[music] I'm Charlotte Mloud with investingnews.com and here today with me is Jen Lin of Lynn Asset Management. Thank you so much for being here. Great to have you. >> Thank you. Glad to be here. What a historical moment we have. >> Yes, we're at a very, very historic time for silver as well as gold. I thought we could start with silver today. We're here at VR. That's what everybody, I think, is talking about. I know you have your triple digit silver shirt on right now.


>> Yes. >> So, we made it. What would you say is the the main driver behind this huge breakout in silver? >> Uh most demand actually from Asia. Uh the first from India actually Indian holiday. uh a lot of people buying silver and very importantly starting this year uh Indian government going to allow people to borrow against silver. So you don't have to sell your silver. You can just lend the silver to the central bank and then you get up to 90 or 95% of your value worth [clears throat] in cash and then very


interestingly they use a gold silver ratio at 10 to1. So so basically Indian people start to buy last year anticipate this because they can hoard silver and then they can use it collateral they can use it you know it's just like money. So that movement start there also another uh very interesting phenomenon in China that exaggerate this this silver move is that starting April 1st of this year China going to stop uh tax uh the rebate the vir rebate on solar panel okay so it's 13% but you know but for industrial


is pretty significant so basically before all the export from China the VA are rebated Just like we go to United States after you go through custom you have taxfree shop right because if you leave Canada your VA you pay the VA they will repay you same thing all the industrial good by you know common people common knowledge or common you know way to do businesses they rebate you the tax but China's feel like um we don't need to [laughter] so they will stop rebating solar panel plus other thing starting April first.


So that's actually push forward all the demand. So by so the right now the solar panel factory in China when they heard it since last year they have been running you know three shift a day they try to push out as much solar panel as possible. >> Solar solar panel is the largest demand for silver >> over 200 million of silver. So I think there's a push forward of demand from solar panel. I didn't know about the rebate situation in China. It feels like everybody's been talking about the the


export restrictions that came in at the start of the year. Is is that also important to the story for silver? >> Actually, that was misled. Uh there is no export restriction at the beginning of the year. Okay. What happened was that China put silver at uh tungsten and antimony same category. So all the exporter need to register with Chinese government. So they only they approve 44 exporters of silver but uh I I actually I just did a presentation is that it's like put silver at the bullet. It's a


silver bullet. So when she meet Trump in a few months if something doesn't work out China can restrict rare earth and so and and the money and tons and silver China produced more than 50% of silver uh in the world. So that actually is a threat. It It's not It hasn't fired yet. It's a silver bullet. That's what I call. >> Okay. So that'll be something to really pay attention to. And so we mentioned we've gotten to tripledigit silver. It's it's passed out right now. I'm not


actually sure what the the price is at this moment, but the price is higher in China. And I wonder if you can talk about that differential in the price. Do you see that persisting? >> Yeah, it has been uh always Chinese pay premium. uh the Chinese investors they have problem buying silver for example silver ETF even have a higher premium so as a result China actually halted the silver ETF so Chinese government actually is working with the CME whatever they're trying to reduce they're trying to cap the rise of silver


so uh there was a restriction of about five grand of silver per person per day you think about it that's kind of very very tight restriction but people can still buy they buy physical so then physical al sold out so that's also you know exaggerate this silver move >> yeah okay so they can buy physical silver that's fine but the other vehicles for silver are less accessible in China >> very difficult to do yeah they even ban nonspeculation speculators using the future market you


think about that they just they try every avenue to to cool down the silver price because China use silver ch you know for a lot of industrial use they government perspective they don't want to see the rise of silver >> very very interesting and I wonder if you can talk a little bit about substitution of silver so I've been hearing as the price goes up solar panel manufacturers are looking at how they can use less silver how they can maybe use copper instead is that a is that a threat to demand for silver


>> oh definitely definitely they are uh if you look at the the different technology you know the um uh HJT uh the um uh the other uh the the the topcon you know all these techn I discussed before uh so uh the most threat uh for silver uh for most likely for silver substitution is HJT because it's used low temperature so low temperature they can in theory they would they could replace silver completely but they are using uh basically silver to wrap around copper. I'm pretty sure after April 1st a lot of


um you know after that export is in place export uh tax increase so China had much less order they will just shut down their factory and then retool everything to get less silver. So >> yeah so that could be quite significant and so you're mentioning the high demand for silver in the east. What are we seeing from investors, western investors in terms of silver demand? Like we're here at VR and I think of course there's a very people here are very biased toward the metals but in general what


are we seeing out of the west? >> Oh there actually a lot of people caught by surprise. I got so many people asking me I have all the silverware at home where to sell it how do I get the best premium? The people just caught by surprise I would say. >> Yeah. Yeah. Very interesting. And so we have to talk about what's next for the price. So we made it to this milestone that so many people have been waiting for for years and years, maybe decades in some cases. Where do you think silver


goes from here? Is this a sustainable level? Do we go higher or lower? >> Oh, in short term, it probably going higher, but I'm afraid at this year especially industrial demand like solar panel is frontloaded. So I do expect so silver price to come down uh from just from in industrial demand point. Uh the key would be the monetization remonetization of silver. That's uh that's open question mark. If before silver was a monetary metal then silver should worth triple digit and it will be


forever. But if you just think silver as industrial metal, it probably 50 is a reasonable value. Okay. And uh critical metal that's another question. If silver is critical metal, it's probably [snorts] can can make can get to 100, you know, 50 somewhere between 50 and 100. the the key going for silver right now is a surge of industrial demand surge temporary surge of solar panel demand and then the you know just people cannot get all the silver in there it's a squeeze it could be so the squeeze can


be very violent >> right >> so and that's that's a thing but it can go up and also can go down so that that investor should keep that in mind >> yeah yeah if there's one thing we know about silver is that it's volatile Maybe you can talk a little bit more about the remonetization angle. What are what are you looking for there? What would be an indication to you that yeah this is happening? >> Yeah, you see uh Russia already remonetized silver. Uh India is semi


monetized. >> Yeah, as you talked about, >> right? And China is a big question mark. Uh if there's a sign of China monetizing, I think then silver we can expect triple digit silver for a very long time. in the history I'm Chinese history of China for thousands of years uh half of the time silver is used for currency if you go to the bank in China the bank name is silver so people know silver is money so there is this concept that silver is money uh so there could be uh the push as silver move up people


asking government you know all the inflation all the you know housing bubble b all these people not happy. Maybe we should use silver. We shouldn't you have a silver, you know, silver R&B. Maybe that's a question mark. >> Okay. So, we've got to we've got to watch for that. Yeah. And I think it connects to a question a lot of people are asking right now. I see it from our audience and on the conference show floor is are we in a new price paradigm for silver? Are we going to repric at a


a higher level than it was for so many years? So, we're kind of still waiting to see. >> I think we're waiting to see. It's really remonetization will keep silver very very high. Uh but again people in China people have long memory. China gave all the silver China have to the United States during World War II to buy weapon. So China lost the silver standard. Okay. Now silver is getting expensive. Maybe Chinese people say okay we want to repro we want to live happily. Maybe we want


to use silver again. So there's a there's a quest a possibility. I think you might as well should the watch. >> And how are you handling this price move in silver? I've seen numerous [clears throat] people say, "All right, we've gotten to the triple digit level. It's time for me to sell at least some of my silver." So, have you been scaling out or how how are you looking at it? >> Right. I have a silver future, a silver stock, a silver core options on silver


stock and uh physical silver and junior silver junior silver future very volatile. I start accumulating around $15$20. I'm out. I already told everybody I'm 75% out. Okay. Uh I sold on Friday some 100. I just want to print on that and the rest 25% because very hard to know whether what kind of uh movement they have. You know I have a I put order good to cancel order some at 150 some at around 200. We'll see if it got there. If it doesn't go got come down, it's okay. You know, I already


most money in my in in my pocket. Uh silver stock I'm holding most I think stocks still are cheap. A lot of company I talk to they still pricing in maybe $30 silver they used for their production 30 40. So you think about the margin they have. >> Yeah. I have a core options on silver stock first majestic quarterly on and uh uh endeavor silver they did very very well for me five bagger 10 bagger in past few months I roll over but I don't roll over completely I maybe half of them roll over to the next few months


they also tripled recently though very nice very nice but I intend uh to uh to be probably out of silver core options in a few months by the April I think April time frame by summer come I I will be because the core options you has to be counting on the rapid rising of silver I don't see that sustainable >> yeah I think when it comes to the silver stocks people are wondering all right so we had the big price move when do the stocks really start to outperform and I know with the gold stocks when we were


waiting for them to follow gold up it took some time for it to come through and the results etc so so that's kind your your time frame is by halfway through the year >> or is that just for the >> I I think uh silver stock uh once people using even 70 $80 as a reference silver stock can go much higher especially the junior junior really a lot of junior really hasn't moved yet or move very little it's so uh I'm I'm pretty positive on the junior smaller silver stock the bigger


superstar you already seen that the first majestic one my not of my favorite okay by the way what they do they they they buy back share last year >> and then but they issue share at the end of last because they think the share price pretty high they're selling asset right uh endeavor also sell sold asset so uh so that's that that's signs um little bit warning sign when market heating up uh those are your investors should watch also first majestic lower the guidance. Why? Because they think


they can mine lower grade silver. That means their cost will go up, production will go down. That's that's another warning sign. So there are warning signs. Yeah, that's I I went through the top and bottom the all the cycles. Those are things investor should watch. >> Yeah. Yeah, that's it's good to know about those warning signs, but still so you're looking at potential in the silver juniors. any tips for people on evaluating the junior silver stocks because I know it's it's quite a small


universe of companies. >> Yeah, absolutely. Uh I usually first important the management team the the people the backer of of those silver star and then the catalyst you really need to wait for the cataly you cannot hold on to a stock forever that bull market is finished. [laughter] So uh and then also junior always need to raise money. So I always trying to follow the money trades because when sometime when they raise money the share got hit very hard then you can just buy from open market. I'm from United States


I cannot a lot of the rates I cannot participate. So you have to look for that to buy from the open market. >> Okay. Okay. Good good advice there. And I want to talk about gold as well. So, everybody's very excited about silver, but we do have gold above 5,000 per ounce, which is another huge milestone. So, you you see maybe some different paths forward for silver. What about gold? What do you see coming for gold? >> Well, gold seems to be uh I see probably more stable than silver. Put it this


way, [clears throat] because there's so much uh central bank buying behind it. And then you can see the um uh the bitcoin the taser start buying gold. That's another bitcoin start moving to gold. They hasn't moved to silver yet. Aerospa asked them to buy silver. They haven't agree with aerosp to to get get into silver yet. >> I didn't know that. So >> I happen to know that uh through my contact. So so they're buying gold but when they buy silver that's that's


another push for silver but we don't know that will happen. And there's just so much uh demand for gold. I think gold probably relatively safer and stable for the year. >> Yeah, it it's sounding like that that maybe gold is the Well, of course, it's the more secure choice versus silver. Are you interested in gold stocks right now or have you have you gotten out of those? Are you looking at them? >> Right. I I have a gold stock. I used to have a lot of gold stock core options.


I'm scaling them down only back to one. Uh so uh I do expect steady growth of the but not violent growth of the gold stock and I think gold stock still undervalued. Uh if you look at the value chain it's very interestingly the big companies the valuation much higher than smaller midsize uh small and midsize companies. So I I more stay on the smaller side. So hopefully big big company will buy them out. >> Yeah. Yeah. I wonder I've been thinking about M&A activity in 2026. So you see


maybe more of that coming down toward the smaller companies this year. >> Yes. Yes. Absolutely. Today I just one of my company got bought out a gold resource which is good. I I'm sure happy shareholder uh I see uh uh quite a few uh very good you know especially the valuation gap uh between the big and small and there could be a lot of merger and acquisition coming this. >> Yeah. Yeah. It feels like definitely we could. So, always good to check in on the precious metals, but we want to talk


about critical minerals as well. And of course, silver is now a critical mineral as well, so it falls into that category. But what else are you focusing on when it comes to the critical minerals? There's there seems to be so many right now, >> right? Uh today, United States government just take take stake in another critical mineral company, USA Rear Earth. Uh so uh so that's another move from United State. I see a lot of money coming into the uh those critical is real earth uh Gallian Geranian those


kind of uh um uh space and uh I do have holdings on on those and I look forward for for the funding. I think a lot of funding potentially coming in the next few months. So I'm quite excited. So, do you think that's a a good strategy for investors maybe looking at US companies and trying to figure out which ones might get funding from the government? Does that make sense right now? >> Yeah, that's that's one of the strategy. But you have to be uh very careful. What I learned through out uh past years is


that the government deals are um what do I say? I mean and I mean I just you know just blondly say the government is quite corrupt. So the deal who the deal before they announced a lot of people already know it >> right >> like today still USA rare earth deal they announced over the weekend the stock in pre-market went up 50%. And then it dropped below 10%. Why? Because people know it last week it's going to happen. So they bought be ad and then they sell into the news. It happened


over and over again. Same for marijuana. Same for all the other industry when Trump say something and go up and then they always someone know it before and then they sell into that. So make it extremely volatile. Uh so my my advice is uh you look at the right industry. I I think midterm elections coming. So Trump will have to support a lot of driers especially co-related because Trump like co co is his constituency. So those will get funded and then you may be able to ride out the volatility when


the news come. You have to sell you have to u really push a sell button >> right? So you wouldn't necessarily for these critical minerals companies, you wouldn't stay in them for the long term. It's more of a short-term kind of trade. >> Well, you have to be able to trade like this weekend, which I news already came out then. So I set my alarm card today at 4:00. At 4:00 here, it's 7:00. I start pre-market trading in New York. I couldn't get up. I [laughter] have too


much fun in the weekend. So I got up at 5 and I start putting orders. But I'm so tired, you know, it's like I'm a handic. So I put in some orders. So some were executed at much higher. It's went up 30. I have other rearers. Okay. When went up 30% in pre-market and then when market open went down. Yeah. It's just you really need to have active trading this. They just >> no way. It's like a Bitcoin or like something because >> Yeah. They happen so many times uh that


people sell on the news. Uh I think it's just because uh people already some people know know yeah ahead of you. >> And you mentioned you mentioned the midterm elections coming up. So do you do you see the Trump administration trying to push through more more deals and executive orders that kind of thing before we get there? >> Oh yeah absolutely. Uh Trump will push very hard on his agenda to make sure you know there's a few things I think Trump will do and he probably can control. one


is uh to get all the funding for his favorite project to to show his voters I'm helping you. He will control oil price. He could uh he will keep oil price low, gasoline price low. Make people feel inflation is low. So I disagree with a lot of people say including people on the panel say buy oil it's not a good time you wait until midterm because Trump he will single-handed he could he have strategic oil reserve he can sell into this if oil spike right so he will do everything he can to keep oil price low


>> uh until midterm so so it's not good time why don't you just invest in gold and silver wait for midterm >> okay [laughter] okay so that's that's really interesting because I am I'm hearing so much about oil at this conference as the next move after precious metals. But so we've got to wait. We've got to wait a little bit. >> My thinking is yeah oil maybe natural gas maybe other things but uh but oil price I don't see you know it it can move much before the midterm election.


>> Interesting. And one one question I'm trying to ask people here is so obviously gold and silver they're having their moment right now but what do you see as the next bull market? Well, copper is start to break out. Copper I get interesting. I I see uranium could be but uranium you need to really make those small nuclear module. >> Yeah, >> that's like every robot can have that. That's really what pick up. There's some development on that still. You need to


wait for that to really take off the uranium demand. >> Yeah. Okay. So, a little a little bit longer there. Well, as we're wrapping up, I know I have to get you back out on the conference floor, but any final thoughts you would leave investors with? It's definitely interesting times right now. >> Yeah, we live in a very interesting time. I think you know at this moment and you need to be careful. Don't rush into some investment. There's a lot of pushing around. Some are bad project. I


I mean as one of my friends said in the really screaming bull market the bad project move up the most actually. So but you don't want to be trapped into those. >> Yeah, that's very tricky. Well, thank you so much for coming on to talk about silver and gold, the critical minerals. This was great. >> Thank you, Charlie. So glad to speak to you again. >> Yeah, you as well. And once again, I'm Charlotte Mloud with investingnews.com and this is Chenlin. [music]