I'm Charlotte Mloud with investingnews.com and here today with me is Christopher Aaron, founder of Igoldold Advisor and Elite Private Placements. Thank you so much for being here. Great to have you back once again. >> Charlotte, thank you so much for having me and hello to all the listeners. >> Yes, really good to have you back. We ran into each other here in Vancouver, the Vancouver Resource Investment Conference, but we didn't have a chance to talk then. So, a lot to catch up on.


At that time, it was pretty exciting being at that event. Gold and silver prices were at all-time highs. The sentiment was really strong and then it felt like we went home from that and we had the correction in gold and silver. So, I wanted to ask you first to take me through that from a technical perspective, that breakout and the cor correction. what were you seeing there? >> Yeah, I think this is a a missionritical moment for investors here to be thinking big picture uh as far as the markets,


especially as far as the precious metals go because the corrections that we have seen were extremely violent over the last several weeks. A lot of volatility. Uh these these markets have been so dramatic here over the last two years. I think they've they've blown away people's expectations on the upside and now also a little bit on the downside. But so for that reason, it's really important to think about the big picture here so that you don't get lost in these violent twists and turns. Um let's just


back it up for one moment. Let's uh let's talk about commodities. Okay, we're going to talk about mostly about gold and silver. Silver specifically, but I do want to mention a few other commodities here, Charlotte. I want to mention uh copper, oil, platinum, and palladium in this conversation. Silver 3 months ago broke out of a 45-year consolidation. That is the consolidation that began in the year 1980. Okay, 1980 through November of 2025, a 45-year consolidation, right? And and following the breakout, the breakout


level was $50 per ounce. Following the breakout, silver more than doubled. It got up to about $120 per ounce a few weeks ago when we were in Vancouver. Uh and since then, it has come back to about 73 as we are speaking today in the spot market. Now that whole process, the the 45 year consolidation breakout and now coming back that is for for a number of people here that is going to be a once-ina-lifetime breakout. We're talking a multi-generational breakout happening in silver right now. And it's really


important to I mean the bottom line is this, Charlotte. After 45 years of consolidation, a market doesn't end with just two months after a breakout and then kind of withering and petering out for the next 45 years. Again, that's not how 45 year breakouts happen. Um when we look back and this is why I mentioned the other commodities when we look back at gold, copper, platinum, palladium and oil. Let's call it those five the precious and the industrial commodities. And remember silver is both a precious and


an industrial commodity still at this point. About 80% industrial according to recent statistics. And then of course that that investment demand, the precious side of it is what really happens at the margin. And that's why when you get the demand for the the precious the savings aspect of it, the price goes parabolic over the short run. There's only 20% left for the precious demand for the monetary demand when all is said and done. Now if if we just go back to talk about those other commodities, all of those other five


commodities, gold, copper, platinum, palladium, and oil, they all broke above similar 1980 peaks, similar to how silver made at $50 per ounce back in the year 1980. All of those commodities broke above their 1980 peaks, but they did it two decades ago. Gold broke out of its 1980 peak in 2008, 28 years of consolidation. Copper broke out of its 1980 peak in 2005. Oil broke out of its 1980 peak in 2004. Uh palladium actually broke out of its 1980 peak in 1998. When we look at at all these other commodities that consolidated but not as


long as silver did, right? And then we say what happened after the initial breakout after they broke those those 1980 peaks. If we take the average of those other five commodities, I've I've done this. I've gone through with a fine tooth comb and studied this these cycles in the past. When we do that, we come to an average that that these other commodities tripled within a period of four years after breaking those those 1980 peaks. So, we've had a little bit more than a double out of silver. I mean, from 50 to


just over a hundred, but let's be honest, it only held over 100 for about 3 days. So, we've had nearly a double, but that's after not 20 some odd years of consolidation like like all the other commodities, copper, gold, platinum, platium, and oil, 45 years of consolidation. There is a a principle in in price analysis which is what I do. Technical analysis I mean a better word for it is price analysis. I study price foremost. I believe in price. I believe price is the truth and stories are floating


around there and stories come and go but but the price that is the truth. If we study the truth the price we arrive at at the the most sound answers. um silver had been consolidating for 45 years, not not 25 or 28 like like copper or gold. The idea that after 2 months and just a double that silver is going to be done, you know, for the next couple of decades, that would fly in the face of of every data point that I've studied about these multi-deade consolidations. There's there's a


phrase, the longer the base, the higher the move. And I I place an analogy um with with price analysis because you have to remember price is a function of of nature. To really boil it down, it's a function of human nature. It's it's a function of what we as human beings are doing when we either buy or sell or wait or don't buy or don't sell including the legitimate buying, including the the industrial hedging, including the monetary demand, including even the manipulation because manipulation


attempts have to happen at the price. They have to happen at that one moment in price. Even if if someone's going to come on and throw 20,000 contracts onto the silver market in the in the overnight hours, they impact the price. And we can see where the sum of human beings impact the price. And so since human beings are an aspect of nature and the markets are therefore an aspect of nature and we know that nature moves in cycles and repeating cycles and se seasons and rhythms etc etc. The markets move in


cycles as well. And and if we just remember that the longer a market makes a base, the longer it consolidates for, the more energy that it's that it's building up. You think about like building a house, you know, building a foundation or or I mean, think about any other aspect of nature that needs to build up for a while. The longer that you build, the more solid that you make your foundation, the higher that you can go eventually. Silver has been consolidating for 45 years. That's the longest example of any


commodity consolidation ever ever in the history of freely traded commodities. And so here we've had that that breakout 3 months ago and now we're kind of coming back into the low70s. Look, I don't have a crystal ball. I I don't know if silver is going to bottom at 70 or 65. Maybe maybe it's even going to come back to the upper 50s. But all I know is that a market is not done. This this move is not done after 45 years of consolidation. This market is not done after just 2 months and and a a double


from the previous breakout point. It would fly in the face of every other example that we have available to us of how all the other commodities performed after breaking those those 1980 peaks. So I think that's where we are. Investors have to remember that right now is we're coming back after that first breakout point. You come back, you want to be buying into this dip here because after that I think especially silver is going to be making a multiple of the previous uh the previous highs


over the coming years. >> I think that puts puts going on into with silver into great context. And I wonder if you can spell out what you see coming in terms of the price for silver in this context. I know you gave us a lot of the numbers that you're looking at, but how high could silver go? >> Yeah. Well, I mean, if we if we just take, you know, again, if we take the average of those other commodities after breaking out of their 1980 peaks, the average was a triple following the 1980


peak. So, I mean, if we apply the average to silver, that would imply $150 for, you know, for, let's call it a multi-year peak. But now, remember what I said. Silver had been consolidating for almost twice as long as as the average of all those other commodities, gold, copper, platinum, palladium, and oil. So if we say I mean the longer the base, the longer the strength, the more energy that is built up, the longer the higher that a market should eventually go. Um I have no problem seeing silver


uh approaching a level in the mid triple figures. Let's call it 250, 300, 350. low to mid three figures I think is realistic when we when we consider the the models of all the other commodities and then how long silver had has been consolidating for. I mean if we think about where gold is right now just as an example I mean the 1980 peak for gold was $850 per ounce and we are at near $5,000 right now slightly below 5,000. So what is that? That's like a a seven, you know, a 7x above the uh above


the the 1980 peak. If we apply that to silver, we'd be talking about $350 per ounce. Uh I think in that that range of 250 to 350 over the next uh handful, single handful of years, 1 year, 2 years, 3 years, four years, 5 years, not overnight. Probably not this calendar year. Uh, I think I think this market's going to need to come back, consolidate here for several months, maybe several quarters, let's call it, above $50 per ounce, and then round up. And when we take out that most recent peak, the $120


peak, I think that's going to be a dramatic final wave for this part of the market. I wonder if we can talk a little bit more about the path to those higher price levels for silver because obviously we're seeing right now, we've seen the last couple of weeks that it can be really volatile and that can be an opportunity for people, but it can also be alarming when that happens. So the path upward, how is it looking and how how do you weather that volatility? Yeah, I mean you have to know what type


of investor you are as as a person, as an individual. Um, and here here's where I'm going to say that no one pathway no no one way of participating in these markets is going to be appropriate for all investors. Um, I happen to do a number of things in the silver and in the precious metals markets. Um, I have physical silver. I mean, here's the the first coin that my father bought me. Uh, this is the 1987 uh silver eagle. That's the first one that he ever bought me, you know, nearly


40 years ago. Uh, so, you know, and this is just one that I leave out for for good luck sake. Um, I participate in in physical medals. I have some on my possession. I have some held in a vault in storage. Um, I think if you are a a physical metals investor or a stacker, what you want to be doing is into this dip, you you want to be making your final purchases, let's call it below 100, you know, in this region around 70, if it falls into the 60s, you want to be making your final purchases before


silver eventually goes well over 100 over the coming years. Um, what you want to be careful for is is making purchases when silver is having those those parabolic types of moves. That's where you want to be careful. That's that's where you don't want to be buying. You want to say, "Hey, I've done my buying." You want to do the buying uh Charlotte when the sentiment is poor like it is now or like it could be here over the next few months, right? Um, if we go back to one month ago in in Vancouver, I


mean, sentiment silver was going higher by three, four, $5 every single day. It was like, how can this thing ever go lower? When that kind of thing is is happening, when you say to yourself, oh my god, it it it can never go lower. That's when you you want to be waiting. You know, you don't want to be making your your big purchases in those those types of moves. So, I think if you're a physical metals investor, you're averaging in here low7s. If it falls back into the 60s or even the upper 50s,


you're averaging your way in. Um, and and by the way, this is what I would be saying to my individual clients. I work with a number of investors individually. We we come up with investment plans for them. You know, this comes from someone I don't sell the metals or I don't, you know, I'm just as happy if investors buy or sell. I just want them to be on the right side of the market uh over time. um you know so that's one way that I participate physical metals um another thing that I do though is with the


mining companies with with silver mining companies um in in one of our services we do private placements I go out I negotiate with these mining companies um we have a group of high net worth investors and we come together and a few times per year we invest in these mining companies and we negotiate terms so that we get shares at a discount let's say compared to the open market and I I just want to share a brief anecdote about where this market is right now compared to let's call it the last 10 years. I've been publishing


this service for 10 years. I've been in the precious metals markets for almost 20 years now. But because the sentiment in this sector, Charlotte, had had gotten so bad, just if you were to just rewind about 12 months ago when when silver was still, you know, oscillating between 25 and $30 per ounce. And it had kind of been in that range for 5 years. And people were getting really despondent. It was like, is this thing ever going to move, right? Is it ever going to follow gold? What's wrong with


with silver? What happens is a lot of the mining companies, a lot of the silver mining companies were basically left for dead. And I'm I'm not exaggerating with that phrase. You know, there there are companies that were sitting on defined silver deposits. You know, you're talking 150, 200, 300 million ounces of silver in the ground. If you were to rewind one year ago, those deposits were selling for 25.35 cents in the ground when silver above ground was 25 or $35. So it was selling for about 100th


of of the value of above ground silver. That that was a year ago. Now because the market is not efficient, I mean this is the thing to remember as an investor. If you think the market is efficient, then there's no opportunity for you to make a profit. You have to disagree with the market. And I'm going to take it a step further. You have to disagree with the sum of all the world's investors. The market is the sum. The market is all the investors put together. As an individual, if I think a market is


going to go higher or lower from where it is, what I'm saying is I think the sum of humanity is wrong. And I think that I am smarter. I know more than the than the rest of the sum of humanity. That's that's what you have to say if you disagree with the current price on on an asset. now because silver had been just kind of grinding between, you know, the low 20s and and 30 for about 5 years there back until just, you know, uh, one year ago. It had been grinding in this in this range.


A lot of these a lot of these silver mining companies were basically left for dead. A lot of these companies were unable to raise money and so they basically went on life support, you know, like care and maintenance. And so what I'm saying for another group of investors, we already talked about if you're if you're stacking or you're buying physical, you don't buy into a parabolic spike, but you wait until it comes back like right now or over the next couple couple months to retest a


certain level. But if you're if you're another kind of investor, if you're looking to invest into the the silver mining companies which are leveraged to the underlying price of silver, uh you just have to understand that uh one year of of of appreciation in silver is not enough to make up for the previous 5 years where a lot of these companies were left for dead. And so we are still able to go out right now and negotiate excellent terms with these silver mining companies because a lot of


these companies are just rounding off multi-year bottoms, multi-year lows right now in valuation when silver has already broken out to new all-time highs. A lot of the silver miners are still just rounding off of multi-year lows. So if you understand that discrepancy, I would say if you have the risk tolerance, um if we're right about silver going higher over the next 2 3 4 years, a lot of these silver mining companies are going to move orders of magnitude higher that we're not going to


believe uh that that actually happened when we look back just a few years from now. We're going to be saying, I can't believe how cheap these these companies were still here in early 2026. And so if you have the risk tolerance, you really have to understand there are still tremendous values in uh proper silver mining companies, especially if you can negotiate terms with the companies. >> Really interesting. And just to be clear on the silver stocks, so are you most interested in the actual silver mining


companies or would you also look further down the chain at the developers, the explorers? >> Yeah, I'm actually specifically I mean that's a great question. I'm actually specifically more interested right now in the developers and the explorers um because the most not all but most of the production companies have already had significant moves off their lows when when silver first starts to move. A lot of the a lot of the major or mid-tier production companies have already had multiple 100%


uh returns here over the last 12 months. I don't like to chase things like that. I don't like to chase things that have already begun to run and then I'm, you know, I'm one of a number of people trying to bid something up and too many people bid it up and then it comes crashing down after that. Uh but yes, I am specifically referring to the development stage and the exploration companies and and just so investors understand the difference between that development stage, we're talking about a


company that has a defined asset in the ground. let's say uh you know 100 million ounces of silver, 50 million ounces of silver depending on on how big that company is where it's defined. It's either measured and indicated or proven and probable in a later stage of that. Sometimes inferred there there's another category. The third category is called inferred ounces and and sometimes that word inferred gets a a bad wrap as if it's like imaginary. We're just thinking that there's metal in the ground. uh


inferred is an actual technical term under the the 43101 guidelines in Canada. It simply means that the drill spacing that they've already done into the ground is not as tight as it needs to be for the next category measured and indicated. But they still have a fairly good idea with with inferred that there are ounces there in the ground. So some of the development stage companies that were nearly left for dead uh 2 years ago, 3 years ago, four years ago, you know, we're talking companies with you


could talk about um you know, uh one of the companies that I like is called Equity Metals. Uh just just to give an example, Equity Metals has the uh Silver Queen deposit up there in in BC in British Columbia. And silver queen is about 85 million ounces of of silver equivalent. And so you have silver above ground trading, you know, 73. And and the the value of that silver below ground is still about 50 cents per ounce according to my my recent u calculations. And that's changing cuz silver is so volatile every single day.


But you know approximately 1/100th of of the value above ground when when we get into a final peak uh I mean the value below ground is going to be trading at somewhere around 5% of of the above ground value. So there's there's tremendous appreciation potential there. Um, so those are development stage companies for example and then and then exploration companies are are even smaller and yes I do like certain exploration companies but here's the key it has to be an expiration company


this is where we get back to price analysis which is what I do certain expiration companies have already you know have already had two three four 5x returns off the lows I'm not interested. I'm sorry. I'm just not. There's too much risk already priced in. The market is already saying, "Hey, there's something of value there and we're going to price that in." If I can go though and negotiate terms with with a mining company. I'll give you an example. Uh tiny little company called


Silver Spruce, Silver Spruce Resources, we just invested in two months ago. Um and they have they're working on the the Pino de Plata project which is just 10 kilometers away from from Core Mining's Palo mine down in down in Mexico and Paljo is like their flagship asset. The Pino property is about 10 km away. Um when we invested in Silver Spruce 2 months ago, the shares were trading at 20 cents per share. Okay. We were able to negotiate buying shares at 10 cents per share, half the price. I mean, we doubled our


money off the bat just to start. And and I'm saying the way that you can do that is if you have connections with company managements and you're able to bring a group of investors together and go out and invest in these companies. That's the way I like to do it. I don't like to buy when companies have already moved significantly. I like to try to get below the surface and and get better values. >> I think that that gives a really good idea of how you're looking at the silver


companies right now. So, thank you for going into that. And while we're on the topic of silver, I was hoping we could go back to the comments you're making about manipulation because with silver, especially right now, there's a lot of concerns about what's happening and how it could impact the price. So, can you talk a little bit more about how you factor that that your analysis of the silver price? Yeah, I mean, first of all, with with manipulation, we know that it happens. It's not even a question. It's it's not


it's not up for debate. There were several cases over the last 10 years. Uh Deutsch Bank uh got singled out a number of years ago. There were a few other banks. uh we're talking large multinational banks that have big commodities trading desks that were uh flagged by the SEC and and some other organizations for uh spoofing is is what it's called. And that's when uh traders go in and and large we're talking large traders, you know, large commercial traders especially uh and and


they will go in and they'll they'll flash a big position in the commodities markets in the futures market. You know, they'll they'll they'll show a big position. Maybe they'll show a,000 contracts or 5,000 contracts, 10,000 contracts at a time. And and they'll show that uh let's say on the ask. And then what they what they will do is they're trying to get everyone else who sees that position to to um to have fear, to panic, and they say, "Oh my goodness, one of these big bank one of


these big banks is coming in and they're about to slam the price down. Let's get out before they do that." And so sometimes with these spoofing techniques and and they got fined. This was this was about five or six years ago. they got fined, you know, a couple hundred million dollars, but really that's just like a slap on the wrist for these these banks, you know, that have billions, tens of billions in revenue every year. It's like, okay, I'm sure they're doing it again. I mean, here's the thing also


to remember about uh manipulation. All markets are are manipulated. Every single market. Why do I say that? um when when we look at the very existence of of central banking, the existence of the Federal Reserve, let's say, or the Bank of Canada or the Bank of England, and the very fact that the central bank controls short-term interest rates, which is what they do when the Fed meets in a couple weeks and they come out and they say, "Hey, we're going to raise or lower interest rates by, you know, a quarter


of a percent or half a percent." Right? Investors need to remember the Federal Reserve or any central bank does not just have like a magic lever that they that they pull and and then the interest rate drops by a quarter of a percent. What they have to do to get the interest rates to to fall is to print or create electronically enough money to go in and buy the the bond spectrum, the short-term end of of the bond market. And by buying and raising the price of the bonds, they call they cause the


interest rates to go down because price and interest rate of bonds move like a a seessaw. They move on opposite ends of the spectrum. So the very existence of a of a federal reserve or the very existence of a central bank that controls interest rates, what are interest rates? Interest rates are the price of money. The the value of money. What is the value of money? How much should it cost to borrow money? The very fact that a that a central bank controls the value of money, the short-term value of money,


means that every market in the world is distorted and it has been since 1913. I mean, so off the record, this is why I think we should abolish the central bank and all central banks uh as we have done twice before in the history of this country. uh the first central bank of the United States and and the second central bank back in the 1800s were abolished for exactly the reasons that we have today. That's you know a tangent for another day. But what I'm saying just to come back to the the question of


manipulation is that because the value of money itself is manipulated by the central bank all asset classes are manipulated. They are welcome to planet earth. Welcome to life as a human being. For for investors who are saying, "If only the silver market wasn't manipulated. If only the gold mining shares were not manipulated." It's never going to happen. It's always going to be manipulated. So you either choose right now you're going to play in this in this sea in this ocean with the turbulence


with manipulation or you're welcome to go hold US dollars and US bonds which are also manipulated and so you're going to get a guaranteed rate of return of 3% a year or 4% a year while they're debasing your your purchasing power by just as much or more. That's your alternative. either either you play in the ocean with the turbulence as it is with the manipulation or you know you you hide in a bunker and keep your money in in cash. But um that's that's how it is. Um I am participating in these markets because I


know that over the long run the markets are more powerful than any attempt to hold them back over the long run. Short run it exists. Spoofing exists. It all exists. Long run markets win. >> Yeah. So once again, taking that step back to look at these markets and what's going on. I think that's a helpful perspective to have. And I think we've done a pretty good job taking a look at silver. I do want to bring up gold as well. I remember we've talked in the past about the Dow to gold ratio, which


I know you keep a close eye on to help us understand where the gold price is going. So what are you seeing coming for for gold? >> Yeah. and Charlotte, if I can um share a chart here with the listeners. Uh let's do that. Just give me one second here as I get this and we'll go share. How about now? Can can you see this? >> Yep, >> we got it now. >> So, I actually just want to start with this one. Okay. Now this is this this is a chart from my talk in Vancouver last month. Um this


was the relationship between the Dow Jones Industrial Average and gold going back for the last 10 years up until one year ago. So just to be clear, this chart ends one year ago. And can you notice here how the Dow shown in green and gold shown in gold. Can you notice how yes, there are some times where they separate, you know, but then they kind of come back together and then they separate and and one outperforms and one underperforms. But can you notice here that as a net sum from 2016 through the


beginning of 2025, almost 10 years, look at the net sum between the Dow Jones and gold. Do you see this? >> Yeah. Yeah. Pretty close. Yeah, >> I mean basically one for one with with some minor variations in in between. I'm just going to tell you, you know, I'm I'm a student of market history and I've I've spent, you know, so many hours going back and studying this. This is this is the first time in the history of of freely traded gold going back to 1971 that this has ever happened. So, we had


been living through something very strange and and very odd just going back one year ago where basically the 5,000-year store of wealth was being functionally treated by the market as the same as as the longest dated stock index um in the United States. And some people will say just as a side note, well, why are you using the Dow? The Dow is, you know, only 30 stocks. you should use the S&P 500 or the Russell 2000 or the Russell 5000. They track with 98% correlation . There's no need to use the S&P 500. I've I've done


the analysis. You can plot one over the other. They're the same. So, Dow gives us much more data to refer to because it goes back to uh the 1890s. And so, we have a good we have we have many decades of of uh data here to talk about. So back to my point, Dow versus gold were being treated as functionally the same by the market up until what? Look at now. Now this is updated for the last year. Do you see this spread here? This this big red arrow. >> Yeah. Wow. >> So look at this. In just the last year,


I mean the last chart ended right here where my mouse is where I'm I'm moving it. Look in the last year. I mean the Dow has kind of lagged and look at the spread now. I mean you've had over 150% uh outperformance by gold and all of that has happened in in just the last year. So if I can show this in in one last way uh we're going to bring this up now. Now this is the big picture. This is this is my chart from Vancouver. And what we are looking at here now is is the reason why I use the Dow because


it goes back to 1897, the the founding of the Dow. And we're we're simply looking at what we just looked at, the same relationship between gold and the Dow, except this time we're looking at at it as a ratio. We're not looking at it one over the other. And so when you plot this as a ratio with here, you can see the higher that this goes, the better that the Dow is doing. And the lower that this goes, the better that gold is doing. And you can see that it tends to have these dramatic, call it


generational or or multi-generational swings in favor of the Dow in the 1920s, in favor of gold in the Great Depression, in favor of Dowo in the 1960s, in favor of gold in in the 70s up until the peak in 1980. Right? again in favor of the Dow and the NASDAQ bubble in the year 2000s and and here we are. So this is the point that I'm trying to make that severing of the relationship between gold and the Dow that we just looked at one moment ago that that breaking of the relationship with gold outperforming the Dow. The


other way that we can show that here is in what I'm calling the fourth turning of this ratio and that's lower in favor of gold. Because you got to remember here we're we're plotting gold on the downside. If I if I flip this chart upside down, I could just in the same breath say what we're seeing is a break out in gold versus the stock market. A break higher in gold versus the stock market. Here I'm just showing it in the opposite. I'm showing it's a breakdown of the stock market versus gold. It's


it's exactly the same. And if you So, if you just look, remember I said this is the only time the last 10 years was was up here where my mouse is up here underneath this label. The fourth turning that sort of sideways grind for 10 years was the only time that that has happened in uh the last 55 years of freely traded gold history. And the the other big thing that we are seeing right now with that break, if you look at what happened at each of these other major turning points in the Dow to gold ratio, the first


turning, the second turning in the 1960s, the third turning in the early 2000s, and you simply take the average of these previous three figures, and I'm not cherry-picking data here because these are the only three major turning things that we've had in this ratio in 130 years. There's there's no data before the 1890s. If we just take the average of these previous other three signals and we apply it to the current signal that we are witnessing right now in front of our eyes, it's going to result in a 90%


decline in the value of the Dow versus gold. or if we were to flip that on its head, we would say a 1,000% increase in gold versus the Dow. Uh, and so remember this this cycle has already begun. We're already a few a few years into this cycle, but we're nowhere near my target for the average of of these cycles. The ratio is currently trading at approximately 10 12. If we take that that average figure here, it's going to get us to 2.2, which implies from this point with gold trading at at 5,000 USD for this ratio


to get down here to 2.2, which is simply the average of the other three turnings. uh we will be talking about an 80% further increase in the gold price here with with no change in the Dow. Uh and so from today's levels, we would be talking about gold getting to about $9,000 here over the coming several years according to the statistical averages for all the other cycles. So when we look at gold here consolidating and and being volatile, you know, in the region around 5,000 and silver kind of having come back from its


recent peak, investors have to remember the big picture. The big picture is that we have only seen the fourth cycle of the the fourth turning of this major relationship between gold and the Dow. We have just seen that here in the last 2 months that that break and you just saw the evidence for that a few moments ago when we looked at it one over the other and we saw gold outpacing the Dow after 10 years of of sideways. So investors really need to remember that this signal has has just manifested


here. That's going to put the wind at the back of the precious metals over the next 2 3 4 5 years. uh and and investors need to not lose sight of that even amidst this short-term volatility. >> Yeah, I think that's really significant to look at and helpful to have the charts. You mentioned that the wind is at the back of the precious metals. So, we've talked about silver and gold. Are you including also platinum and palladium in in that? >> Uh yes. Generally speaking, the the wind


will will be at the back of of the entire complex. Um, platinum and palladium are are really their own their own beasts uh to some extent because the majority of the demand there for both of those metals is is coming out of the industrial side. You know, for platinum, namely jewelry, industrial and then and then automotive uh demand. And then for palladium, you're even more heavily concentrated toward automotive with a little bit of substitution that can happen. You know, there's a little bit


of jewelry demand for palladium and then of and then a very small amount of investment demand for those metals that that tends to come in at the margin. Um I think big big picture I I think actually palladium if if palladium were to fall back into um if we think about the four major precious metals right uh gold, silver, platinum and palladium. There's there's roodium and there's, you know, several other smaller ones, but the four major ones, three of those have just made new all-time highs within the last


3 weeks. That's gold, that's silver, and that's platinum. Platinum was was briefly above 3,000 a couple weeks ago. There is there is one that is yet to make a new all-time high, and that's that's Palladium. It's still about half of its former all-time high from a few years ago. So, from a let's let's say a long-term perspective, next several years, I think in this zone, if Palladium were to fall back a couple hundred further dollars, maybe toward 1,200 or 1300 over the next few months,


I think it's a good a good long-term buy. But to be clear, I do not expect the same level of performance when we get into the end of this market. the the end of this cycle. I should say this the cycle here that we've been in since let's say 2015 when when gold bottomed at $1,000 per ounce and silver bottomed at 14. uh when we get into the end of this cycle, you know, if it's if it's gold at 9 or 10,000 like I'm thinking and and silver at 250 or 300 somewhere in that in that vicinity.


When we get into the end of this cycle, this is not going to end subtly. This is not going to end with, you know, just a few people expressing some interest. Maybe you hear from a few of your neighbors or a couple of your friends starting to become interested, but still it's it's mostly concentrated in the precious metals crowd. And I I think we have to be a little bit careful because if we spend a lot of time online in in YouTube or on X or Twitter or in the precious metals forums, it can start to become like this


echo chamber in the precious metals community and we can have a false sense that maybe there's a lot more people interested in this in in mainstream aspects of life. My anecdotal evidence says that we're we're not there yet. uh you know when I go out to the places that I frequent on a regular basis maybe I have had one or two people kind of express interest in in my wider walk of life about the precious metals what I'm trying to say is when we get to the end of this stage of the cycle uh this


is not going to end subtly this is going to end in a mania it's going to end with things getting I mean if you think it got crazy a few weeks ago with with silver going from, you know, 80 to 85 and then you wake up on on Sunday night, Monday morning in Asia, it's already 88. And then you wake up Tuesday morning, it's 92. Like, if you think that's crazy, wait until the end of this cycle. This is going to end in a mania. This is going to end with most people in our wider walks of life


starting to become interested in in precious metals. Uh, and and we are not there yet. And so, uh, the the sentiment got a little overheated a few weeks ago, but that's that's not the end of this cycle. So, I think, uh, remembering where we are, remembering the Dow gold that has just broken in the last few months in favor of gold, we still have a few more years left to this cycle. I mean, if this thing ended now, it it would be the shortest cycle that is that has ever occurred. Ultimately, anything


is possible, Charlotte, in the markets, and investors need to remember that. I mean, nothing here is guaranteed. Uh, nothing that I say is guaranteed. Nothing that anyone says about the markets is guaranteed. But if we look at these these cycles historically and and we try to do as as much of a a data grab as as we can and assimilate all the data and then try to come to some conclusions based on the visible data. Everything is telling me that this cycle is is not over. It's just taking a pause


here. This pause could be a few months even even a couple quarters even until later this year. Uh but this is going to end in in something even more dramatic than we've seen just over the last several months. It's really really important to remember that. >> Yeah, I think that's a really good reminder. And just as we're wrapping up here, I want to ask a little bit more about how how you're positioning right now. So the end of this cycle is clearly as you're talking about it's it's years


away at this point. Are you positioned how you want to be right now? Are you making adjustments? What's your approach at the moment? You know, I bought my last physical silver shortly after it broke above 50. Uh I said, you know, this breakout looks to be for real. Um based on my study of the cycles, after a 45 year breakout, there should be several years of gains and several multiple folds that that a market moves higher. So, I bought my last physical silver several months ago. Um, if it were to fall back to 50, would I buy


more? Maybe. I I already have, but I already have a good amount, you know? I mean, at some point, you say you have enough for for yourself, for the individual. You you have to know yourself. I mean, that's that's the uh the famous saying that's inscribed into the uh Apollo of uh the temple of Apollo at Deli in in Greece, know thyself, right? And so, yes, if silver were to fall back toward the 50s, would it be a good a good bargain uh for for late comers, for people who missed it? Absolutely. For


myself, since I already have enough silver, I'm probably good. I'm probably good at that. But what I will be looking for is if there are some of these silver mining companies, you got to remember that silver mining investors are very prone to extremes in in sentiment on both sides. If you think the volatility in silver itself is extreme, the silver miners are like this, you know, even more than the price of silver. If some of those silver miners that are sitting on perfectly good deposits


or where their operations on the expiration side have actually improved over the last few months and let's say silver itself comes back to whatever you know 65 68 55 fill in the number maybe it's already bottomed at at 70. if some of those silver miners come back below the level that they last matched when when silver was at that level. So in other words, if if silver holds here at 70, but some of the silver miners keep drifting lower over the next 2 3 4 months. We've seen it happen before, you


know, just we talked about earlier in some of the previous cycles when silver just kind of grinds sideways for a number of years, the silver mining investors tend to get impatient and they just sell their their silver miners for no good reason other than they're they're getting impatient with the sideways move in in silver itself. If that were to happen again here over the next couple months, couple quarters, I will be adding to certain silver mining positions that I feel are are sound and that have fallen way below


their intrinsic value again because I know I mean we saw it happen here over the last 6 months. I know in a final wave when sentiment gets stronger in the overall silver space, those silver miners will not only catch up to where they they should be, uh, but they will move multiple fold higher into a final wave. But again, investors need to they need to know themselves. What's appropriate for me may not be appropriate for you, Charlotte. It may not be appropriate for someone watching this video. You have to you have to know


where you are. What is what is your income level? What is your overall asset base? Are you getting ready to retire? Are you in your 20s just starting your your investment career? Completely different set of risk and reward factors for all those individuals. That's why I I just like to try to remember uh that saying know thyself and then try to tailor the analysis for your own situation. Yeah, I think that's so important and a great note to end on unless you had any final thoughts or or where to find you perhaps for investors


right now. >> Yeah, thank you. Uh, so the website is the letter I and then goldadvisor.com. Uh, I publish some free analysis on X or Twitter. The handle is iglobal gold. Post there a couple times per week for free. Just remember this cycle is going to end in a mania. We just saw a preview of it a few weeks ago. Imagine that multiplefold coming a few years from now. You want to position not when the mania is unfolding, but when it gets quiet. And I think we're in one of those windows now to be uh positioning.


>> Well, thank you so much. I think it was a perfect time to be speaking with you. This was great. >> Thank you so much for having me. >> Of course. And once again, I'm Charlotte Mloud with investingnews.com and this is Christopher Aaron. Thank you for watching. If you like this video, 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.