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 [Music] [Music] I'm Charlotte McLoud with investing news.com and here today with me is logo T editor and founder at independent Speculator to.com thanks so much for being here always happy to be with you sh oh great really nice to see you and we're here at the New Orleans investment conference I have a whole bunch of questions for you but then you told me that in your talk today you were giving your highest conviction trade investment for 2024 I'm not sure if I'm getting the wording

right but it's not the same as 2023 so I have to throw these out the window for a minute and because I just need to know it's a good place to start so we're scooping here live from New Orleans or almost live right okay so um you know this is a mining and investment conference but really most of us are gold bugs here this is the the one one thing that's near and dear to all our hearts so last year I was the contrarian in that I my highest conviction trade for 2023 was the other yellow metal

uranium which is not a stranger to your audience right but you know to come to a goldbug conference and talk about uranium who my highest conviction trade was you know it was fun um so I want to be careful about what I'm saying here I'm not saying I'm done with uranium I'm not saying I've sold all my uranium stocks uh though like Rick rule I've taken a lot of profits along the way here but it's no longer the hated trade you know that was on sale nobody wanted to hear about uranium anymore uh you know a

lot of these uranium stocks are now at multi-year highs or near uh nearly there so still bullish on uranium still very positive the demand case is very very strong but the stocks are no longer as cheap as they were and a lot of the mothball production the the part of the supply story that has been under volunt Ary constraint that's starting to change so for 2024 which is different from farther going forward you know we need to see how the balance works out you know farther ahead I don't think some f

keeps up I'm totally sold on uranium going for it but for this coming year it's no longer my my highest conviction trade so it actually leaves us with the other yellow metal gold bug conference big surprise you know I like gold but you know for what it's worth I'm not a a perable um last year I came here and I talked about uranium as being my highest conviction trade and even worse more traitorous of me uh this summer I put out a bearish call on uranium I don't remember if we

talked about that we did so so our audience knows that I'm not a perable so maybe it means a little bit more for me to say no I'm looking at it looking at the recession you know it's here on a global level and I think it's here in Disguise in the US but I think the disguise Falls we've talked about that I only have a couple months left to be right on my call about recession by the end of this year but even if I'm wrong and it slides in the next quarter I still think it's coming I

think the recession denial goes away and I think that's very very bullish for gold and on top of that you still have the Central Bank buying we have geopolitical stuff stirring the pot so there's a lot of things that oh and inflation isn't going away expectations are starting to Slit you know that Team Soft Landing kind of swept that under the rug from the last pce report but the near-term and long-term inflation expectations started to creep up which is quite significant so all of that is you know

by way of saying you know nothing you know God smackingly new here for the audience they probably know all this stuff but again for what it's worth I'm not a perm but my highest conviction trade for 2024 is gold stocks oh and one other thing remember what I said about the uranium stocks many of them are at 52- we highs or nearly there or even multi-year highs not so with the gold stocks because of higher costs and all these things a lot of them unun love this that doesn't mean you can go out and buy them

all but what I'm saying is there's value on the table there are compelling value propositions many stocks that are just producers that are cash cows or um mind builders that have all the money to build their mine you know they're they're going right and they're on sale at 52 we lows or nearly there you know the so the value proposition I think is really quite compelling at a number of these gold stocks if you can pick the right loss okay and and just to clarify so the highest conviction trade for 2024

it's gold stocks not not gold itself well yeah and that's actually an important distinction this again is not new this is something my mentor Doug Casey taught me from the beginning to my way of thinking that gold is not a speculation at all I don't buy gold because I think the gold dollar exchange ratio will go up or down or whatever I buy gold cuz it's gold you I can hold it in my hand it has value if I need it in case of emergency or opportunity it's there it's physical wealth in my Direct

Control has nothing to do with where the you know the dollar is going or the fed or the markets or anything like that it is what it is uh as a Speculator though if I do think the gold dollar exchange ratio is likely to go up or down you could go long or short then the stocks are the way to make money on those movements I I don't I don't trade gold at all it's my way of saving it is it is literally how I've saved for the long term and I don't buy 30-year bonds or none of that nonsense I save in Gold

okay and I'm going to bite on your comment that was you know if you can choose the write gold stocks right and I think that people hopefully if they've been following you they they'll know kind of your principles behind how to choose the right stocks but maybe there are points that we could talk about that are specific to to this current environment where where gold stock s are are quite depressed being sure definitely one size doesn't fit all and you know the more risk averse people

should probably look at the bigger go-to names in the space and all that uh that having been said though even if you're you're uh more have a higher risk appetite when even the go-to games are relatively on sale because the whole sector is hated then even they can offer you know the bigger players can offer Junior like volatility to the upside if you can get them near cyclical lows now most of the big ones are not really at cyclical lows but they're cheaper than they have been and they there is opportunity there the

you know the the farther down the food chain you go the more risk you you go there and so that depends on who you are uh and then besides just that there's also your your time frame and I this isn't new I'm not telling you something other people haven't told you but it really matters so if you have the patience of a rick r or somebody like that to buy something and wait whatever number of years then you know even even prediscovery exploration on a basket say of prospect generators you never know which one's

going to hit but if you have more than one you know a basket of them and you have patience you know you pick the ones that have good management they have money from partners coming in you know they're not just Prospect J or wnab bees but they're doing it right they're they're following the business model they have other people's money going into the ground on their behalf that sort of thing you never know which one of those is going to be the next Discovery but it happens right

periodically these guys deliver Amazing Discoveries paid for with other people's money and and those can deliver terrific hockey stick wins but you got to be patient you you can't say oh I want I want a prospect generator and deliver this year for me and it just doesn't work that way and in between those other things uh you know that I like The pre-production Sweet Spot it's my claim to fame in this space right I like firsttime mind Builders uh it's the most reliable pattern I found not really for

10 Baggers very often but for significant gains with relatively low risk and in between Discovery and development there's also something I call success and progress which I think we talked about before and then it's it's after the discovery fall it's like people have this idea of once the discovery is done well then it's off to engineering and feasibility studies and it's not like that it takes years even to define the deposit you make the discovery and now we have to drill it

off how big is it you never know and in that process going from you know an exciting drill hole to having a deposit of measurable size and potentially value there's a lot of value out it and that's an area where again nothing's perfect it is speculation but you can put the odds in your favor okay so so definitely time frame matters but I know over at least the past year perhaps longer I'm not sure your theme has been sectors that are happening right now so I imagine that gold is going to become a now

sector in in 2024 I've been debating in my head if I should try to ask you where you think the price is going to go I'm going to throw it out there and see what we get it doesn't hurt to ask yes you know I don't like making predictions I think the trend is upward and I have said before you know I'm on the record having said that I think that chances are good that we would see new all-time highs this year and I have a couple months yeah I got a couple months left to be right or wrong and I don't want to

be right because of the war that would be a sad reason to be right but it could be but hopefully that doesn't happen I would rather be wrong than to see more dead bodies over there um I much rather see myself be right because the FED breaks something again not because I want to see economic harm I I'm not not being for that but actually I think the FED breaking something it's already baked in the cake it's just a matter of where does the shoe drop you know that the uh we'll see uh you know that guilts excitement

that we had over in the UK you know year before nobody saw that coming it was the sort of thing that once it happened everybody's like of course that makes sense rates go up this would happen um we'll see but even if I'm wrong I missed the timing it would I still think we'll see it early 20124 if I'm completely wrong and team self Landing is right for the first time in history um then I'll be wrong and I'll change my marching orders right and and maybe maybe tell me more about the

recession in disguise that you you mentioned earlier how how what are you seeing that is disguised as a recession okay well first I mean I mentioned the leading economic indicators those they're called that for a reason and the uh the main thing that the team soft Landing folks point to is the strong consumer in in labor market those are lagging indicators and they'll even say so even on mainstream on Bloomberg or or Yahoo finance are these people who love to talk about in viia and chipotle and

all these fashionable names right no gold stocks for us thank you very much even those guys will say well yes labor is a lagging indicator and then they just go right on to talk about how strong it is like they they mention it in passing and then there's no so what there's no followup to that idea but it's there my thesis is that in the postco lockdown period you have this phenomenon of Labor hoarding you have companies that had such trouble finding employees and even now with you know the so-called excess saving

keeping people off the label market so so it's it's hard to find good people and that makes employers really reluctant to let anybody go but think about that if your business is in trouble but you don't want to let people go because you're afraid you won't get them back that means you know I'm I'm sorry but the economics of it is you're making a bad decision you are increasing your cost like you don't need these people you should fire them but you don't because you're afraid and you

can't get them back and then when you do run into trouble you've made it worse like you've exacerbated the problem you made your financial difficulties worse because you didn't do what was necessary you didn't cauterize the wound when you had the chance so um I'll either be right or I'll be wrong in Fairly short order Charlotte we'll see I think that you know even on mainstream you hear people talk about rolling recession or recession in some areas of the economy

but not others I don't think it's that at all I think we're seeing postco distortions hiding a far deeper weakness in the economy and it's it's not just the leading indicators I mean it's it's things happening now like there are more bankruptcies so far this year year to dat than since the GFC and that's huge and you have Federal revenues plummeting remember the big surprise on the budget deficit you know Federal revenues plummeting are another very strong correlate with recessions

and then there the big layoffs we hear about and and look at the earnings calls these companies are beating on earnings but that's after they lower their guidance and the forward-looking statements that we're getting you know there if not Grim they're cautious so I I think I'm not out there really just a lone wolf in the night howling and saying something nobody else is saying I think there's all this evidence out there that the people with a certain mindset they're just I'm not listening

I'm not listening and I think we'll find out so was right okay and we should probably throw the FED into the mix as well because I imagine if if things throw them out not in this conversation you're going to be part of it unfortunately but I I imagine if things play out as as you are seeing it's at this point where we see the FED say okay I need to start cutting rates is that kind of how you see it so it's funny you have more mainstream types like say Jeff gunlock the Von King talking about how

the FED is going to start cutting in 2024 and if you look at the the market odds you know the the market thinks the FED will be cutting by mid 2024 but the thesis behind that version of the rate cut is oh the fed's won you know inflation is tamed and now we don't need these high rates you know higher for longer doesn't have to be so long because soft Landing right that's not my thesis my thesis is the Fed is breaking something now we're just waiting to find out what it is right is a commercial

real estate is the student loan were payments that blows things up or what we don't know but I can but in hindsight it'll be obvious I think and so so that's my thesis it's not the mainstream thesis of happy ending it's something blows up and then it's we have to for financial stability but my question though and this matters for gold bugs is who's going to Pivot first cuz they're you know that they the FED PA ECB pause the Boe paused again you know the Western central banks they seem to be all

following the same thing and it matters because you know Germany just reported negative growth did the EU as a whole the recession there is becoming harder to ignore and not it's not official but it's close it's borderline right and so if they pivot first then that's bearish the Euro and bullish the dollar the dollar wrecking ball comes back right and that's bearish for gold again whereas if there's a surprise in the United States and suddenly the FED slams uh on the brakes and does a

U-turn well then that's bearish for the dollar bullish for the Euro and gold and other alternatives to the dollar and I don't I don't know how it's going to go and I wouldn't believe anybody who said they will but all of these things are in play right now uh and it'll be an interesting time for speculators okay okay one one follow-up question there if somebody else Cuts first not the US does that can that long strength in the US for some other period doesn't make not strength

in the US strength in the dollar and it's and an important caveat there is you know we call this the strong dollar but it's only strong compared to the other currencies it's not like the dollar is actually becoming more valuable it's just losing the race to the bottom right so it I don't want to say transitory but I do think they can be a brief period where it seems like the dollar wrecking Ball's back Dollar's fine everything else is and I think that creat it's a buying opportunity I know

people don't want a buying opportunity they just want gold to go to the Moon already but we don't get to tell Mr Market what to do so I I'm just calling it like I see it I do think in the same way I said last summer that this you know I made a bearish call I'm not quite making a bearish call here because the war for instance could keep gold elevated in spite of all this um and I don't know that the ECB will necessarily pivot first my suspicion is that unless something obvious breaks soon here in the US

probably the ECB will pivot first not a prediction I don't know but my my gut is sort of inclined in that direction so so it matters in the near term but going into 2024 doesn't matter Global recession including the United States very bullish for gold and the gold stocks yes and the gold stocks did we miss any factors uh to do with gold that that you would think investors should highly I guess we didn't really go into Central Bank demand which is quite strong but it's it's one of those things

that it's on a on a momentto moment basis it's unknowable you only know about it after the fact and you get to like right now we just had new figures from the world gold Council record buying level for but you know about it afterwards and and even if we have a record year that doesn't tell you that this month that they're going to be buying right they can take a breather or they can even sell some because they have a you like turkey or some of these other countries that have been overall over the years

amassing suddenly they need some money you know that's what savings are for right so I I'm I'm persuaded actually that the Central Bank gold buying driver for this story it's important it's longterm it's part of the long-term dollarization Trend which with all due respect to our friend Brent Johnson you know that's a real thing long term but it doesn't tell us what's happening now happening now might they happening now okay so we will we will move over to uranium but I'm going to ask you first

about silver staying on this this precious theme because you told me you have updates to your your Darth silver thesis and I'm a little bit worried about this but we got the Darth silver mask fall off well no not entirely I'm not saying that that uh what I am saying is that over the last year and you and I have talked about this and our audience if they've listened to us before they know that I've said you know I love silver I understand silver is the word for money in many languages but

just look at it it often trades more like copper than gold over the last year you'll see that you know in intraday charts you'll see days where gold goes up and copper and silver go down or you'll see days where gold goes down and copper and silver and oil will go up right it it's acting like an industrial met and it does have that industrial use which is in in some ways it's great you know it's on top of the monetary story you have this increasing industrial demand it's it's it's an energy metal

you need it for the solar panels nothing bad with that it's all good but it does mean that if you're looking at Industrial Metals headwinds if you're looking at a recession then that Tailwind for silver turns into a headwind and you you can't ignore that just because Silver's money right so that's been my Darth silver thesis and the new news see we're getting it here uh New Orleans is that we really saw silver come out strong as a as a safe haven as a monetary metal it reacted

strongly to the war news like gold not like copper so we've seen in recent weeks a a a strong reminder that the world does still see silver in this other way not just as an industrial metal so it was an open question is silver just becoming an industrial metal now and the latest Market action is saying no we're not there yet silver is still being treated by you know not just those evil Darth types of the world but even Comics Traders are willing to moved the price of silver based on monetary

phenomena Safe Haven phenomena not just industrial demand so that's great that's good to see it makes me much more optimistic about silver tracking gold in the recession ahead but I still call me Darth all you like but I still think it will probably underperform uh if if the main reason that gold is going up in 2024 is the recession at the very least it takes away that Tailwind that so silver hat so cautious right okay one one small followup on Silver so silver I I think I'm learning it needs to have many

things working in its favor and you know I was talking about somebody today I don't remember who at the moment about the big deficit in silver last year and the predicted also large deficit this year but we that's that's only part of the equation right um I guess yeah just trying to understand how that works well I I tend to get less worked up about these things people get all excited about how much silver is left in the comics warehouses or whatever or the lme but first remember that silver is

consumed in a way that gold isn't I mean it is literally consumed it is put into things like eating it electronics that you can't get it back out of and it goes into the landfill when it's done and you know it's like become a new mind in the future it's used up so the the stocks are always lower than gold they're always fluctuating go up and down but but it's also produced in much larger volumes and then that brings us to the other main thing to remember is it's a

bipod like even the poorest silver mine in the world it's not metallic silver that they're mining you know the the highest grade Silver Mines in the world are really lead or zinc or lead zinc mines with huge silver credits you even if it's kilos per ton of silver it's kilos per ton of silver in Galina or sparite you know these sulfites of Base Metals um but even that isn't you know the the single largest source as I recall from the latest numbers I've seen people combine lead and zinc and that

makes it look like the largest source but if you look at just lead or just zinc copper is actually bigger these big copper for freies these giant copper mines very low gr silver there but they're so huge that they produce enormous amounts of silver so that's another complicating factor and now and I'm not being anti- silver here this can actually be a very good thing for silver particularly if what's moving gold and silver is safe haven demand monetary metal demand well you know that means

the econom is looking so good and that's the sort of thing that shuts copper mines down so you can have a situation this is when silver really shines you talked about factors coming together the best The Perfect Storm for silver is when people are buying it because they're worried Safe Haven demand is pushing gold and silver up and that very same thing is shutting down Industrial Metals mines zinc mines lead mines especially copper mines the go on care and maintenance supply is visibly constrained at a time that demand goes

up and that's when you see these little Manas where silver just leaves gold in the dust and it goes nuts all by itself um that's not a prediction for 2024 but it could be you know the cards are in uh are in the deck in front of us that it could play out that way okay we we'll be checking in we'll be checking in and we'll see how how that develops so moving on to uranium so as you said it doesn't mean your is out of favor with you but we're in kind of a new phase of what's going on here

so we have this recent price rise that everybody's pretty excited about and I thought maybe we could start there and just just ask you what what do you think spurred that uptick there is it one single factor is it just everything is now working out what is happening nothing is ever just one single Factor uh but my view is that it's largely people coming to the realization that yes the utilities do have to get more uranium now you know there's only so much they can get from the existing fuel

chain and underfeeding and all this stuff uh frankly Justin H uranium Insider could explain the ins and outs of the fuel cycle better than I ever could um but at the at the end points right you've got the miners and you've got the utilities and they do sit down in contract over the long term they need security supply it's a real thing and they are starting to sit down now we're seeing the The Producers or the near producers are reporting that they're signing contracts so this is something that I

have said is what we needed to see in past years when we've spoken about this so this is happening now it's not just inevitable it's not just imminent this is happening now it's being reported now we won't know what the prices are you know they say very vague things like at competitive market prices or whatever we'll find out in retrospect but we know what's happening now um we also have Japanese restarts Rick W's favorite variable that's happening too you'll

never know exactly what the impact is until later but clearly it's happening now and this is actually something else that I've been writing about recently because there's um you know metals and Mining investors you know our audience they're more savvy than the broader world out there but in the broader investment world yeah yeah I'm buttering you up but it's true you know in the in the broader world out there there's this idea that you know the energy sector it's like this one

monolithic blob and so if we're going to have recession well that's bearish for energy right you know the energy sector is going to go down and you will see some kner responses you know you know something's bad for energy on a day-to-day basis you'll see it it'll hit you know the spot price of uranium will wiggle down with oil but if you plot uranium and oil over time you see that they frequently move in very different direction and it just so happens that we've had the war and other things

causing oil prices to go up and then uranium went up at the same time and so here's the thing that there's there's a mainstream narrative to the point that to the extent that anybody who isn't in the space even notices uranium at all there's a tendency to want to dismiss it and say oh it's just because the energy sector's up it's because of the war oils up so of course uranium is up it it's not going to last right I think it's completely wrong in the first place um

you know it totally out proportionate oil is up like this and uranium is up like this and in the second place over just the last year you can can see multiple instances of them moving in opposite directions so I just I think that the current move in both upwards is coincidence there have been more times when they've moved opposite than in synchron over just the last year anybody can chart these and look at it so I think something different is going on right what we just talked about the contracts the restarts the fuel cycle

you know now now the centrifuges need to start loading them up again right and they need pounds for that so I I the takeaway is you know don't listen to these people who are saying oh it's it's just because of the energy sector and when we go into recession it's going to go into reverse if the if I'm right the utilities need these pounds one way or the other I I don't I don't want to say it's Recession Proof but far more recession like I really don't think the recession matters that

much here if if you need to secure your next five years of Supply then you're going to secure that you don't care whether there's a recession or not you you're you're securing for the long term okay so so that gives us an idea of what's happening now I think I don't know if we've gotten to this point in previous conversations but we should talk about price trajectory moving forward because I think people generally in our sector anyway agree we're going on right right right but in what in what

for that's a and this is a really good time to ask this question because in our previous conversations I've been able to say and I have said you know unlike other metals uranium is still below the cost of production you know the average cost of production or the incentive price if you will you know you know even though some copper miners are unhappy with copper de back below $4 still three bucks in change is enough for most of the at least the better copper mines to make money and gold you know your better

miners if they can't make money at $2,000 gold there's something wrong with them right and you know so most of the metals even having retreated are at prices where the miners at least the ones worth owning can make money not so with uranium until now so now talk about happening now we were at that point now where uranium at plus or minus 75 bucks a pound that's that's the incentive price that we've been given it's in the mid-range of the incentive price we given and you can see uh you know the big producers

that have mothball production they're bringing that back online the developers that have the you know the lower cost mines or even you know not the lowest cost ones they're starting to say okay well now 75 bucks we're going to we're going to go into production so this has happened now I think the last time we talked I had written my uranium report and and and I made a long-term case that Supply will not keep up with demand but just okay so that's out it's free download on the website you know look

for our uranium report um so so the finding the news there was that I had been thinking that high prices would cure high prices here uranium is not rare and like we're just saying right the the mothball production not even new production but like mothball the existing production that's coming back online and that's happening now and the lowest cost projects those are being built that's happening now and I don't need to name names most everybody knows who's doing there's not

there's only a few companies doing this so everybody knows who I'm talking about right so I had been thinking actually that I end up probably selling most of my uranium stocks like next year as as high prices start curing high prices and the finding in our report our new report is actually no it doesn't look like it's going to keep up like even with this loow hanging fruit coming online the stuff that can be brought the pounds never mind the billion pounds of uranium that are supposed to be out there

waiting to flood the market you know that's not going to happen for a long time if you know some of those aren't even economic I don't believe the whole billion uranium pound scare but but there are pounds that are coming on the market now so what's different is I had thought that that would really make uranium prices roll up I no longer think that but with those new pounds coming on it's hard to say that now is the time for Uranium to go vertical again right so this so so to be very clear I'm not

bearish I'm not inti uranium I'm not saying it's peaked and it's going over but I'm saying last year was easy to say okay uranium's got to go up we're the price is still too low it's no longer still too low we're at the incentive Price N so it it it's harder to say oh yeah it has to go up again now it may you know if the cuses need to refill right and the companies need to make the long-term contracts we may still see higher price but it's less it's less of a sure thing

than a year ago to say you know it's got to go uh so that's where I'm at okay yeah I have um I read I read the report and I I liked it thank you for writing yeah it was a great report I'll leave a link to it so people could check it out if they want to and yeah that was really what I was picking up there kind of the point about you know overestimating Supply I guess and just it looks like you're thinking only only the moth Bold mindes and the really true development stage assets are are what we should

count in our numbers is that kind of well for right now for what's happening now right I mean there's there's some great projects out there that will probably get built in this cycle but but they're not even permited right you know so that's going to be a while so what I'm saying is I I I see a rush of Supply coming back to the market I don't think it swamps the market I don't think it floods it in in prices tank but maybe it comes close to me it like so near term

the balance of supply and demand is not so compelling for a much higher uranium price but then once that's digested you know especially the mothball production you know that's coming online now and by 2025 once that's digested once that's priced in I think there's nowhere to go but higher up but that doesn't make me want to say it has to go vertical right it's going to the moon and right you know it's in in a in a market that's going to be in deficit but not like desperately so for

some time I think it will by the way I don't know if anybody's models supply and demand models that even includes the smrs coming online it's all about the big you know the reactors that we already know the ones that China is planning the ones that India is building right the the whole SMR thing that still going to take a couple years to get going but when it does that's a whole new layer of demand that's not in anybody's models you and if nothing happened if the whole thing just

F fizzled away it wouldn't take away from the already existing Supply uh sorry demand increase as it were projecting so there's nothing but upside here I'm I'm so longer term I really am you know very bullish with the one caveat being of a major nuclear accident right if that happens this thesis can be derailed and I I hope it doesn't I don't think it will it's one of those things that it's it's not like a trend you can chart you can't say oh well you know they happen

every X years so now we're over or do it's not like that I just think it's something that anybody speculating in the space you really need to understand and accept that as long as this doesn't happen looking good but if it happens you're going to take some lumps okay I've got I've got one more uranium question and then then we can start wrapping up so in the report you also go over kind of this East West developing divide in in uranium and I wanted to ask you about that maybe maybe

in the context of this recently approved because Adam PR deal with the Chinese buyer um so thoughts thoughts there yeah this is one of those things where I I don't want to I don't want to make too much of it and I don't want to dismiss it either I think it's very important I think going forward the new Iron Curtain or whatever you want to call it that's a real thing I think you know we can basically expect almost all of kazad prom or all of Kazam prom's production it's all going to go to China at some

point this but this will take time to develop it's one of those things where I think it shapes our Outlook over time but today it doesn't really you know change my marching orders and my investment decision very much and the bigger concern I have is really more the geopolitical risk right now if and and and Kazakhstan is not Russian um but their main shipping route goes through Russia so there's there's an issue there now you know fortunately even the powers that be uh in Washington and other such friendly

places you know reality does matter and there's been all this talk about sanctions and tough on Russia and and there's even been talk about you know Banning Russian uranium and R uranium but it hasn't happened yet because I think at some point at some level even these people understand that like there is no other source if they ban Russian enriched uranium we're you know it's not happening we're not getting it there's there's no plan B um and okay we're working on domestic

Supply but that takes years you know even the front runner they're still working on a pilot PL so and you know who I'm talking about right right so so Mark 13 that's one of those things where if they do something really stupid you know if they put a hard band in and they really put a choker on this then yeah you could see $200 uranium you could see crazy things and it's not a prediction it's a possibility that could happen but so far it seems like for all the tough talk and all that you know they're

they're aware of the reality back there and that they can't go too far so right now my the trend that I see is basically towards nothing happening on this front lots of talk but nothing happening okay I think we can wrap it up here I will ask you your final thoughts and I've been doing kind of a I've been calling it a fun question we'll see if it's fun but I've been asking people do and don'ts for investors heading into the end of the year perhaps into 2024 ah okay if we frame at end of the

year well we're going into tax loss season yeah and this is a a very interesting um I I would say that given the market sentiment how bearish it is if you're looking to highrisk tax losses I probably do it early so in fact the next edition of my take that comes up this coming Monday then it's going to be all about tax losses that's going to be our tax loss Edition we'd probably do a tax Loss Edition every year we or we cover it but anyway this will be a tax loss focused and the idea will be you

probably want to be earlier this year than late on the flip side though if you're looking for bargains there there are companies that have added pounds in the ground or ounces in the ground or done you know really good feasibility work clarifying their value propositions or come up with a new flow sheet with different processing that has a significantly higher recovery that's a units of material Improvement to this project there's a there's a number of those AR just doesn't care they're still

on sale they're still near 52- we lows or dragging along the floor um despite you know uranium High gold high you know the other ones so so but you know due diligence is required don't buy an ETF but if you either know what you're doing or you're willing to get some help you the I'd like to help but if not you know somebody else you know the Brent Cooks of the world out there there's other people who know what they're doing get some help find some good picks I think that this tax loss season could

actually be a spectacular buying opportunity particularly in the gold space if I'm right about what's happening in 2024 um then this this tax thought season could be a gift there was a happy thought I hope that was a fun answer that was yeah that was fun thank you now this was a fun interview thanks for coming by to talk about uh my many questions about all the different Commodities M pleasure of course and and once again I'm Charlotte McLoud with investing news.com this is LOA with

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