➡ Gold performs well when people worry about the value of their US Dollars. If you invest in the US 10 year Treasury, you’re making a 2% real yield. However, if the purchasing power of the currency is declining, you’re losing 3% of your purchasing power every year for 10 years. This is why gold is doing well and why US dollar savers need to understand the relationship between nominal yields and the declining purchasing power of the dollar.

➡ The process of turning a new silver discovery into production can take up to a decade, considering the time it takes to discover, permit, finance, build, and start the operation. The price of silver can significantly impact its demand and usage in various industries. However, the general investor’s attraction to the precious metals narrative can cause a surge in demand that outpaces supply, leading to a price explosion. The value of silver is also influenced by the value of gold and the purchasing power of the US Dollar.

➡ The interview discusses the true costs of mining, emphasizing that many companies don’t account for all expenses, such as taxes and capital costs. It also highlights the impact of inflation and the depreciation of the US dollar on these costs. The conversation then shifts to an upcoming conference, promising insightful discussions from industry experts and a money-back guarantee if attendees don’t find value in it. The conference will be available both live and via livestream, with pre-conference interviews available for free online.

And I remember saying to you, you know, Chris, a $200 move in gold is of no interest to me. I couldn’t care less. I own gold, not because I think it’s going to go through 2000, but because I’m afraid it’s going to go through 8 or 9,000. And I feel the same about the price action that we’ve seen in silver. I don’t think we’re seeing a silver breakout yet. In my experience, precious metals bull markets are led by gold. Then the money moves to the gold stocks. And then when that price momentum attracts the generalist investors, which it only has for the last 13 or 14 weeks, eventually leadership goes to silver, the land of Arcadia.

Well, hello there, my friends. Chris Marcus here with you for Arcadia Economics. And I am quite excited as certainly one of our more popular guests and longtime veterans seen. He was actually there for some of these gold and silver cycles that we talk about in the past, although still pulling it off very youthfully and sprying his appearance. So, Rick, it’s a pleasure to have you back here ahead of your big symposium that’s coming up next month, which we’ll look forward to digging into as well. But how are you doing today? Very well, Chris. Thank you the better for being back on with you and thank you in advance for your ongoing support of our symposium.

You amuse me when you talk about having lived through those past cycles. The best way to understand history is to have been present for some of it. And the only thing that’s good about aging is that experience. Yes, well, I’m getting some gray hairs up there. So Now I got 2011 under my belt and I’ll only imagine after a couple more decades here. Although, Rick, we last talked in December, gold and silver price is a bit lower as obviously everyone is aware of. And on a Monday afternoon, we see the gold futures down 50 bucks today, still over 3,400.

And silver, no, that is our dollar index here we have silver back over, still over $36 crossed $37 last week, which was the first time, believe since February 29th of 2012. So I’d love to get, just to start, any thoughts on what you’ve seen here? I would say at this point a historic rally over the past year and a half. Well, I think we get to pat ourselves on the back about the December interview. Clearly on two or three scores we were right and not kind of right, but really right. As I recall, we talked about the fact that the precious metals prices had to go higher and that the lead higher in precious metals prices.

If this market followed other markets would mean that leadership would eventually change from the bullion to the stock. Right and right. And then that global markets are led by gold but eventually transition to silver. So. Right, right and right. All good. Now, in terms of what we’re seeing in the last week, from my viewpoint, this is all staccato. This is all noise. In a different prior interview when you and I were together, you were mentioning some of your listeners, probably younger listeners, concern about would the gold price ever get through 2000. I don’t know if you remember this.

And I remember saying to you, you know, Chris, a $200 move in gold is of no interest to me. I couldn’t care less. I own gold. Not because I think it’s going to go through 2000, but because I’m afraid it’s going to go through 8 or 9,000. And I feel the same about the price action that we’ve seen in silver. I don’t think we’re seeing a silver breakout yet. In my experience, precious metals bull markets are led by gold. Then the money moves to the gold stocks and then when that price momentum attracts the generalist investors, which it only has for the last 13 or 14 weeks, eventually leadership goes to silver.

When leadership goes to silver, you’re not going to need some old fat bald guy Rick rule to tell you that leadership has transitioned. I’ve watched three silver bull markets in my life and they are nothing if not dramatic. You won’t be talking about a move from 34 to 36 or 7 and back. You’re not going to be talking about dollar moves. You’re going to be talking about lock limit up. So let’s get that one straight. Yeah, people are interested in dollar moves. They’re interested in intraday moving averages and stuff like that. I think to amuse themselves.

I’m interested in quantum moves which require more time. Well, there you go. Checkmate. Way to start off with that one. And we will come back to that, certainly. Although, before we do, one other question on the gold side. Do you feel that whether we’re there or not, or maybe in the early beginnings that we are headed towards some point where eventually the dynamics around the US treasury market make it just impossible for the international community to functionally use it as a store of value? You can add on whether you think money is going to gold because of that now or will go, but do you think that that is really what we’re headed to? No, I think for the balance of my life that the US Dollar will be the world’s reserve currency.

For the record, I’m a very healthy 72 year old, but I think that US hegemony will decline, which is to say that the dollar’s current market share in global transactions will fall from the high 70s to some lower number. What I do believe is that the US dollar as a measure of liquidity will outperform the US treasury as a store of value. I believe in an absolute sense that not relative to other fiat currencies, but in an absolute sense that the US dollar will lose something like 75% of its absolute purchasing power in the next 10 years.

We saw this in the decade of the 70s and I think I can back up arithmetically why that’s much more likely to happen. The consequence of that is that although gold will not replace the US Dollar either completely as a store of value and as a medium of exchange, that the increase in the gold price should be at least concomitant or proportional to the decrease in the purchasing power of the US dollar. For gold bugs to be happy, you don’t need the obliteration of the US dollar and you’re not going to get it. Did you know? I think you probably do Chris, because you study this.

In the most recent estimate by JPMorgan Chase, the market share of gold and precious metals securities relative to other asset classes was only 1/2 of 1%. The four decade mean was 2%. And according to JPMorgan Chase, they admit to not having statistics going back that far, but they estimate in 1981 the sort of nadir of the gold bull market that the market share of precious metals and precious metals related securities relative to other asset classes was between 6 and 8%. I’m not suggesting that we take out our old high market share, but I’m suggesting that demand reverts to mean imagine what happens given that price movements take place in just part of the value chain.

If we increase demand for precious metals fourfold, that’s what I think’s going to happen. Well that would be hoot to see that unfold in the silver market. I’ve been wondering for the last I think I’m in year 16 now how that would play out if we get there. Rick, one thing I was hoping you could clarify just so it’s clear for people at home. You mentioned the dollar losing value. I believe you’re talking about if you’re measuring in gold or silver versus the dollar index, which may be a different story but let you I’m talking about it in the price of goods and services the US Dollar has the US Government, pardon me, has managed to confuse the US taxpayer and the US consumer and the US voter by getting you to focus on something called the cpi, colloquially known as the CP lie.

If you believe in that, you believe that US Inflation. I would define inflation as the deterioration in the purchasing power of the dollar is progressing along at a nice tepid 2.5%. The problem is that this defies common sense and arithmetic. First of all, Chris, I don’t know if you know this, but the CPI doesn’t include tax. The idea that there’s a cost of living that doesn’t include the largest component of one’s cost of living is fallacious to begin with. But let’s get away from that. Take yourself back to 2020 or have your readers take themselves back to 2020 and look at the period 2020 to 2025.

What’s happened to energy prices? What’s happened to the gasoline price? What’s happened to health insurance and healthcare? What’s happened to mortgage interests? What’s happened to housing prices? What’s happened to rent? The idea that your, oh, groceries up 60%. The idea that the purchasing power of your US dollars has declined at 2.5% compounded is hilarious. Unless you happen to be living on a fixed income, in which case it’s treacherous. That’s really what I’m talking about. And I’m talking about one more thing, Chris. Gold does well when people are concerned about the maintenance of their purchasing power in US Dollars.

So think about this. If you are invested in the world’s premier savings instrument, the best of the best, the one that everything else is measured against, that’s the US 10 year Treasury. If you’re getting paid 4.5 in a currency that’s declining by 2.5% a year, you’re making a 200 basis point or 2% real yield. Not all bad for a riskless asset. If, by contrast, you’re getting paid 4.5 in a currency where the purchasing power is declining by 7.5%, you’re actually losing 3% of your purchasing power every year for 10 years. At the end of that 10 year period, the US government gives you back 60% of the purchasing power that you started out with before you made the investment, a guaranteed loss.

That’s why gold is doing well and that’s why US dollar savers need to understand the juxtaposition between nominal yields and the declining purchasing power of the dollar. It’s critical. We’ve been well, we’ve Been we. I’ve been through this before, Chris, you’re too young. But in the decade of the 70s, the purchasing power of the US dollar declined by 75%. $1,000 in 1980 bought you what $250 would buy you in 1970. Not surprisingly, over that period of time, the gold price increased 30 fold. Now, I’m not suggesting to you that the gold price increases 30 fold from here because it’s already increased 12 fold since the year 2000.

But I believe, Chris, that it’s likely that the gold price mirrors the decline in the purchasing power of the US Dollar. Yeah, and I agree, especially with many things you said there, but especially when you point out, well, if your yield on the treasury is 4 and a half and inflation 7.5. I suppose that’s the same thing I was getting at when I said do. At some point does it become non functional? Especially I was to chuckle last week when Trump was in the middle of calling Jerome Powell a numbskull. He mentioned a couple times and said inflation’s under control.

There’s no inflation yet. That’s even with the oil price coming down 20 bucks over the past couple months. And still all of the government inflation metrics are still already past the 2% mandate, let alone a real metric, as you mentioned. So go ahead. Mr. Trump doesn’t do budgets well, you know, it’s not his long suit. He’s aptly suited to being a politician. None of them seem to do budgets. I mean, they get the expenditure part right. The most recent Trump budget lets you know where his real priorities are. He took off the spending cap. He proposed the fourth largest deficit in recorded history.

Except he backloaded the savings and front loaded the expenditures guaranteeing. He goes over his budget projections. You know, it’s more of the same. Yeah, that is certainly the case. Although what does seem to be changing? And tying back into your intriguing opening comment about the silver market December. It was great. I appreciate you sharing that story again of how during silver squeeze you cleared out the inventories. New York, Chicago, Boston, as I was reviewing earlier today, all of the piles we could find. Until then you got accommodated by London and Zurich. So that’s 2021. LBMA report comes out a couple months later, I believe in April, saying they were fears where we were, their words weeks away from running out.

We’ve run a deficit since then and then now the new thing that’s happened since we last talked is we’ve seen this metal come out of London. Now some of it’s still in New York So it’s not disappeared, but along with what you said in your, your opening statement about where you see silver headed. Where does all of that leave us at this point now? It’s a function of your sense of time. Chris, if you’re asking me the question around the concept of a silver squeeze, here’s the silver squeeze. There is more silver that trades in the futures market by far on a daily basis that is around for good delivery in a quarter.

There are some days where the futures Market trades 200 times the amount of silver available for good delivery. These things cash settle. You know, it’s important to know that if they don’t cash settle, what happens is that the market gets halted and then the exchange forces a cash settlement at their price. But if you’re looking for a place that a silver squeeze takes place, it’s in the over leveraged nature of the futures market. There are a lot of speculators who require immediate gratification. They carry about a 50 cent move in silver and they actually believe that there is going to be a physical squeeze in silver that will force the institutions to into the market in a big way.

That won’t happen. The futures exchanges operate in their own interest, in the interest of the dealers. If there is an ugly, ugly, ugly silver squeeze, which I think they could be, they will do what they do with the tin market. They will halt the market and they will cash settle at a level they choose. You mean they’ll screw their customers? Of course they will. That doesn’t mean that there isn’t a boatload of money to be made in the silver business. I’ve been around this business for a very long time and a silver bull market is truly a wonderful thing to behold.

But don’t tell yourself, don’t set an artificial timeline, don’t say oh for sure, it has to happen by Thanksgiving. Why? The silver market doesn’t care about your time preference at all. The silver market doesn’t care about the stop date, the start date, they don’t care. But in my experience, I’ve been through three silver bull markets. The first one was a 30 bagger and the next two were each 10 baggers. Do I really care if it takes two years to get there, three years to get there? Put any discount you want in terms of the time value of money, never mind a ten bagger.

A three bagger pays you a lot of rent. And I think it’s a probability as opposed to a possibility that we get a silver bull market. A silver breakout. Yeah, and I certainly agree with what you said about the timing there, and I think fortunately I can say I learned that one back in the teens. So I got a decade. Like I’ve learned that, you know, the first couple years before that were a little painful. Although, Rick, we just got the recent silver report World Silver survey. They showed 150 to 200 million ounce deficit, depending on if you include ETFs.

Something I’ve been wondering about. Let’s say that there was some scenario where silver price goes to 50 or $60 in some manner that all the pools of capital and entrepreneurs and mining executives are not thinking, all right, it’s going to go back down. But somehow I don’t know what scenario that could be. Let’s assume gets to that level and they think it’s going to stay there. How much production do you think could be turned on just by the higher price alone? We’ll leave aside the time gap, but functionally none. Silver mines are a fairly small component to silver production, right? The lowest cost production of silver is as an adjunct of mining for other metals.

And it’s important to remember in terms of the cost structure that silver miners pay to mine silver, but copper miners don’t. They get it effectively for free out of the product stream. The other thing is that we do not know now know and we have never known what the above ground supplies of silver are. What we do know is that high silver prices that are sustained brings that supply out. If you have a sense of history, you will remember back to the point in time when none other than Warren Buffett, who regards precious metals as pet rocks, bought between 15 and 20% of the world’s reported above ground supplies of silver.

And that imprimatur caused the silver market to go absolutely crazy. And 8, 9, 12, 15 months, something like that, all of a sudden the market got whacked and of course the precious metal guy said, oh, conspiracy, right? The banks or the international Jewish conspiracy or some, you know, trilateral commission. That’s not what happened. What happened was that India had a bad harvest or something like that. The silver price doubled in US dollar terms and the rupiah fell by half against the US dollar. So the silver price in Indian terms went up fourfold and that corresponded to a bad harvest where the Indian peasantries had a choice between letting their children starve or selling their silver.

The point is that the cure for high prices is always high prices. There is a lot of above ground inventory. Nobody knows how big it is. Nobody knows, but one can be assured, particularly if there’s weakness in the US in the Indian currency, which seems to be epidemic. It seems to be a continuum that at some price, some of that Indian inventory will find its way from India to Dubai into refiners and will find its way here. But I don’t think that happens under a 50 handle. Might not happen under a 75 handle. It takes a good stout move.

It took 100% move in the 80s. Yeah. And one other question along those lines. Just in terms of, let’s say stuff was turned on, can you give a time or of time range rather of just so people can understand how long it takes from let’s say a new project that you’re out exploring till that actually gets into production? Well, if it’s in the United States permitting, can take 20 years. That’s before you build it. If you do it in the free world somewhere like Peru. Well, actually it could take you three years to get a drilling permit in Peru.

Suffice it to say, we don’t have a lot of silver discoveries. There are three large undeveloped silver deposits that I know of in the world. Those could be turned into production or returned to production in the case of Cascobel very quickly. But beyond that, you’re talking. Well, first of all you have to discover the stuff because there aren’t very many discoveries made. Then you have to permit it, then you have to finance it, then you have to build it, then you have to turn it on. A decade is a conservative estimate. Okay, now you have, you have some, some good deposits that I haven’t talked about.

You have three good deposits that I haven’t talked about and you have maybe 20 marginal deposits. Those marginal deposits would of course get skated on side with a $50 or $60 silver price. But remember that primary silver production is 17 or 18% of total silver supply. The supply that comes from primary production kind of doesn’t make a difference to the overall silver market. Higher silver prices probably constrain industrial demand. Using silver as a germicide, using silver as a water treatment mechanism, using silver for photovoltaic cells. If the price of silver doubles or triples, the fabricators find a way to use silver more efficiently.

So you need to understand that. But in my experience, what moves silver is the generalist investor becoming attracted to the precious metals narrative. And coming into our space, there is never enough supply to cover that demand for some period of time. And the response is that the price explodes. And ironically for a while, when that price explodes, which is to say the prices go higher, it attracts more demand as irrelevant as that, I mean, as hard to believe as that is, it’s true, if you were shopping for a winter coat and they doubled the price, you’d be less inclined to buy.

But when people buy financial assets and somebody doubles the prices, they’re more inclined to buy. Stupid but true. They like, they like buying highs. That’s what Americans, we like to do here. Although Rick, based on what you just laid out in terms of how much production you come online, talked about, the deficits is there, and, and this is with a lot of retail selling over the past year or two. So I mean, with all these things combined, is there a way that we don’t see some sort of market event at some point is that. I know you’ve kind of answered this already, but how do we avoid that? I mean, if I had to quantify it, I’d say there’s a 10 or 15% chance that I’m wrong.

Silver’s led by gold. Gold is led by the appreciation or deterioration of the purchasing power of the US Dollar. I believe the US Dollar in an absolute sense, not a relative sense, but an absolute sense, is on a one way trajectory. Years love to be wrong, by the way. Love to be wrong. It’s just very difficult for me to understand how our society, with a private net worth of $141 trillion according to the IRS, can sustain $130 trillion in obligations where the deficit increases by $4 trillion a year. I don’t understand how we do that. And if we don’t do it, I don’t understand how we honor the nominal value of our obligations without inflating.

It just doesn’t make any sense to me. I lived through the same Circumstance in the 1970s. I lived through it and the way we handled it that time was we inflated our way out of the real value of the obligations. We honored our obligations in a nominal sense, but we inflated our way out of it in a real sense. If I’m right, the gold goes inexorably higher. And if I’m right about that, and if past is prologue, in other words, if history is accurate, at some point in time, that price momentum drags the generalist investor into the precious metals space and a disproportionate amount of that drag goes into silver.

Well, I don’t think you’re wrong. I mean, in fact, you don’t even have to take my opinion or your opinion for it. We have officials in the Trump administration. It’s like they’re taking turns by the day of who’s going to talk about the dollar being overvalued. If you read that paper from the chairman of the Economic Council of Advisors, Stephen Mehran, before he was nominated, right before he was nominated, where he laid out his plan very clearly, which included that. But Rick, two last quick questions before I let you run here. Any thoughts? Have you seen much of a change even with the higher price now in terms of money coming back into the mining equities? How would you characterize that? Well, understand that when you’re talking to me, in a sense, you’re talking to the priest of an evangelical congregation.

My congregation is growing and they’re enthusiastic. It’s like you asked a Baptist preacher, does the choir believe in God? But what I am seeing is in a much more agnostic sense, the flow of funds into gold equities ETFs that turned cautiously positive 15 weeks ago. And you’re seeing the share price escalation in the best of the best senior golds, the Wheaton Precious, the Franco Nevadas, the Agnico Eagles. I mean, you’ve seen a hell of a move in these things over the last 18 months. This is consistent with the performance of a gold bull market. It’s precisely what you would expect at the point in time.

So yes, in an evangelical sense, the congregation is growing and yes, they’re enthusiastic. We are right where we expect to be. I remember you interviewing me some years ago about your listeners frustration around the fact that the gold price was increasing but the price of gold shares weren’t. And I said to you at the time, turns out I was right for change. I said, so one asset class, gold has a buyer. Foreign central banks. Foreign central banks don’t buy gold shares. If you have one asset class where there are buyers, another one where there aren’t. What you’re seeing in the market is completely to be expected.

When gold established its momentum, two things happened. It attracted some attention to the gold space, including from historic buyers. But as the increase in the gold price accelerated faster than the cost of produced gold did, the producer margins began to expand. And this brought people into the space. This is exactly what’s happened in every precious metals bull market that we’ve seen. So what you’re seeing today is completely to be expected. This is not something yet that is widely perceived. You and I look for mentions of gold or silver in the popular financial press. But the truth is the average investor, average investor, including average institutional investor, doesn’t know how to spell gold.

Witness its market share 1/2 of 1%. If gold, as I expect I use gold as an aphorism for precious metals. If precious metals reverts to mean in terms of market share, if there is a fourfold increase in demand for the stuff. Chris, even someone with fairly lofty expectations like you as to the gold price appreciation, I think your wildest dreams of avarice may be satisfied. Well, I mean, I guess I was going to say I’ll look forward to that. Like you and I have talked about before, what does the world look like in such a scenario that I guess life carries on and it’s up to us to make our best relation to the events that are happening and plan accordingly.

And you also mentioned something in there about how the money was going into gold, not gold shares. I would suggest that that similar effect of why has gold moved more than silver is because we’ve been seeing selling in silver, whereas the new source of buying in gold and did you have comment there? Yeah, sure. Silver’s a late cycle mover. It has been in prior bull markets and foreign central banks despite the Russians saying that they might buy silver themselves. I would argue with a war going on using what for money, but that’s a different question. We’ve seen foreign central banks concentrate their purchase on gold, which is what they have always done.

Gold needs to establish the momentum. When gold establishes the momentum, the narrative becomes popular. When the narrative becomes popular, gold outpaces silver. Chris, I don’t know why it is okay. I just know from having been on earth a long time that it is. And last one here for you, Rick saw last year Chris Ritchie of Silvercrest, which now part of core, he gave an interview with Craig Hemke and he was mentioning that they did a true all in cost of lost ches, not the all in sustaining but accounting for the leases, all the true expenses. And he said that after we did that he came back and the number was over $25 pre tax.

And obviously Silvercrest has been known as one of the lower cost deposits. So would this be a fair statement to make that if group is going out saying hey, I see there’s a deficit in the silver market, I want to be in position to capture that, that there’s a pretty good chance that by the time all is said and done they’re going to be paying more than $25 an ounce for most of what could be put into action? Yes, yes and yes, inflation. First of all, what is $100 million capital bill today will be a $500 billion capital bill 10 years from now simply because the depreciation of the US dollar.

But existing production won’t be burdened by that because they already will have paid for it. But the unsung thing is what you talked about. The difference between all and sustaining costs, which is what the industry thinks the cost is and what the real cost is. All in sustaining cost. Site cost doesn’t include allocable overhead and it doesn’t include the cost of capital. When Silvercrest, as a non investment grade issuer put their mine into production, their total cost of capital on the debt side was about 15% and they didn’t include that in their cost. And while Silvercrest was good at mining, what many companies don’t add into their cost is the cost of high grading during periods of low metal prices.

What you see in the company’s income statement if you pay attention is that the mind grade in bad years is substantially higher than the reserve grade. But what they’re doing is reporting artificially low all in sustaining costs because they aren’t fully accounting for depletion. Very, very, very tricky. And then the final thing that you say before tax, that’s great, but we pay tax. Investors, serious investors and speculators need to add to all in sustaining costs the amount, if any, by which the unit of production or the grade of production is higher than the standard reserve grade that should be expensed.

But generally accepted accounting principles don’t require that. They should include the cost of capital, they should include allocable overhead. And for Christ’s sake, since you pay tax, it should include tax. When I get a net present value before tax, I just assume that the management’s a fraud unless they plan to lose money for the rest of time and hence not to pay tax. But I’ve never had a manager come and tell me I plan to lose money for the rest of time. Note to mining executives out there, before you talk to Rick, factor in the taxes.

I like it. Although. Rick, wow, what a great call we had here today. I look forward to listening to this again and I hope people at home are enjoying it. And before we wrap up, if did find this interesting. Obviously Rick, you have a big show coming up just under a month now and I do I need to start by saying that this may be the 30th year we put it on. My memory is less good than it used to be anyway. We’ve done it for a long time. It stood the test of time. We’ve made it a little bit better every year.

And if you make something a little bit better every year for 30 years, it ends up being pretty good. Why? Well, first of all, macroeconomics, the way you won’t hear it anywhere else, from players, not from journalists. David Stockman who wrote the book on the budget. Daniela DiMartino Booth talking about the Fed not as a journalist but as a Fed researcher. Nomi Prinz talking about Wall street as a partner in Goldman Sachs. We move on from there to analysts, not the Johnny Come lately’s, but rather people who’ve been in precious metals and natural resources for three or four decades.

We move on from there to the fact that every single public company exhibitor at the conference is owned in accounts owned and managed by the sponsors. At most other conferences the qualification to be an exhibitor is a check that cashes. They’re just advertisers, but not with us. And that allows me, Chris, to make your listeners a truly spectacular promise whether you attend live, which is what I would prefer, or livestream joining thousands of others from over 30 countries. If you don’t think that we have delivered you full value for money, email us. We’ll give you your money back.

In 30 years of making this guarantee, we’ve had to refund less than 1/2 of 1% of the tuition we’ve charged. But that notwithstanding that guarantee is your guarantee that we’re going to deliver you value for money July 7 through 11, Boca Raton, Florida or via livestream from the comfort and convenience of your own home. Two more notes. We’re going to give you more than 50 hours of programming in four days, which is more than you can absorb. So to that end we record the entire conference, including all of the breakout sessions and those recordings are available for you to refresh your memory for a year further, I interview every exhibitor and every speaker before the conference.

Those recordings are available at the Ruhle classroom for free or on the ruhle Investment Media YouTube channel for free. That allows you, before you come to the conference to prepare your time and prepare your mind to get the most that you can out of the conference. If for some reason you don’t want to attend via livestream or live, you can still watch the pre conference interviews for free at the Rhul classroom or at the rural investment media YouTube channel. Well Rick, I’ve been there not sure how many times but I was going back when I was still in Vancouver, was excited to be there last year.

I also, as you can see here, I got the picture of the beach up. That’s real. This is real marketing. Ah, gold, silver yields. They want the. Well you get all of it you can. And I would say I really enjoyed the ones that I’ve been to there. Obviously you can learn a lot. Although I think one of the nice things you get to talk to and meet a lot of these people that you’re reading or watching. And I’ll just pull up the speakers tab again real quick and scroll through here as we round up. But and Rick, as you said, to give people a money back guarantee and think if you’re into gold and silver and especially I’m looking forward to seeing Grant Williams, who I’m a big fan of and there’s Jim Rickards and a whole lot more.

And we will have the link to this in the description field right below there. Rick, I hear the YouTube experts say you’re actually supposed to point it works better. So right there it is. And I will be there. I’ll look forward to meeting a lot of people there. And. And Rick, I know you’re always walking around through the crowd throughout the entire week, so I’d really encourage people to take a look at the conference and I’m looking forward to it. And Rick, I will be looking forward to seeing you there soon. You’re not too far away from my hometown now, so I will be just right down the road and it’s going to be a fun week.

Well, Chris, thank you for your ongoing attendance and support of the conference. I really look forward to hosting you down there. This will, make no mistake, be the best year we’ve ever done and we’ve had some pretty good years before. So I’m highly confident that it will be an excellent use of your time, irrespective of the fact that you get to drive there now as opposed to fly. Yes, that is a nice feature, but I’m excited for it and congratulations on doing this for so many years and putting it together. And again, we’ll catch up with you soon.

And everybody watching at home look forward to seeing you there. Those of you can make it. It’s.
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