Latest / SILVER / GOLD / $UFD Meme Coin Investing & Global Economics / Decoding the FUTURE: A Data-Driven Approach to Predict 2025 SILVER Prices

Transcript

Decoding the FUTURE: A Data-Driven Approach to Predict 2025 SILVER Prices · SILVER / GOLD / $UFD Meme Coin Investing & Global Economics

• 0:00
  The silver price on March 15th of 2024.
• 0:05
  Wouldn't you like to know one year from now what will the
• 0:09
  silver price be? We need your help.
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  We want you to be part of this because today we have a special
• 0:17
  treat and you're going to be shocked What you learn about the
• 0:21
  ability to predict the silver price one year out.
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  Hey everybody, it's Ron from Ron's basement.
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  Live on the log flume. Say hi girls.
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  We need you to go to the comments below.
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  Leave your best estimate, reasonable estimate as to where
• 0:44
  you think the silver price will be in one year.
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  Do it in dollars and cents. But you might be asking why?
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  How can this help? Well, we have a data scientist
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  amongst us. Yes, a fellow basement dweller
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  who's a high level data scientist who's gonna teach us
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  about a method that he's going to apply to your estimate.
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  That just might give us a accurate glimpse of where the
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  silver price could be in one year.
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  I've talked too much. I want to introduce you to a
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  fellow basement dweller, Don. Wedding Don.
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  Welcome to Ron's Basement. Thanks a lot Ron.
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  I've a long time viewer of your show and I'm excited to be here
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  and hopefully we can help figure out what the price of Silver is
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  going to be in 2025. That's right, March 15th, 2025
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  and and we will revisit this estimate, but we'll also revisit
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  on March 15th of 2025 to see how close we came.
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  But what's super interesting to me is you have this the the this
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  method called is it Wisdom of the crowd?
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  Can you share with us a little bit about that?
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  And then later, folks, we are gonna learn about Don 'cause
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  this guy is super smart and has some unbelievable credentials.
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  But tell the Tell the crowd that's joining us right now,
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  your fellow basement dwellers, about the wisdom of the crowd.
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  OK, well the wisdom of the crowd is actually a a widely used
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  technique in. They use it in politics, they
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  use it in marketing, they use it in many, many different areas.
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  The the back story of it is back in.
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  I believe this is and and don't don't quote me on the exact
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  dates here, but it was like I believe nineteen O 6.
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  There was a famous statistician named Sir Francis Galton and he
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  was at a County Fair in I believe Plymouth, England.
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  And they had a like 8 or you know, 7-8 hundred people there
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  and they had a contest to see who could guess the weight of a
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  cow. And they said, OK, everybody
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  guess this cow's weight. And the person who came closest
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  would get to win the cow. And incidentally, I got a cow
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  here, Ron. That's right.
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  I didn't even realize when I put it on there that it was related
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  to Sir Francis Galton. But anyways, so So what happened
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  was nobody came even close to the true weight of the cow,
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  which was something like 1200 lbs and so.
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  But after the contest was over, Sir Francis Galton, being a
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  statistician, did some analysis and he averaged up everybody's
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  prediction. And he found out that even
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  though everybody was wrong, the people who when averaged
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  altogether these people were actually within 1% of the true
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  weight of the cow. So that started his his theory
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  on what's called the wisdom of the crowd, which basically it
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  goes to everybody has an equal probability of being low, as
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  they do high, and when you average it together, you get
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  close to the true value. The more people who guess
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  theoretically, the closer we're gonna get to the true value.
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  The one caveat is this is a cow, and these people are all staring
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  at cows. They can see it.
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  What we're going to do is we're going to try to predict this or
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  or apply this to predicting the future, which might be a lot
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  more difficult. A big jar of Jelly beans is
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  concrete. You can see it.
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  Whereas now we're going to try to look in our crystal ball and
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  figure out what's going to happen in the future.
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  I'm not I'm I'm not certain that this is going to work or not,
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  but I I think it would be an interesting exercise for us to
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  try. So you're you're telling me that
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  if our fellow basement dwellers are willing to invest the 16
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  seconds it's going to take to go down below to the comments
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  section and put in a reasonable prediction as to where they see
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  silver going a year from now, we're gonna say March 15th of
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  2025, Then you can apply some statistical magic.
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  You're a data scientist and and come up with what we think could
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  be the wisdom of the crowd. And I understand, like you said,
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  right, that's there's a difference between looking at
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  something concrete and making an estimate as to weight or
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  quantity. But I think it's worth trying to
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  look out into the future with the price of silver in
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  particular. And I want to throw in that on
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  March 15th of 2025, we'll come back and do a drawing, a random
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  drawing from all the comments that are that are in the
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  comments to this video. And I'll give that person this
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  American Silver Eagle right here.
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  Well, OK. That sounds good.
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  And Ron, do you think we can also try to have them also
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  predict the price of gold as well as silver?
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  Yes, if they like that would be wonderful, right?
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  Then put put your put write the word gold in your best estimate
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  for what you see March 15th, 2025 and write the word silver
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  and put your best estimate again for March 15th 2025.
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  And and my reason for doing that is I believe that most of your
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  basement dwellers love silver and they're extremely
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  knowledgeable on it but probably less so on gold.
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  So I'm curious if the the, the skill set or the knowledge of
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  silver is going to make their predictions more accurate or
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  less accurate as opposed to gold because you know there's also
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  everybody here obviously wants silver to to go through the the
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  roof and and it doesn't. So I mean I'm curious if also
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  our there we may have a bias built in that you know we all
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  wishful thinking that it's that we're all going to be rich
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  tomorrow. So that's my reason for maybe
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  throwing in a secondary metal. This wisdom of the crowd.
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  I don't know if you called IT system or a or a.
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  It. Would be a technique.
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  Yeah. Technique, thank you, is
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  fascinating. I dug in and did some research.
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  And I mean, it really can work. If we have everyone give us that
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  reasonable prediction for both silver and gold, it'll be super
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  fascinating to see what the wisdom of the crowd comes up
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  with. And I'm particularly interested
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  to see how this turns out, because I can tell you one thing
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  for sure about that viewer who's here with us now, Don, right,
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  it's you and I. But we've got a third person,
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  the most important person, the viewer, and that is that they
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  are intelligent, right? The the information I get from
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  YouTube indicates to me that we have a high end clientele here
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  in Ron's basement. So I think we can come up with
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  some accurate estimates. And on top of that, the guy
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  who's going to be working on this, Don, you've got quite a
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  background yourself. I'm going to invite you to
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  please briefly brag about yourself so our viewer knows
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  who's going to be digging into these numbers.
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  Well, OK, Ron. So my background is I'm an
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  engineer by trade and I got into statistics and data science,
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  where data science is basically the application of practical
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  statistics, machine learning techniques, use of the computers
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  to do a lot of your statistical and predictive modeling.
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  I've been doing this in the banking industry.
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  I started in the banking industry in 2000 and have been
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  in this field, insurance, marketing, variety of different
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  areas. Applying this for the last
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  quarter of a century and currently I work as a
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  consultant. I have my own consulting
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  company, one man show, Oops DKW Analytics and when I'm not doing
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  analytics for companies I also teach at Northwestern
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  University. I work in there Data Science
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  Master's degree program, so I teach machine learning there as
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  well. So you're you're gonna be
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  applying a variety of analytical tools to the sample size.
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  And I know I can't wait to see what you come up with, but
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  you're also a person who's very passionate about silver and gold
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  as well. Yeah.
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  It's fascinating to be I, I, I get in the morning.
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  I wake up. I pour myself a cup of coffee
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  and I sit in front of the YouTube and I watch watch your
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  show. I watch a few of the other shows
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  and I just can't watch this enough and just you know it's
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  it's a quick way to drive my wife running from the room.
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  She just, you know, apparently she she lacks my my enthusiasm
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  when it comes to to the precious metals.
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  But I I find this stuff fascinating and I also like to
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  study economic trends. It's just sort of a hobby of
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  mine. And so, Ron, you're the first
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  guy I watch in the morning. Oh boy, I, I, I, I, I, I, I I
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  apologize for that in advance. So, hey, real quickly, Don, I
• 10:15
  just want to say thank you to my channel sponsors that make these
• 10:18
  videos possible. I want to say thank you to
• 10:21
  Pimbex, Pi, MB EX. If you just don't want to
• 10:24
  estimate the price of silver or if you think it's going to be
• 10:28
  higher on March 15th of 2025 and you're thinking about getting
• 10:33
  yourself some silver, gold or platinum, go check out Pimbex.
• 10:37
  Throw them into the mix. If you're shopping online, they
• 10:41
  have the best prices, the best service and great selection.
• 10:44
  It's a company that I work with, but you need to find out for
• 10:48
  yourself. And I want to say thank you to
• 10:49
  Fortuna Silver. They just announced their fourth
• 10:52
  quarter earnings this morning and things are looking very
• 10:56
  bright for Fortuna. I'll have Jorge Genosa, the CEO
• 10:59
  on for an interview later this week, which will be published
• 11:03
  next week. You can check them out of
• 11:05
  Fortuna silver.com and of course our friends at First Mining Gold
• 11:10
  Canadian Gold developer with not one but two exciting 5 million
• 11:16
  oz gold development projects in the permitting phase in Canada.
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  They're going to be ready to go when the big gold miners need to
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  fill their pipeline with new projects.
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  Back to you Don, did I forget to mention anything to our to our
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  viewer today? So at this point we're asking
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  people go down below to the comment section, write the word
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  silver. What do you think the silver
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  price will be on March 15th, 2025 and do the same for gold.
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  Don's going to be working hard to get all this together and
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  then we're going to, we're going to know for sure what the silver
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  and gold price are going to be in March of 2025.
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  That that sounds good, Ron. Just out of curiosity, you said
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  you're going to do a random drawing.
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  Should they put some kind of a word in there like predict or
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  something like that so that you know to only select those
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  predictions? Now I think if they just write
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  silver and write their silver estimate and gold and their gold
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  estimate, I'll be able to. Then I have a random comment
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  picker that will go through all the comments.
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  And the only thing I'll ask is you know, guys, please be
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  reasonable, right? And I know you will.
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  So, but give us your, you know, if you really thought you could
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  go out a year in the future and pull up Pendeck's website and
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  see what the silver and gold price is, what, what would you
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  see? Well, I do have techniques if
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  there are you know, somebody thinks it's going to be you
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  know, a billion dollars or something like that.
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  I have ways of dealing with that as well.
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  But you know any any prediction if you really think it's a
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  billion dollars you can put it in there.
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  But I would hope you know, I I don't want to bias the audience
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  if you, you know you put what you think but I have a lot of
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  different techniques and we'll we'll come up with several
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  different predictions. I am so excited, Don.
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  On behalf of myself, on behalf of the viewer, I really want to
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  say thank you because you know, you usually charge big money to
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  do this type of analysis. Again, Don's a data scientist.
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  If any of you out there need any statistical analysis type work
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  done, you can get, get in touch with Don.
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  What's the name of your company again, Don?
• 13:27
  It's DKW. That's my initials Donald K
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  Wedding. So it's DKW Analytics and I have
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  a website that's what's currently down, but it'll be up
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  to again shortly dkwanalytics.com.
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  All the basement dwellers are important people, but I can tell
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  you we've got some, you know, business owners, executives,
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  people of you know, of all higher level individuals
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  watching. So yeah, if you guys need some,
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  some, some, some data science work, get in touch or send me an
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  e-mail. I can get you in touch with Don.
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  And we're excited to see what kind of statistical magic we can
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  work up with these silver and gold predictions.
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  Well it's it's very kind for you to give me the plug there on but
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  I'm I'm just doing this because I I'm absolutely I'm fascinated
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  by this and I and I love your show big fan.
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  Yeah. I want to throw in Don did not
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  request that I gave them gave him that plug.
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  But my interactions with Don are have been really great.
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  So I'm more than happy, you know as basement dwellers we stick
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  together, Don. So you never know what might
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  happen and we'll we'll check back in maybe like in six weeks,
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  8 weeks and give the the big results.
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  Does that sound like a plan? That sounds like a plan.
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  And incidentally, you're Ron's basement.
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  This is my basement, so this is Don's basement.
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  So. Only one letter.
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  One letter and three teddy bears.
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  But you've got a stuffed bowl, so all right, Don.
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  Thank you. I borrowed this from my wife.
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  Yeah, well, that's right. We borrow all our stuffed
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  animals from our wives, right? I guess.
• 15:13
  Yeah, I guess so. It's not mine, trust me.
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  Right on. All right, Don.
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  Thank you. We'll see you soon.
• 15:19
  You'll be good. Thank you so much, Ron.