➡ David Morgan of the Morgan Report interviews Sean from Dolly Varden Silver Corporation. Sean discusses the company’s growth from a $20 million valuation to $600 million, largely due to strategic acquisitions and extensive drilling. The company has discovered significant amounts of silver and gold in the Golden Triangle area, with a goal to demonstrate a project with a minimum of 200 million ounces of silver equivalent. Sean believes Dolly Varden has the potential to become a premier silver company, filling a void in the market for primary silver producers.
➡ The text discusses the challenges and successes of a mining project. The project has recently discovered significant amounts of gold and silver, with the potential for more. The project is supported by local communities, including indigenous groups, and provides local employment. However, the text also discusses potential risks, such as changes in government policy and taxation, emphasizing the importance of understanding regional differences and adapting to them.
➡ The discussion revolves around the increasing value and demand for silver, particularly in countries like China and India. China has been buying up silver from South America, and India is considering including silver in their financial system, even as collateral for loans. The conversation also touches on the shift from paper to physical markets, indicating a breakdown in trust in the system. The potential for silver to reach a value of $400 an ounce is also discussed, though it’s noted that this is an implication, not a certainty.
➡ The article discusses the current state of the credit market and the declining trust in it, leading to a shift towards real assets like precious metals. It suggests that the value of the US dollar and other currencies are decreasing, causing investors to look for more stable investments. The author predicts a significant increase in the value of gold and silver, and emphasizes the importance of commodities in the economy. The article concludes by suggesting a bimetallic standard, where gold and silver can float against each other, as the best financial system.
➡ The text talks about the challenges of maintaining a certain value ratio in the industrial field. It suggests that despite the difficulties, the only option is to keep moving forward.

Thrilling than it’s probably been in most of my life. Although I went through the Hunt Brothers thing and that was quite a thrill, believe me. But in present day it’s got those twofold demands. It’s got an absolute requirement, essential, non substitutable, must have industrial component for a high tech society. And then you’ve got the awakening of I’m not trusting our government. Gold is the way to go. Whoops, I can’t afford gold. Any silver does probably the best thing and it’s got a kicker. It’s got a buyback program, like a stock buyback program called industrial requirements. It’s like 60% of the float.

So it’s a pretty good setup right now. The land of Arcania. Welcome everyone. This is yours truly, David Morgan of the Morgan Report. Today I am interviewing Sean for a second time. It’s been about couple months ago, Dolly Varden. And if you haven’t caught that interview, I suggest you go back and watch. It got into the vision of the company and went back into history a little bit when one of my associates for Pan American Silver was actually CEO of Dolly Varden. And not much happened and actually learned a little bit more, which I always love to learn.

But coming to the present day, Sean, I think we have a few things first. Let’s just start with the big picture for people that are seeing this for the first time and are not familiar with Dolly Varden. And after that, you’ve done some drilling since we spoke about two months ago. So let’s move to that next and give us the big picture and what the drill results are looking like. The recent drill results. Yeah. So David, thanks for having me on Big picture Dolly Varden. So you know, we’re up in the golden triangle, you know, an area that just in the last 30 years there’s been 150 million ounces of gold discovered.

In addition to the gold, there’s been 1.2 billion ounces of silver. So we’re in an area that’s got a really rich history from the S.K. creek mine to the Premier mine. Bruce Jack. And it’s a strong silver history, right. And so about five years ago when silver was $16, I wanted to build a leading premier high grade safe jurisdiction Silver Co. And so, you know, what I did is I took over an existing company which is Dolly Varden Silver Corporation. We were valued at $20 million. And the way I’ve executed my vision to building a premier company is really threefold raising money.

So I’ve brought about $185 million with some good investors, good institutions, corporates like Hecla. So we brought a lot of capital to the business. 185 million. We’ lot of drilling, you know, we’ve done about 200,000 meters of drilling. And on that front we will be putting out an updated 43101 in Q1 of 2026. So it’s been money, it’s been science. But there’s been a third component to the business which I think has been maybe one of the most important which is mergers and acquisitions. So we’ve made five significant acquisitions in the company. When I took over the company there was 7,000 hectares of ground in the company.

Today there’s a hundred thousand. So from 7,000 to 100,000 there was two past producing silver mines in the company. Today there’s five. And so those acquisitions have brought in high grade silver and gold resources. Taking our mineral inventory from 40 million ounces to about 150 million ounces silver equivalent. Half silver, half gold. And you know, it’s my goal to demonstrate a project that has a minimum of 200 million ounces silver EQ and I’d like to see you know, 50% of that be heads up silver. And these are high grade resources, you know, 300 grams per ton.

And why I think this is important apart from the fact that the silver price is moving up in, in US dollars and you know, in other every currency and nominally the price of silver finally moving here. But why I think important in addition to, you know, the growing industrial demand and you know, the relative value to gold and other assets. But why this is so critical is There are only 10 primary silver producers that trade. And so there’s an opportunity, there’s a void in the market for the next coal. And if you, where I’m trying to differentiate myself from my peers is if jurisdiction matters, if you care about where the company’s operating, how they’re operating, are they treating the communities right? I think Dolly Varden has the potential here to create a premier silver co, Something like a Hecla, something like a Coor, where you know, you know, Hecla’s, you know, and you got these, there’s a small amount of these companies that are now valued, you know, for anywhere from 7, 8, 9 billion to 20 billion.

In the case of Pan American, there’s a big reval opportunity. Today we’re no longer valued at 20 million. We’re a 600 million dollar company. We’ve got 60 million dollars in the bank. But that’s, you know, that’s who we are. And that’s a little bit on the background of the vision and how we’re trying to execute that plan. Very good. So you’ve done a lot of drilling as you already outlined, but you keep putting the truth meter into the ground and you have some recent results. You want to go through some of those. Yeah. So we had, we had a big hit on the silver side.

And what I really want to explain to your audience here is this is so important. There’s a couple of big mines on the property. Like the Torbrit. It was Canada’s third largest primary silver producer when it was operating. And it operated for 10 consecutive years from 1949 to 1959. And it was producing nice like averaging 466 grams per ton. And so when I walked into Dolly, you know, I had this 50 million ounce silver deposit on the property. And my question was, David, could we find more? And what I’ve learned is there is a paradicity in the Golden Triangle.

You know, there was this SK rift event that brought in the mineralization. It was an 8 million year period. And that’s why these projects are so rich. Like SK, they produced 160 million ounces of silver at 2200 grams per ton. And so that SK riff is the same mineralizing event that brought in the fluids at Dolly Varden. And so my question was, is that predictability pattern, they call it the red line theory is the predictability pattern in the broader Golden Triangle that helped Bob Quartermain built pretium. Right. The Bruce Jack deposit that Newmont’s now producing and the Premier was the most profitable silver and gold mine in North America when it was operating.

So is that paradicity where explorers have successfully outlined a billion two silver, 150 million ounces of gold. Could we take those lessons and apply them what’s happening in the region to a company specific? And what I’m finding is yes. And how that plays out on Argo ground, David, is you’ve got this Kitsalt Valley trend and it’s running south, north and then east, west. Every 1400 meters like, you know, like clockwork, there’s a break and there’s a cross cutting structure and that’s where the deposits were formed. And so it’s not just about, okay, we have 150 million ounces EQ, half silver, half gold.

You know, heads up, it’s 64 million ounces of silver and a million ounces of gold. You know where I’d like to see that get is to over 100 million ounces of silver. Like to see the gold grow too. The gold’s good grade, like 7 grams per ton. But the key is the question that I have and why. Why I’ve risked, you know, my capital, my time, my reputation and my shareholders money. $185 million of which 88% has gone in the ground. Why I’ve risked all that is because I believe with the numbers we hit and published at Wolf.

So we hit 1400 grams of silver over 20 meters. That was 1400 meters away from Torbren. And it’s growing. And that’s where we’re going to add those ounces in the next 43, 101. But there’s another one Moose. And then there’s chance and there’s a whole slew of these. And. And if I can dream of maybe five of them being as big as Torbrit, well that’s a quarter of a billion ounces of pure high grade silver in my backyard. And so that those are the drill results. Now let’s move 5km north to a part of the property that transitions from being 100% pure silver.

So the 1422 grams of silver over 21 meters, that was pure silver. Now we’re going to go up to part of the property that transitions silver gold and then goes gold dominant. So on a step out drill hole, about a 45 meter step out, we drilled over three and a half grams of gold over 120 meters. And the way my brain works, David, is I kind of crunch the math of it all and I go, okay, what’s the gram meter interval? And if you were to even look at this on a gold equivalent using an 80 to 1 ratio, the gold hit that we hit was actually richer than the silver hit.

You know, it’s like 360 gram meters gold. Whereas the, the first one we hit there, the silver on a. So on a gold equivalent was like three. Call it 300. My point here is these are two of the best drill intercepts on a gram meter basis that this project has ever seen. And they’re the last two drill results. And I’ve got more holes pending. So up on that pad where we drilled, we fanned out three holes on the step out that in terms of future results, I’ve got some holes that are pending. And so look, you know, real simply, if I take a step back, we’re.

We’re the toughest thing to do in our business in my opinion, and I’ve been in it for 22 years, is making discoveries. It’s hard. It’s really. Oh yeah, yeah. And it’s one of the lowest cost ways to grow. You know, it’s very expensive to acquire unless you’re doing it in a bear market and know you’ve got a counterparty that’s in trouble. So I celebrate the fact that there’s a lot more silver to find through expansion, extension and then real just big discoveries that we can pull. So yeah, so Those are the two drill results. 1400 grams of silver and over 21 meters and three and a half grams of gold over 120 meters.

So big, broad thick intervals and, and the beauty about this stuff is it all starts at surface. Right. And so what we envision is bulk mining, high ground, high grade but underground mines. So minimal disturbance. So the communities are in total support. You know a third of our workforce is from the local Niska communities, the Nishka villages and and then the other 2/3 are from supporting communities like Smithers and Terrace and Stewart. And so it’s all local. It’s you know, a lot of B.C. and you know, it’s in our backyard. You know, same time zone, same currency.

I, you know, I can get there, I can be at project from my home here in Vancouver in two hours. And so you know, having that, you know, is, is a competitive advantage. Yeah. Now let’s talk about that because there’s been lots of concern regarding, you know, jurisdictions and I constantly get the, you know, what about Mexico? Some people embellish, you know, forward looking statements, let’s say, and are certain that the minds of Mexico will be nationalized and then, you know, it’s a very precarious world and I mean, I’m gonna digress for a moment. Sean, stick with me.

But you know, there’s a good book written by Adrian Day called Resource Wars. There’s another one, a similar title not too long ago or Maybe long ago, 10, 10 years prior to that one, maybe 20. Same theme that you know, when you get down to it, you can print all the fiat you want but it really, the world runs on the commodity sector. For the most part that means energy, which means oil. But the second class or most, second most important for, for the world is really minerals. So there’s the possibility as things get more, let’s say twisted and contorted in the financial realm and the geopolitical sphere and the ideologies of what really makes a sound planet, we’re going to have more and more problems securing resources.

Well, saying that probably long winded. What I like to see is as Objectively as you can be, what do you think about the possibility, not just Mexico, but globally, where the possibility exists that. Not in my backyard, I own it, it’s on my property. Yes, we have a contract, but now we’re going to add this tax to it when it leaves our borders, or something along those lines, because there’s a hundred different things we could think of that dissuades the probability of getting more value for their prod, for a project on their land mass that wasn’t in the original agreement.

I think when I look at that, it’s a great statement and question for me. There’s one word that comes to mind which is regional. So, you know, it’s. It all goes down to that specific community, right? And, you know, if you take a place like Mexico, I was just down there, I just got back yesterday, right. And, you know, that’s a place where the vast differences from state to state, region to region, you know, are you in a. In a heavily trafficked cartel area? That’s contentious. You know, what are, what are the heato challenges? And it’s no different than it is in British Columbia, where, you know, we’re in a province where you have multiple indigenous groups and some have certainty and have signed treaties and, you know, have settled land disputes.

And. And so whether you’re talking about Peru, where, you know, I’ve got friends waiting eight years to get a project permitted just for drilling. And so I think it all comes down to re. What are the regional challenges and, you know, the philosophy that I’ve tried to employ in my career. So when I started in 2004 and the guys I went to work for, they told me something that holds true today. It was true 20 years ago. It’s true today. Focus on areas you’re wanted, right? Go put your energy where they want you, where they need the jobs.

Like, you know, we work with indigenous groups. They have all the money in the world. You know, they’re very, very wealthy groups, but they are looking for hope for future generations, for purpose, right? They want their kids and the kids of their k to be trained up as geologists, you know, work in offices. You know, I’m so proud that where Dolly Varden holds its office in the Fiore group, we’ve got about. We’ve got about, I don’t know, maybe 10 of the 75 people in the office are indigenous. That’s very unusual for the city of Vancouver in a.

In a corporate office, in a corporate culture. And so to answer your question, look, I think it’s a real risk. You know desperate times calls for desperate measures. You know governments are going to get more and more desperate to tax us more to steal and that’s going to happen in Canada, it’s going to happen in Mexico, it’s going to happen everywhere. You know whereas governments get more and more desperate and you know it might be, you know, you know the way Panama treats something or Ecuador treats something may be a little different than what happens in the United States of America but there are projects even in the US of A that the communities don’t want them.

Right? Just some no go places. So I think my short answer is you just got to look at it regionally and then you’ve got to excess, you’ve got to price in that risk, right? It depends. It all goes back to I talked to so many types of investors, right and it’s you know some investors want to pay that discount for that jurisdictional risk. You know it’d be very, very lucrative if you had invested in Argentina two or three years ago before the melee administration had come in and, and shown the world that you know, maybe there’s another way down there.

And, and you look at the amount of capital that’s now flown into Argentina it’s been the best performing jurisdiction in South America from, from a mining standpoint. So I just think look it’s regional. The product that I’ve tried to put forward is for the investor that wants to take no risk if jurisdiction matters. If you want a safeguard safe jurisdiction play that’s where Dolly Varden comes in. If you’re the investor that buys HECLA because they’re America’s number one silver producer and there’s you know, soon to be Canada’s that’s the type of investor I’m trying to appeal to.

A very good answer in fact probably one of the best and I’ll just add on to it but I look at case by case basis basis and you know when I was kind of green behind the ears which is decades ago but I can’t pronounce it but the HIDO in Mexico I didn’t know you know how the politics worked and one of the lead geos was explaining to me how the community was built and power that they had and, and all that and you just have to you know in my view to understand the region and adapt to it in a win win manner.

You know this zero sum game which is true in game theory if you’re playing poker, you know but it’s not true in the mining business. There can be win wins all over the place. And that’s, you know, I strive for. So I just will say one more sentence and that is that there could be a case in Mexico that’s worth doing and one in Mexico that’s not worth doing. One in Canada that’s worth doing and one in Canada that’s not worth doing doing. And really it’s more on a case by case basis. Certainly you can take the Fraser Institute and say this is a safer jurisdiction than this and but still it boils down to, as you said, I think it’s one of the best answers I’ve had.

So moving on, I think we’re going to talk a little bit about finance, but you already covered that, so certainly going to leave it up to you. But I’ve got a curveball for you. You may or may not be able to answer it, but I know you give me a truthful answer. But going back, I’m going to say six to eight months ago there was a kind of a, I would call it rumor because I could not substantiate it and I’m pretty well connected, as you well know. Has China come into South America or Mexico and said we want to buy your Dora and take it as is and maybe pay more than the, the going rate to acquire it? 100%.

Yes, they’ve done that in Peru. 100%. I’ve got first hand knowledge of it. Well, I think I might ask you before I knew that someone I trust, like you said it to me. But I just want to verify because this silver situation is much more thrilling than it’s probably been in most of my life. Although I went through the Hunt Brothers thing and that was quite a thrill, believe me. But in present day it’s got those twofold demands. It’s got an absolute requirement, essential, non substitutable, must have industrial component for a high tech society. And then you’ve got the awakening of I’m not trusting our government.

Gold is the way to go. Whoops, I can’t afford gold. Silver does probably the best thing and it’s got a kicker. It’s got a buyback program like a stock buyback program called industrial requirements. It’s like 60% of the float. So it’s a pretty good setup right now. So David, can I tell you a story and ask you a question? You bet. All right. So my story is, you know, when I was young and starting out in this business, I witnessed something that I thought was really odd. So when I started, the price of gold was around 300 an ounce.

And I witnessed the Indian Central bank in 2009, it was November 4, 2009, they came in and they bought 200 metric tons of gold off the IMF. And they paid, I don’t know, about 900 an ounce. And remember, so I’m new, I’m young, I’m watching gold go from 300 to 900. And I’m watching the central bank take US dollars and foreign reserves that they had and they exchange those for something. And I thought they were crazy because I thought the price just moved three times. What are they doing? And there was an article in the publication, I read it, that talked about hedging against a potential falling dollar.

And then so 16 years later, there was a report that I was reading again from the rbi, the Reserve bank of India, where they’re now contemplating in April of 2026 to now include silver in their financial system. So essentially you could use, and not just coins and bars, but we’re talking about jewelry too, to use as collateral for loans. And they went even further and said how they’re going to peg that is on a 10 to 1 ratio. And so I was thinking, because I’ve got some new people and young people that work for me now, and they were like, I was in 09 when I saw India make that bold move.

So now the RBI is making another bold move and another bold statement, like, what are your thoughts on, you know, a central bank in, in India, like China? You know, these are old, ancient cultures and societies, right, that, you know, you look at the Chinese, you know, they have ruled and been the number one nation on this planet many, many times in the past. They’re not today. But you know, there’s 400 years ago the richest man in the world was, was the emperor of China and he got that way through taxing his citizens in silver. And that silver came from Peru.

My question to you is like, if the RBI, it implements this in April of 2026 at a 10 to 1 ratio, recognizing one kilo of gold is 10 times more valuable than one kilo of silver, does that imply silver should be trading at $400 an ounce US today? Does imply it. You know, it doesn’t make it happen, but it certainly implies it. And I’ll go a couple steps further because you obviously been a positive nerve. One of the things that is probably not well published anymore due to how long I’ve been in these markets, but there was a great deal of, let’s say blogosphere stuff on the web about India and gold.

And it’s all true. But what people forgotten that weren’t my age was that silver was their primary import because it’s only been the last probably two decades or so. And you can verify this for me that the Indian population on aggregate has gotten so much wealthier that they probably preferred gold but could afford gold because up until that time it was silver. And as you know, most of the people at certain level wear their wealth on them. You know, with bracelets and necklaces, lots of bracelets. Is. I’ve never been to India, by the way. It’s a kind of a big mistake.

I had the opportunity and I muffed it. But anyway, I’ll be back. I digress. But the other part is that India was the last bank to have a silver hoard that was held by the bank but it wasn’t counted in the statistics that I use because I like to not pull stuff out of the air, use as much information as I can quote in most of my analysis, whether or not it’s all, you know, 100, factual or not is debatable. But I think both the Silver Institute and CPM Group do a pretty decent job not to the exact ounce.

No one has that accurate information. Point being is it wasn’t counted because it wasn’t 995. So because it wasn’t 9995, we couldn’t list it as LBMA equivalent or whatever, but nonetheless it was silver. So my point is that India probably has the richest connection to silver of any, I’ll call it jurisdiction, any nation state on the planet and that has not been lost on the people. And now that the, I’ll say the population has become more sophisticated and I guess I’ll call it the Western or Anglo American financial gains with derivatives running most of the financial hardware or software with ETFs.

ETF in India is quite coming in a very strong way where now the, you know, your middle class went up, could just buy a silver etf. But they I think are very, very cognizant of making sure that the physical to the share count matches exactly. So I am really bullish on not only the silver market, but you know, fairness I think, you know, in my view, I think both India, Mexico and other nation states have been treated rather unfairly relative to what the actual value is. I’m not talking to price, but the value is of not only their labor because why is their labor less important than our, than, you know, some of some other place.

I mean, you know, day’s work is a day’s work and what their resource base is, as we talked about earlier. So threw a lot at you, but I like your feedback because I think that there’s maybe there’s some divine or spiritual aspect to justice at the end of the game where maybe we do get back to a more sound, equitable and sincere financial system for everyone. Which, of course, is my life’s work at the deep side, you know, it’s way beyond silver, as you well know. You know, me. Yeah. And, and I know a lot of people talk about, you know, metal moving from west to east.

And, you know, there’s, you know, that’s not a new idea to, to talk about, you know, China, India. But if you look at the numbers, like you take a city like Mumbai, where The population was 3 million decades ago, today it’s 22 million and it’s forecasted by 2035 to go to 30 million just in just one city, Mumbai. And if you look at what’s happening, boots on the ground in Mumbai, the slums are being converted into high rises. Right. And you’ve got the 22 million people that have looked at the Western way of life, you know, and looked at the, the lifestyle.

And you’re absolutely right. They’re, they’re priced out of gold and rupees and they’re moving, you know, into silver in a big way. And that’s why you can’t get it. They’re sold out. And, and then, you know, what’s interesting about their neighbor China is, you know, there was never a gold standard, but there was a silver standard. And so, you know, I just think that, you know, as markets, you know, we, you know, people were talking about the backward, backwardation that was occurring where, you know, spot was higher than the futures price. And, you know, I think, I think it was less about backwardation and more about we were moving more from a paper market to a physical market.

And, you know, I’d love to get your comments on that. Yeah, well, you’re right. And I think this is where trust is definitely breaking down in the system. And the trust has been pushed, in my view, worldwide on the US Debt market or what we call the credit market, both sides of two sides of the same coin as the sacrosanct, safest investment possible. And that’s just a pure lie because a T bill, a T note or a T bond is just a dollar in the future. And the US Dollar is failing. It’s just failing at a slower rate than all the other currencies, but they’re all failing.

So it’s like you have the best football team, but they’re all digressing relative to what they were a decade ago. And so now, rather than a paper promise, I think more and more institutions and individual investors are looking for the real asset, the physical. And you have, I think, a huge shift between trusting not only the debt market, which is the number one most important because that’s how the whole system globally works, but also the equity side where maybe these stocks really aren’t worth what we’re paying for them. And maybe we do need to look at something to protect ourselves because the amount of money that has flowed into the precious metal sector is a pitifully small amount relative to the global financial system and what it was in the 1970s.

So if you start looking at pension funds, money managers, sovereign wealth funds, family offices, and everybody that’s waking up to gold now at 4,000 the ounce, it’s fine with me. I mean they can wake up whenever they want to. To me, when I was waking people up at 252. But the point is now we’re going to see the bigger run. And this is what happens in markets. And it’s not just the metals markets. You see, once that foundation has been built and it’s kind of been overlooked, there’s that last phase where everybody catches it and says, I want gold, I need gold, I must have gold or I must have silver.

And I think that’s just starting. And now with the just starting in, let’s say that final phase where you get that, then excuse the broken record, 90% of the move in the last 10% of the time, which is just a metaphor for the last leg up, is the strongest in capital appreciation and usually short lived. So we’ve seen silver and gold both go up in like the 60, 70% range, platinum as well, in a very short amount of time this year. And yet people say, well that’s it, it’s over, it’s done. Look, silver hit 54, now it’s at 48 and it can’t get past 50.

And on and it goes. No folks, this is a precursor to probably triple digit silver and probably at least 5,000 an ounce gold. And it’s not the price we want to focus on. It’s the problem that that price is indicating of the global misallocation of capital fairness in the markets, not how not valuing the system correctly and putting more emphasis on, let’s say, the story than the substance. And now we’re coming back to the substance without the commodity sector. Nobody eats, no cars are manufactured, nobody has a computer. I mean, I’ve always been a commodity bug for the reasons given that this is the real need of the population.

And sure, I’ve liked the equity side. And of course the Morgan Report emphasizes equities in the resource sector because that’s the best way to gain leverage with the least amount of risk. Although they’re all risky. And so I think that the shift has just started. And if that’s true, when we get back to the 1970s where 3, 4, 5% of the, the managed money is into the precious metals, I don’t know what the price will be. But I can tell you this, it’s gonna be far higher than it is right now. And the only thing I’ll add, David, is like, from my perspective, the difference this time is you’ve got industry.

How did you, how did you describe that, like industry’s impact on the, it’s like redeeming. How did you describe that? I don’t know. Just get out of my mouth. You have to remember it was, I’m gonna have to replay. It was absolutely brilliant. So my point here is, you know, we’ve gone from, you know, 90% of the market being, you know, precious metals hedgers. Right. You know, silver is money. Now we’re at 50% industry. So that’s the difference this time. And the other difference is, you know, you talk about 4 or 5% allocation allocations. So if we’re in an environment right now where less than half of 1% of assets are allocated to precious metals, and you’ve got, you know, Main Street, Wall street firms that are suggesting 20% weightings, you know, how, how do we get there? And you know, what does that mean for the metal prices? And, and that’s why I know, you know, I said, I, I put out the, the term 400 silver, which sounds to probably many absurd, but it’s all relative.

Right. You know what, you know when you’re in an environment where I live in, I live in Vancouver, when the average home is $2 million. Yeah. You know, and I, I, I, I went through a little exercise with my kids five years ago. I picked them up, I got the call that we’re locking down for Covid and I said, kids, we’re making a stop before we go home. And we went to the coin shop and because silver was getting sold down to 12 bucks. Now we didn’t get $12 silver because again, there’s the papermark and there’s the physical.

But we did the math and in that moment, you needed 64,000 ounces of silver to buy the average home in Vancouver. 64,000. Today that number is about 16,000. Yeah, right. So my point to them, I convinced them to put some of their, you know, birthday money, and I said I’d match them. The goal was we’re trying to see what we can turn that into in the future. There’s going to come a time where maybe it’s a thousand ounces to buy the home. And so if you think about that, if you play your cards correctly, you can get 64 times more homes, you know, and that’s just one example.

But that’s where forget the nominal price of these things, you have to look at them on a relative basis to appreciate how undervalued they still are. I’ll give you one more, and I’ve got a scoot for my next appointment. But, you know, I like to think of it as both money and industrial. I mean, you have to look at the big picture, but if you look at times gone by and you’re too young, Sean. But there was a. There was a cartoon strip called Another Day, Another Dollar, and it was kind of the average guy and gal out there.

And. And it was just a comic strip. But the point of it was that in that time frame or beyond before that time frame, a dollar a day was an average wage. Wage. Okay. I looked it up on the web about six months ago, and I was kind of surprised because, you know, I’ve worked for myself for, you know, decades, so I don’t know what a, you know, what the wage rate is for a worker. Right. So the average wage in the US believe it or not, was like $25 an hour. An hour. And the average work day is actually more than eight hours.

But I’ll use the eight hours we’re all used to, so that’s easy math. That’s $200 a day. So a dollar a day in silver would be $200, but it’s actually a little more than that because, as you know, but very few seem to, is that a dollar is not an ounce of silver, even though the US treasury doesn’t know that they now meant one ounce and put a dollar on it. That’s incorrect. The dollar at law is 371.25 grains of 999 fine silver, which is about 0.77 ounces of silver, not a full ounce. So you could take that 200.

Do the math. I can’t do it in my head, but it’s probably like 200, 225. So that would be the true monetary value of silver. If we went back to that standard or a silver standard. And last thing on the previous thread that we were on was the Chinese were the last to come off the silver standard. And that was kind of what broke the back. And, and the one other thing I want to add to what you asked me was of all of my work, I will stand to the end of my career. The best system is a bimetallic standard that isn’t regulated by edict.

In other words, that gold and silver can float against each other for their true value. And that’s the best way because if you go to gold only standard, then the only regulation to it is, is fiat. So now you can only measure gold in terms of something you can print to infinity. Whereas if you have a bimetallic standard, they play policemen on each other. Oh, you’re getting too far ahead of me. No, no, you got to make an adjustment. The market will adjust. And if the, we had a bimetallic standard, believe me, the, the ratio right now above 80 to 1 would not be in play.

It’d probably more like a 7 to 1 or 10 to 1 because of its value in the industrial landscape. On a, on a world basis it’s, it’s harder said than being done to, to sit tight and be right. But I guess we just gotta keep on going for now. We do. Okay, I’m going to go ahead and close out.
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