[Music] I'm Charlotte Mloud with investingnews.com and here today with me is Keith Weiner, founder and CEO of Monetary Metals. Thank you so much for being here. Great to have you. >> Thanks for having me, Charlotte. >> Of course. Always really good to be speaking with you and definitely it's been an eventful time for gold since we last spoke, I think all the way back in March. So, we've made it a little way past the halfyear mark for 2025. And I wanted to start by just taking a look
back at gold's performance so far this year and and seeing what you would pull out for investors to notice there. >> So, um I think I might have discussed this last time I was on the show. Um, we put out every year annual gold market outlook report and um, which you know it's kind of interesting because I do most of the writing in January and then it's kind of edited and I put together the infographics and stuff. It comes out I think in late February, early March and so there's this risk that I say
something either already come true by the time it's printed and everyone says, "Oh yeah, he didn't really stick his neck out this time." Or the market's gone completely in the other direction and look like a fool. Uh, but I think I said gold could hit $3,600 this year and uh we got, you know, somewhat close to that. We got to $3,500 anyway. Um, today as we're speaking on Monday, August 11, it's down a bit, but um, you know, that happens. Um, and I said if um if gold
hits 3,600, we'll see the price of silver rise but not as much by proportion. We could see $36 silver or $37 silver. I don't remember what I said anymore. And um you know, we've hit that one. Um and uh you know, we're still a few dollars off the mark on gold. On the other hand, it's not the end of the year yet, so we'll see. But, you know, we're in particularly in gold to a lesser degree, silver, um, we're in a bull market, which really ju just is the inverse of so bull market and gold
sounds good. And so you say, well, actually that's just the inverse. We're in a bare market in our money, the dollar, the dollar going down. You can't measure that necessarily against consumer goods. You can't necessarily measure that against the dollar derivatives, i.e. euro, pound, yen, yuan. You measure it against gold. And um you know where um where uh the dollar started before the the madness of the Fed, it was 1,500 milligrams of gold and we got as low as 9 millig uh before uh you know picking up off the
lows recently, but we'll we'll go on to make more and more new lows. You know, will it hit 5 milligrams? Yes. Will it hit 1 millig? Yes. Will we get into micrograms? Yes, eventually. Um and um you know it's exciting if you want to sell your gold and get more dollars. Uh if you want to keep your gold um well you know uh it's it's just the decline of the entire monetary system you know that we're in. And and that's that's really what we're seeing. I gold doesn't
go anywhere. It's a dollar going down. >> Exactly. And I think that gives us a nice assessment of what's happening for gold so far this year and a base to work off here. We're going to get into, I think, a lot of the topics you mentioned, but I thought we could begin with some current events. Last time we talked, we we spoke quite a bit about tariffs, and they're still really in the headlines right now. I think one of the latest ones that people are paying attention to is these Swiss gold bar
tariffs. There's a lot of talk about that last week, and it seems like we we've kind of reached a resolution at this point, but I'm wondering if you can go into that, explain it for people who might not be caught up on what's going on there. Yeah. So, this is one of those things where unfortunately there's a lot of bad takes out there in the gold community and and and these these bad takes all the same recipe which is something happened and therefore because something something that's going to cause the
price to go up and it's always leads to the price to go up. You know, good news, the price is going to go up. Bad news, the price is going up. No news, the price is going to go up. And um so we thought that um you know when Trump took office there was going to be tariffs on a lot of things and there was a fear that that was going to include you know gold and silver which would have been really bad. I mean it would destroy the futures market in the US and force it to go somewhere else. Um and then we got
clarity. No no no it doesn't apply to the precious metals. Okay. And it doesn't apply to copper and some other things. Okay great. Then um I don't remember when that was. Seems like it was a couple months ago. It does apply to copper after all. So that's really going to kill everybody who manufactures with copper in the US um and you know create some perverse incentives. So you know cars don't use that. I'm trying to think of what really uses a lot of copper but it'll make sense to
manufacture that in a low tariff country and import it as a finished good rather than importing the copper and manufacturing in the US. So it's a very perverse incentives there. But we got on Thursday it came out that some big trader or refiner had asked um I think it was the US customs agency for a ruling letter to clarify the status of gold. They wanted legal clarity so that they're not risking not paying something they're supposed to pay. And you know obviously they want active plans and
their investments. nobody wants to invest money only to be told by the government later actually your investment is rendered useless because of this tariff and uh the letter came back and said that kilo bars and for and excuse me 100 ounce bars are tariffable they're in the category of the subject of tariffs well that sent the gold market into a tizzy is apparently that takes effect immediately all the stuff we had going on in you know December and January and February was a fear that tariffs would take take
effect later and so everybody was positioning and repositioning for that. But this one was it's basically 39% import tariff right now because the trade is um and this is the thing people don't understand retail traders assume that all the other people in the market are doing the same thing they are. They think okay if I buy futures because the price is going to go up some are selling futures because they're betting the price is going to go down. Well, the people that are selling the future short, yeah, there are a few
that are betting. Mostly they're arbitrageers and the trade is buy gold in London. So, you're long physical metal and simultaneously sell a future short in New York. Now, what's the point of that? There's a spread. And normally, when the interest rates around 4%, that spread is around 4%, sometimes a little more. So you can make more than parking your money in tea bills by this arbitrage of carrying gold. Now normally you don't have to think about the mechanics that you're long metal in
London and short uh future in New York because the US has always been this open market. If you need to bring something in, you bring it in. No big deal. Now with this tariff, 39% loss to bring it in for a trade that's 4% annualized. And if you're selling an October future short, it's basically one sixth of that or you know under 1% is what the profit is for 39% loss. Completely unacceptable. You have to close that trade. And that's what happened on mass. So these are not short sellers trying to push the price down.
These are arbitrageers bridging the gap between uh spot and futures. And so um to close that trade, you sell metal which is supposed to spot down just a hair and you buy back because you're short the future. You have to buy it to close. You're buying it lifting the future. So they widen this spread. The spread is called the basis. And in the October contract for a brief moment early on Friday that hit 11 or 12% annualized, right? That should be 3 1/2 to 4 1/2% annualized. So, a massive blowout in the spread price action over
the two days, Thursday to Friday, you know, total range of gold from from low to high was 1.5%. And I think the gold price ended up within $10 on end of Friday of where it started on Thursday. It was there was no real price action. It was the spread that blew out, which means the market just became more difficult, much more expensive, and riskier for anybody's using this market to hedge. So that would be a jeweler, a refiner, a mint, anybody that has an inventory position would come into the market and use this
to hedge. Now suddenly found that um the market became um way more tricky and difficult than they had bargained for. And um even though I think the scare is over, the White House I think said we're going to issue I don't know whether it's another um uh executive order or what it is that gold is not going to be subject to tariffs. Um you know once you've put the scare into everybody, you can't just say, "Oh, sorry. Just kidding. You you can't really do that." And so
now we've done damage and um you know, we'll see what happens to that spread over time. We'll see how you know users of the futures market you know adapt. There are other markets in the world that would be competing for this hedging business. Um you know maybe it moves to Singapore, maybe it moves to Dubai, maybe it moves to London. Um you know and the US loses not only a little more trust but also a little bit of volume on uh what had been the biggest or what is currently the biggest futures market.
That's kind of sad. Yeah, I think you're right. You know, maybe this this scare is over for now, but it's hard to cram all of that back into the box once it's happened like that. I'm wondering, is there anything else you would add on tariffs either for gold and precious metals or otherwise? I know right now it's still in flux, especially with US China relations, and maybe that will be resolved by the time that we post this. But yes, anything further to to add on the tariff
situation unfolding? You know, I'm trying not to be political, but I'm an advocate of free markets and free trade. In fact, uh, Springer just published a book, uh, free trade in the 21st century, and, um, I contributed the the chapter on the monetary system. So, I'm I'm I'm a radical arguing for a free market of money, credit, which, you know, ain't nobody want that. Um, so, you know, tariffs just make it more frictional. So, you know, whenever you add friction to a market, you shut down trade at at
the margin. It's the marginal, you know, deal that doesn't get done, the marginal good that doesn't brought in. And Americans may not really think of it this way, but people live in the rest of the world. There are certain goods that just are unavailable. So, whenever people come to the US, they bring empty suitcases so they can go shopping. Um, when some sometimes goods are available, they're just way more expensive in the rest of the world than are in the US. But the other thing they
have is intermittent shortages. So there are goods that yeah they are technically available but not always. And you know the supply chains are are you know creaky and and rickety and unreliable because there always working around some bureaucratic red tape or a tariff or this or that or whatever. And these decisions are arbitrary and capitious. that can shift quickly and uh if it shifts against you, oops, there's this company in the supply chain that just went out of business because of that. And now for two months, you can't
get those goods until somebody else tries to get into that business, see if they can make a better business of it than the last guy did. That's always going on in other places in the world, not in the US. Now we're starting it in the US, and Americans may soon discover, you know, the joys of shortages and sky skyhigh prices for things. and um you know less efficient markets. So I'd like to see no tariffs. I'd like to see free trade and um and with that comes prosperity and with that comes peace. Um
this leads in another direction which ultimately ends at war which I really don't want to see. Um but I I don't I don't want to dwell on that too much. Hopefully um you know we back off from this and and we end up in a reasonable place. I don't know that but I'm just expressing a hope and and of course this is good for for my business. We offer precious metal leases to these jewelers and mints and refiners and so the more difficult it comes becomes for them if they borrow dollars the more difficult
it is for them to hedge the dollar exposure the more attractive it is to lease the metal and forgo any need for hedging at all. So in a certain sense I should be cheering it because they're beating up my competition which will bring my customer straight to my door. I don't want to win that way, you know. I I want to have a better product, not have the government beat up my competitor. Um, but that's that, you know, that's the world that we're in right now. >> Right. Right. I I do understand what you
mean there. And I also want to get your take on the Fed and interest rates. So, Fed still has not cut rates in 2025 despite all the pressure from Trump. And we have Powell saying, "Well, it's it's kind of because we don't have clarity on the tariffs." So, I'm curious what you see happening with the Fed and rates moving forward, especially because we've had this latest jobs report that seems to have everybody thinking that the cut is coming at the next meeting. So, what
what is your take on what you see playing out? >> So, um I don't remember when Powell's term is over, but I think it's early in 2026. So, he's increasingly entering his lame duck season anyway. And Trump is pretty good at character assassination and other things to marginalize people even when they're not lame ducks. So, I'd imagine that um you know there just mean more and more pressure if not on Powell than certainly the rest of the Federal Reserve Board of Governors uh you know to make a move.
Whether or not he can fire Powell, he said he can. Powell said I'm not getting fired. I don't know how that plays out. Is that a constitutional crisis? I I have no idea. But the broader issue that I see is that all of the economic pressures. Now, I've been I'm a broken record. I've been saying this even before, you know, Trump got elected all through Biden. Um you know, because because Powell started hiking in 2022. Um is that the economic pressures are downward on interest rates. interest
rates have to come down and they will and perhaps violently as they did in 2008. Um and so whether it's how whether it's his replacement, whether Trump gets the credit or the blame, you know, sometimes the perception of the politics c can be quite different from the reality. Um but regardless of whatever will be the superficial reason, interest rates have to come down. And the reason is very simple. And for 40 years we had falling rates. Okay? So from 1981 through 2022 rates have been falling. And every time rates come down
that enables the next marginal business plan. And that next marginal business plan has a slightly lower return on capital than the previous. And every time the rate takes down the next lower return on capital is enabled. There's been an awful, awful, awful lot, trillions and trillions and trillions of dollars of business plans with returns on capital that are way below the market interest rate today. And that means they're just simply not viable at today's interest rate. So what business
can afford to borrow? There is no business bidding up the interest rate at these rates. The demand for credit is soft unless the interest rate takes down and power forced it way up. So, um, you know, there is there is going to be either just a mass wave of of cascading bankruptcies or a lower interest rate and possibly both, but they're not going to be able to hold the interest rate up forever. So, I think interest rates are coming down. I think the longer they stay up, the more violent the drop in
interest rates will be. Um, I couldn't tell you when, but my my uh my weather sense, you know, was telling me that that's probably sooner rather than later. I'm getting close to it now. I couldn't tell you that's going to be tomorrow morning. Probably not. Um, could it be in 2025? Increasingly possible, if not probable, if not 2025. Something's telling me it'll be 2026 that we're going to see that, you know, happen. and we're going to see a return to zero interest rates
and all the fun that that brings including booming prices which everybody loves and um all the malinvestment that that brings and all the you know shenanigans and everything else. Now there's there's there's two ironyies to this. One is the false alternative debate of should the Fed be accountable versus independent to which I say politicized versus unaccountable. Um and right now uh Trump is saying it should be highly politicized that it should be completely under the control of the president. Uh be careful what you
wish for on that. The other is that most economists and this is Keynesians monitorists and and and most libertarians have the sign wrong on what they think monetary policy response should be to inflation. They think that if we have rising inflation, you should have higher interest rates. Well, higher interest rates will destroy supply at the margin. What happens to prices if you destroy supply? Prices go up. So, they've got that exactly backwards. If there's too much inflation, if if inflation means rising
consumer prices and there's too much of that, you should want and if you didn't care about all the other harms and lowering interest rates cause many, many grievous harms to the economy. If you didn't care about any of those, you should want lower interest rates because that's a subsidy drawing in more producers of more things. If I am the owner of a hamburger restaurant chain and I have 75 stores, of course, I have in my back pocket a business plan for a 76th store, which I'm not building
because the bottom, you know, cell number A711 is red ink. The bottom line is it will not make money. But if you lower one of the biggest costs in in in that store, one of the big expense items is interest expense. If you lower interest expense, then suddenly that red will take over to black and it will be profitable to build that store. And so I and every other restaurant operator will borrow money to build another store. and the manufacturers of restaurant grill grilling and refrigeration equipment.
And the manufacturers of restaurant play glass windows, tile floors, you know, lighted signs, you name it. All of which capacity for that will go up when the interest rate ticks down. And that's been a very pleasant almost euphoric um high for 40 years. That's what we had. uh now you want to start rising you know interest rates you're going to have to destroy all of those businesses that were created when in response to the falling interest rate you have to destroy those businesses so that the
survivors get a return on capital greater than the cost of capital I don't think anybody's prepared for that kind of uh bloodbath so yeah interest rates coming down >> right and you you answered one of my questions I was going to ask you okay so how low can interest rates And you mentioned going back to zero which we had before. I wonder if you can remind us how does gold perform in in that kind of environment. What are the implications for the gold price here? >> Boy is there a lot said about that. So
one of our I don't remember what year it was. Um, we did different years. We looked at at the alleged correlation of the gold price to everything that people supposed it to be correlated to, which is consumer price index inflation, um, interest rates, both nominal, so-called nominal and real, um, quantity of money, um, you know, you name it. And it turns out that yes, you can cherrypick a short-term, you know, several years where the gold price has exactly the correlation you'd want it to. You can
find another period of several years where the gold price has exactly the opposite of, you know, the correlation of what you'd expect. But over really long periods of time, it doesn't really correlate terribly well to any of those things, which is why gold makes such a great hedge in the portfolio. It does. It's not something that goes down when stocks go up. It's not something that goes up when stocks go down. Yes, sometimes, but not others. It's non-correlated, which means sometimes
it's correlated, sometimes it's anti-correlated, sometimes it's doing it just its own thing. And so now, I do think I do want to clarify one thing. If the Fed says, "Okay, the period of tight monetary policy is over. We're going to do a new wave of quantitative easing." Yeah, I do expect that would be a real kick in the pants for gold and we'll see the price move up. But is that going to be durable? Is that going to be massive? You know, not necessarily. Look at the
period 2009 to, you know, to 2018. Yes, there was all sorts of easing and they had different programs and they didn't call it quantitative didn't call it quantitative easing after a certain point, but certainly the quantity of what we found money was was, you know, spilling into the market without any particular balance. And the gold price was not really all up after 2011. It was basically sideways and down. Um, and we came down from a high of almost $2,000 to a low of just over $1,000 during a
period when the quantity of money was certainly increasing. And the interest rate was zero almost the entire time, you know, as well. So, uh, yes, I think the return to zero will be a boost. Um that's as sure a bet as anything would be in trading, which is to say be really careful and that you're don't do too much on margin. Um but um you know, not necessarily if we have a protracted period of zero interest rates, it doesn't mean the gold price is going to be skyrocketing the whole time.
>> I think really good context there. And we've kind of covered some of the big headline moving news for gold at the moment, but any other factors that you are keeping an eye on right now that you think investors should be aware of for gold. >> Um, let me talk about kind of the difference of silver versus gold. Silver is much more of a working person's precious metal. And when you start to see the jobs market, which wasn't really all that strong for, you know, blueco collar, you know, trades, yes, certain
trades at certain times, if you're in the building trades in certain booming cities, I'm sure there was unlimited work. Uh there was a period of of the I'll call it the unlock whiplash after co lockdown was over where, you know, truckers, you know, had all the work they could they could handle and more. Um, but overall, you know, the market for, you know, people that are working with their hands or or doing a skilled trade just not been that strong a market. Now, certain certain niches
within white collar knowledge workers like AI, you know, scientists right now are getting these like hundred million dollar, you know, packages. It's almost like reading about sports stars and you read about Michael Jordan getting a package like that and now it's like these AI guys are getting it. Um, but silver is is the savings of, you know, of of trades people and blueco collar workers and now we're seeing the job market roll over and that's going to hit you know that that that segment you know
hard and um in addition silver has this industrial component and if if manufacturing and and all those other things are rolling over because of tariffs for example and also because this boom is just really long in the tooth. were basically in one long boom that was juiced up when um in in spring or was it March or April of 2009 the Financial Accounting Standards Board said you don't have to marked market the losses and so the banks were able to restate their financial statements and suddenly
they looked a lot better and that was pretty much the day that the market turned around and began to boom again. So we're in this hell of a long time, 16 years and counting of boom, which is very long by any historical standards. I think we're well into record territory. So that we can be rolled on over just because of that. Tariffs aren't going to help all kinds of other things. And so silver because of manufacturing demand falling off a bit and because of uh you working people savers just having less
to save. Um, I would, you know, generally expect silver to underperform. Now, could silver outperform in the short term? I think there's a lot of forces building up to suggest it could. Um, you know, because the because the asset speculative class is seeing silver now. So, if they jump into it, you know, almost anything's possible in the short term. But uh gold yes because all the currencies you know are made in this horrible bare market and every government around the world has gone all
in on madness and um and is getting madder. Right? So we elected Trump as a protest against the the profille stupid spending of the Democrats and what do we get? A big beautiful spending bill that accelerates spending even more. And of course, gold's response to that because it's just, you know, it's just a hedge against being a creditor to the government, which is what if he holds a dollar, effectively a creditor to to the government. And when the government's becoming something that embarrasses even
drunken sailors, um, you don't want to be a creditor. Well, look around. What asset can you buy that's a financial asset that isn't being a creditor to the government? It's gold. So, yeah, we're in this gold bull market. Silver I think in you know medium to longterm not really maybe it'll keep up with gold at this point it's not going to outperform short-term yes there could be a big pop in it that wouldn't surprise me you know given everyone can see the chart patterns and
say wow silver is going to pop and then they'll make it pop right but you know is is the real long-term demand there for it gold yes silver I think less so >> just a little bit of followup on silver because we get a lot questions from our audience on what's going on there. So, we did see some excitement earlier in the year. We got almost to that $40 level, which seems to be a crucial point that people look at. What do you think was was driving that move? I know you mentioned also it got a little bit
beyond where you thought it could already. >> I mean, there's a point in which there isn't even necessarily an explanation. Now, the silver people will talk about structural deficits. Now, they've been talking about structural deficits since before I got into this. I sold my company in August of 2008. So, we're I guess we're about we're exactly one week away a week and a day away from the uh uh 17th anniversary of that of that sale, right? That was August 19th, 2008. And when I started
reading about this stuff in fall of 2008, they were talking about structural deficits for silver. Now, if the price moves especially sharply in a short period of time, you can't look to a 20-year-old story as explanation. You know, it's like it's like the left says, "Oh, you consumer prices went up this month because of greed." Wait, are you saying it wasn't there wasn't any greed last month and this month greed came into the market and that's why prices went up? Like, is there something that's
basically a constant? Greed is a constant. um and and the structural def alleged structural deficit in silver is a constant as well. It doesn't explain changes at the margin. So a lot of people may cite that but at some point sentiment you know takes over and then everybody you know wants to buy. Um you know yes it's true in places like India if gold is perceived to be too expensive it's also out of reach for you know very large numbers of Indians just don't have a minimum wage in India is between $2
and $5 a day so it doesn't afford them you know much much if any gold um silver is much more affordable so you know if gold becomes less affordable there'll be some some switch to silver at the margin in there that's true and you know that can drive it a little bit. Silver is a smaller market. Um but at the end of the day I think it's sentiment um and sentiment can be self-fulfilling for some period of time. um you know as it was I mean I think there was non-scent factors as well in 2011 but
look at what happened to silver in the first part of 2011 right we shot up in in late 2010 silver was under $20 and by uh was it March it hit peak or April in 2011 it was $50 so boom you know two and a half times and then we spent how many years in a bare market in a silver wilderness Um, so the sentiment when it turned, it turned. It was done. Um, and that first day that silver dropped from $49 to 30, was it 35 or 34 like within a day and all the smart people were like, "Sover's done. Stick a fork in it. It's not going
to recover the $50. This is not a market correction. This is wicked volatility. This is a bare market." you know, take your if if you have a loss, take your loss and move on. If you still have a gain, lock it in and move on. This thing is done. And it was for a long, long time. We still haven't recovered. 17 years later, we're getting closer to recovering. Can you could it go to 50 and beyond? You could. Will we see 30 on the gold silver ratio again? No way. To see 30 on the gold silver
ratio, we'd have to see over $100 in silver. Keith Weiner, August 11, 2025. You're not seeing $100 on silver anytime soon. Not going to happen. It is what it is. >> Okay, that's that's the call there on silver. And just a little bit more on the note of prices. So, you said at the beginning of the year, you do your price outlook for gold and silver. Silver we we surpassed it. Gold we're still waiting for for 3,600. Are there any adjustments there that you would make now that we're kind of well, as we said,
a little bit past that halfway mark of the year? >> Um, obviously I could adjust my silver up, you know, a bit. I mean, I it wouldn't surprise me to see 40, 42, who knows, maybe 50, right? I mean, and I didn't say silver wouldn't, you know, I said just basically don't bet on it. I mean, you price action to a fair degree is random. and and everybody who's pretending to be this prestigitator, you know, it it's not that scientific, right? I can look at and say, well, here's what the fundamentals are. Um,
and we have our fundamental model. Um, but um, you know, you get all kinds of random things and sentiment can take over all that. So, yeah, silver surpassed it a bit. Could it go more? Yeah. Will it? Yeah, probably. I think silver is is bullish at the moment. Um, you know, gold at the moment, I mean, today, you know, price of gold's down 2%. Um, you know, will it be up 2% tomorrow? I don't know, maybe. Um, but, you know, we're in a bull market, a long-term bull market for all these reasons and
probably both metals. I'm just less excited about silver, you know, for these reasons. But, yeah, I think in both metals. Um, and you know, for the rest of the year, would it surprise me if we fell short of 3600 in gold? No, it wouldn't. Would it surprise me if we surpassed 3600 and we resume the march up and we see 3,800, 3,900? No, it wouldn't surprise me either. Um, you know, I haven't done I guess the caveat to all this when we do the annual report, I spend quite a lot of time
looking and studying the markets. At this point, we're in a precious metal leasing business. we don't really have a business in speculating on its price one way or the other. We're not running We used to run a little hedge fund um to to play the gold silver ratio. So, I'd be studying this every day. I'm not doing that anymore. Uh I'm building and growing uh in a fixed income business. And um so this isn't the thing I focus on. So I I haven't given it that focus right now. I'm speaking off the cuff. Um
but um you know, yeah, we're still in a bull market. You know, we're relaxing at the moment for the next leg up. Yes, obviously. Will there be a next leg up? Yes, there will. Will that resume September 15? I can't tell you that. Versus October 1 versus October 15th, you know. Yeah, maybe. Probably. But um you know, these things are not predictable to that degree of precision. They just aren't. Well, I really appreciate the openness on that and I think we've gone through quite a number of factors on the gold
and silver side, but before I let you go, are there any thoughts that you would leave investors with right now? >> You know, just something I've tweeted about on and off a few times. If you're not earning interest on your metal, the only way you can profit from it is by selling it. And so it's sort of a a back uh uh a backdoor way of of promoting monetary metals by saying, "Do you really want to sell your gold to get more dollars?" And if you do, great, have at it. But if you
want to keep the gold for all those reasons, put it to work and get 4% interest on it. It's kind of our proposition. But it really fits this um macroeconomic you know environment where I I think the difference and this is another major factor and why this is such a bull market is you know in previous times there was always a sense of it's going to go up play the waves and everybody was happy to then sell it and and get the dollars again and so of course that selling is what limited the bull market in the end but I think
there's now more and more people that are just like bleep that, you know, the dollar is just bleeped. Let's let's have a gold position as permanent, not as a play on its price just because we don't want 100% exposure to the dollar. And if that's the case, then you can't profit from it because you can't sell it anymore. Well, then put it to work. And and I I think people are holding gold for that reason increasingly and around the world, not just here uh in the West. Um, and and they're coming to Monica
Metals for that reason, too, because uh, you know, the proposition is more compelling. If you think you're going to sell it next week, who wants to get into a one-year lease agreement? Uh, if you think, okay, I'm going to hold this and pass this to my kids. I'm going to tell my kids, don't you dare sell it? Then all of a sudden, a one-year lease doesn't seem, you know, a big commitment anymore. >> Yeah, that makes a lot of sense. That's a that's a really interesting shift that
you you highlighted there. So, well, thank you very much for coming on today to go over what's happening in the precious metals market. This was really valuable. >> Thanks for having me, Charlotte. >> Of course. And once again, I'm Charlotte Mloud with investingnews.com and this is Keith Weer with Monetary Metals. 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
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