I'm Charlotte Mloud with investingnews.com and here today with me is Steve Penny, founder of silverchartist.com. [snorts] Thank you so much for being here. Great to have you. >> You bet, Charlotte. Thank you for the invite. I've been watching your channel for a long time. Uh, so excited to be a first-time appearance on your channel. >> Oh, well, thank you so much. I have been watching you for a long time as well. So, it's great to be speaking to you finally. I was thinking I'm familiar


with you. I think many of our audience members will also be familiar with you, but just because it is our first conversation, I thought we could start with just a brief introduction to yourself and the work that you're doing right now. >> Sure. Yeah. Uh Steve Penny, founder of silverchartist.com, and we are laser focused on silver, uranium, gold, and platinum as I believe they present uh very compelling opportunities. I would say the most favorable riskreward setups over the next uh let's call it five plus


years. Um and we we I like to say fundamentals tell me what to buy, but technicals tell me when to buy and when to sell. So we do have that deep fundamental conviction in each of those kind of focus sectors or metals. However, we use technicals to, you know, uh identify higher riskreward setups, you know, great times to buy and we're not afraid to push the sell button. So we focus a lot on strategy over predictions. We do have forecasts, but we also focus a lot on maximizing risk adjusted returns. A lot of people,


especially newer investors, tend to focus on, hey, what's my upside potential, but we kind of like to measure upside potential verse downside risk and put strategies in place to maximize risk adjusted returns. >> Well, that's a great introduction and maybe we could talk a little bit more about how you strategize there because I know it's it can be easy to buy. It can be quite hard to sell and getting in and out of the market is something that investors might might struggle with. It


it sure is and I think you know everyone should have a personalized strategy and just because you know uh it should be personalized crafted to your own risk tolerances and objectives and all those kind of things but I think a simple way to do it and here's I'll just tell you how about how I do it. Uh [snorts] I have physical metals stored outside of the banking system and some of which is set aside as a generational insurance policy against these out of control central planners and uh central bankers.


Um, some of it, you know, because I've been accumulating for a while. Some of it I will eventually sell when the rat using a ratio-based exit strategy, but any kind of paper positions, I have one uh portfolio that's for long-term that I'm willing to hold through the inherent volatility that's just wild in these sectors. And then I have a separate account. So by compartmentalizing different accounts, it allows me uh you know I give myself permission to push the sell button in the separate


dedicated account when we get overbought against resistance just like we were you know we took profits and exited all our silver miners right the day before this um most recent peak. Um so we give ourselves in that bucket per permission to take profits when we get short-term way overbought against resistance and then we scale back in when we're oversold against support. But if we're wrong and it just keeps ripping to the upside, well, I keep a long-term portfolio that I'm not trying to trade


in and out of, not trying to get too cute. So, that's just one simple strategy, compartmentalizing different accounts, um, where you have different rules and different objectives within different accounts. >> That's really interesting. So, you do have your different baskets and I can see how that would allow you to do things with one part of your portfolio while leaving the other alone. And you had mentioned the ratio that you might be looking for. So, I've been hearing a lot more about gold silver ratio lately


and where it could be going. What are you looking for there to take you to that point where you might be willing to to sell some metal? >> Well, I I use a lot of ratio charts to determine when I'm ultimately going to sell. I'm talking about the end of the precious metals bull market. So, a couple of big ratios I look at is the Dow to gold ratio. Uh, back in 1980, the Dow bottomed at 850. Where did gold peak? 850. So, that's a 1:1 ratio. Now, I'm not going to wait for a 1:1 ratio,


but we start getting down to like a 3:1 ratio. It might be time to start, you know, divesting some gold and scaling into what other undervalued assets and general equities. Uh, by the way, I apologize for car alarm just started going off in the background there. So, Dow gold ratio is one. Another one is u real estate to gold ratio and real estate to silver ratio. There was a period in 1980 where you could trade around a,000 ounces of silver for the median home price in the United States. right now it's, you know, several


multiples of that. I think it's north of 10,000 ounces you would need for the average median home price in the United States. So that that's another ratio. Uh you mentioned the gold to silver ratio. Typically that peaks um at in gold bull markets that peaks around 15 to1. Back in 1980 it was about a 15 to1 ratio. Uh in 2011 that ratio got to 30 to1 as uh back in 2020 it got down to 60 to1. So right now we're north of 80 to1. So silver is a much uh better value proposition in my opinion than gold. But


uh I I don't necessarily look at that gold silver ratio as like a timing indicator to exit the sector, but more as you can use ratios to your advantage. So like back in April of uh this year, platinum was trading at a historic extreme relative to gold. You could trade 1 ounce of uh gold for 3 ounces of platinum. Typically platinum is more expensive than gold. So, I'll use those ratios of one metal to the other to kind of swap when we get to extreme extreme, you know, historic extremes. Uh, but not


necessarily to time like the end of a bull market, which by the way, I think we've got a long way to go in these in these bull markets. >> Okay, that helps me understand a lot better what you're doing and really good to take a look at your strategy. We'll get into some of those individual metals and we will focus on the ones that you are looking at most closely. I thought to begin with silver. So, as you mentioned, in the last couple of weeks, few weeks, we've seen silver get up to


all-time highs. And even though right now we're in a pullback, it seems like we have more staying power at this level than we have in previous times when we've seen silver up this high. So, I think people are looking at this and I hate to ask the is this time different? But where are you seeing silver in the cycle right now? Maybe we could phrase it that way. >> Well, I think we're in the middle of a major um major bull market. Obviously, everyone and their brother knows $50 is


a key key level in silver. Uh 1980 was the alltime or we got up to almost $50 in 1980 again in 2011 and here we are knocking on the door of 50 again. We briefly got up to like $54 a couple weeks ago. Here we are back down to 48. So there's a key battle going on at 50. Now you c you can make a bare case and a um a bull case over the intermediate term here. So, I like to say strategy is greater than predictions. But I I think there's a very good likelihood that we consolidate, if not pull back. Um, in


silver, I'm looking at major support down around 40 down to 35. So, when I look at the long-term chart for silver, um, the monthly candlestick chart has this big long upper wick, and we're speaking here on Friday, October 30th. Um, so it's the last trading day of the month. Um, we're we're green today, but there's that long upper wick. So, you could make a case that it was a false breakout above 50 cuz it looks like we're going to close the month back below 50 with this long upper wick, which would


indicate we likely need a period of consolidation, if not pullback before moving higher. Um, now the the bullcase is if you look at a big long like 40-year chart for silver, there's this massive cup and handle pattern. Uh, a lot of people have posted that on social media. I don't know if you've seen that one, but that gives a measured move target up to $96. and you can make a case that we're in the middle of staging a major breakout. So, not not to give like um you know, kind of speak out of


both sides of my mouth, but I think probabilities suggest a pullback here, consolidation, and me personally, I'm looking to buy buy the buy the dip if that does come to fruition because I do think we're headed up towards triple digit silver. That that long-term pattern, by the way, gives a measured move target from a technical perspective of about $96. And I think we're ultimately headed there in, you know, let's call it the the next couple years, if not sooner. >> Well, I think that answers where I was


going to go next with that, which was long-term price outlook for silver. So, that triple digit is something that could happen. Of course, right now, I wondered if you could talk a little bit more about how you played it when silver went to that $54 level because I think that could be interesting to take a look at. >> Sure. Yeah. I mean, how how we played it. Um, we we had one chart. I mean, I'm not going to show it now, but it's there's a um on the long-term chart going back to, I believe, 2008, there's


this rising bearish wedge pattern. And every time we got up to the upper rail of resistance, you know, we've uh consolidated and pulled back. And every time we got down to the lower edge of support, we bounced. And we've been using that chart as our road map to $50 silver. So, we had been projecting a move to 50 this fall. Um, now remember, I have different buckets or um portfolios. So in that volatility bucket once we got to 44 we're just kind of gradually slowly scaling out and then


you know a little bit of luck there that we're able to fully exit in that particular bucket the day before that interim peak just because we got so extreme overbought. The coot is bearish. We haven't gotten a commitment of traders report in a few weeks because of this government shutdown. But you know the the banks are positioned for a pullback in silver. uh you've got a lot of euphoric optimism and um also um there's a chart that not many people are talking about the long-term chart for


the US dollar going back to 2008. Now I am fundamentally bearish on the dollar for sure. However, from a purely technical perspective, uh there's a heavy short position in the dollar. Almost no one is expecting a bounce and we're sitting right right at the edge of long-term support in the dollar. So I I would not be surprised at all to see a bounce in the dollar here. So taking profits I think is just part of good risk management because these sectors are so volatile and volatility can be


used to your advantage. So if you've got cash available, bring on the pullback. You know, if you've got who does a pullback bother? It's the people who have no cash available. They're fully invested at all times. Well, then those pullbacks are very painful. But if you've got cash available, uh you can embrace that volatility to the downside and upside. >> Yeah. Yeah. We always hear that silver is so volatile, but I can I can see how you can use that to your advantage. And


maybe we can talk a little bit more about how you use fundamentals and technicals and put them together because I know when we were having silver going up to that high level there, we were we were looking at also what was going on in London, there there was all this talk about a market squeeze there. So when you see things like that going on, how are you weighing it into what you're doing? or is it more you've got the fundamental case and then you start keeping in mind the technicals. How does


that work? >> Yes, such a good question. So I I think to speculate, invest in these volatile sectors, you do have to have a deep fund fundamental conviction because otherwise your emotions are going to allow you to or prompt you to sell near the lows at the worst time. However, I've been saying for for years, and anyone who's been following silver and gold for a long time knows this, that uh there's very likely many claims of ownership on every ounce of silver and gold in the commodities exchange and the


LBMA. That that's been known for a long time. And you know, I like to say that the bullish headlines are loudest at interim peaks. So, you know, I I we knew this for a long time that there's multiple claims of ownership, there's physical stress. Um it's just now everyone's talking about it and that's fully in from my perspective the charts were suggesting that's fully priced in because people know that and you know that can be resolved by higher prices. So yes, I I don't want to dismiss those


uh uh supply uh issues over in London and I I think there's that's totally true. However, I think when we're up near $54 that news was fully priced in at the moment. >> Yeah. Yeah, I can I can see what you mean there. Very very interesting. And so we've taken a pretty good look at silver. I'm wondering if we can look at gold as well. We have kind of a similar situation where we had gold go up to all-time highs. We're in a pullback right now. So I'm wondering what you can


say about what the charts are telling you about gold. Maybe we talk about support and resistance levels there. >> Sure. On gold. Um so I think you also asked about ultimate price targets too and fundamentals. And an an interesting uh anecdote is if you take the average of the n the last two big bull markets, the 1970s bull market and the bull market from 1999 to 2011, I call those the last two. Well, the average returning gold over those two bull markets was about 15x. So if you consider the start of this bull market,


January 2016, uh after they uh cut rates for the first time in or excuse me, raised rates for the first time in uh years, uh that marked the bottom in gold. There was a,044 45. So if you just take the average of the last two bull markets, 15x, that gives you a a logical price target around $15,000 gold, that may seem outlandish here. But $4,000 gold seemed outlandish 2 years ago, too. So um I think in the fullness of time, $15,000 is likely to be achieved. Um now, we are extreme overbought right now in gold. If


you look at the monthly chart, that monthly RSI, that's just a measure of how overbought something is. Technically, it's the most overbought it's ever been in all of history, even more than it was back in 1980. And every time we've approached this level, or almost every single time, uh, on that RSI, it's taken a few years of consolidation before making a new high. Now, I I don't expect it to take a few years to make a new high. However, I do think it's very likely to take a few


months to possibly even a couple of quarters before making a new all-time high in gold. And that's healthy. That would be healthy to turn sideways, even pull back. uh we got it to 4,400 just you know I think 4398 was the intraday peak so 20% pullback gives would be a pullback to $3,500. I'm not necessarily like predicting that but it's it's well within the possibility that we pull back to 3500 and if that were to happen I think that would be a fantastic opportunity. Um I think we're more


likely to go to uh you know down to 4,000 between 4,000 and 3500 than we are to shoot straight up to five or 6,000. Um, I think we need that few month consolidation period to kind of work off some of the overbought conditions for some of the weak-handed momentum chasing speculators who don't really understand the fundamentals to be shaken loose and uh build a new base before moving higher. Ultimately, I think we're going much higher, but I think it may take a little bit of time here. >> Yeah, I think that 3500 level for gold


is something that I've been hearing as we go into this correction time as a a place where it could go and of course that would be a buying opportunity. So, makes a lot of sense to me. And you know, I'm wondering if we could talk a little bit about who is in the market right now. Like I think you had maybe mentioned there's there's new people in the market who might have come in when the price was really going up. Maybe they need to be shaken out. So, are you seeing more more participation from the


average person in this market at this time? >> Yeah, I I do think there's been a lot of uh newcomers to the market who maybe don't have a deep understanding of the fundamentals for the metals. They just see things moving up. They see relative outperformance. That's a reason we look at the Dow gold ratio because when gold is outperforming the Dow Jones, uh, generalist investors, high netw worth individuals, institutions, trading algorithms, all start to gravitate towards gold. But as soon as it stops


going up or consolidates, those people lose interest and they go to the next kind of shiny object. So, I think those people do need to get shaken loose. Um, and often too, um, when you get kind of an interim peak like this, there's kind of two co two cohorts of people. So, think of silver. Um, 90% of the move tends to happen in the last 10% of the time. It took a few years to go from 20 to 30. Um, and then it took longer to go from 30 to 40, but it went from 40 to 50, over 50 in just a like a handful of


weeks. So, that move was really fast. And I think as that move was happening, there were probably a lot of people on the sideline saying, I want to get in, but they're waiting for a pullback that never happened. So, often what happens, you get the first pullback and that's the opportunity for those people to jump in and it often causes a price jump. Now you've got a separate cohort of people who are often way overweight the sector and never push the sell button at all and then they saw this sharp sell-off


and they say, "Wow, that was scary. I wish I sold some." So they they often sell into strength. So what what I'm looking at now, my baseline scenario is that this is kind of a um kind of a deadcat bounce in silver up towards 4849 and then I'm looking for lower lows. That's my baseline scenario. Now take forecast with a grain of salt, right? Strategies are greater than predictions. I know I keep saying that, but um that's my baseline outlook right now is that we're getting a bounce in silver, uh


gold as well, and then I think we're going to see lower lows in the weeks and months ahead. >> Makes a lot of sense to me. And we've been talking about gold and silver, the metals themselves, but I'm curious about how you integrate gold and silver equities into your strategy. >> Uh sure. Yeah, I I like to say that I think people should start people who are new to the sector should start with physical metal stored outside of the banking system as an insurance policy. I look at as an insurance policy against


these out of control central planners and central bankers. Uh the mining stocks add risk but they also add leverage. But I think that's the order to go in is first start with metal and then start introducing some highquality bluechip um um mining stocks or royalty and streaming companies which are I think are even better. And I would view, you know, start with long-term holdings and then, you know, work your way down to the riskier sectors. And what I'm trying to say here is I I made this


mistake 15 years ago when I first got into the sector is people want to get rich quick and they go straight to a bunch. They build a portfolio of penny stocks and many of them are going to probably go to zero. I think the reverse order is how people should do it. Physical metal, then high quality blue chip stocks that you just be right, sit tight, hold for the duration of the bull market. After you've got that core position, then you can go down the risk curve a little bit down the food chain


and use volatility to your advantage, take on a little bit of extra risk with money that you can afford to lose. >> Well, yeah. Yeah. And I I was going to ask you, where do you see the most opportunity in the gold and silver stocks? Where might people be able to make those big gains? But it sounds like that might not actually be necessarily the way to play it. >> Yeah, it's remember in the beginning I said it's a risk-reward ratios. Most people focus on upside potential. Yeah,


there is potential for 10x or 20x or even more returns in those penny stocks, but the downside risk is you can lose all your money. So, I think there's much more to me. Here's the the sweet spot is mid-tier producers with um exploration upside because the the dilution risk is reduced because they're producing, they have cash flow, so they don't have to necessarily dilute their shares and take on all kinds of extra debt. Um but they've still got exploration upside. So, that's kind of a sweet spot. Um and


also you mentioned um you know what to consider in the mining space. I look at ratios of uh senior gold miners, junior gold miners, senior silver miners, junior silver miners and look at ratios against each other. And right now the junior silver miners are still the most undervalued component of the whole precious metal sector. And by the way, that bodess well for u that's not typically how bull markets end in precious metals. If this were truly the end of the bull market, what you would expect to see is the junior silver


miners leading the pack and overvalued relative to everything else. But the opposite is true. They're still the most undervalued component. Um, you know, something to consider too is a lot of people go they want to pick the indivi to it's very difficult to outperform just an index. So there's nothing wrong with the ETFs like S. If you want junior silver miners, there's nothing wrong with SILJ. um you get a nice basket of individual stocks diversified geographically and you know you don't


have to if you're new you don't have to go become a stock picker um just having exposure to the sector um can be a smart way to do it. >> Yeah, I think that's a a good reminder for everybody there. And I want to also look over at platinum for for just a moment because I know it's also one of your areas of focus and it's kind of an interesting situation where the price was rangebound for so long and then we started to see a breakout this year. So I think as we look at gold and silver


everybody is also wondering all right what is next for platinum? So what are you seeing as the the outlook here? Yeah, I'm very bullish on platinum and I think platinum has the potential potential to even outperform silver. Um, not necessarily predicting that, but it's got the potential to do it. Although it does carry more risk. So, for me, I've got about 20% of my physical metals in platinum. And I I feel good about that cuz it's got the potential to outperform, but it's also a


little bit riskier. Uh, I used to say silver is the only commodity on the planet that's about half of where it was uh at its previous all-time high. Well, platinum, the all-time high is $2,300. So, we're sitting around $15,600 platinum. Not quite half, but still way below its previous all-time high. So, from a fundamental perspective, platinum is extremely undervalued. Also, when you look at platinum versus silver and platinum versus gold on a ratio basis, historically extreme undervalued


compared to those two metals. Um, and you know, platinum is such a tiny market that it it doesn't take much investment demand to really move the price. So, when platinum goes, I mean, it's I think it's really going to go. Um, part of my exit strategy with platinum, I think it's important because it's so volatile, is to begin swapping it for uh other metals like gold and silver when the ratio dictates. You know, just like I swapped some gold for 1 oz of gold for 3 ounces of platinum back in April. I


think there'll come a time where you can swap 1 oz of platinum for 2 ounces of gold. That was the we've gotten to that ratio where platinum was twice the price of gold uh two times in the last 20 years. And I think we'll probably go in there again. >> Well, and I was going to ask what your preferred way to approach platinum is, and it sounds like it's the physical metal. Is that the main way that you would encourage people to to go into it? >> It is. I I like the physical metal. It


as far as mining stocks, it's really hard to find highquality platinum stocks, especially that are like pure play platinum miners. Sabani Stillwater is is kind of a big one. um not the best run company in my opinion, but it does give you exposure to uh platinum and palladium, but I I prefer the physical metal. And then there's a couple of ETFs. Uh reluctant to mention this one, but PPLT, it does give you it's intended to give you exposure to the price of platinum. Uh not a big fan that the um


the custodian is JP Morgan, so you know, people can have their problems with that. [laughter] Um another one is the Sprat Physical Platinum and Platium Trust, SPP. I own that one personally. It's 50% platinum, 50% platium. I'm more bullish on platinum, but I'm also bullish on platium as well. So, that's another one to consider. >> Well, thank you for going into those ones. And just cuz you mentioned you're a little bit bullish on palladium, I'll ask you about that one because I've been


bringing it up to people as we talk about the potential in gold, silver, platinum, and it feels like most people are are more lukewarm on palladium and not so sure about it. So, maybe just briefly if you could share your thoughts on on the market. Sure. And I don't claim to be an expert in uh palladium. I do know more about platinum than palladium. So I don't want to get in over my head going into the details of the nitty-gritty of the fundamentals. However, using those ratio ratios, right, uh platinum is still undervalued


relative to palladium historically. Both metals are used in catalytic converters, in internal combustion engines, uh gasoline and diesel. And uh platinum was kind of um uh excuse me um I I believe there's a substitution effect going on because for a while there palladium was more expensive than platinum. So you saw in the Chinese import numbers over the last year or two they've been importing a lot more platinum than palladium. And you know if palladium is more expensive and you can use platinum or palladium in


these catalytic converters I believe there's a lot of substitution going on where pe car manufacturers are starting to use platinum instead of palladium. Um so that that's one reason why I'm I'm more bullish on platinum. I think there's also you know u this is kind of an outlier but hydrogen fuel cell technology uh if that were to gain traction that's going to create additional demand for platinum. Um so I'm just more bullish on platinum than palladium although I I do like both.


Well, I appreciate you sharing. I'm I'm still kind of trying to figure out what's going on with palladium. So, that helps me a lot. And we also want to talk about uranium and I think it's a a good week to be doing this because we've seen some excitement with the US government and Kamico and and Brookfield that deal there. So, I'll ask you, I think, to start out about uranium again. Where are we in the cycle? Because we've seen some interesting ups and downs in the last


years. Where are you seeing it right now? Well, I I think there's a lot of room to run in this bull market. Uh I think the really easy money has been made. I I remember scaling into uranium in 2020 when it was like $18 a pound, which made no sense. Um we've been as high as $107 uh last year, and right now we're hovering around $80 uranium. The price is still low. The price is still low to incentivize the new production that's going to be needed to meet the demand of all these reactors that are coming


online around the world. Not to mention the um you know still kind of unknown of how much uh data center you know demand that's going to create for for nuclear as well along with small modular reactors. So the bot what I really like about this sector is it's a pure supply demand story and the bottom line is the world needs more uranium but the price is too low to mine it. It's incredibly volatile and you can make a case maybe it's getting a little bit ahead of itself here. Um, however, I I think uh


uranium had uranium is a smaller market than silver. And I mean, silver miners are incredibly volatile. You can make a lot of money in silver miners if you time it right. Uh, well, the same is true and even more so in uranium. I'm extremely bullish on uranium. Um, it's had six six or seven straight up months across the sector. Um, you know, it's getting a little bit overbought some of the mining stocks. Um, but I would be a buyer on any dips of uranium if you're, you know, um, bullish on the


fundamentals for that sector. >> I think that's exactly what I was going to ask you. So, the easy money has been made, but we're we've still got room to run. So, if you're What is your favorite way to approach it? Are you going for something that gives you exposure to the price? Are you going for the large producers or or a mix? How how are you looking at it? Yeah, un unless you're highly skilled at individual stock selection, which is very difficult, there's two vehicles I


really like. The spat physical uranium trust that gives you exposure just to the physical metal. I think that's the the best riskreward way to play the sector. Um, probably not going to get like a five bagger on your money from here, but I think you can easily get a double or maybe more um with relatively low downside risk. Uh, another ETF I like is URNM. That's the spat uranium miners ETF. It's got about 15% exposure to the physical metal and it also the next top two holdings are Camo and


Kazataprom which are the two largest producers in the world and some exposure to some of those smaller and mid-tier producers. So URMM is an ETF that I I feel like is a a great vehicle just to get nice exposure to the sector and then of course you know there's individual mining stocks for those inclined. >> Yeah, absolutely. Absolutely. I think that makes sense and I wonder do you so we're for the prices I think we've seen spot and term prices essentially getting close to converging or converging at


this point. Do you have a long-term outlook for where the price of uranium could go? >> I do. Um if you go back to 2007 the spike high was $147. Uh that's on the futures price. If you adjust that for uh inflation using of course the government's flawed inflation data, um that gives you a price target up near $200 adjusted for inflation. I think the the fundamentals are more bullish now than they were on the last bull run. I think we're in a structural supply deficit that can only be exacerbated


with oncoming AI data centers and small modular reactors and some all all of these things. It seems like every day the fundamental case for uranium just gets stronger and stronger. you just mentioned it was two days ago now that uh the US government announced this $80 billion deal um to fund I believe 10 new reactors about 10 new Westinghouse reactors so the the fundamental case keeps getting stronger and stronger but 147 I think that is a very logical target if you want to adjust it for inflation up near 200 and I think


there's a decent pro probability we even take out that $200 high but um you know I'm not going to hold all of mine I'll be scaling out along the way but I think we probably ultimately go north of $200 uranium Right. Right. I think you're absolutely correct there. It does seem like every day there's something that just adds to the the positive side for uranium. All right. As as we're getting to the end, I was wondering if there are any thoughts on the overall stock market that you


would share because I know part of the reason people are interested in gold, silver, precious metals is concerns about the general market and what we could have coming there in terms of a correction, maybe even a crash. So anything you're you're looking at there in terms of that? >> There is. Yeah. So from a fundamental basis, this is the o most overvalued stock market in history. And there's multiple ways you can draw that conclusion. Uh one I just was reading about this morning, the Buffett


indicator is like the highest most expensive stock market in in all of history. But as we all know, bubbles can go on longer than many expect. So we know that we live in a boom bust cycle. The bust is sure to come. Trying to time that is very difficult. But we can identify conditions that are ripe for a stock a sharp stock market pullback and I think those conditions are ripe right now and that is one of the risk factors to you know our f the sectors we're talking about here silver uranium gold


platinum if the stock market I call it a deflationary impulse if we were to have a big sharp deflationary impulse yes those sectors would get taken down but I also think they would be the first to rebound and that's where that strategy strategy is so much more important than uh predictions and having some oper I I keep separate opportunity fund of capital available. It's just sitting there. Yes, inflation is eroding its value, but when those you know if you can buy when everyone else is u uh


selling that that's the times where you know you can really get a a big you know a nice return on your capital um buy when there's you know when everyone else is um fearful. So I guess the short answer is um I I I do see a deflationary impulse coming probably in the next 12 months if I had to put a timeline on it. I think that could coincide with a spike in the dollar here. And if if the dollar were to spike, there's the next deflationary impulse. How is the US government going to react? The way they always react with


debt monetization, currency creation, stimulus, all those things on steroids. And I think that's what ultimately the reaction to the next deflationary impulse is what I believe ultimately sends silver, you know, up towards triple digits, gold up towards, you know, north of $10,000. And these big targets that many silver and gold investors have had. I think the catalyst for that is the Fed's reaction to the next deflationary impulse. >> Right. So, it really it really all ties back together here, all the different


themes that we've been talking about. This was really great. I I will let you go, but before I do, any final thoughts that you would leave investors with if you want to talk about where we can find you or any other things that are in your head right now? >> Uh, no, I think I think we covered everything. It was really great uh speaking with you and your audience. Um, silverchartist.com is the website. We've got a really low ticket service, nice community. Um, it's a fully transparent


over-the-shoulder service with real-time alerts, so you see exactly what I own and every time I push the buy or sell button, uh, our members get an alert. Not that I get everything perfectly, but everything is fully transparent. And the idea is that hopefully, you know, we can keep each other sharp as we navigate these wild markets together. I'm also on X at Silverchartist and um, thank you so much for the opportunity to come speak with you. >> Well, thank you as well. I think we covered a lot of ground. Great to have


you and and hope to have you back soon in the future. Absolutely. Thank you so much. >> Of course. And once again, I'm Charlotte Mloud with investingnews.com and this is Steve Penny with silverchartist.com. Thank you for watching. If you like this video, [music] make sure you hit the like button and subscribe to our channel. We'd also love to hear your thoughts, so leave us a comment below.