Latest / SILVER / GOLD / $UFD Meme Coin Investing & Global Economics / SILVER STACKERS 🚨 ALERT! 🚨 -- TRUTH about SILVER PRICE ... (Gold Price too) - Silver Elephant Mining

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SILVER STACKERS 🚨 ALERT! 🚨 -- TRUTH about SILVER PRICE ... (Gold Price too) - Silver Elephant Mining · SILVER / GOLD / $UFD Meme Coin Investing & Global Economics

• 0:00
  $44.00 silver by Christmas. That'll be my first question for
• 0:05
  our guest today, John Lee. He's a respected voice in the
• 0:09
  precious metals community and he's the CEO of a silver mining
• 0:14
  company, Silver Elephant Mining. John, welcome to Ron's Basement.
• 0:20
  Hi, great to be back in your show.
• 0:21
  Ron, I think this is our third acquaintance.
• 0:24
  Yes, well, it's, it's great to have you.
• 0:26
  I watch all the videos that that that you put out.
• 0:29
  You have great insights into the silver price.
• 0:32
  So if I ask you that question, John, I'm, I'm predicting we
• 0:36
  could get to 44 dollar silver by Christmas.
• 0:38
  Am I crazy or is it possible? Well, I think that's a bit of a
• 0:43
  belated forecast. I believe last time we talked or
• 0:46
  not not so long ago, three months ago when silver was $32,
• 0:51
  the gold was barely 23 fifty 2400 and then in the blink of an
• 0:55
  eye gold right now we're printing almost 2700.
• 0:58
  Yes, silver stroke still struggling to break out of that
• 1:01
  323250 handle spin. A couple of reasons we talked
• 1:06
  about the last, the last our last broadcast is China is going
• 1:12
  through in the last 18 months what the what's similar to what
• 1:17
  US has come through in the financial crisis in 2010.
• 1:20
  There's a complete collapse of the real estate market.
• 1:23
  And I was actually just in China for business related to Soviet
• 1:27
  elephant and the slowdown is very evident.
• 1:30
  And I was in Beijing and others second tier cities are still,
• 1:35
  you know, boasting population of close to 10 million people.
• 1:38
  And the, it's a very somber tune that I am singing.
• 1:44
  And, and, and also a very clear separation of the east versus
• 1:50
  the West. Like, for example, Google is, is
• 1:54
  complete cease to function. The Google Maps, the Google
• 1:57
  reviews, just the Google for everything.
• 1:59
  It stopped working there. And it's, it's almost like
• 2:03
  everything stood in time. Friday was right before COVID
• 2:06
  of, of the places I visited. And, and, and you know, there's
• 2:10
  no reviews since 2020. And it just seemed like
• 2:13
  everything stood still. Friday was five years ago and
• 2:17
  All in all and, and China is one of the biggest silver consumer
• 2:21
  in terms of industrial applications and also one of the
• 2:24
  largest silver producer because a, a, a number of major silver
• 2:29
  smelters are based in in China. So I think a lot of that laggard
• 2:33
  on in silver has to do with the slow down in the Chinese economy
• 2:39
  and, and so the moving forward and the, the, the, the, the fate
• 2:44
  of the silver again would then rest on quite a bit on what's
• 2:48
  going to happen with the decision made by the, by the
• 2:52
  Chinese echelons above, whether they choose to reflate economy
• 2:57
  by printing more or are they more continue to to continue
• 3:02
  their path of the deep reform, right.
• 3:04
  I, I, I, it's the, the judges still out there.
• 3:07
  I mean, they could do something that the United States can never
• 3:09
  do because the elections comes every two years on the, on the
• 3:12
  Congress in four years on the, on the, on the presidential.
• 3:15
  So I don't think it's out of the question.
• 3:18
  In fact, Ron, I will go a step further and say that if silver
• 3:23
  were to make a run past $32 and if silver were to go past $32
• 3:28
  for say more than two, ten trading days for two weeks in a
• 3:31
  row, then the silver mark is clear to challenge 50.
• 3:34
  I don't think there's much resistance between 32 and 50.
• 3:37
  And and I'll go further to say that if silver to make a run, it
• 3:41
  will likely run between now and and November.
• 3:46
  And the reason is I think gold is really already reached my
• 3:50
  target of 2800 from the top and bottom handle, the bottom being
• 3:54
  the neckline being 2000, the bottom being 2015 low of 1200.
• 3:58
  So if you do extrapolate down to the other side, then that the
• 4:02
  target is 2800. That was my target at the start
• 4:04
  of the year. So the run for gold if it is any
• 4:08
  any sort of a, a conventional run up, you know not then then
• 4:14
  gold is this gold bull market is what he loaned in the tooth.
• 4:18
  And then and then if you look at the oil price and copper price
• 4:22
  and the silver price are stupid if a laggard.
• 4:24
  So either gold stays where it is and then silver play catch up or
• 4:29
  you might see a correction in gold back to the around the 2200
• 4:34
  moving average of about $2300, in which case silver is going to
• 4:37
  continue to consolidate at that 28 to $32 level.
• 4:41
  Couple of caveats. So I do want to mention because
• 4:44
  it's the question is the markets are never black and white is
• 4:48
  that the dollar had a major correction in the last 16 past
• 4:52
  12 months coinciding with the bull marketing goal.
• 4:55
  So I've been saying I believe in the last show that one of the
• 4:58
  indicators to looking at whether we're approaching sort of a
• 5:01
  intermediary top for the metals market is looking at where the
• 5:05
  dollar is. And the dollar right now has
• 5:08
  gone down around 8% from 1:10 to about 1100.
• 5:12
  And 100 is a very, very strong support is a 10 year support
• 5:16
  level. So for the dollar to go down
• 5:19
  further below 100, that's going to really take some something
• 5:23
  quite extraordinary. And I cannot think of anything
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  if if anything, the interest rate is actually what I call it
• 5:32
  sell rumor. So buy on sell on rumor and buy
• 5:37
  on news for the dollar. So what I mean by that
• 5:38
  everyone's been selling the dollar anticipating the interest
• 5:41
  rate cost and now the interest rate cut has happened.
• 5:45
  So people are being selling on the rumor.
• 5:48
  And I think that they're going to, you know, in terms of
• 5:51
  contrarian point of view, they're going to be buying the
• 5:54
  dollar on the news that the the cut has already happened.
• 5:58
  And I think the room for further costs is quite limited.
• 6:01
  And then the last caveat is then you throw in this election cycle
• 6:05
  that's coming in and if history is any guide, there was a very
• 6:09
  extraordinary managing of gold and silver prices in 2010
• 6:14
  leading up to the election. So, so you know, there was a
• 6:18
  major lid on the metal prices. There's there's only one in sort
• 6:22
  of the breakout and have people start questioning of what's
• 6:24
  going on in the financial, financial market.
• 6:27
  So All in all, my feeling is the window for silver is narrowing
• 6:33
  and closing is closing is closing down.
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  If if it needs to make a run up, it needs to do so very, very
• 6:39
  quickly and it needs to and it needs to do so in defiant of a
• 6:44
  rising dollar. It's not like it's impossible.
• 6:46
  I think today's a good example. Silver is up, 1% of the dollar
• 6:50
  is up. So it's not impossible.
• 6:52
  But then you know, in the end, if, if, if you want to, if you
• 6:56
  want to do a forecast based on fundamental technical analysis
• 6:59
  and then you got to stick to your guns, right?
• 7:01
  You cannot, you cannot just say this is the one off and and this
• 7:04
  time is different. Well, if, if, if, if this time
• 7:08
  is different, it's all the reason you can give it.
• 7:10
  Then what's the point of doing all these analysis?
• 7:12
  So I am not as so my point is silver should have been at 50
• 7:17
  already. I'm I'm a little bit let down on
• 7:19
  it's not and you see the reason on the oil and base metal prices
• 7:23
  and slow down in Asia. And then gold is leading the
• 7:26
  pack and is is running a bit about the steam.
• 7:28
  It's a little bit lethargic and so that if it's going to make a
• 7:31
  run at 44, might as well be 50. It needs to do so sooner than
• 7:36
  later. But you got this election cycle
• 7:38
  that's exerting real pressure. So I wouldn't bet the farm right
• 7:42
  now. I I myself am not, but then, but
• 7:46
  then I'm not out all out of my position.
• 7:47
  I still have a big position. It's so relevant.
• 7:50
  So you know, it's never kind of dry and and the glass is so
• 7:54
  half, half, half full and half empty.
• 7:55
  That's my SO, that's my prognosis at this time.
• 7:58
  Yeah, yeah. So it sounds like the the window
• 8:00
  of opportunity for a run is shrinking.
• 8:02
  But what about if you think two or five years out in the future,
• 8:07
  do you give that any thought when you look at silver?
• 8:09
  What are you, what are your feelings for the silver prices?
• 8:12
  Maybe we go out into that time frame.
• 8:14
  Right. Everybody has a different risk
• 8:17
  tolerance and time horizon. That's something sort of a
• 8:20
  cookie cutter template as a chartered financial analyst will
• 8:23
  give you this, this a dodge applies especially towards the
• 8:30
  gold and silver market. So if you look at a, if you look
• 8:33
  at a AA40 year chart from 1980 to say today in a given 10 year
• 8:40
  and I think it it given a 10 year window a given decade, gold
• 8:44
  and silver will probably stay at about about two years going up
• 8:49
  more even less than that. I mean every average bull market
• 8:52
  for silver is about 12 months. So it was, it was an average
• 8:56
  about 12 months going up or two years going up to several
• 8:59
  occasions that say and then three years going down and then
• 9:02
  and then and then five years of doing nothing.
• 9:05
  So given that again, if you look at that cup and handle
• 9:09
  formation, it's a major breakout.
• 9:11
  It's it's over a a decade long cup and handle formation for
• 9:15
  gold and also for silver. And it's not broken out of that
• 9:19
  neckline of 2000. And so we're still covering a
• 9:22
  $30 level, which is the neckline and it's broken out of 2800.
• 9:29
  Usually these metals run, I can give a different, a lot of
• 9:31
  different reason for that. Usually they run and they will
• 9:34
  run non-stop until the buy and exhaust.
• 9:36
  And in fact the cartel will fuel the fire and to to exhaust the
• 9:42
  buying and cartel. The reason to do that is, you
• 9:45
  know as the price go up, your buying power for the number of
• 9:47
  gold monument gold and silver you buy is reduced.
• 9:50
  So they will try to create that top from there they will stop
• 9:54
  picking on it and picking on it, picking on some more.
• 9:57
  So I would say you don't want to be, you don't want to be, you
• 10:00
  don't want to be riding all the way down.
• 10:03
  Even if your time horizon is is five to 10 years.
• 10:06
  I would say we are we're within months of of establishing a top
• 10:10
  for gold. And if that's the case, then
• 10:14
  then I don't really have a short term forecast for, for gold and
• 10:18
  silver. I would just say this, this,
• 10:20
  this gold run already reached to my expectation.
• 10:24
  But there's other factors. You know, there may be a
• 10:28
  paradise shifting in, in the dollar resource standards and
• 10:32
  the advent of digital currency and, and the ways to circumvent
• 10:35
  that. And, and there may be other
• 10:37
  factors out there, but I am not in the camp of, of the dollar's
• 10:41
  divide demise. It is still the king of fiats.
• 10:44
  And so I, I don't see the, I don't, I just put it this way.
• 10:47
  I, I don't think the gold is going to grow the move because
• 10:50
  the dollar is, is, is going on to the toilet.
• 10:52
  I don't, I don't see that the case.
• 10:54
  So, and, and if the, if, if, if my thesis is true that gold is
• 10:59
  making a top, whether it's 2800 or it could blow off to 35 or
• 11:02
  even 4000, this is going to be the top that's going to be there
• 11:05
  for a while because I just don't know.
• 11:07
  I don't see any other particular crazy scenarios that's going to
• 11:11
  be additional catalyst to where gold already is.
• 11:14
  Right, right. As as the CEO of a silver mining
• 11:17
  company, if we shift over to the, the, the general silver
• 11:21
  mining sector, do you think $30 silver if we maintain that level
• 11:26
  and you know, build a floor there and maybe you know, move
• 11:28
  up from there, from there, is that a good environment for the
• 11:31
  silver mining sector? No, no.
• 11:35
  If you're looking to buy gold, silver or platinum, do yourself
• 11:38
  a favor and check out Pymbecks, the online precious metals
• 11:42
  bullion dealer and sponsor of Rons Basement.
• 11:46
  I was a happy customer before they offered to support the
• 11:49
  channel. You'll find they have the best
• 11:52
  prices, quality and service. I think Pembex is best and you
• 11:57
  will too. And be sure to tell him that
• 11:59
  you're from Ron's basement. I would say, I would say, I mean
• 12:03
  gold, gold and gold mining company, probably some better
• 12:06
  gold mining company, some better than silver mining company is
• 12:08
  certainly for copper, copper miners.
• 12:11
  But whereas silver is really hasn't caught up with inflation.
• 12:13
  And if you look at the gold to silver ratio right now, it's
• 12:16
  around 8385. That is that is on the high side
• 12:19
  that his stock average that his stock average is around 70.
• 12:23
  So I, I to say a 2020 $600.00 gold and a 70 gold to silver
• 12:27
  ratio. A gold should be closer to $40
• 12:29
  and it's $30.00. And, and, and if you look at
• 12:33
  the, if you look at the quarterly financial statements
• 12:36
  of the major silver producers, they are losing money at a $30
• 12:41
  silver and, and coincided with the lack of additional
• 12:45
  investments exploration because silver prices in the builder in
• 12:48
  the last 10 years, a lot of the, a lot of the reserves, silver
• 12:52
  mining miners reserves has been depleted.
• 12:54
  And you see the first Majestic has made a major acquisition and
• 12:57
  made a very, very heavy dilution to acquire Gadol at a, at A at a
• 13:01
  fairly big large premium. So I think a combination of just
• 13:05
  the lack of, you know, catch up on the in that exploration
• 13:09
  investment to add additional resources and also that the
• 13:12
  current silver prices has to really cut up inflation so that
• 13:16
  the miners are not delivering cash flow and dividends.
• 13:20
  Show that that the prices got to be a lot quite a bit higher in
• 13:23
  the 40 to $50 range to justify silver mining companies as a
• 13:29
  mainstream capital investment. When I say mainstream, meaning
• 13:32
  people buying companies for cash flowing for, for dividends, and,
• 13:36
  but clearly, of course, investing in mining companies,
• 13:39
  this is better art than science, meaning that you're, you're
• 13:41
  buying majority people are buying silver mining companies
• 13:45
  not for the cash flow, but but rather for the optionality for
• 13:49
  the, the answers in the ground and for a forecast of higher
• 13:52
  silver prices. And and while sacrificing a a
• 13:56
  bit of dilution in in in depleting reserves and, and and
• 14:01
  in some cases money losing endeavors.
• 14:05
  So, so I guess I have a A2 part question for you then.
• 14:09
  If the big mining companies are not making money, I would think
• 14:13
  that there is then limited investment being made into
• 14:17
  exploration, the future pipeline for silver coming onto the
• 14:22
  market. And you and I could talk I think
• 14:24
  for hours about the supply demand fundamentals, you know,
• 14:27
  the skyrocketing demand for silver from the solar panel
• 14:32
  industry, from electronics, everything else.
• 14:35
  But if the big mining companies don't have the money to invest
• 14:40
  into their future pipeline of silver ounces in the ground at
• 14:45
  some point does does does that supply demand dynamic impact the
• 14:50
  silver price directly? And then I guess second part of
• 14:53
  my question is flow through to the development stage,
• 14:57
  exploration stage, silver companies like Silver Elephant
• 15:01
  and that those big companies are going to need to just acquire
• 15:04
  companies to, to, to to plug that hole in their pipeline.
• 15:09
  Yeah, I, I think of the second part of the first part, I saw a
• 15:14
  bit of doom and gloom and, and, and that's been reflected
• 15:18
  somewhat or if not fully reflected in the current junior
• 15:20
  prices. Even though, even though that's
• 15:23
  just say the likes of Silver Elephant has already doubled
• 15:25
  this year from the bot from from the 25727 cent of your entry
• 15:30
  point when we talked, you know, in the spring or in early
• 15:32
  summer. But it's still around 6070% from
• 15:36
  what it was three years ago in 2021.
• 15:39
  And, and we have Silver Alpha actually being one of the better
• 15:41
  performers in, in the silver junior marketing 20 in, in 2024.
• 15:46
  And some our peers are still way at the bottom, like historical
• 15:49
  bottom even we have a rebound in the silver prices.
• 15:53
  So what we discussed a lot of that has been factored in that
• 15:56
  there's been a bit of nonchalant response from the major
• 15:59
  companies. There's not an awful lot of
• 16:01
  acquisitions of junior company by producers because they are
• 16:04
  also trading at a very low level.
• 16:06
  And that also there is just to be being a very apathy of lack
• 16:10
  of interest in, in the, in the junior mining sector and and
• 16:14
  even in the silver mining producers.
• 16:15
  And we also talked about management of the silver market,
• 16:20
  not only in the silver metals market, but also in the mining
• 16:25
  shares market in, in a typical debt, I believe some of the
• 16:29
  householding like First Majestic, probably 6080% of the
• 16:32
  shares are outgo driven. Even the case of silver
• 16:34
  elephant, I know that I server my shareholders, I know who my
• 16:37
  shareholders are. Nobody's trading and yet you
• 16:40
  have all the people that are selling the market, which is
• 16:43
  which is unexplainable. And so, so you got all this
• 16:47
  negative factor working against it.
• 16:48
  Yeah, I mean the stock is climbing that wall of worry.
• 16:52
  And so I believe that any, any bit of a sort of a revise of the
• 16:57
  outlook to the upside will have will have a material impact on,
• 17:02
  on the metal price on, on the, on the mining share of prices.
• 17:05
  Now go back to the supply demand.
• 17:07
  I hold a little different view. I think we, I'm also talked to
• 17:11
  you before, my view maybe slightly different from your
• 17:13
  other other guests is that is that the metal prices and
• 17:18
  commodity prices or any market for that matter in the last
• 17:22
  20-30 years are almost entirely driven by speculative interest.
• 17:28
  And, and I think there's not, not a better example than than
• 17:32
  than looking at oil price back in during COVID.
• 17:35
  I mean, just because there's COVID doesn't mean that you're
• 17:38
  not using oil anymore, albeit you drive less, but you need oil
• 17:43
  to cook, you need oil to generate electricity.
• 17:45
  You need oil for everything that you do for the military, for
• 17:48
  everything. And yeah, you see oil went to
• 17:50
  negative. So, so you can see what oil can
• 17:53
  do on the negative side pressure by the speculators, they could
• 17:57
  do equally as much of A damage, but but equally as a bit of a
• 18:01
  numbers on the upside as as well.
• 18:03
  So I, I really don't read the industrial demand that much.
• 18:08
  I mean, if, if that is the best indicator for forecasting silver
• 18:12
  prices, then then, then, then silver Institute and, and you
• 18:16
  can pick up any research paper would have predicted silver
• 18:18
  prices better or better than anybody else.
• 18:21
  But yet, you know, they're always a bit of a, I mean silver
• 18:25
  price trading is always a bit of a dart, right dart on the board
• 18:29
  and you just never know which one you go because because you
• 18:32
  got all the few different Geo, you got geopolitical factors of
• 18:36
  China and Asia, a lot of swinging investment demand.
• 18:39
  Then you got the sorry on the industrial demand and you get
• 18:42
  the investment demand of which you really don't know when those
• 18:46
  gold box is going to rotate their gains into silver.
• 18:49
  And, and so you got all different different, all these
• 18:52
  different factors. So I, I don't, I, I don't read.
• 18:55
  And then also on industrial demand, you talk about solar and
• 18:58
  all the different applications. If silver price were to double,
• 19:05
  then then in the short term this industrial demand will fuel the
• 19:09
  fire because silver is a strategic critical mineral
• 19:13
  that's required for electronics and that and you can't just
• 19:16
  switch the you cannot just switch off and off with initial
• 19:19
  order. So they actually will fuel the
• 19:21
  fire to secure their supply in the next 6 to 9 months will
• 19:24
  actually buy, you know up in the process.
• 19:27
  But if silver prices were to be sustainably high, kind of like
• 19:32
  Palladium, then platinum's going to come into play.
• 19:34
  In case of silver, there's a lot of different other metals that
• 19:38
  and also technology could reduce the silver consumption.
• 19:42
  In the case of solar panel per unit, silver go to solar panels
• 19:45
  countdown more than 50%. So there's a lot of different,
• 19:47
  and I'm hearing there's a lot of buzz about floor spar and, and,
• 19:52
  and, and a lot of different elements that could substitute
• 19:56
  conductors applications. So I never see silver industrial
• 20:00
  demand as being the major driving factor in the short and
• 20:03
  medium term for the silver prices.
• 20:04
  So rather I, I, I'm more curious as to whether investment demand
• 20:08
  and silver is going to catch up to where gold is right now
• 20:10
  because certainly hasn't, right. And then hopefully the A, a, a,
• 20:14
  a Chinese economy was stabilized to a point where industrial
• 20:20
  demand is not going to exert a negative to the silver market.
• 20:23
  Yeah, Yeah. I I want to shift gears and and
• 20:27
  talk specifically about your company because I am a
• 20:29
  shareholder. This is a sponsored video, but
• 20:33
  I'm very excited about what's going on with Silver Elephant.
• 20:36
  But I have one more question for you regarding just kind of the
• 20:39
  general silver market. And also this relates to the the
• 20:44
  junior about the whole silver mining sector as well.
• 20:47
  How big of a factor do you think it is or small of a factor that
• 20:52
  those that both I read the other day that the entire silver
• 20:56
  mining sector combined has a market cap of about $20 billion.
• 21:01
  And then Iowa. And I also just think about if
• 21:03
  there's a billion ounces of silver produced every year,
• 21:07
  that's 30 billion worth of silver.
• 21:09
  And if you compare that to, you know, the market cap of Apple
• 21:12
  Computer, it's like, you know, half a percent or 1%.
• 21:15
  That the fact that the that the that both the physical metal and
• 21:20
  the mining sector as a whole are so small that if there is any
• 21:25
  tiny shift of sentiment and money flowing into it, that a
• 21:29
  tiny amount relative money could be a major impact in those
• 21:33
  sectors. Right, the size of the
• 21:39
  supermarket and super mining sector and mining sector in
• 21:42
  general is a blessing and and it's a blessing.
• 21:46
  The curse and the reason I say that is as, as I mean, the, the
• 21:50
  wealth gap is polarized, as you know, so either people have a
• 21:54
  lot of money or they have no money.
• 21:56
  And because of the small size of the silver market, it's just not
• 22:00
  big enough. And that's why I see this
• 22:02
  diversion of gold and silver. That's why gold when gold to
• 22:05
  silver ratio went over 100. It's only happened a couple of
• 22:07
  times in, in, in, in history and, and, and usually when they
• 22:13
  have that happens when, when there's a major war going or a
• 22:17
  major and you know, there's a big depression going and just
• 22:21
  but right now you're looking at equity market at all time high.
• 22:23
  There's not any, there's any, not any sort of not any
• 22:28
  extraneous circumstances or war. I mean, there's not any, any,
• 22:32
  there's not any fear in the market yet.
• 22:34
  Silver should have been outperforming gold by a long
• 22:36
  stretch already. Mike was in 2011 post post post
• 22:40
  financial crisis, right, But it hasn't happened.
• 22:43
  And and part of my reason I believe I'm searching my head.
• 22:47
  Why is this happening? You know, typically silver has a
• 22:50
  correlation to the equity market because it's a speculating it is
• 22:54
  a greed gain. It's not about this is not about
• 22:57
  run for the hill. If it's run for the hill, people
• 22:59
  will not be buying silver. So there's very little
• 23:01
  speculative interest. That was just on the call David
• 23:04
  Morgan. He said the the number of
• 23:06
  subscribers for his newsletter is is is Tabith demand.
• 23:10
  And so in short, is the market is too small for Elon Musk's,
• 23:15
  for Jeff Bezos, for the Koch's brothers, for the LBMH, for
• 23:20
  Zeras, for for the Dubai's, for the Middle East, just too small
• 23:24
  for the XI Jinping's. I mean, these guys wealth are in
• 23:27
  the 10s of billions, hundreds of billions of dollars range.
• 23:31
  There's no, there's not a market for silver for them to get in.
• 23:35
  So as, as much as much as they're eager to do that,
• 23:37
  there's not a way for them that the market's not able to absorb
• 23:41
  the demand, the liquidity. So, so that is the that is the
• 23:46
  that is the curse, right? But the blessing, the blessing
• 23:50
  is this and part of the reason I said investment, you might drive
• 23:53
  the silver prices just like all commodities then industrial
• 23:56
  demand is higher prices encourages more investment
• 23:59
  demand, whereas high prices to start industrial demand.
• 24:02
  So Elon Musk would rather invest silver at 50 then there's a 30
• 24:05
  because it's bigger bucket and that the fundamentals hasn't
• 24:09
  changed for silver at 50 versus A20 or the 100 just like
• 24:14
  bitcoins. It did that the fundamental
• 24:16
  Bitcoin is, is not different at 60,000 versus 6000.
• 24:20
  So you can easily make a case for a, a, a, a $5000 gold or
• 24:25
  10,000 gold just as easily as as as 3000 gold.
• 24:29
  And you can easily make a case for $200 silver just as well as
• 24:33
  you could for $50 silver. So I think what we need to wait
• 24:37
  and see is that is that it's almost like a restaurant you got
• 24:41
  to you got to reach that critical mass for to get more to
• 24:44
  get. More, yeah.
• 24:47
  We're not there. We had a one O 3 O four false
• 24:50
  starts already on 32, but 30 has got has to be overcome.
• 24:55
  You have to reach that critical mass and once you reach that
• 24:58
  critical mass, then you're going to do the run up and it's just a
• 25:01
  history. Is any guide.
• 25:02
  The run UPS going to be fast and furious and and the judge is
• 25:05
  still out of win and see whether this run is going to happen in
• 25:08
  the next three to six months. Yeah, yeah.
• 25:11
  Thank you, John.