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  That notwithstanding, in my speculative account, which is where I held my silver, the reason that I bought my silver is because I believed it was oversold at $20. The reason I sold my silver is I believed it was overbought in the near term at $75. And I thought as a speculator that reallocating silver, physical silver cash to silver stocks meant that if silver just held the $75 level over 12 months, the stocks could be up by 50%, but silver by definition would have gone nowhere. The idea that it's hard to

explain that way of thinking uh tells me that a lot of speculators have a lot of soulsearching to do and a lot of education to add. Uh their gold earnings estimates are based on $3,200 gold. If you're selling the stuff for 45 and your earnings estimates are predicated on 32, it's kind of hard not to have a surprise. Similarly for silver, uh I looked at a bunch of the Bay Street estimates and they're based on $42 silver. Guess what? You sell it for 67 or 70, uh it's going to be really difficult not to beat a for

a uh an estimate predicated on 42. Whether or not this is baked into the market is a very different question. uh what will happen I think if you see flat silver prices uh is that you'll see the earnings estimates become more realistic 12 months out. Uh I I think you're seeing either false pessimism uh or conservatism from researchers, those few researchers in the silver business who have been consistently wrong for 20 years on the long side and now they're wrong on the short side. >> Welcome to Gold Silver News, your go to

destination for all things economics and finance. Whether you're an experienced investor, an inquisitive student, or just someone who wants to stay ahead in today's everchanging economic landscape, you've come to the right place. I've been working on a private road map for viewers who are more focused on protecting their wealth than speculating in uncertain markets. I'll share it at the end for those interested. Now, we'll show you the best clips of the latest interview. But first, smash the

subscribe button, hit the like button, and send us super thanks if you find our daily recaps valuable. Enjoy the episode. Enjoy the video. >> Well, I think a few things. Uh it is funny how many people particularly those who have been attracted in the last year and a half to the precious metals market. Uh experienced so much trauma around the volatility and metals pricing. An example would be uh everything that was true with the silver narrative at $100 was true at $20 except at $100. It wasn't cheap. At $20 it was. It's

interesting, Steve, that you and I talked about silver when silver was at $20 an ounce and had very few listeners. We talked about silver at $100 an ounce and we had a lot of listeners. It would appear that newer speculators in particular require price action to justify narrative. The problem with that is that when the price action has already occurred, the narrative is worthless. It's interesting, too, that people who loved silver at $100 an ounce can't stand it three weeks later at $67

an ounce. Now, I would suggest to you that silver, if the narrative is true, is substantially more attractive at the lower price than it was at the higher price. And I would suggest that the problem with most speculators in the market is that they are very good at emotion and very bad at math. Uh, I was pretty certain, Steve, when I announced publicly that I had sold 80% of my physical silver that I had done the right thing, given the amount of hate that I received online, particularly given the fact that about

95% of the haters responded to the headline, never having listened to or read the interview. It's interesting now that some people have suggested that I was pumping silver at $20. I guess I was. And dumping silver at $75. I guess I was. Uh when one buys a position because one thinks it is underpriced, one is wise to sell a position when his goals are obtained. I guess I should feel pity for those who criticize the concept of buying low and selling high. But the point of places like the rule classroom

and the rule symposium and this uh discussion that we're having today is precisely to teach people to buy true narratives when they're out of favor and take profits when those narratives come back into favor. And this isn't discussion that should relate simply to silver. All capital inensive uh cyclical businesses like natural resources exhibit exactly the same characteristics albeit in different markets. The truth is that in these markets if you are not a contrarian you are going to be a

victim. I believe, Steve, as I've stated on your show number of times, that the primary determinant of precious metals prices over time is the depreciation of the purchasing power in the US dollar and real negative interest rates on savings. I continue to believe that's true. I continue to believe that the US dollar, which has lost by the way uh over 90% of its purchasing power since uh 1913, 97% to be exact, will lose 75% of the remaining 3% of its purchasing power over the next 10 years. I believe too

that the nominal price of precious metals, gold and silver, will likely, but not necessarily mirror the decline in the purchasing power of the US dollar. Which is to say, over 10 years, I expect metals prices to be not merely higher, but substantially higher. That notwithstanding, in my speculative account, which is where I held my silver, the reason that I bought my silver is because I believed it was oversold at $20. The reason I sold my silver is I believed it was overbought in the near term at $75. And I thought as a

speculator that reallocating silver, physical silver cash to silver stocks meant that if silver just held the $75 level over 12 months, the stocks could be up by 50% but silver by definition would have gone nowhere. The idea that it's hard to explain that way of thinking uh tells me that a lot of speculators have a lot of soulsearching to do and a lot of education to add. Doubt there will be earning surprises. Uh if you read the research from the major Bay Street and Wall Street firms, uh their gold earnings estimates are

based on $3,200 gold. If you're selling the stuff for 45 and your earnings estimates are predicated on 32, it's kind of hard not to have a surprise. Similarly for silver, uh I looked at a bunch of the Bay Street estimates and they're based on $42 silver. Guess what? you sell it for 67 or 70, uh, it's going to be really difficult not to beat a for a an estimate predicated on 42. Whether or not this is baked into the market is a very different question. Uh, what will happen, I think, if you see

flat silver prices, uh, is that you'll see the earnings estimates become more realistic 12 months out. Uh I I think you're seeing either false pessimism uh or conservatism from researchers, those few researchers in the silver business who have been consistently wrong for 20 years on the long side and now they're wrong on the short side. Some of that I redistributed half of it into silver equities for the reason that you mentioned. If the silver price remained for a year at $75, which is

roughly the level I was able to exit my silver at, I don't know the precise price, honestly. By definition, if the silver price remained unchanged, my silver wouldn't increase in value. My portfolio wouldn't increase in value. And silver was in the speculative segment of my portfolio, not the core investment segment. I purchased silver because it was despised. I purchased silver because at $20 an ounce, I believe it had a rise and people either were indifferent to it or disliked it,

which I enjoy. And when it stopped being disliked, my justification for holding it disappeared. Could it move higher? Yes. Do I mind? No. But returning to the initial thesis, if the silver price remained at $75, not an improbable result over 12 months, I'd earn nothing. If the price remained at $75, the top silver equities whose profits were based on a $40 or $45 projection would increase by 50%. So, as a trader, I needed to decide between gaining 50 or staying even. That seemed fairly straightforward to me. Another small

portion of the capital, I chose to step completely aside. Well, perhaps not completely aside, but I chose to preserve it. So I acquired physical gold with it because I store wealth in physical gold. I keep liquidity in US dollars but I store wealth in physical gold. In the final portion of the capital I rotated forward into oil and gas which although it is no longer despised still carries more attractive valuations than most other commodities that I know. Understood. Regarding the silver space, are you allocating into

the top tier like large cap producers or have you moved down the quality cur to the devil? I wish I had focused only on the large cap producers. I did wheat and precious, you know, silver streaming disguised. I did, please, because if you're in silver and you're not in Mexico, you're not in silver. I did Pan-American silver because I think it's highly leveraged to a revaluation from higher commodity prices. I did Aubry Jr. because I believe the resource is going to expand. And then I made a significant

error. I bought Vistla not foreseeing that the narrow trafficans would kill 10 of our workers. Yeah. So for that stroke of genius, I was compensated with a 44% drop. Yeah, that is on our list. Remain for a year at $75, which is roughly the level I was able to exit my silver at. I don't know the precise price, honestly. By definition, if the silver price remained unchanged, my silver wouldn't increase in value. My portfolio wouldn't increase in value. And silver was in the speculative segment of my portfolio, not

the core investment segment. I purchased silver because it was despised. I purchased silver because at $20 an ounce, I believed it had a rise and people either were indifferent to it or disliked it, which I enjoy. And when it stopped being disliked, my justification for holding it disappeared. Could it move higher? Yes. Do I mind? No. But returning to the initial thesis, if the silver price remained at $75, not an improbable result over 12 months, I'd earn nothing. If the price remained at $75, the top silver equities, whose

profits were based on a 40 or $45 projection, would increase by 50%. So, as a trader, I have to decide between gaining 50 or staying even. That seemed fairly straightforward to me. Another small portion of the capital, I chose to step completely aside. Well, perhaps not completely aside, but I chose to preserve it. So, I acquired physical gold with it because I store wealth in physical gold. I keep liquidity in US dollars, but I store wealth in physical gold. In the final portion of the capital, I rotated forward into oil and

gas, which although it is no longer despised, still carries more attractive valuations than most other commodities that I know. Understood. Regarding the silver space, are you allocating into the top tier like large cap producers or have you moved down the quality curve to the I wish I had focused only on the large cap producers. I did wheat and precious, you know, silver streaming disguised. I did please because if you're in silver and you're not in Mexico, you're not in silver. I did

Pan-American silver because I think it's strongly leveraged to a repricing from higher commodity prices. I did Aubra Jr. because I believe the resource is going to expand. And then I made a significant error. I bought Vistla not foreseeing that the narrow trafficans would kill 10 of our workers. Yeah. So for that stroke of genius, I was compensated with a 44% drop. Yeah. Yeah, that is on our list. Viewers have asked about Vistla. Look, it's a complex jurisdiction. You're dealing with gentlemen in the import

export trade outside of silver. How do you view the opportunity set around Vistla? Is it going to remain in the penalty box for a period but recover eventually or have you determined? No, this is not something that you're prepared to engage with for now. I haven't liquidated any shares because I believe it's the third best undeveloped silver deposit globally and it's not fully drilled out. I mean geologically it's a vunderint. It's simply extraordinary. As for the sociopolitical

risk, I don't have any information so I don't know how to evaluate it. I'm unfortunately very familiar with cenoloa. I'm fairly familiar with all of the Sierra Madre accidental and this is not my first encounter with annies. You need to consider them as highly efficient administrations. They typically resolve disputes with 180 grains at 2,200 ft per second through the temple. They provide some degree of law and order until they don't just like every other government and they exercise

regional authority. When you have a policy disagreement with them, however, there is no recourse to the rule of law as we just observed. So, I don't know this, but I'm certain that Vistla had informal understandings with the cartel. Bribe them? No. Compensate. And I'm inventing this. I have no information from the company, but I understand how Mexico functions. You retain a law firm that effectively acts as a sociological adviser whom you pay substantial fees to, and some of that money does not

remain with the law firm. Or you contract for Earth moving with a firm that doesn't move much Earth. You understand what I mean? I understand. And I suspect that there was a license to operate. We'll call a levy because that's what it is to the local authority who happened to be narcoticants. Now the issue becomes if this was and I believe it was a shakeddown, how does Vissland navigate through this? Is there another legal intervention where they spend some funds with a law firm to attempt and

succeed? Does the Mexican government step in until I gain some clarity regarding how the situation resolves itself? I don't have sufficient information to speculate. Fair enough. The major transition is already in motion. It is evident in the rise of specialized banking frameworks that enable bullion to be pledged as collateral without selling. It is evident in the narrowing of royalty discounts. It is evident in the flow of capital toward the lesserknown juniors who control the physical reserves of the

future. The chatter of the daily ticker is diminishing, leaving only the calm, unavoidable reality of a world returning to tangible worth. If your priority right now is not chasing returns, but protecting what took decades to build, I've put together a private road map linked below. If your priority right now is not chasing returns, but protecting what took decades to build, I've put together a private road map linked below. Oh. Oh.