1
00:00:00,080 --> 00:00:03,399
Gold breaks out above twenty one hundred, and you have a real bull market

2
00:00:03,439 --> 00:00:07,280
that begins. You know, the
measured upside target on that is three thousand,

3
00:00:07,559 --> 00:00:11,919
the log target which Cup and Handles
historically hit the log target based on

4
00:00:12,039 --> 00:00:16,559
my research six months to twelve months
after they hit the measured upside targets.

5
00:00:16,600 --> 00:00:19,440
So that target is around four thousands
for gold. So we get a real

6
00:00:19,480 --> 00:00:24,120
breakout in this sector, then you're
going to see these stocks absolutely fly and

7
00:00:24,239 --> 00:00:29,320
blow the roof off. You're listening
to Carrie Lets's Financial Survival Network where you

8
00:00:29,320 --> 00:00:35,159
get valuable information you just can't find
anywhere else to thrive in today's trying times.

9
00:00:35,399 --> 00:00:40,920
You need the Financial Survival Network now
more than ever. Go to Financial

10
00:00:40,960 --> 00:00:47,960
Survival Network dot com and get your
free newsletter in gift Financial Survival Network now

11
00:00:48,439 --> 00:00:56,640
more than ever, And welcome.
You are listening to the Financial Survival Network.

12
00:00:56,679 --> 00:01:00,280
I'm your host, Carrie Lets.
Well, we've seen gold price is

13
00:01:00,439 --> 00:01:03,319
silver prices breakout. Gold traded at
an all time high. Of course,

14
00:01:03,400 --> 00:01:08,159
now it's pulled back and it's pulling
back further. Today it's Thursday, May

15
00:01:08,200 --> 00:01:15,599
twenty fifth, golds down according to
Kiko fourteen plus dollars announced silver is down

16
00:01:15,159 --> 00:01:19,079
another twenty eight cents to twenty two
seventy five. What does it all mean?

17
00:01:19,760 --> 00:01:26,400
Why have the medal been performing outperforming
the stocks, especially the juniors,

18
00:01:26,439 --> 00:01:32,599
by so much. Why do we
keep getting these fake buy signals from the

19
00:01:32,680 --> 00:01:36,280
miners? Well, Jordan roy Byrne
and the Daily Goold dot com is with

20
00:01:36,400 --> 00:01:38,879
us now, Jordan, great to
have you back. What is going on?

21
00:01:38,959 --> 00:01:42,519
Why do we keep getting these head
fakes from gold Well? I think

22
00:01:44,079 --> 00:01:47,920
to sum it up from gold,
I think the real key is Gold is

23
00:01:47,959 --> 00:01:52,040
setting up where the next big move. You know, there's really critical breakout

24
00:01:52,079 --> 00:01:56,879
through twenty one hundred, which has
not quite happened yet. I think that's

25
00:01:56,920 --> 00:02:00,120
going to coincide with, or it
has to coincide with another leg down on

26
00:02:00,159 --> 00:02:05,840
the stock market where the FED eases
or they have to eat, so the

27
00:02:05,879 --> 00:02:10,240
economy has to move towards a recession, and so it forces the FED to

28
00:02:10,280 --> 00:02:15,719
ease. I mean, we've already
seen inflation statistics come down to I mean

29
00:02:15,759 --> 00:02:17,719
I don't pay attention that closely,
but I think the last reading was four

30
00:02:17,800 --> 00:02:22,560
percent. It doesn't mean that the
huge cost increases of the last couple of

31
00:02:22,639 --> 00:02:25,520
years are going down. I mean
obviously it's inflation is still a huge problem,

32
00:02:25,840 --> 00:02:30,080
even if their statistics show three percent
or whatever. But the point being

33
00:02:30,479 --> 00:02:36,960
we go into a recession, then
policy makers have that happens, then we

34
00:02:36,960 --> 00:02:39,479
can already see it the worries about
inflation, at least from you know,

35
00:02:39,719 --> 00:02:44,599
I'm not saying it's it's going away
completely, but the balance between recession and

36
00:02:44,680 --> 00:02:47,400
inflation, if you're thinking about those
two things, you know, at this

37
00:02:47,479 --> 00:02:52,319
point they're probably i would say close
to pretty even as far as worries.

38
00:02:52,360 --> 00:02:54,479
Whereas six months ago, twelve months
ago, it was one hundred percent inflation,

39
00:02:55,240 --> 00:02:59,280
and so if the rate of inflation
has been coming down now there's a

40
00:02:59,280 --> 00:03:02,280
lot more concern learn about the economy, economic growth going into a recession.

41
00:03:02,360 --> 00:03:07,840
So you have to get to that
point with respect to gold where the FED

42
00:03:08,120 --> 00:03:13,240
is forced to ease policy, and
I think they will eventually. It's just

43
00:03:13,280 --> 00:03:15,039
a question of you know, is
it going to happen in one or two

44
00:03:15,039 --> 00:03:19,759
months or six months, and that
depends on the economy. So that that

45
00:03:19,879 --> 00:03:23,039
to me is really and you know, I'm a technical analyst, but you

46
00:03:23,360 --> 00:03:25,719
have to look at the technicals and
then also look at the fundamentals and kind

47
00:03:25,719 --> 00:03:30,120
of match them together. So I
think recently for gold, and we had

48
00:03:30,159 --> 00:03:32,199
these bank failures, you know,
the FED balance sheet, they had to

49
00:03:32,280 --> 00:03:36,319
increase their balance sheet again, you
had that, I mean, you have

50
00:03:36,360 --> 00:03:39,080
the debt ceiling, you know,
fiasco that's coming up. Then you had

51
00:03:39,120 --> 00:03:43,120
some thinking that while the Fed is
you know, they're going to pivot immediately

52
00:03:43,159 --> 00:03:46,400
because of these things. So I
think a lot of money came into gold,

53
00:03:46,479 --> 00:03:50,879
you know, some of it hot
money, and so that wasn't quite

54
00:03:51,000 --> 00:03:55,159
enough to make gold break out at
least not yet in my opinion. So

55
00:03:55,199 --> 00:03:59,680
I just coming back to it,
it's really, you know, tell me

56
00:03:59,719 --> 00:04:02,319
when the economy is going to go, you know, head towards a recession,

57
00:04:02,400 --> 00:04:06,319
like when it becomes imminent, that's
going to force the FED to ease,

58
00:04:06,719 --> 00:04:12,120
and that's what's going to make gold
finally break out above twenty one hundred.

59
00:04:12,400 --> 00:04:15,680
All right, But arguably we're already
in a recession and we have been

60
00:04:15,720 --> 00:04:20,120
for a while. If you look
at real growth rates only in nominal growth

61
00:04:20,240 --> 00:04:24,720
rates, are we not in a
recession? But that's okay with the Fed

62
00:04:24,759 --> 00:04:28,639
and the policy makers. Well,
I mean I don't disagree with you,

63
00:04:28,680 --> 00:04:31,279
but when you look at I mean
statistically yes, but when you look at

64
00:04:31,319 --> 00:04:35,439
a lot of the indicators, and
granted I'm not an economist, so I'll

65
00:04:35,480 --> 00:04:41,279
try and dread lightly on this stuff. But you know, even though statistically

66
00:04:41,319 --> 00:04:46,000
we're in a recession in twenty two, you know, the consumption, what

67
00:04:46,079 --> 00:04:49,920
are the other indicators, the general
industrial production, I mean those types.

68
00:04:50,000 --> 00:04:55,399
If you look at those things,
employment, they weren't they haven't been going

69
00:04:55,480 --> 00:04:58,040
down. I mean some of them
are going down, but they all haven't

70
00:04:58,079 --> 00:05:03,800
been going down yet together like what
you typically see in a recession. So

71
00:05:04,439 --> 00:05:09,000
you know, the jobs market has
only been starting to weaken. I think

72
00:05:09,040 --> 00:05:13,160
in the last month or so,
the Jolts data is starting to get pretty

73
00:05:13,199 --> 00:05:16,639
bad jobs claims. I think we're
the last reading or the second to last

74
00:05:16,639 --> 00:05:20,480
reading. I think we're close to
a two year high. So these,

75
00:05:21,040 --> 00:05:24,759
you know, and now you have
the tightness in the bank lending. So

76
00:05:24,800 --> 00:05:30,639
as far as like a real recession, when economic activity is really declining or

77
00:05:30,759 --> 00:05:35,720
rolling over badly, we're not quite
there at that point. And another thing

78
00:05:35,759 --> 00:05:41,079
is when you look at these yield
curve in versions, the three months to

79
00:05:41,160 --> 00:05:44,839
the ten year, that yield spread, which I mean, I'm not going

80
00:05:44,879 --> 00:05:46,680
to say that's the best but it
seems a lot of people are focused on

81
00:05:46,680 --> 00:05:49,319
that one. I know the FET
is more focused on that one. If

82
00:05:49,319 --> 00:05:55,319
you look at all the historical inversions
the median as far as the time historically

83
00:05:55,319 --> 00:06:00,160
when the inversion is and the recession
hits, that lines up to September as

84
00:06:00,160 --> 00:06:01,560
far as the media. Now,
if you look at I think four of

85
00:06:01,600 --> 00:06:05,600
the last seven recessions or something like
they're five of the last seven, and

86
00:06:05,680 --> 00:06:11,279
you look at the inversion and then
when the recession hit it was I think

87
00:06:11,319 --> 00:06:15,040
like ten twelve, twelve, fourteen
months, and even one with seventeen months,

88
00:06:15,079 --> 00:06:18,000
like I think we had the the
inversion I think during the financial crisis

89
00:06:18,000 --> 00:06:21,480
was in two thousand and six.
So in some of these cases there can

90
00:06:21,560 --> 00:06:26,959
be like I think, we're only
about seven months into the inversion of that

91
00:06:27,000 --> 00:06:30,879
yield spread. So if you're looking
at this data, you know, September

92
00:06:30,079 --> 00:06:34,000
is one possibility of when the recession
could start, and then like I said,

93
00:06:34,000 --> 00:06:38,240
four of the seven or even you
know, would tell you that it's

94
00:06:38,279 --> 00:06:41,279
even going to come later than that. So I think, again I'm not

95
00:06:41,319 --> 00:06:44,199
an economist, but looking at this
data, you could see any time from

96
00:06:44,240 --> 00:06:47,279
September to to you know, next
winter, you know, be at November,

97
00:06:47,360 --> 00:06:51,399
December, January, like that could
be the point when you see recession

98
00:06:51,480 --> 00:06:57,000
hit, where economic data really starts
to roll over badly and everything is negative.

99
00:06:57,040 --> 00:07:00,920
Like we haven't seen everything being negative
of yet. It's not to say

100
00:07:00,920 --> 00:07:03,759
the economy is good because I mean, if you look at statistics and the

101
00:07:03,839 --> 00:07:06,199
last two or three months, you
know, you look at those, I'm

102
00:07:06,240 --> 00:07:11,120
gonna say they're political statistics, but
you know, percentage of people who think,

103
00:07:11,199 --> 00:07:13,920
you know, the economy is really
hurting them or it's like bad.

104
00:07:14,040 --> 00:07:19,000
Now, I've noticed in the last
two months, like it's really started to

105
00:07:19,040 --> 00:07:23,399
get like there's been a huge change
in the last couple of months. So

106
00:07:23,439 --> 00:07:31,160
I think we're getting closer to that
point where we actually will get a recession.

107
00:07:31,439 --> 00:07:34,120
And so I'm not disputing what you
said at the beginning, but some

108
00:07:34,160 --> 00:07:39,040
of the statistics, like employment hasn't
really been that bad yet. You know,

109
00:07:39,079 --> 00:07:44,240
bank lending hasn't really rolled over until
the last couple of months. So

110
00:07:44,279 --> 00:07:48,000
some data has held up okay until
you know, very recently, but it's

111
00:07:48,040 --> 00:07:51,720
slow moving. But I think we're
going to get to that point maybe in

112
00:07:51,720 --> 00:07:55,480
September, you know, maybe by
the end of the year maybe that kind

113
00:07:55,480 --> 00:07:59,000
of time frame. So I think
that's what people have to understand. Obviously,

114
00:07:59,079 --> 00:08:01,600
we live in a world where everything
is like instantaneous and we have to

115
00:08:01,600 --> 00:08:07,240
have everything every second. Economy is
not good, you know, recession yield

116
00:08:07,279 --> 00:08:09,519
current version. Okay, the recession
is going to hit. But if again,

117
00:08:09,560 --> 00:08:13,160
if we look at history in the
media, time that tells us around

118
00:08:13,160 --> 00:08:18,079
September. We look at some cases, that tells us you know, potentially

119
00:08:18,639 --> 00:08:22,519
in the winter. So I just
think that's you know, and and that

120
00:08:24,000 --> 00:08:28,879
coincides with gold getting really close to
breaking out. Now you know, it's

121
00:08:28,920 --> 00:08:33,200
having this pullback. You know,
it's probably gonna be deeper than you know,

122
00:08:33,240 --> 00:08:37,480
we originally thought. But I think
that's what explains gold's weakness is you

123
00:08:37,519 --> 00:08:41,519
know, the recession is not imminent, however, it is coming, you

124
00:08:41,559 --> 00:08:46,720
know, at some point this year, and there's nothing that can really stop

125
00:08:46,720 --> 00:08:50,200
it at this point, is there
No? And again I'm not an economist,

126
00:08:50,279 --> 00:08:52,480
but if you look at all this
data, like I said, the

127
00:08:52,559 --> 00:09:00,399
employment picture is starting to worsen,
and you know the bank lending with that's

128
00:09:00,399 --> 00:09:03,960
only just started to roll over,
so that's going to be a serious problem.

129
00:09:03,960 --> 00:09:07,840
I mean, the commercial real estate, which is a time bomb.

130
00:09:09,519 --> 00:09:13,279
Um, yes, I absolutely agree
with you. Like it's it. There's

131
00:09:13,320 --> 00:09:16,080
nothing that's coming, you know,
at least not yet. I mean there's

132
00:09:16,080 --> 00:09:20,440
no I mean, even if they
cut rates like that's that would take you

133
00:09:20,480 --> 00:09:22,559
know, six to nine months to
even start to have a positive impact.

134
00:09:24,200 --> 00:09:28,240
And I mean there's some fiscal I
was reading there's some m you know,

135
00:09:28,759 --> 00:09:31,159
I don't know if this is true, but like some you know, money

136
00:09:31,200 --> 00:09:37,039
from the infrastructure package is like helping
the economy you know, statistically avoid a

137
00:09:37,120 --> 00:09:43,159
recession for now. But so there's
no fiscal coming immediately. There's no you

138
00:09:43,200 --> 00:09:48,799
know, rate cuts as far as
the impositive impact of rate cuts like that's

139
00:09:48,840 --> 00:09:52,759
not coming at least until next year. And so there's just there's nothing that's

140
00:09:52,799 --> 00:09:58,399
going to reverse you know, this
rolling over of the economy, you know,

141
00:09:58,519 --> 00:10:01,759
especially when you know the now the
the inflation rate is coming down,

142
00:10:01,799 --> 00:10:05,000
but I don't think we're going to
see that come down to like, you

143
00:10:05,080 --> 00:10:09,879
know, two percent. You know, it's probably pretty close to pretty close

144
00:10:09,879 --> 00:10:13,360
to its bottom. And that and
that's you know, and that and that

145
00:10:13,600 --> 00:10:18,240
I just think that's probably going to
be the problem over the coming years is

146
00:10:18,639 --> 00:10:22,759
you know, even if the recession
is not that bad. Inflation, you

147
00:10:22,759 --> 00:10:26,679
know, you cut rates and some
you know, fiscal stemp morse, fiscal

148
00:10:26,720 --> 00:10:30,600
stimulus gets done. Um, you
know that gets pumped back into the economy,

149
00:10:30,600 --> 00:10:33,600
you're going to see inflation run up
again. So I mean, these

150
00:10:33,960 --> 00:10:37,960
we're not we're not in a good
situation economically, even though if you look

151
00:10:39,000 --> 00:10:43,720
at you know, gold, it
hasn't broken out yet. Um, I

152
00:10:43,759 --> 00:10:48,759
wouldn't, I wouldn't be dissuaded,
right, so gold will be the final

153
00:10:48,879 --> 00:10:54,399
confirmation that we're looking for in other
words, right, yeah, that that's

154
00:10:54,440 --> 00:10:58,159
that's a really good point. Um. Now, typically you see the the

155
00:10:58,240 --> 00:11:01,440
yield curve steep in, which means
the short term rates, like if you're

156
00:11:01,440 --> 00:11:05,879
looking at the three month or the
two year, those will really like plunge

157
00:11:05,960 --> 00:11:09,679
lower when the market is starting to
discount a recession. And then the Fed

158
00:11:09,759 --> 00:11:13,320
follows, they follow the two years. So when that really plugs, I

159
00:11:13,320 --> 00:11:16,080
mean the Feds, you know,
they're behind the two year you know,

160
00:11:16,159 --> 00:11:20,159
by quite a lot, meaning the
Fed funds rate is well above the two

161
00:11:20,240 --> 00:11:22,600
year yield right now. But if
you know, you see the two year

162
00:11:22,679 --> 00:11:26,399
yield reverse and roll over and all
this money starts rushing into bonds. I

163
00:11:26,399 --> 00:11:31,519
think that that's the signal, um
you know, that'll be at the same

164
00:11:31,559 --> 00:11:35,200
time gold will strength and when that
happens. But that that's a great point

165
00:11:35,200 --> 00:11:39,240
that you made. That Yet you
see gold breaking out above twenty one.

166
00:11:39,679 --> 00:11:43,840
Yeah, yes, that that that'll
be confirmation of a recession. Yeah yeah.

167
00:11:43,879 --> 00:11:50,320
I mean the market always, somebody
once told me a wise old trader,

168
00:11:50,759 --> 00:11:56,639
the market always seeks to frustrate the
majority of participants. And nowhere is

169
00:11:56,679 --> 00:12:03,240
that more true than in precious metals
and the mining stocks, especially the juniors.

170
00:12:03,360 --> 00:12:09,639
Right, yeah, absolutely, I'm
sure people are feeling very frustrated.

171
00:12:09,840 --> 00:12:11,879
And to go back to your mean, to go back to what you said

172
00:12:11,919 --> 00:12:16,960
at the beginning. You know,
in the big picture, miners actually follow

173
00:12:18,480 --> 00:12:20,639
you know, the people talk about
the inflation adjusted gold price, and I

174
00:12:20,720 --> 00:12:24,159
just every time I hear that,
I would think, you know, while

175
00:12:24,200 --> 00:12:26,240
I don't care about that, why
is that meaningful? But I threw that

176
00:12:26,360 --> 00:12:28,200
up on it. I was trying
to think of, like, what's a

177
00:12:28,200 --> 00:12:31,879
good indicator for the gold stocks because
they don't really I mean, of course

178
00:12:31,879 --> 00:12:35,559
they follow golds, but you know
they're more correlated. I mean, is

179
00:12:35,559 --> 00:12:39,919
there an indicator that can measure their
profitability. You know, is a gold

180
00:12:39,960 --> 00:12:43,519
against the CRB, is it gold
against the stock markets. I'm looking at

181
00:12:43,519 --> 00:12:48,759
these hundred year charts, and gold
against the CPI actually lines up really well

182
00:12:48,759 --> 00:12:52,039
with how the gold stocks have performed, you know, over a one hundred

183
00:12:52,120 --> 00:12:58,600
year period. And it makes a
lot of sense because gold typically outperforms right

184
00:12:58,679 --> 00:13:01,759
before the inflation hits, and you
know, same thing for the gold stocks.

185
00:13:01,759 --> 00:13:05,200
And so I was looking at you
know, gold against the CPI and

186
00:13:05,279 --> 00:13:09,320
the Baron's gold mining indecks going back
one hundred years, and they look I'm

187
00:13:09,360 --> 00:13:13,200
not gonna say they look identical,
but they look fairly similar. So that's

188
00:13:13,240 --> 00:13:16,480
been the issue for gold. I
mean, if you think about the gold

189
00:13:16,519 --> 00:13:20,120
price, is where it was,
you know, nearly three years ago,

190
00:13:20,480 --> 00:13:24,679
also nearly you know, ten twelve
years ago. I just think about ten

191
00:13:24,799 --> 00:13:28,080
twelve years ago, the you know, the average mine. Okay, you

192
00:13:28,080 --> 00:13:31,080
have the gold price, which is
you know, nineteen hundred, two thousand,

193
00:13:31,200 --> 00:13:33,080
whatever, and then you have the
the all in costs of the average

194
00:13:33,120 --> 00:13:37,039
mind, if let's just say it
was a thousand back then, what do

195
00:13:37,039 --> 00:13:41,519
you think that cost was three years
ago? Probably higher, you know by

196
00:13:41,559 --> 00:13:46,159
a good amount. Now even if
we're just looking today versus three years ago,

197
00:13:46,840 --> 00:13:50,600
I mean, the cost of mining
gold has gone up a lot.

198
00:13:50,120 --> 00:13:52,720
I mean, if you had a
mind, if you're you look at these

199
00:13:52,720 --> 00:13:58,279
studies, if you had a project
where you're all in cost three years ago

200
00:13:58,360 --> 00:14:01,840
was like a thousand dollars announced,
that's probably like thirteen fifty now. I'm

201
00:14:01,840 --> 00:14:05,120
just guessing. You know, it
might be twelve hundred for some minds,

202
00:14:05,120 --> 00:14:07,480
it might be fourteen hundred for others. And then you have the problem where

203
00:14:07,480 --> 00:14:11,639
the you know, the top line, the gold price hasn't moved, so

204
00:14:11,639 --> 00:14:16,039
you know you're you're the average producer, your margin is so much less.

205
00:14:16,080 --> 00:14:18,360
And it's the same thing for the
juniors. You know, whether whether they're

206
00:14:18,360 --> 00:14:24,399
a small producer or if they're an
explorer developer, the average margin on their

207
00:14:24,440 --> 00:14:31,519
project potentially is so much less now
than it was three years ago. And

208
00:14:31,679 --> 00:14:33,080
at the same time, you know, if these companies are not making money,

209
00:14:33,120 --> 00:14:37,440
that's three years where they have to
dilute themselves to raise money. So

210
00:14:37,480 --> 00:14:41,000
that's why you know you're in this. You call it a cyclical bearer market

211
00:14:41,039 --> 00:14:45,320
for the stocks in the last you
know, nearly three years, the margins

212
00:14:45,360 --> 00:14:48,639
are even for you know, just
an explore developer, the potential margins on

213
00:14:48,679 --> 00:14:54,080
their projects are so much worse.
And then at the same time that's three

214
00:14:54,159 --> 00:14:58,440
years of having to raise equity.
So I mean that's you know, the

215
00:14:58,440 --> 00:15:03,759
the average the margin on their deposit
or exploration project potentially you know, maybe

216
00:15:03,759 --> 00:15:07,519
it's down thirty or forty percent.
And then at the same time how much

217
00:15:07,960 --> 00:15:11,080
delution. I mean, if a
company had one hundred million shares, maybe

218
00:15:11,080 --> 00:15:16,000
they have one hundred and eighty million
now. So that's why these some of

219
00:15:16,039 --> 00:15:18,559
these stocks are down seventy eighty percent. I mean, you know, granted,

220
00:15:18,600 --> 00:15:22,120
some of them do add value,
so it's everything is not you know,

221
00:15:22,440 --> 00:15:26,360
they it's it's not like all of
them have added zero value. But

222
00:15:26,399 --> 00:15:28,799
even if you add some value,
you have to weight that against the dilution

223
00:15:28,840 --> 00:15:33,720
and the share structure and the potential
margins on the project. So that's what

224
00:15:33,840 --> 00:15:37,279
they're going through. Now. The
upside of that is gold breaks out above

225
00:15:37,320 --> 00:15:39,879
twenty one hundred and you have a
real bull market that begins. You know,

226
00:15:41,000 --> 00:15:43,840
the measured upside target on that is
three thousand, the log target,

227
00:15:43,879 --> 00:15:48,559
which Cup and Handles historically hit the
log target. Based on my research six

228
00:15:48,600 --> 00:15:52,440
months to twelve months after they hit
the measured upside targets. So that target

229
00:15:52,519 --> 00:15:56,440
is around four thousands for goals.
So we get a real breakout in this

230
00:15:56,519 --> 00:16:00,960
sector, then you're going to see
these stocks absolutely fly and blow the roof

231
00:16:00,000 --> 00:16:03,840
off because you're you're going to get
this vertical move in the price of gold.

232
00:16:03,840 --> 00:16:07,120
And then even if costs are going
up a little bit, you know,

233
00:16:07,159 --> 00:16:10,559
the potential margins maybe if you're you
know, let's say you're developer and

234
00:16:10,600 --> 00:16:12,759
the potential margin is five hundred dollars
announced, well, you know, you

235
00:16:12,799 --> 00:16:17,799
get this huge move in gold,
maybe it becomes seventeen hundred dollars announced,

236
00:16:18,200 --> 00:16:21,919
you know, after two or three
years. So that's the that's the flip

237
00:16:21,960 --> 00:16:26,320
side, and that's why, giving
the macro picture and the cost pressures we've

238
00:16:26,360 --> 00:16:29,159
seen in the last couple of years, that's why gold has to break above

239
00:16:29,200 --> 00:16:32,720
twenty one hundred for there to be
a real bull market in this space,

240
00:16:33,360 --> 00:16:38,679
right, Okay, So so basically
patients will be there shortly. Yes,

241
00:16:38,720 --> 00:16:42,000
I would agree with that, and
it really sucks to say. I'm frustrated

242
00:16:42,039 --> 00:16:45,799
that I have to say that,
because I did think that. I mean,

243
00:16:45,879 --> 00:16:49,240
in the last month or two you
had I think you had two monthly

244
00:16:49,279 --> 00:16:53,080
closes that were monthly all time high
closes. You had a quarterly close it

245
00:16:53,080 --> 00:16:57,759
was a new quarterly all time even
on a weekly basis, like five five

246
00:16:57,799 --> 00:17:03,120
of the six closes were like the
second through the six highest closes ever.

247
00:17:03,200 --> 00:17:06,839
So we were like a hair away
from breaking out where if gold could have

248
00:17:06,839 --> 00:17:10,920
closed above twenty fifty or twenty sixty
on a daily basis, you would have

249
00:17:10,960 --> 00:17:12,759
seen you know, I'm not saying
it would have gone to three thousand off

250
00:17:12,799 --> 00:17:15,079
that, but you know, maybe
it goes above twenty one hundred and it

251
00:17:15,079 --> 00:17:18,480
gets to twenty two hundred before it
pulls back a little bit. But yeah,

252
00:17:18,480 --> 00:17:22,559
we were so close and just to
see it have this failure, and

253
00:17:23,079 --> 00:17:26,519
you know, looking at the technicals
now, you know, I don't see

254
00:17:26,559 --> 00:17:30,640
gold breaking out of the next couple
months. I think it's going to take

255
00:17:30,759 --> 00:17:33,279
longer. And it's I mean,
I under I'm really frustrating. I understand

256
00:17:33,319 --> 00:17:37,680
people are probably really frustrated, and
they don't probably don't want to hear that

257
00:17:37,759 --> 00:17:41,480
about having to wait. I mean, you know, I'm you know,

258
00:17:41,559 --> 00:17:44,440
about to go to the Metals investor
form I give a presentation. I'm just

259
00:17:44,480 --> 00:17:45,640
thinking you know, I got to
say something different. I don't want to.

260
00:17:45,680 --> 00:17:48,680
You know, well, well we're
short term barrass long term bullish.

261
00:17:48,759 --> 00:17:52,920
I mean, I get tired of
having to say that. But it's it's

262
00:17:52,920 --> 00:17:56,599
frustrating. I mean, that's where
we are. But it comes down to

263
00:17:56,640 --> 00:18:00,839
the recession and you know that that
that will pressure the stock market, and

264
00:18:00,960 --> 00:18:03,880
that will force the Fed to have
to ease at some point. And you

265
00:18:03,880 --> 00:18:07,359
know, you also got the twenty
four elections. So if you have the

266
00:18:07,400 --> 00:18:11,519
economy rolling over, you know before
next year, even if it happens in

267
00:18:11,519 --> 00:18:17,519
the winter, you know, all
politicians will be wanting you know, rake

268
00:18:17,559 --> 00:18:22,039
cuts and you know, fiscal at
the same time. So that's again it

269
00:18:22,160 --> 00:18:26,240
just it for gold, it you
just it's not complicated right now. It

270
00:18:26,279 --> 00:18:30,680
all comes back to the economy because
if the economy of voids recession and you

271
00:18:30,720 --> 00:18:33,240
have some soft landing in the FED, you know, let's say they cut

272
00:18:33,319 --> 00:18:37,279
rates. You know, in that
scenario, I think gold would probably break

273
00:18:37,319 --> 00:18:40,680
out and still rise, but you
probably you know, maybe it runs to

274
00:18:40,680 --> 00:18:44,160
twenty three or twenty four hundred and
then it just you know, rolls over

275
00:18:44,200 --> 00:18:48,160
again. It's dead for another year
or two or whatever. But that so

276
00:18:48,319 --> 00:18:52,799
that would be the soft landing scenario, which I I mean, I I

277
00:18:52,839 --> 00:18:56,480
think the odds of that are just
extremely low. But you know, I'm

278
00:18:56,480 --> 00:19:00,480
just mentioning that so I don't sound
like a complete, you know, Gold

279
00:19:00,559 --> 00:19:04,359
cheerleader here. I think it's more
a question of the timing when the recession

280
00:19:04,400 --> 00:19:07,200
is going to hit, and whether
it you know, it'll hit like it

281
00:19:07,359 --> 00:19:11,000
this summer or if it's gonna you
know, be in the fall or in

282
00:19:11,039 --> 00:19:14,079
the winter. I think that's the
real question, I mean, right now

283
00:19:14,119 --> 00:19:18,799
for me at least. All right, Well, I think you've summed up

284
00:19:18,799 --> 00:19:22,799
the conundrum very well. As far
as we go, we're holding our positions.

285
00:19:23,440 --> 00:19:27,720
But hey, a lot of you
out there have sold and you might

286
00:19:27,960 --> 00:19:33,039
one day live to regret that.
But maybe you won't. I don't know

287
00:19:33,119 --> 00:19:37,839
the answer to it, but Jordan, just tell us your publication. You're

288
00:19:37,880 --> 00:19:41,319
tracking all this closely. Why should
you subscribe? Yes? Well, I

289
00:19:41,920 --> 00:19:45,400
post everything at the Daily Gold dot
com. The Daily Gold premium is my

290
00:19:45,480 --> 00:19:52,039
publication. I'm publishing lots of free
videos and I write lots of free things.

291
00:19:52,079 --> 00:19:53,799
So you can go to the website, you know, get on my

292
00:19:53,880 --> 00:19:56,680
email list, and if you look
at all the content that I put out

293
00:19:56,680 --> 00:20:00,240
and if you like that, then
you can consider driving. It's the Daily

294
00:20:00,240 --> 00:20:03,400
Gold Premium. I mean, there's
I think a link in the top right

295
00:20:03,640 --> 00:20:07,119
of my website, but the Dailygold
dot com. You can get everything there.

296
00:20:07,240 --> 00:20:11,799
I also I'm publishing lots of stuff
on my YouTube channel if you like

297
00:20:11,960 --> 00:20:14,880
videos. So there's a lot of
free stuff to check out. And I

298
00:20:14,880 --> 00:20:17,839
would would love for anybody to subscribe, but you know, I would say

299
00:20:18,079 --> 00:20:21,400
look at the content first, you
know, spend a little time educating yourself,

300
00:20:21,599 --> 00:20:25,359
and you know that might give you
a better idea if my work is

301
00:20:25,480 --> 00:20:27,319
right for you. All right,
Hey, we really appreciate you coming on.

302
00:20:27,359 --> 00:20:30,680
If you've got a question for Jordan, and I'm sure you've got some,

303
00:20:30,039 --> 00:20:33,680
shoot me an email kl at Kerreluts
dot com. We'll get you at

304
00:20:33,759 --> 00:20:38,440
answer quick and you'll find a link
to The Daily Gold in the show notes

305
00:20:38,440 --> 00:20:44,039
to this interview on Financial Survival Network
dot com. Click it and it'll take

306
00:20:44,079 --> 00:20:45,680
you right to Jordan's site, and
while you're there, sign up for your

307
00:20:45,680 --> 00:20:52,160
free newsletter. We have the summary
of all the important news podcasts that have

308
00:20:52,279 --> 00:20:56,279
been done recently. Interviews with the
people you're concerned about. Jordan A pleasure.

309
00:20:56,359 --> 00:21:00,480
Thanks so much for coming on again. Hey Kerry, so much for

310
00:21:00,519 --> 00:21:03,880
having me on. I always love
doing your interviews. That's my pleasure.

311
00:21:03,319 --> 00:21:10,480
Thanks for listening to carry Lets's Financial
Survival Network, your solution to today's trying

312
00:21:10,559 --> 00:21:15,480
times. For the latest, go
to Financial Survival Network dot com. Financial

313
00:21:15,599 --> 00:21:18,720
Survival Network now more than ever,