➡ The discussion revolves around the performance of gold and silver in the global market. Gold has been the primary global monetary premium, but silver is gaining attention due to its industrial use, which now accounts for over 50% of its consumption. Some billionaire investors are shifting from gold to silver, indicating a potential increase in silver’s value. The conversation also touches on the role of the Federal Reserve and unresolved deficits, suggesting these factors could influence the market.

➡ The discussion revolves around the increasing demand for silver and gold, and the challenges in meeting this demand. Large companies are making acquisitions and investments to secure future supplies. However, smaller companies are struggling due to high debt costs and lack of capital. The speaker suggests that now is a good time for profitable companies to secure projects and for investors to consider smaller companies.

➡ The company has discovered large amounts of high-grade silver and gold in the Golden Triangle region in northwest B.C., Canada. They plan to update their official resource numbers and continue exploring and merging with other companies in the area. The company has recently listed its shares on the New York Stock Exchange, making it one of the few companies offering investors exposure to silver. They are planning a big exploration program and are looking forward to growing the company further.

Gold, another hundred dollar plus day. And Sean, if I had asked you a month ago, if we were seeing 100 plus days in gold, how much do you think silver would be up on said day? What would, what would you have said? I would have thought, Chris, that we would be a lot higher than we are on silver today. Dollar. What have we got? 19 cents. Goodness. Well, hello there my friends. Chris Marcus here with you for Arcadia Economics on quite an exciting day in the golden, can we say gold and silver markets? Because I’m here with my dear friend Sean Kunkan of Dolly Varden Silver, who I will formally introduce in a moment.

But I’m going to set you up here, Sean, because fortunately we hit the record button on a Monday afternoon. Gold, another $100 plus day. And Sean, what if I had asked you a month ago, if we were seeing $100 plus days in gold, how much do you think silver would be up on said day? What would, what would you have said? I would have thought, Chris, that we would be a lot higher than we are on silver today. At least a dollar. What do we got? 19 cents. Goodness. So you know, Chris, on that note, it’s not uncommon if you look at some of the past markets.

You know, my head always goes back to the 2005, six time period where, you know, gold, gold took off. It went from, you know, sub 500. It ran from about $400 to $730. In the spring of 2006, silver lagged. And silver has historically lagged, but then outperformed. So I am patient today with these multiple hundred dollar updates with $3,400 spot gold. I know when silver does move, the move is going to be dramatic and, and, and it doesn’t take long to catch up. So it’s just really important to be there to be invested. And the only question that I have, and I’d like to get your thoughts on this, Chris, is do we need an event like the lowering of rates or QE before silver makes not move? Oh, well, how about I say that is a complex question that fortunately we can dig into, amongst other things today.

I think, I think there’s a lot of things that are possible and Sean, perhaps, but you raised some good points there. I’m not avoiding your question. We’ll, we’ll get to that. And, but like you said, we’ve, we’ve often seen, and I believe back in 2020, Silver finally moved later than gold. I believe it was around July when silver finally went up. Gold a bit earlier. And as much as there often is a correlation and you could make a good case that there should be a correlation. Certainly we’re seeing at times that there is not always a correlation.

But again, as I mentioned earlier, this is Sean Kun of Dolly Bard and Silver. And Sean, great to have you here today because let’s take a look back at a few of these prices before we dig into the that exact question. Again there is Gold at 3427. If we look over at my handy sheet we’re at a 104.99 gold to silver ratio. Although as I told you before we hit the recording button, we will have another interesting ratio which we’ll dig into. And Sean, maybe we could, I think this would be a good one to keep track of.

And maybe you and I, we could call it the Chris and Sean gold silver investment ratio because we have some data on that, although not surprising, you can see the dollar index down basically another dollar again today. Sean, we talked about it quite a bit on here where after you saw the dollar soaring following Fed rate cuts and Trump being elected and everyone getting excited about the tariff policies, wondered if that’d be a little different once things are factored in. And there it was back at 110 just a couple months ago. Now below 99. And Sean, before we get to the gold silver divergence, one other thing that I think would be want to make sure we touch on been been hearing a lot about how the impact of the tariffs beyond just what we’ve seen now in the financial markets also starting to affect supply chains, certainly something that’s relevant in the mining industry.

And I’m just curious. Some of the analysts I follow have made me think that we may be getting close to something like that and curious if you’re seeing any impact of that just yet. In terms of supply chains. Yeah. In terms of getting products or distribution or any of the things that you guys count on so far. Look, I haven’t, I’ve yet to seen it really show up and, and affect our business. However, you know, we are, you know, you have seen things like, you know, lease rates have, have jumped, you know, on the silver side from you know, what would be an average lease rate of 2% to 7%.

So there’s definitely a scarcity of metal. But look, I, for me, the reason that I’m not too concerned with this 100 to 1 silver to gold ratio is I think we’re in a very unique moment in history right now where when I think back to the first time gold went through a thousand Dollars an ounce. It was a historic moment in time. About 17 years ago, the dollar index was 72. You know, we’ve got it closer to 100 today. And so here we are, three and a half times the price in gold. And it’s only now that confidence globally is really beginning to wane in the dollar.

And you know, what’s really, what I’ve marveled at over the last few years is despite the strength of the $$, we’ve had a stable and, and, and recently the last 12 months here, a rising gold price. You know, gold’s up about 50% in the last 12 months or so in the face of a strong dollar. And now that we’re starting to see that confidence and I, I look at President Trump and I find it incredibly interesting that, you know, and I wonder how measured this is on his part. I really wonder how measured it is on his part.

It’s almost like all at once, simultaneously, he’s declaring war on the entire world. And, and, and what, what that is doing today. And what we’re seeing that in the last few sessions in the dollar is the world snapping back. And, you know, we could talk specifically about China, but I really think this is a, is now a global initiative. And it’s, it’s, you know, the implications to the dollar, the implications to things that are priced in dollars. And, and what, what’s got me concerned, Chris, is, you know, what starts off as, you know, trade wars over, over history has developed into hot war.

And you know, we’re already seeing, you know, conflicts in, in multiple fronts all throughout the world. And I’m just concerned that precursor to, to more hostility globally. I, I share your concern. Still have one war going on. And especially when you see things like this where last week trying to isolate countries against China and regardless of which side one person may be on or rooting for it, it doesn’t seem like China is phased so far because here’s the latest headline this morning, value retaliation against those countries. So seems like that’s headed in a positive direction. Although, Sean, I did want to pull up, get, and get back to our key question here as promised, because I was looking through some of the data here and we did just have the latest Silver World World Silver Survey out from the Silver Institute.

And hopefully you can see our table here. Sean. I can, yes. So this just came out last week and here are the 2024 numbers. So we see market balance deficit of 148.9 million ounces. And now here is the figure when you include what goes into the ETFs, which, I mean I get it, that those flows can reverse. Although I believe as we can see here, they were still streaming in in March and now we’re hearing concerns about supply chains and whatnot. I tend to think that it’s useful if you add that in that gets you to 210 million ounces.

Believe a month or so ago when the metal was flowing from London to New York. London has less than a year’s deficit in freely floating inventory anyway. So large deficit. But here’s the key. Obviously we have for silver the industrial demand. But here we have coin and bar demand. 190.9 million ounces. Okay. Now if we look over at the World Gold Council in this handy bar you can see that box that pops up. Investment 1180 tons. Central banks 1045. So fortunately you have a handy spreadsheet like this Sean, that means that if you include the investment categories for gold you have $185 billion of metal was purchased.

Those average prices for gold versus 5.4 billion for silver. So there is your 34.4 gold to silver investment ratio. Obviously we could look at what’s coming out of the ground at seven or eight to one. So when you ask what is it going to take, I mean I think what we’ve seen so far and why gold silver has underperformed is that right now in terms of a global monetary premium that has been primarily gold. Now certainly if you went back five years ago, the perception of gold that might not have seemed so likely to most people and that changes, I continue to believe we’ll see.

I mean is gold going to get to 4,000 and silver is still 3,324. I mean I think like you said there’s going to be some snapback at some point. Doesn’t always happen at the same time. Yet at the end of it, what do I think really could change it? It could be the Fed or qe. But also that deficit is unresolved. And we also could have something not guaranteed but could end up with something like the cocoa market. And in the back of my mind I think either if you get a bigger investment premium or the short or, or you get a shortage and those are the two things that will finally reverse that.

But what, what say you to that one? Well listen, I, I, I have a gut feeling that gold could have a bitcoin esque moment. And you know the, the trading over the last 12 months tells me that you know, we are setting up for what could be A pretty substantial continued move. Right. And, and you know, I, I think back, Chris, to 2019, when gold became a tier one asset officially globally, where if you had gold on the books, it was no longer being valued at 50% of its value, but you were getting 100% of its value.

And I saw what that did to the gold price. It sent the gold price through a range it had been in for six and a half years, which the, the ceiling on gold was about 1350. And we, we ran through 1350 in the spring of 2019, and it took us a good 13 months to, to march up to 2000 for the first time in history, it was August of 2020. Now for silver, we saw silver snap in weeks. You know, it went from a low of sub $12 in the spring of 2020 to a high of $30 in August of 2020.

You’re smiling, Chris. What, what are you thinking? Oh, I was just having a flashback to those sub twelve dollar days. Those were long. Well, where did, where was oil in that moment? Like negative 35, I think it was around then. And I’ve wondered if we’re not maybe what we saw a couple weeks ago when silver had a print below 28 bucks, could that be the equivalent of $12 silver four years ago? And I feel like both silver and oil have something in common which, they’re sort of the canary in the coal mine, coal mines when it comes to inflation.

And I think that right now, you know, the fact that we’ve gone to a market in silver where half of silver is consumed by industry. You agree? I believe it’s more than half, yeah. So if you go back a hundred years, you know, only 10% of silver was used in industry versus, you know, today it’s over 50%. And so I, you know, what I think we’re seeing today right now is, is that industrial side of silver shining more than its monetary side. But you know what? I’m, you know, I’ve got a billionaire investor in Dolly Varden.

I work with a billionaire resource investor. And what I’m starting to hear anecdotally from the, the community of billionaires is they’re starting to move into silver, you know, and some of them are, are selling their gold. They’re selling some gold and they’re moving into silver. Others are just coming into instruments like slv, you know, not my instrument of choice, but, but they’re coming, they’re getting silver exposure. And I, it’s a it. I believe we’re in the stealth phase of the market, similar to where gold was in 2019 is where we are today in silver. The smart money’s accumulating, the big money’s accumulating, you know, and at some point when it becomes, when it goes from the page 16 story to page 4, you know, we’ll probably be in a price environment that is through all time highs.

And if you think about gold stealth move, gold is not that talked about. You know, here we are at a record high in all currencies. And it’s not like you have people that are standing in lines around the street corner lining up to get this stuff or to turn their, you know, worthless fiat dollars into gold. That hasn’t happened. We haven’t had that big moment yet. And, and that, that’s why I go back to 2005 when gold finally broke to a new all time high for that era. It was still a quiet market. It wasn’t until August of 2011 where you had, it was more mainstream.

And you know, in, in 2010, you know, the front cover of Time magazine had some gold prospectors. You had the famous, you know, Discovery Channel shows about gold. Like it was starting to become more topical in and around 2010, 20, 2011, but that was five or six years after it broke to an all time high. So where are we today? You know, 3400 might feel good for the big boys like the, the billionaire club and the multi billion dollar firms like Agnico and others. But it’s. Unless you’re one of the big boy producers, unless you’re one of the big boy seniors, it hasn’t impacted you yet.

And so, and I don’t think it really will garner the imagination of the generalist investor for some time still. And that’s okay, right? It’s these companies like the Agnicos, like the Newmonts are, you know, two Thursdays ago we had a day where the major indexes were off 4% and the gold mining index was up 4%. You know, we’re starting to see that rotation. And so this is a wonderful time to be in precious metals. It’s a frustrating time if you’re super silver centric. But you know what makes silver so wonderful is that volatility. And you just, you know, you just have to sit tight and be right.

Yeah, I hear you. Certainly a theme that anyone in the mining sector has had to learn over the past couple of years. Although I guess that is what can create an opportunity. If you spot something that. And again here we see gold up 96 bucks, almost 3%. The GDX 0.65% Sean, many fascinating things that you mentioned there and first of all I wanted to put some numbers on what you’re mentioning in terms of industrial set a new record at 680 million ounces and total supply was just over a billion. So 67, 68% is going into industrial and also I found this one interesting.

This was commissioned by the Silver Institute had Oxford Economics do a study study of their forecast of industrial silver demand over the next decade. Now by all means I get it pretty challenging time in the world to make 10 year forecasts but either case they came back with industrial demand to increase 46% by 2033. So Sean, you and we’ll come back to Dolly but we the world is counting on you to provide more silver and we’ll think about how much silver is required by how many companies to if it’s even possible possibly feasible to meet these types of deficits.

One other note, you did ask if it would be something that the Fed might do could be the treasury because amazingly Scott Besant, I heard about this, didn’t even get to read this one yet but he said the treasury has a big toolkit if needed for bonds. So the Fed, the government deficits Scott percent quotes which are often quite entertaining a lot at play there and interesting what you mentioned about how some larger investors coming in. One last thing I wanted to run by you here. You mentioned how there’s not really much of a mania in the West.

I would say that’s true in China. A we keep seeing the price rise once the Asian markets open. Seems like a new round of full blown mania has burst out especially as insurance funds are getting increased allocations in their mandates. Last week we had some of that metal that had come from London to New York. Now we’re seeing that it’s coming out of the comex and at the same time you have the premiums in China rising versus the COMEX futures. And then here was the the other part that was quite stunning from the Hindustan Times. Not heard confirmation of the US side of this but at least this article is reporting India is considering importing gold and other high value items including silver, platinum and precious stones to address Washington’s concern of a significant deficit with India.

So we’re seeing metal go gold go to a gold mania in China. And now at least if there’s truth to this and I think I saw the US side confirmed somewhere over the weekend, I’ll confirm that. But basically we have a trade deficit of which the US has trade Deficits in many places. And if accurate now they’re gonna, they’re gonna settle that up with some gold and silver in the midst of the deficit and everything else we just discussed. Any, am I missing something or any thoughts on how that works out? Well, this is like, this goes back to the bifurcating world order.

Right. And you know, the lines being drawn on, on east west lines. Right. And you know, it’s, it’s more metal keeps moving east. Chris. You know, the trend continues. A trend that was, you know, was really started to accelerate in the 70s and, and here we are decades later and that trend continues. Yeah. And one, one final note here. Deficit of 35 billion. India does have a history of silver. What if they say, you know what, we’ll take half in gold, half in silver. That certainly would skew that. Our Sean and Chris gold to silver investment ratio.

But we’ll keep people updated on that. And Sean, I would love to turn it over to the company side. Obviously you’re the head of Dolly Varden Silver. And also an interesting time because as you touched on a little bit, we’ve seen the run up in the gold prices. Some of the companies have captured that. I think a lot of mining stock investors, especially after the past couple of years, are wondering, a, are we going to see the money coming baby back into the sector and B, if we don’t see that for a while, what eventually happens with some of these companies that are the senior producers making a lot of money at an elevated gold price? Do they look to smaller companies and any other thoughts on the equity side? Well, if we take one of the biggest, best performing companies in the, in the gold space, if we take Agnico Eagle and we look at what the company’s done, as we’ve seen record production output from the company, as we’ve seen record sales and record highs on the metal that they’re producing.

Well, what has the company done? Well, the company has made acquisitions and the company has made direct investments. So they were seeing a company like Ignico buy developers. So they bought O3, which was a gold company in, in Canada. And you know, one of the significant equity investments that I saw them make recently was into collective mining down in Colombia, which has been drilling out some very, very impressive gold intercepts in an area in Colombia that’s been producing for, for centuries. And so we’re, we’re starting to see. And it’s also happening in silver, Chris. You know, we saw a couple of big deals in the silver space close in Q1 with Gatos and Silvercrest both being acquired.

So you know, I think it’s, it’s a, it’s a big play on production right now in silver, you know, projects that are permitted, projects that are in production are the most sought after. But typically in these merger and acquisition cycles, as we go into more mature markets, the deals start to go from the producer category to the unfunded developer category and then often down to the advanced explorer category as companies use their elevated currency, you know, their higher share prices to buy companies and then they’ve also got surplus amounts of cash that their shareholders are looking to get more exposure to the sector.

So it’s a really interesting time because it’s a, it’s a tale of two markets. On one hand you’ve got the companies that are winning, that have never been larger and have never made more money. Case in point, Igniko. And then on the other end of the spectrum, it’s because we’ve been in an environment that’s been punitive to small caps. You look at a small cap index like we have in Canada, the venture exchange is trading at levels that are lower than it was during the Great financial crisis of 08. And because of that capital hasn’t come into the space at the junior sector.

And so debt costs have been extremely high. So you’ve got this huge disparity between the haves and the have nots despite record high metal prices. So it’s, I think it’s a fantastic time. If you’re a leader in the space, if you’re strong, if you’re profitable, you can go out and secure, you know, a pipeline of projects that’ll have your company in an incredible place for, for, for decades, if not the next century. And, and I think for the investors, you know what I would really encourage investors to start investigating is those smaller microcap juniors. You know what history has taught me is first you have the metal go and then when the, when the metal, when the easy money has been made in the metal, it’s time to start speculating in mining companies and silver.

Yeah, and Sean, along those lines, one thing I think would be fascinating for people to see. This was also from the World Silver Survey. Here’s the top 20 silver mining companies. So this also includes the non primary miners. So once you get down to here’s number 20, that, that’s 9.7 million ounces. It’s not like you’re going to find a couple more Fresno or Newmonts. I mean, and if you had, and if those estimate of the report from The Silver Institute in terms of the deficit is even close to being where we’re actually at. It makes you wonder how many.

There’s still a gap. You know, you’re talking about companies that, what’s your average silver yield? If we even move some projects forward, 5, 10. I mean, if we got an extra 20 million ounces of production versus a prior year, that’s a big jump. So certainly creates an interesting profile there. Where are we getting the future supply of the world silver, Chris? That’s, that’s the big question that, you know, as industrial, I can’t believe industrial demands up to like 68% of the market and scheduled to grow. You know, where are we going to get the silver? Particularly, you know, when so much of the silver, I’d say one of every four ounces or produced as a byproduct.

So it’s, you know, it’s hard to incentivize the copper miner, the lead miner, the zinc miner, the gold miner to go get you more silver. That’s when where we get the majority of the world’s silver. And then on those primary mines, you know, they’re deep, they’re narrow and the cap capital that is needed to get incremental production is enormous. So I, you know, it’s why silver is my number one investment in my portfolio is because, you know, I, I see the, the demand that we’ve had for, in the last five years and it’s only intensifying, it’s only growing.

And now as investors come into the space, and we’ve seen this in every previous cycle, when the gold price is hot, when the gold price is breaking out, investors seek silver because you can get a lot more of it. And, and this time they’re the con. They’ve got 67 of that metal going to industry. So it’s going to be a very, and this is where, you know, industry experts like Keith Neumeyer have, you know, coined the term triple digit silver. You know, I, I see that as an inevitable. Yeah, it’s going to be fascinating to see how this all gets resolved and just the, the way the different pieces fit together, where you have the gap.

Even if you had all hands on deck, you still don’t get that silver tomorrow. And although Sean, one thing I, I gotta re raise you on is you asked where are we going to get all that silver from? And I’m counting on you and Dolly Varden silver because obviously you’re in that segment on the junior side that you mentioned and perhaps as you and I were discussing I know there are still a few folks that when they hear of Dolly Varden, which is a company that has been around for quite a while, I’m not sure it is still registered.

Some of the things that have changed since you took over a couple of years ago and perhaps you could just give people an update on where things stand and how you’ve been progressing and anything else that could be helpful for putting in context. Yeah, just from a very, very high level, you know, our business strategy has been to try to grow our mineral inventory in the ground through exploration and through acquisition. So you know, we recognized five years ago when the price of silver was about 16 an ounce and the price of gold was around 1300 dollars an ounce.

Is that the large companies, the big boys, as I described them earlier, they weren’t really incentivized to go out and do things like explore and develop. It was, it was a difficult time in the space. The all in sustaining cost had risen to a place where it wasn’t very profitable to be a precious metals miner. It’s a very different environment we’re in today. So what we set out to accomplish five years ago was to try to secure the world’s future supply of both silver and gold and you know, safety and stability and security were of the utmost importance.

We thought we were moving into a world where it was more of an isolationist world and where things, you know, if you could, you know, certainty was important and community support was important. And so we, and what we could never have imagined were the pandemic or things like, you know, these tariffs, you know, this, this has played into our strength. Now having said all that, what we’ve accomplished is we’ve identified about 65 million ounces of high grade silver and 1 million ounces of gold. And we’ve made several expansion and extension discoveries around that mineralization. So what we’re looking to do over the next 12 months is to update our official resource numbers and we’re continuing exploring and we’re continuing to do mergers and acquisitions in the region.

You know, my strategy is, look, our competitive advantage is the North. You know, this is an area that’s been producing for the last hundred years and we believe we’ll produce for the next hundred years. It’s called the Golden Triangle. It’s, it’s in our back backyard in northwest B.C. and it’s attracted Newmont and it’s attracted other significant mining companies who celebrate the safety, security, but they also celebrate that these are some of the richest rocks in the world. Some of the Biggest gold and silver reserves on planet Earth are here. So you know what we’re gearing up for, Chris, is a big exploration program.

And stay tuned for us to continue to be a lead consolidator in the District Dolly Varn today. This is a historic day for the company because we just listed our shares on the New York Stock Exchange under stimble dvs. And so again, as we look to grow the company, Chris, I can’t think of more than 10 companies that are on the New York Stock Exchange that are giving investors exposure to silver. So now we’re one of those 10 companies and our differentiator is we’re in Canada and we’ve got a high grade deposit. It’s a, we’ve got past producing minds, we’ve got a, an incredible group of scientists that have made some wonderful discoveries and we’ve got a great executive team that have made some accretive acquisitions.

So we’re, we’re a growth company. You know, when we first met Chris, the company was valued at close to $15 million. And today it’s a lot bigger. It’s over 300 million today. But we’re, I, I believe just like the gold price and the silver price, we’re just getting started. Yeah, well, certainly a lot you’ve accomplished and I remember, I remember those days well when we were having our first conversations. I was often walking around my kitchen in Denver and, but always impressed especially you had a very clear vision and it’s fun to see how you’ve moved that forward in these years.

And Sean, you said you may be taking a trip to the New York Stock Exchange at some point. We’ll be able to see you ringing the bell up there on my, my old stomping grounds for my option days. Absolutely, absolutely. That’s in our, it’s in the cards in the future. All right, well, be careful you don’t get picked off by any brokers on the way out. That was a big concern in those days. Real quick, before we wrap up, anything you could touch on in terms of some of the drill results you’ve had out earlier this year or the exploration program you have planned for the rest of the year.

Well, one thing I can say is what makes Dolly quite unique and special has been demonstrated with the recent drilling at the Wolf deposit. The Wolf vein. Because the Wolf vein is, it is one out of every four silver deposits. It’s, it’s a primary silver deposit. And as you can see here with these numbers, it’s, it’s a wide deposit and why is that? Why that’s important is it’s potentially amenable to bulk mining which is a low cost mining method. And so the Wolf keeps growing. So that’s been a big highlight. But you know the reality Chris is the environment we’re in where we’re in this hundred to one silver to gold ratio where gold is worth a hundred times more than silver.

Today the economics on the project are up at the home stake and we put out some drill results from homestake that have been you know, incredible. They’ve been reminiscent of famous deposits in the Golden Triangle like Bruce Jackson and like S.K. creek and Premier. So you know, high grade gold and silver over good, good widths. And so this is where you know we had a couple of other drill results a little earlier in the season where we were hitting you know, nine grams of gold over 50 meters and and so on and so forth. So the, the home stake silver and gold deposit has been as significant as the discoveries we’re making at Wolf.

So the plan is look we $32.5 million in the treasury, we’re going to launch into a drill program imminently and look to continue on the success that we had in 2024. Well that certainly is a nice spot to be in while we see the gold price and silver price reacting a little bit as well. And it sounds like you don’t have a date yet but I heard you say imminently for the next drill program. Just to phrase things best for people. Yeah, we’re, we’re targeting mid May to get to get the drills turning and initially we’ll have four rigs up at site and so it’s going to be, it’s going to be an exciting year where you know what drives companies like Dolly Varden is discoveries and having a big robust drill program gives us that many more opportunities to make those discoveries.

Well it sure is nice to see especially didn’t just pop in here today but as you mentioned all the steps you’ve taken over the past couple years and now exciting the way the timing has come together. And Sean, we’re going to be looking forward to keeping people posted with your news and updates as we go through forward through this what I expect will be a silver bull market as well. And just in wrapping up can you let people know the best way if they do have questions, would like to get in touch or just find out more about the project.

See it looks like you have a chat option here on the homepage as well and anything else they should know about. Yeah, listen all of our contact information is on the website so we’re Dolly vardensilver.com you can email us, you can phone us. We’ve got the the chat bot there if you’ve got questions but all the telephone numbers and it’s all there. So we love to hear from investors. Feel free to reach out and yeah, look, I look forward to seeing more of you, Chris. Well, likewise and I think you’ll believe you’ll be at the Rick Rule Symposium in July.

That’s the plan. Well, I’ll see you there and hopefully Silver Fest later this year. So lots to be excited about. Thank you as always for making some time and a lot of great thoughts and comments you shared there that hopefully help people a little bit today as they’re wondering when Silver is going to catch up but we will see soon enough. And thanks for being here Sean. Thanks. Thanks for having me Chris. All the best.
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