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**Silver BREAKING Out!** You Best Listen to THIS! 🦍🦍 (Silver Price and Gold Price News UPDATE) · SILVER / GOLD / $UFD: Surviving Global Economic Shifts | RONS BASEMENT

• 0:01
  Historic moves in the silver price and the gold price.
• 0:05
  We are witnessing history in the making.
• 0:08
  You might be wondering, will it continue?
• 0:10
  In this video, we're going to look at all the reasons why Many
• 0:15
  examples why things are changing right now in the world of
• 0:19
  silver. We even have one of the world's
• 0:20
  biggest banks uttering the words $309 silver in 2026 that that's
• 0:28
  a real possibility. We'll dig into that.
• 0:31
  We're going to hear from China and what's happening there,
• 0:34
  which is really setting the tone for what we are experiencing
• 0:38
  right now. I'll explain it all to you.
• 0:40
  Thank you for being here. By the way, we did reach 70,000
• 0:43
  subscribers on the Ron's basement channel.
• 0:46
  I really appreciate you. Thank you, thank you.
• 0:48
  And if you haven't subscribed already, please do leave a
• 0:52
  comment, give it a thumbs up and turn on the bell notification.
• 0:56
  I woke up this morning and of course, right.
• 0:58
  I think about my family. I think about a lot of things,
• 1:01
  and I often think about silver in this I found very
• 1:05
  astonishing. Let's start with what's
• 1:07
  happening in China and why it's so important.
• 1:10
  And then later we are going to hear from an actual Chinese
• 1:14
  distributor of silver and gold and hear what he has to say.
• 1:19
  Make sure we got you on the right screen here, which we do,
• 1:23
  OK? I was shocked this morning when
• 1:25
  I saw the report from Oriental Ghost, but there's something
• 1:28
  even more interesting in this report besides this $87.00 spot
• 1:35
  silver in China. OK, that's the Shanghai Gold
• 1:39
  Exchange. That's their spot market now.
• 1:43
  Also, this is not the not the real interesting thing, but of
• 1:46
  note, the SHFE, the Shanghai Futures Exchange has a lower
• 1:52
  price, so the futures market is lower.
• 1:54
  That means the China is officially in a state of
• 1:57
  backwardation. Again, that's a very good sign
• 2:01
  for the silver price because that means people are worried
• 2:05
  about getting silver in the future and they'll pay a premium
• 2:09
  for it right now, which is the opposite of the normal situation
• 2:13
  on any between a futures market and a spot market, which is
• 2:16
  called container and go. So we are backward dated in
• 2:20
  China, but that's not what people are finding interesting
• 2:24
  and I think you'll find interesting.
• 2:26
  But down here is what's interesting.
• 2:28
  The change in the vault, OK, at the Shanghai Futures Exchange
• 2:34
  down 88,000 kilograms. OK, look that that's almost,
• 2:40
  what, 15, 20% of the total amount.
• 2:45
  The Shanghai Gold Exchange down 44,000 kilograms, not quite as
• 2:50
  high of a percentage, but probably 6 or 7%.
• 2:54
  The world is running out of silver.
• 2:57
  Oh, and by the way, I have something very interesting to
• 3:00
  say to you. Congratulations, if you own
• 3:02
  silver or gold for that matter, because it's almost
• 3:06
  statistically impossible that you aren't in the green, that
• 3:10
  you aren't in the profit, right? And that's a great thing for you
• 3:13
  and I, US basement dwellers that have owned silver, gold for a
• 3:17
  long time. But what's really, really
• 3:20
  important for us to remember, the powerful thing behind that
• 3:23
  is because guys, now that nobody out there is losing money on
• 3:29
  their silver investment or very, very few people, that means
• 3:33
  there's very little overhead resistance.
• 3:36
  What that means is there's nobody out there, right?
• 3:39
  Not you, not me, not anybody who's thinking, oh, I bought
• 3:43
  silver when it was $95 an ounce, and when it gets back to $95,
• 3:47
  I'm going to sell, I'm going to get my Fiat back, I'm going to
• 3:50
  get my paper money back. There's nobody out there
• 3:53
  thinking that that creates a situation where there's very
• 3:57
  little overhead resistance, which is also why whether you're
• 4:02
  talking about stocks, bonds, mutual funds, real estate,
• 4:04
  whatever, that whenever anything gets to new all time high
• 4:08
  territories, it typically keeps creating more and more all time
• 4:12
  highs. Now look, don't make any
• 4:14
  financial decisions based on anything I'm saying.
• 4:16
  I'm not a financial advisor any of that good stuff.
• 4:19
  But that's my truth. I see that we still have a great
• 4:23
  runway ahead for the price of silver and for the price of
• 4:26
  gold. And that's just one of the
• 4:28
  reasons. Let's go check they're throwing
• 4:30
  everything. Let's talk about the paper
• 4:32
  markets, the futures market they're throwing.
• 4:35
  They're giving it all they got right.
• 4:37
  They're giving old Bessie full throttle trying to knock down
• 4:40
  the price. Look at the recent data that I
• 4:43
  mean the numbers that are coming through are astounding.
• 4:46
  This comes from our friend the dude, OK, who shares with with
• 4:50
  with us that yesterday the quote UN quote silver market.
• 4:54
  Come on, dude. Well, I know you put it in
• 4:56
  there. I'm sorry, traded 760 million
• 4:59
  paper oz yesterday, almost as much as the entire mining
• 5:05
  sector, mines in one whole year. I know I say it all the time,
• 5:10
  but guys, that's what they're they are throwing everything
• 5:13
  they have at this paper price, trying to get it down.
• 5:17
  And we are in a new paradigm. We are in a new era for precious
• 5:23
  metals and it gets even better. We're going to talk about China,
• 5:26
  we're going to talk about India. But let's go straight to China
• 5:29
  and hear from a silver distributor what he's observing
• 5:33
  in the Chinese silver market. This is super interesting.
• 5:37
  I'll keep my mouth shut. It's about one minute long, I
• 5:40
  believe. This was shared by yeah, King
• 5:43
  Kong 9888. I want to say thank you to him
• 5:47
  for providing these video updates from China.
• 5:50
  Super respected and super reliable a person within the
• 5:55
  gold and silver community. King Kong 9888 And let me get
• 6:01
  this on full screen for your viewing pleasure.
• 6:04
  And let's spend 80 seconds in China and hear what's going on
• 6:08
  with silver in China. And then we're going to talk a
• 6:10
  little bit about some been really cool from India.
• 6:15
  Recently, a very strange phenomenon has occurred.
• 6:16
  It's never happened before. What is it?
• 6:18
  A few days ago, Chicago raised precious metal margins.
• 6:20
  Silver prices pulled back sharply.
• 6:22
  Many were happy, thinking they could easily buy the dip.
• 6:24
  But when you ask about physical silver, each one has a premium
• 6:27
  of 1-2 or three dollars. Official prices have dropped,
• 6:31
  yet physical prices have risen. What unspeakable secret truly
• 6:34
  lies behind all of this? Today, I'll tell you.
• 6:36
  When spot prices are high, many people's first reaction is that
• 6:38
  sales are playing tricks. But the truth is far from as
• 6:40
  simple as you might imagine. This entire process is just like
• 6:43
  pushing dominoes, one thing leading directly to the next.
• 6:45
  The first domino to fall was the silver mining factories.
• 6:47
  They suddenly discovered that their production capacity was
• 6:49
  already fully booked three months or even half a year in
• 6:52
  advance. The second card, those
• 6:54
  refineries and large wholesalers suddenly found they couldn't get
• 6:56
  any goods. Then came the third card, Silver
• 6:58
  bar sellers. When we sell, we need to restock
• 7:01
  our inventory. But they found raw material
• 7:03
  costs suddenly skyrocketed. So what now?
• 7:05
  There's no other option. We have to reprice all the
• 7:08
  inventory in the store. Ultimately, this pressure is
• 7:10
  then passed on to us ordinary buyers, resulting in spot
• 7:13
  premiums that are frighteningly high.
• 7:14
  This, in fact, is the market sending a clear signal.
• 7:17
  When the premium on physical silver begins to decouple from
• 7:19
  international spot prices, it indicates a problem at the very
• 7:22
  source of the supply chain, meaning they can no longer
• 7:24
  obtain the metal at its original official price.
• 7:26
  The international silver price we see today is essentially what
• 7:29
  we call paper silver. It represents a mere paper
• 7:31
  contract, a simple promise. OK.
• 7:37
  Do you think maybe we're in a new world for the price of
• 7:41
  silver? Look, we talked about this and
• 7:42
  that was I want to back up to something super important we
• 7:46
  talked about this week and a half ago right here in the
• 7:49
  basement. At the time, the price of silver
• 7:52
  on the Shanghai Gold Exchange in China was very close to what it
• 7:56
  was in the United States, even in the spot in futures market.
• 8:00
  And what we talked about was the fact that now that was actually
• 8:03
  a good thing. There used to be and now we're
• 8:05
  experiencing it again. But back then we said there used
• 8:07
  to be a big premium ten, 1520%, not 20, but 1015% higher price
• 8:14
  in China than in the West and that the Chinese price had
• 8:18
  sucked, right? The Western paper price closer
• 8:22
  to the real price. And that's exactly what he's
• 8:26
  talking about right now. He's like, hey, that's great
• 8:29
  that the Comex and the LBMA want to say silver, $70.00 an ounce.
• 8:34
  But the reality is that if you want to get physical silver,
• 8:37
  it's going to cost you 80. Or is that right Earlier, $87.00
• 8:42
  in China? Guys, it's a different world.
• 8:45
  The physical market is taking over.
• 8:48
  Let's run out and take a quick look at what's going on.
• 8:51
  I apologize. We got so much happening.
• 8:53
  I forgot to do this at the beginning.
• 8:55
  Let's go out and get a look at the futures price.
• 8:59
  Oh my gosh, $80.84 make sure I'm Yep, we got you up there.
• 9:06
  Yep, $80.84, this is the March contract.
• 9:10
  This should be higher than the spot price, which is no higher.
• 9:17
  Wow, $81.26. Did I share that?
• 9:22
  Yes, I did. This is the world spot price.
• 9:24
  So we are officially slightly backwardated again that, that,
• 9:30
  that that signals very good things for the strength of the
• 9:33
  spot physical market for silver. So it's getting interesting.
• 9:38
  Oh, I promised you some information about India.
• 9:41
  We're going to do that next. Before though, I want to say
• 9:44
  thank you to 1st Mint, First Mint for sponsoring Ron's
• 9:49
  basement, making these live streams possible.
• 9:51
  There is Silver Mint where you can buy world class silver
• 9:56
  products. They produce all original
• 9:58
  pieces. They're in Las Vegas, NV, they
• 10:01
  are right here. But what's interesting is that
• 10:03
  they're owned by First Majestic Silver, who mines the silver in
• 10:07
  Mexico, sends it to 1st Mint, and then it goes directly to
• 10:10
  you. What I'm hearing from you in the
• 10:12
  community is that you are just totally pleased with your
• 10:17
  experience with First Mint. I, I call it a premium retail
• 10:21
  experience. Their prices are great, their
• 10:24
  services great. Their products are all original,
• 10:27
  all beautiful. Here's a 10 oz folded American
• 10:31
  Flag bar. Just one example and, and part
• 10:34
  of the proceeds from the sales of this go to support the Folds
• 10:37
  of Honor Foundation. So if you're looking to get some
• 10:40
  silver while there's, well, first mints in a unique, unique
• 10:44
  position, right, 'cause they actually mine the silver, by the
• 10:47
  way, it never gets touched by the Comex or LBMA.
• 10:50
  Check out First Mint. You can see it right there,
• 10:53
  right behind me. And, and, and tell them you're
• 10:56
  from Ron's basement. OK, OK, India, we're talking,
• 10:59
  everybody's talking about China, China, China, China, China.
• 11:03
  What about India, right? Don't forget guys, India is
• 11:07
  importing massive amounts of silver.
• 11:11
  India has 1.4 billion, maybe now 1.5 billion people.
• 11:16
  India, OK, also has a massively expanding GDP and economy.
• 11:24
  We're talking about hundreds of millions of people entering the
• 11:27
  consumer class. But why does that matter?
• 11:30
  It matters because Indian people love gold and love silver.
• 11:37
  So when we talk about all this China, China, China, China
• 11:40
  stuff, that's great and it's massively important.
• 11:43
  But let's not forget about our friends in India who we've not
• 11:46
  been talking about as much lately.
• 11:48
  They're also a massive demand source as we move forward for
• 11:52
  silver 300, three, $109 silver. You want to know who's saying
• 11:57
  that? Oh, not some kook in his
• 12:00
  basement in Saint Louis. No, not some.
• 12:04
  Not some random analyst out there.
• 12:07
  How about Bank of America? We're going to dig into this a
• 12:10
  lot more in future live streams, but this is somewhat hot off the
• 12:15
  presses and we need to pay attention to what they are
• 12:19
  saying. This came from Kitco.
• 12:22
  OK Gold, Silver HQ $309 silver. Bank of America thinks it's
• 12:27
  possible. Here's the headline, and again,
• 12:29
  I'll give you more information on this and some future streams.
• 12:32
  But gold will be the primary hedge and performance driver in
• 12:37
  2026. Silver could top out between Wow
• 12:43
  $135 and 309 dollars. That's from Bank of America's
• 12:49
  Mr. Widmer, Can you believe that Bank of America is is actually
• 12:56
  saying that, that we could see a situation where we have silver
• 13:01
  at $309? Now I'm going to show you
• 13:03
  something. Now I'm going to show you
• 13:05
  something next. A whole different way to look at
• 13:08
  the relationship between silver and gold.
• 13:10
  We're all used to the gold to silver ratio.
• 13:14
  How many ounces of silver does it take for you to buy one ounce
• 13:17
  of gold, right, which is around 60 right now, 5860, something
• 13:20
  like that. But there's another way to look
• 13:22
  at it and another chart which I think clearly shows that we've
• 13:27
  got a big runway ahead of us potentially in this relationship
• 13:31
  between silver and gold. And we love gold.
• 13:34
  Gold's the grand happy of the precious metals.
• 13:37
  It's like our precious metals grandpa, right?
• 13:39
  A lot of a lot of you are both gold and silver people.
• 13:42
  I'm AI love gold, I love silver. I love the precious metal mining
• 13:45
  stocks. Speaking of precious metal
• 13:46
  mining stocks, they haven't quite been keeping up with these
• 13:50
  massive increases in the silver and the gold price.
• 13:54
  It's going to have to happen one way or the other.
• 13:57
  Either the gold and silver price come down, which we don't think
• 14:00
  that's likely or or the price of the precious metal mining stocks
• 14:06
  goes up. We'll see what happens.
• 14:08
  I do want to say thank you. Speaking of precious metal
• 14:10
  mining stocks to 1st Mining Gold, that's a stock I've owned
• 14:14
  long before they sponsored my channel.
• 14:17
  There are development stage gold Company in Canada.
• 14:20
  They have two huge multi million ounce projects in Canada, OK
• 14:25
  safe jurisdiction Spring Pole in Ontario and Duke Parquet located
• 14:30
  in Quebec, both of which have millions of Oz of gold in the
• 14:34
  ground and they're working through the catalyst rich
• 14:37
  development process with both of those projects.
• 14:40
  You can learn more about them at firstmininggold.com.
• 14:44
  Now, Speaking of gold, this relationship between silver and
• 14:47
  gold that I promised you, this comes from somebody who is right
• 14:52
  up, up, up. Wrong 1 Hold on here, wrong one.
• 14:55
  We'll come back to that. We'll come back to that.
• 14:58
  Don't look at that. Here we go.
• 14:59
  Now it's on your screen. Who is definitely in that
• 15:04
  handful of super respected analyst in the gold and silver
• 15:07
  community, Jesse Colombo from the Bubble Bubble report.
• 15:10
  He puts out a sub stack that's like breaking all world records.
• 15:14
  He says. Are you worried that silver is
• 15:17
  too high and about to crash? Said this few days ago.
• 15:21
  Well, it's dirt cheap. Price versus gold says the exact
• 15:26
  opposite, indicating that silver's bull market still has
• 15:30
  many, many strong years ahead. That's music to our ears, Jesse,
• 15:35
  thank you. Check out this full list.
• 15:37
  He's got a full list, but here's just one that he's showing.
• 15:40
  This chart, guys, is the silver to gold ratio.
• 15:45
  So you divide the gold price. I'm sorry, you divide the silver
• 15:50
  price by the gold price. And when you look at this,
• 15:53
  right, look how low we are. I'd never really looked at it
• 15:57
  this way myself. Here we are right now.
• 16:00
  OK, there we are right now. I'll uncircle that, but just so
• 16:03
  you can see there, I'll draw an arrow.
• 16:06
  Hold on. Right there is where we are.
• 16:09
  But if you look back, and this goes back to as far as 1960s,
• 16:13
  right, 1980, even 2011, OK, when you look at those periods where
• 16:20
  we are right now and draw a line, a crooked line, but still
• 16:24
  a line nonetheless, you can see that there's been many times in
• 16:28
  the last 50 years that we were way, way higher where the silver
• 16:34
  price relative to the gold price from a percentage perspective
• 16:37
  went way, way higher. So when you hear these people
• 16:40
  saying, oh, silver's in a bubble, you know, you better.
• 16:43
  You silver people are crazy. Well, but we know there's a
• 16:47
  different side to that story. And let's look at another visual
• 16:51
  way to look at silver that is mind blowing.
• 16:54
  OK, Wow. Don't forget silver.
• 16:59
  OK, Silver is a monetary metal and, and great for that.
• 17:05
  It's been, it's been money longer than gold, as far as I
• 17:08
  know. Correct me on that, but I'm 99%
• 17:11
  sure I'm right. It's an investment metal.
• 17:13
  It's a beautiful metal, but it's also used so much weight.
• 17:18
  Let's look at this, let's look at this chart cuz this will, and
• 17:21
  then we'll talk about what it means and what I think the real
• 17:24
  kicker is in all of this. Here we go.
• 17:27
  This is from mining Visuals. OK, I know it's a little small,
• 17:31
  but bear with me here. I'll get the crayons out and I'm
• 17:34
  explaining to you why we can be so excited, OK?
• 17:36
  These blue areas show the the the sources of demand goes all
• 17:42
  the way back to 2016 all the way through today.
• 17:47
  When you're hanging out down here in the basement with me.
• 17:50
  This first bottom section you can see I have underlined there.
• 17:53
  That is photovotallics, that is solar panels.
• 17:56
  You can see that section, you know, kind of ate up that much.
• 18:00
  The next one is electrical and electronics.
• 18:03
  I'll underline that. The other is other industrial.
• 18:07
  This section up here is jewelry. This section up here is coin and
• 18:11
  bar demand. OK, As you can see, these blue
• 18:14
  shaded sections over all those years represent demand for
• 18:20
  silver. Now here's 2 kickers.
• 18:23
  OK. This white line right here, this
• 18:28
  white line, it starts right there and goes like this.
• 18:32
  I'm going to draw over it. That's the the mine mining
• 18:36
  production over that period of time.
• 18:39
  As you can see, it's actually trended downward a little bit.
• 18:43
  This upper white line is when you add in total supply, which
• 18:49
  would include recycling, it's very difficult and very
• 18:52
  expensive to recycle silver. OK, Now do you notice something?
• 18:58
  Number one, I think the amount of silver coming out of the
• 19:01
  mines has been trending downwards, but we've got this
• 19:04
  massive deficit, which everybody knows about.
• 19:07
  Now here's what I want you to think about that I know is so
• 19:10
  critical. Let's go down here and think
• 19:13
  about these sources of demand. Do you think demand for silver
• 19:15
  from photovotalics will go up? Yes, electrical and electronics,
• 19:20
  right, All these data centers that are being built, all the
• 19:22
  chips that are needed, yes, OK, let's talk about some of the the
• 19:26
  sleepers. I've talked about this many
• 19:28
  times. Jewelry, I think demand for
• 19:31
  silver jewelry will also be going up.
• 19:33
  Check, check, check, check. Silver jewelry, I happen to
• 19:37
  think I know it's not worth as much as gold jewelry, not yet,
• 19:42
  but I think it's just as beautiful.
• 19:43
  I, I don't get mad at me if you're a gold person, but I
• 19:46
  think silver, I think we're going to see a massive, and I
• 19:49
  said this six weeks ago spike in demand for silver from jewelry
• 19:54
  as well. OK and we've got coin and bar
• 19:57
  demand back in all these areas. This is my point when I went to
• 20:01
  this, I'm reading through this list, this demand list, and I'm
• 20:04
  like every single one of them has potential and I think I.
• 20:08
  Would predict are going to go up in the coming year to two years.
• 20:13
  It's absolutely incredible and then you know what's not even on
• 20:16
  this list? Here we go.
• 20:18
  You know what's not even on that list of of demand sources for
• 20:23
  silver. All the while the supply is
• 20:24
  going to remain stagnant. It might go up a little bit, but
• 20:28
  guys, we won't go down that path.
• 20:30
  But you know, there's not a knob at the silver mine that can be
• 20:34
  turned to make more silver. It takes a decade, A decade, 5
• 20:39
  years, a decade for a silver company to actually realize an
• 20:42
  increase in silver production. They can maybe dial it up a tiny
• 20:47
  bit, but the reality is the pipeline for new silver projects
• 20:51
  is super, super low. But wait, there's more.
• 20:54
  OK. Because what's not on that chart
• 20:56
  that I just showed you is what I think is going to be be the
• 20:59
  biggest sleeper surprise, OK, source of demand for silver in
• 21:06
  the next 5 to 10 years. And that will be tokenized
• 21:10
  silver when they put silver, you don't have to like crypto.
• 21:13
  You don't have to buy it. I'm not saying anything but but
• 21:16
  but as that happens, as they tokenize silver, that is backed
• 21:22
  one for one with real silver in real vaults, OK, And they're
• 21:27
  doing it with gold. Don't forget Tether, the world's
• 21:30
  biggest crypto company, is also the world's biggest buyer of
• 21:34
  physical gold outside of central banks.
• 21:38
  They were the number one buyer of physical gold because they've
• 21:42
  tokenized gold and they store it on a big boat in Switzerland.
• 21:46
  The same thing can happen with silver.
• 21:49
  OK, nobody's talking about it. I think the two sleepers are
• 21:53
  jewelry and tokenization as we go out five years they don't
• 21:58
  even. But the good news is they don't
• 21:59
  even need to happen because because we're already in a
• 22:03
  deficit. Oh, brother, I tell you what,
• 22:08
  this the the future so bright we got to wear shades.
• 22:11
  OK, what about let's talk about demand around the world for gold
• 22:15
  and silver? I'm going to share with you some
• 22:17
  news from Australia that you can only see here in Ron's basement.
• 22:22
  It came from one of our viewers. He took some pictures from
• 22:25
  Australia and I'm not going to share his real name because I
• 22:30
  didn't ask his permission, but I did take out the text from his.
• 22:35
  This was an e-mail I got and he said hi Ron, I love your show.
• 22:39
  This is we're going to call him. What was I going to call him?
• 22:41
  Mr. Hold on a second, Mr. B OK, I love your show.
• 22:46
  Basement Dwellers Stacker in Sydney, Australia.
• 22:49
  Our bullion shops are taking forever to deliver.
• 22:52
  I'm waiting on 4 separate orders.
• 22:54
  I dragged my family to ABC Bullion today for a 2.5 hour
• 22:59
  wait. They were not impressed.
• 23:01
  And here's a couple pictures. Look at these people, right?
• 23:04
  At least they're in the shade, sitting down, right?
• 23:07
  Waiting in line to buy precious metals.
• 23:10
  And here's another picture as well.
• 23:12
  Look at that. Wow.
• 23:14
  And there's the ABC Bullion right up there.
• 23:17
  All right, guys, thanks for joining me down here in the
• 23:19
  basement. Don't forget, subscribe to the
• 23:21
  channel. We are in for a walk.
• 23:25
  OK, there's upstairs Susie. Everybody say hi to upstairs.
• 23:28
  Susie, I'm going to ring the gong.
• 23:30
  Hey, Susie, how many thumbs up do we have over?
• 23:32
  Give me 10 more for 300. All right, guys, let's get 10
• 23:38
  more thumbs up and I'm going to ring the gong.
• 23:40
  I know we got it. This is the golden gong that
• 23:43
  brings us good luck. A little tradition that we have
• 23:46
  down here in the basement. We got it.
• 23:52
  Listen to it resonate. I know, I know.
• 23:58
  I did not make the sheep noise today.
• 24:01
  Maybe tomorrow. You never know, right?
• 24:03
  Most important, right? It's big deal when you join me
• 24:06
  down here in the basement. All serious.
• 24:09
  Thank you. Thanks for your time.
• 24:10
  Thanks for your support. It means the world we're in for
• 24:14
  a wild ride. Remember, please be prepared for
• 24:17
  anything, all right? Whenever you're investing, be
• 24:20
  responsible. As a friend, I'd like to tell
• 24:22
  you that don't expose yourself off to too much risk, too much
• 24:26
  leverage, anything like that. Like we are going to have some
• 24:29
  volatility no doubt in the future in the precious metals
• 24:33
  markets. We've experienced a really
• 24:35
  great, great period of time. I think the great times do
• 24:39
  continue. But again, there's going to
• 24:41
  nothing goes straight up in a straight line.
• 24:43
  So anyhow, take care. All right, be good and I'll see
• 24:47
  you, yes, you the one and only next time.
• 24:52
  Thank you.