If my mom didn’t know me she wouldn’t be close to picking up the phone to buy silver yet. Do you still expect that that we’ll see? Yeah you make the most important of all points which is to say that the strength in gold is not retail strength. The retail has not been buying it. The central banks have been buying it. If you measure popular sentiment about around gold with cash inflows to the ETFs, you only saw five months of positive flow into ETFs. Right now you’re selling retail selling of gold and retail selling of silver.

Why did gold respond in silver? Well that’s simple. Central banks buy gold. With the exception of stated intentions by the Russians, central banks don’t buy silver. So a market that moves as a consequence of the participation of one buyer probably doesn’t move in a sector where that buyer isn’t focused. I believe that the motivations for central bank buying, one being the weaponization of the US dollar and the extra territorial imposition of US will, has been partially responsible for central bank buying of gold. I also believe that the calculus around the US dollar, which we talked about earlier, a currency where they pay you 4.2% where the real purchasing power of the currency is declining by 7.5% has also led to the selling of US treasuries and the buying of gold by foreign countries.

And when that simple calculus becomes apparent to retail on a global basis, then I think you see a real precious metals bull market. When you see continued central bank buying, continued official sector buying, and you see net inflows to the gold ETFs, then the market gets legs. Well hopefully you enjoyed this video series with Rick Rule talking about what he saw during the silver squeeze in 2021. And before we wrap up, just wanted to let you know that the Rick Rule symposium is this July 7th through 11th. It’s live in Boca Raton, Florida, although also will be streaming online.

I will be there in person recording interviews, saying hello, learning, and just having fun meeting people. And to find out a little bit more about what’s going to be going on at this year’s symposium, and to find out a little more about what’s going to be going on at this year’s symposium, well just click on the video that’s coming your way now. [tr:trw].

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