20:11
  a bull market in, in gold, silver and commodities in
• 20:13
  general because of the reason I, I pointed at the reasons I
• 20:18
  pointed out before. And I also think that that
• 20:21
  because of the capable nations world order, every country is
• 20:26
  now being way more transactional about their resources.
• 20:30
  So that means they're like, OK, before I sell this to you, what
• 20:35
  are you giving me? OK, I have two problematic
• 20:39
  neighbors. Can you put your defense
• 20:40
  systems, your, your, this systems here?
• 20:42
  Can you train my soldiers, etcetera, Sir.
• 20:44
  So I think that's important to to keep in mind as well.
• 20:48
  We are out of the world where it's it's super globalized.
• 20:55
  There's no friction on the open, on the open seas.
• 20:59
  There's no all these choke points that were filled with
• 21:04
  piracy or with the duties throughout the history, the
• 21:08
  British Empire and then before them other powers and and all
• 21:14
  these straits were very like strategic.
• 21:18
  It stopped being like everything was getting to you all the time
• 21:22
  whenever you wanted it. You had no shortages, certainly
• 21:25
  not in the West. And I think that world is ending
• 21:29
  and you're seeing that with Greenland, with the Panama
• 21:32
  Canal, you're seeing with with. Venezuela.
• 21:36
  Yeah, Venezuela, the Straits of Malacca, and you're going to
• 21:39
  continue to see it. We are back to the idea, or I
• 21:47
  should say the fantasy that by integrating everybody into this
• 21:51
  world system, you would eliminate the, the different
• 21:57
  cultures and their different concepts of dominating is over
• 22:03
  and, and, and, and that's it. We, we are back to a world where
• 22:07
  there's issues and you need grown-ups to solve it and, and,
• 22:12
  and that's what's happening. So there is a risk premium on a
• 22:15
  lot of these things. Yeah, I heard, I heard somebody
• 22:18
  describe it the other day, is that there's also a scramble for
• 22:22
  resources going on in the world, like whether it's silver, gold,
• 22:26
  rare earth, medical metals, oil, anything, any resource, food,
• 22:31
  even commodity. Like there's just a scramble and
• 22:33
  it feels that way with what's going on.
• 22:36
  And I like the way you described it because it, it does it, I
• 22:39
  mean, it, it look, I'm 55 years old.
• 22:42
  The world feels much different now than it did when I was 40
• 22:46
  years old in terms of how nations are interacting with
• 22:49
  each other, protecting their natural resources and, and, and,
• 22:53
  and things along those lines. You, you touched on the precious
• 22:57
  metals mining stocks. And I'd like to get your opinion
• 23:00
  on that because, you know, we've seen this really great run in
• 23:04
  the gold price and the silver price.
• 23:06
  I invest in precious metal mining stocks and it feels like
• 23:09
  they've done very well. I'm very grateful.
• 23:11
  But on a lot of metrics, it feels like they still have some
• 23:15
  more catching up to do or maybe a little more believing that
• 23:19
  this rally in the metals prices is for real.
• 23:22
  And you know, you touched briefly on this earlier as well.
• 23:26
  I mean, it was just two or three years ago that if you were
• 23:28
  buying silver mining stocks or even gold mining stocks for that
• 23:33
  matter, it really felt like you were in a ghost town, almost
• 23:36
  like there was just no, there was not a lot of activity.
• 23:39
  There weren't a lot of people there.
• 23:41
  I heard one, one person describe it as, you know, in the, in the
• 23:44
  junior gold exploration sector, it was like a high school
• 23:48
  gymnasium full of people who were trading amongst themselves.
• 23:51
  That seems to have changed. That sentiment has has, has
• 23:56
  changed, but it still feels like there's some catching up to do.
• 24:00
  And when you look at those at that sector of the of gold and
• 24:04
  silver, the mining stocks, do you think we're still early in
• 24:07
  that run as well? I, I do, I just to go back to,
• 24:11
  to that to that scramble, then I'll answer.
• 24:13
  The scramble is because the West for the last 50-60 years has
• 24:19
  been living off of the dividends of the previous generation of,
• 24:23
  of the victory generation of World War 2.
• 24:25
  So the infrastructure, the, the bridges, the roads, the, the
• 24:29
  whole airports, like when you go to, when you go to the Emirates
• 24:35
  or to China or to Singapore and you see like their
• 24:37
  infrastructure compared to the West, you're like, what happened
• 24:40
  to us? Are we are we like, are we in a
• 24:44
  time machine here? So that golden era that is
• 24:49
  happening right now in America, for example, and, and you're
• 24:51
  going to see like building cranes everywhere, you're,
• 24:55
  you're going to see tax incentives, building incentives,
• 24:58
  moratoriums and taxes. They, they're going the, the
• 25:01
  whole, they are going for the win.
• 25:03
  They are going for the win. Therefore there's a scramble
• 25:07
  because you need so much copper, so much, so much of everything,
• 25:12
  uranium, etcetera. So, so that's on that the to
• 25:16
  answer your, your this question, I think that with gold and
• 25:22
  silver being such top performers, there's very little
• 25:28
  that a fund manager on Wall Street can do to keep justifying
• 25:34
  buying Meg 7 only and not having any exposure to mining at the
• 25:38
  precious metals. That is a huge term, huge
• 25:44
  because the mining sector is so small, so small comparative to
• 25:48
  other sectors because it's, it's it, it, it's been deserted to
• 25:53
  these other countries and, and now it's coming back.
• 25:56
  So that is a key point there. There's, there's very few fund
• 26:01
  managers in 2026 that will be able to say at the end of the
• 26:04
  year, if first metals have a good year, that that they, they
• 26:08
  were smart to just be business as usual and just do tech.
• 26:14
  So that's one thing. The the, the flow of money from
• 26:17
  Wall Street into mining is a, is an insane change.
• 26:22
  Secondly, in the Obama nightmare, you had a situation
• 26:28
  where the government prioritized saving a snail in his habitat
• 26:33
  than national security. So a snail was favored to
• 26:37
  national security. And in that scenario where like
• 26:40
  Trump said, I don't know if you heard that story, but it was
• 26:43
  like somebody was waiting for 15 years to get a permit.
• 26:46
  I call him and I say you have your permit and, and he was
• 26:49
  like, what, where, who are you? Like where did you come from?
• 26:53
  And he said, it took me too long.
• 26:55
  It took me 72 hours to get it to get that to you.
• 26:57
  And they were waiting for like 15 years.
• 27:00
  So that change is huge as well, because think about the big
• 27:05
  players, think about the barracks, the, the, the Newmans,
• 27:08
  etcetera. They're they're building giant
• 27:11
  mines and all they're thinking about these juniors is they have
• 27:16
  no way of surviving. So many regulatory problems, so
• 27:22
  many issues that the government is putting on them, then the
• 27:25
  state government, then this regulatory bike.
• 27:30
  What are we in a rush to do? Let the best one out of the 1000
• 27:37
  come up with a great project and we'll overpay for that project,
• 27:41
  but we know it's going to production.
• 27:43
  Yeah. So that is just flipped on his
• 27:47
  head because now you have a situation where these juniors
• 27:51
  have no regulatory issues. In fact, they are getting money
• 27:54
  from the government and grants. And like now it's a, it's now
• 27:59
  it's, if I'm going to buy this project, then somebody else will
• 28:04
  buy it. So that is a huge change.
• 28:07
  And that to me is the real reason that this sector is going
• 28:10
  to have a few good years of of re rating itself from where it
• 28:16
  is right now, just because these miners now understand that if
• 28:20
  they don't buy it, somebody else will buy it.
• 28:24
  And they also have a lot in their treasury because the price
• 28:28
  of oil is very low. So they're and, and energy is
• 28:32
  their biggest expense. So they are keeping a lot of
• 28:35
  that in house. And I think that that truly both
• 28:40
  of these are the big things, the flow of money from Wall Street
• 28:44
  and the incentive to buy juniors and not see them wither away and
• 28:48
  die and then consolidate them for pennies.
• 28:51
  Yeah, yeah, yeah. There's a chart.
• 28:53
  I wish I had it, but I don't have it up that I can pull up
• 28:55
  right now. And I'm sure you've seen it,
• 28:57
  that that shows the entire market cap of the gold mining
• 29:01
  sector, the entire market cap of the silver mining sector.
• 29:05
  And it compares it to NVIDIA and Amazon.
• 29:08
  It's a bar chart and, and you can see the gold mining sector,
• 29:11
  but literally the silver mining sector, the bar is so small, you
• 29:16
  have to like increase the size of the of the chart just so you
• 29:20
  can see it. And I agree with you.
• 29:22
  I mean, yeah, I I've said this for years that there's like this
• 29:27
  law of small numbers that these sectors are so small.
• 29:32
  And I would say it about physical silver as well.
• 29:34
  Like the number of people investing in physical silver,
• 29:37
  the percentage in the US anyway, is so small.
• 29:41
  It's like when you go from 3% to 9% of the population, that's a
• 29:47
  what, A2XA3X move in terms of the number of people and money
• 29:51
  coming in. And I think that applies to to
• 29:55
  the mining sector obviously as well, right?
• 29:57
  When you look at how small the overall market cap is, I think
• 30:01
  it was Doug Casey that said, like when that money flow comes
• 30:03
  like you described, it's like trying to drain Hoover Dam with
• 30:07
  a garden hose, right? It's just, it's overwhelming to
• 30:10
  the sector. And you know, neither of us have
• 30:13
  a crystal ball, but it could be some very, very good days ahead
• 30:17
  for not just the actual metals, but also the precious metal
• 30:21
  mining stocks. Can I take our viewer out to
• 30:24
  your website wealth research Group and you can show us where
• 30:27
  they can go to get the to get the free report you mentioned
• 30:31
  earlier? OK, All right.
• 30:32
  So I'm going to share my screen here in just one second and let
• 30:37
  me get out there. It's Wealth Research Group,
• 30:41
  correct? Correct.
• 30:42
  Yeah, Wealth Research group.com, I think first of all, if you
• 30:45
  want to subscribe to our newsletter, it's basically 5
• 30:47
  minutes, 6,000,000 reads that are similar to what we just
• 30:50
  discussed today, but we did it in 35 minutes.
• 30:53
  I can adjust them to bite sized wreath to your to your e-mail.
• 30:59
  OK, you're showing like an expose.
• 31:03
  So I've gotcha, OK, there, That's that's that.
• 31:05
  That was the ex post celebrating that silver had become the
• 31:09
  second largest asset in the world.
• 31:10
  But here I am Wealth research group.
• 31:14
  Yeah, so if you want to just subscribe to to the to the
• 31:17
  newsletter, it's right there on the on the homepage where it
• 31:20
  says e-mail address and become an insider.
• 31:22
  Now, if you click special reports, that's like a wide on
• 31:26
  the top menu. It's like a wide array where it
• 31:29
  says special reports. The second one it, it's a wide
• 31:32
  array of of download reports where you can just download,
• 31:38
  pick and choose and download whichever you want.
• 31:40
  If you Scroll down, you'll see how easy it is to just take each
• 31:44
  one and do that. And then the the the particular
• 31:48
  one that we discussed in the show, if you put on the on the
• 31:53
  tab wealth research group.com, but then you put forward slash
• 31:58
  2026 silver, you'll see that standalone page where that
• 32:02
  report exists and and ready to for download. 2026 silver, is
• 32:09
  that right? Right there, yes.
• 32:10
  Sir, I, I, I, I know what you're saying.
• 32:14
  I'm still saying that, yes. Correct.
• 32:15
  Is that it? OK, so there it is right there.
• 32:17
  So again, everybody that's Wealth Research group.com, you
• 32:22
  can just put it in Google and it will come up as well.
• 32:25
  Anything I forgot to ask you, Leor?
• 32:27
  This has been a great conversation, by the way.
• 32:29
  Thank you. You know, I really appreciate
• 32:33
  the beginning how you, you very eloquently described what I
• 32:37
  would call kind of the macro factors that are impacting the
• 32:40
  silver market And I think a lot of them hold true for gold as
• 32:44
  well. I, I, I, I think that me
• 32:48
  personally, I'm, I'm talking silver, gold every single day.
• 32:52
  Sometimes I can get mired in the details and forget that there's
• 32:55
  also these big macro factors that are providing real
• 32:58
  tailwinds for where we're going. Yeah.
• 33:01
  And I also appreciate you talking about the mining sector
• 33:04
  and offering some great unique insights there as well.
• 33:07
  Thank you. I think about gold, Ron, just to
• 33:10
  give a quick note. Oh yeah.
• 33:12
  Let's. Go it's it's well just to to
• 33:15
  wrap, I know you're trying to wrap things up with with gold.
• 33:18
  First of all, it since it's became become a tier one asset
• 33:24
  from the Bank of International Settlements in the Basel
• 33:29
  accords. So I think what's really
• 33:33
  happening with gold is the price of the, the circulation of the
• 33:39
  dollar in international transactions is declining.
• 33:44
  At its peak, it was around 62%, I'm sorry, even 72%.
• 33:48
  It's now, I think just shy of 60%.
• 33:51
  And it's going to continue to decline the, the dollar in, in
• 33:58
  Trump's view. First of all, have you seen what
• 34:01
  he did with pharma drug with, with drug prices?
• 34:05
  The favored nations. So basically the idea is very
• 34:08
  common sense. Why do we, the United States of
• 34:10
  America, pay more for our drugs than the, the, the country that
• 34:14
  pays the least. And we want to pay the least and
• 34:19
  we want to be the favored nation.
• 34:20
  And I have the negotiating power to make you whole as a, as a
• 34:25
  pharmaceutical company. I will call these other
• 34:27
  countries and I will raise their prices.
• 34:30
  And because we're only 5% of the population, if every country
• 34:33
  just does a little bit, then we can make this work.
• 34:35
  And that's what's happened. He views interest rates the
• 34:38
  same. Why is there a country that
• 34:42
  issues their debt at a cheaper interest rate than ours?
• 34:45
  We are the best economy in the world, the best military, the
• 34:47
  best. I think that one of the big
• 34:50
  changes you will see with the Fed is that the hoax that the
• 34:54
  Fed is, is an independent bank will end that.
• 34:58
  That is a Rouge, a Rouge, you say Rouge, right, A Rouge that
• 35:03
  is, that is a bureaucratic Rouge.
• 35:05
  That is effectively, that is effectively statism, which was
• 35:11
  invented during Woodrow Wilson's term and in fact before him with
• 35:18
  Theodore Roosevelt who said, you know, these politicians, they're
• 35:22
  they're, you know, they're bribable.
• 35:24
  We need to to deprive them of some of the decision making.
• 35:29
  We need to give it to this elite class of managers that are not
• 35:34
  elected. They're unelected and therefore
• 35:36
  they will be better for our country, these bureaucrats,
• 35:39
  right? And this, this is this idea of
• 35:41
  the independence of the Fed as if Jerome Powell is this semi
• 35:46
  perfect person that you just given the data and you will
• 35:50
  crunch the numbers, etcetera. So that idea that statism is
• 35:55
  ending and I think that the Treasury and the Fed will start
• 35:58
  working together and that is much better for our country.
• 36:01
  Of course, the best thing is to abolish the Fed, but the world's
• 36:04
  not ready for that. But the next best thing is for
• 36:07
  the Fed to work for the people and for the government to work
• 36:11
  for the people and for them to work together.
• 36:13
  And I think that with the change of the guard, with Powell
• 36:17
  leaving in, obviously a Trump appointee that Trump really
• 36:21
  vetted this time coming in, I think you will see interest
• 36:26
  rates going down hard. Yeah.
• 36:29
  And that is one of the things that the market is.
• 36:32
  It's just like liberation Day. He keeps saying it.
• 36:36
  He'll do it. He'll do it and you won't
• 36:39
  believe it. So I think that that's happening
• 36:42
  as well. And that and that will be a huge
• 36:44
  tailwind for the gold price, right, I mean it.
• 36:46
  Absolutely is because now, now the dollar doesn't fit as this
• 36:51
  global currency anymore. It, it, it fits you because
• 36:56
  you're an American. It needs to work for you, right?
• 36:58
  Not for not for global commerce. And that's why gold is much
• 37:02
  better for global commerce. So yes, that is that really is
• 37:05
  good for gold. Wow, wow.
• 37:07
  Thanks, Leor. That was that's a great you get
• 37:09
  you grave. You gave a great macro
• 37:11
  description of what's happening, happening with silver, but also
• 37:16
  with gold. And you made it very really easy
• 37:19
  to understand, I think for our viewers.
• 37:21
  So I appreciate it. I appreciate you coming on today
• 37:25
  on behalf of myself and of course, all the viewers,
• 37:28
  thousands of people out there that are watching this.
• 37:30
  It's been great listening to you and learning from you, and I
• 37:34
  hope that we'll get to see you back here again.
• 37:37
  Thank you.