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Speaker 1: It's really interesting how all this is playing out as

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soon as Trump got elected, right, I mean yeah, chaos

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and uncertainty and volatility, those are those are the buzzwords

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now and that's what gold loves the most, right, chaos

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and uncertainty.

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Speaker 2: You're listening to Carrie Lutz's Financial Survival Network, where you

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get valuable information. You just can't find anywhere else to

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thrive in today's trying times. You need the Financial Survival

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Network now more than ever. Go to Financial Survivalnetwork dot

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com and get your free newsletter and gift. Financial Survival

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Network now more than ever.

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Speaker 3: And welcome you are listening to and watching the Financial

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Survival Network. I'm your host, Carrie Lutz. David Earthley, Junior

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minor Junkie is with us and now and wow this market, David.

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First it looked like gold was going to go parabolic

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and we did you know, uh, that didn't happen, and

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there goodness yea, And we.

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Speaker 1: Don't want to see a blowof top just yet, do we? Yeah?

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Speaker 3: One hundred bucks in one day, right, uh, you know,

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eighty something today. I mean we're here on mid May

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May fourteenth, and man, but silver is holding pretty.

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Speaker 1: Steady, absolutely yeah, I mean we had a we had

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an isolated high at thirty five hundred back in April,

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and we've got we've now had two consecutive reversal candles

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on the monthly here. Well, of course the month isn't

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over here in May, but as far as the gold

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price is concerned, it continues to make these strong moves

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higher and then when it corrects, it has a short

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sharp move lower and then it starts consolidating. Well, this time,

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the gold price got extremely overbought on the monthly due

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for a healthier pullback, right, I mean when the gold

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price from a bottom of sixteen hundred about eighteen months ago. Right,

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the gold price has more than doubled, and the pullback

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so far had been pretty mild, anywhere from a little

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over six percent to over twelve percent. And so now

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I wouldn't be surprised to see a corrective pullback in

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the fifteen percent range. That would be a healthy correction,

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and it would take the gold price back down to

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twenty seven to twenty nine to seventy five three thousand,

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where there's really good support, and it's also eighteen week

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moving average support. That's pretty much where the gold price

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has gone down and corrected to several times during this

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move over the past eighteen months. I mean that thirteen

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year cup and handle breakout was very powerful and the

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first target was reached at three thousand, and the augomatic

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target is four thousand. So I wouldn't be surprised to

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see a correction here, probably maybe into June. But you know,

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anything could happen geopolitically that that that could take the

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gold price back up again. Economically, you know, there's all

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these catalysts lurking out there that that could take the

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gold price higher before it does correct down to that

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fifteen percent, So you know, anything goes here. But as

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far as the silver price is concerned that you mentioned, yeah,

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that's that's very bullish that that the silver price is

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holding up better here because we had that gold silver

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ratio popped to one hundred and seven, right, I mean, whatever

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that whenever we had that gold silver ratio one hundred,

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which is extremely rare. The last time it happened was

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during COVID it popped a one twenty four. It's it's

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screaming that that silver is super cheap here, and it's

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it's it's it's it's base sickly due to catch up.

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Because this is what happens, right, Gold makes huge moves,

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silver lags, and then silver catches up. So what happened

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on Monday when we had the trade deal over the

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weekend and everybody waxed you for it, and and the

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Dow went up a thousand points, the gold price went

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down over one hundred dollars, and the silver price was

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hit pretty hard too. But silver hammered sharply and it

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was basically unchanged on the day. It was wasn't down

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that much. And while the gold price ended down ninety bucks,

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and that took the gold gold gold silver ratio below

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one hundred. So that's that's the bullish element here because

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we're starting to see silver catch up even though the

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gold price is correcting here. Yeah.

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Speaker 3: Yeah, and it's kind of following a predictable pattern. And

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we were talking pre call about how silver assets are

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now getting snapped up.

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Speaker 1: Yeah, I mean, it's we had another We had another

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takeover this week Pan American Silver, you know the world's

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fourth largest silver miner. They they've agreed to take over

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MAGS Silver and uh. This followed Majestic Silver taking out

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Gatto's Core taking out Silvercrest and then more recently, Endeavor

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purchased Peruvian silver miner Minera Colpa. So see these miners,

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they they see the writing on the wall. They know

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they have to replace their assets here before the before

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the silver price takes off, and these assets that they

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want to acquire get more expensive because you know, I mean,

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these these miners are making gobs of cash here. I

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mean Pan American they were able to add a cash

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sweetener to their offer, right, I mean, they just ended

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their quarter with a fantastic earnings for Q one and

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they had almost a billion dollars in cash, and they're

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spending half of that cash as as a cash sweetener

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to take over Matt, to take over MAG. The rest

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of it is in shares, and they they're they're still

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getting a good deal on it, even though they're paying

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a premium because Mag is. The offer is twenty five

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percent below Mag's all time high back in twenty twenty one.

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Speaker 3: Hey, we've how many years have we've been listening to

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Mag's story for? I can't remember the head geo's name,

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Peter McGaugh, Peter Bray, Like we've been listening to him

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for I think twelve years, for me Rich's silver mine

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in the world, the whole story, and here we are.

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Finally one day somebody woke up and realized they had

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to have him.

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Speaker 1: Yeah. Yeah, Wanna Sipo is a prime is a primary

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silver asset, which is very rare. And even though they're

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they're taking over, they're taking over Mag, they're only taking

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they're only buying forty four percent of that Mind because

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it could it's controlled by Fresnillo, who's the operator, and

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they owned fifty six percent of it. But still it's

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a cash cow. I mean, the Mind generated free cash

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flow of over seventy seven million in Q one, and

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that's almost triple the year ago level. So Pan Americans

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make a making a very wise move here.

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Speaker 3: Yeah, definitely, And the only mistake they made was not

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doing it a lot sooner exactly.

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Speaker 1: Yeah. I mean MAG was trading at eight dollars ever

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a year ago.

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Speaker 4: So so yeah, I mean I owned it to twelve

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thirteen years ago, made a couple of bucks, sold it,

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but I guess I.

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Speaker 1: Needed to be in it for the long haul and

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just didn't know. David. Yeah, I mean that's that's that's

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the thing with these with these stocks, I mean, especially

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with these Well they were a junior back there, and

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the mag's no longer a junior with a two billion

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market cap.

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Speaker 3: Yeah, ain't that's the truth. Ain't that's the truth. So

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where are we heading here? How long is the correction

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going to last?

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Speaker 1: For? Oh my crystal Ball's broken here, that's what like

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I said, Yeah, I don't see it going any lower

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than that twenty nine to fifty three thousand level, because

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you know, a lot has to go right with the

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world here. I mean, if you take a look at

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what's going on with with the debt, I mean, that's

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not going away, it's just getting worse. I mean, the

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corporate debt wall has over a trillion dollars in bonds

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set to roll over this year. I mean, the corporate

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debt service has basically doubled since the Feds started tightening

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in twenty twenty twenty two. So yeah, I mean, and

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on the flip side of that, you know, China, we

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used to be the world's largest buyer of our debt,

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now the world's largest seller of our debt, and they're

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using the sales of our treasuries to buy gold. And

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Japan used to be a big buyer and now they're

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the second biggest seller because of their economic problems over there.

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So you know, this debt situation isn't going in a

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way anytime soon. And the gold, the gold price sees this.

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And it also here's Federal Reserve Federal Reserve Chairman Jero

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Boub basically saying, hey, we're in a stagflationary situation here.

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That could mushroom because we've got we've got growth slowing

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below two percent in Q one while CPI, the CPI

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inflation that was reported this week is still at two

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point eight percent. And and and the third domino of

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stagflation is weakening jobs data, which is a lagging indicator. Sure,

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jobs are holding up for now, but I mean a

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lot of these layoffs that have been announced recently. And

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also you've gotten the consumer credit, I mean, consumer confidence

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continues to decline. They see the writing on the wall.

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You know, when consumers sense there's a recession coming and

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all this uncertainty. You know, when you hear when you

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hear fed Chair Powell and his press conference to say

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that the word uncertainty more and more times during each

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press conference. That makes consumers uncertain. And when they're uncertain,

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they don't spend money, they save it, and if they

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save money, then the economy doesn't grow because our economy

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is based on a seventy two percent consumption. So the

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gold price is stiffing out all this. You know, all

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these catalysts haven't gone away. What this is, this is

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just a healthy correction and consolidation of these huge gains recently.

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I mean, the gold price went up as much in

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one quarter as it did all last year. So those

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gains need to be consolidated, and that's what's happening here.

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Speaker 3: Interesting. Interesting, So yeah, so we're talking just a matter

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of months, six months?

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Speaker 1: Is that how long it's going to take? Who knows?

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I mean, I have no idea. What I'm what I'm

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concerned mostly about is basically what's going on with the juniors.

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And it's not concerning anymore. Right, It had been concerning

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over the past few years as they continued to lag,

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not only the gold price but the miners. Well that

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has flipped in a big way. If you take a

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look at at the GDX and the GDXJ, they went

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up about fifty five percent from their lows at the

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beginning of the year, and they're consolidating now, they're they're

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they're they've corrected about fifteen percent. And if they if

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they if they come down to test their breakouts, their

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four year breakouts, that would be another five percent correction.

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But if you take a look at the TSX venture, right,

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it continued to climb when both GDX and gd XJ

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peeked in the mid April. They continue, they can the

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TSX venture continue to climb. So what that is telling

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you is these uh sex, these resource sector professionals who've

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been in this sector god in early, the smart money

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that got in early, they're taking some of their massive

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gains in the minors and the royalty plays and and

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they're rotating them into these juniors. So that's what I

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want to see, and that's and that's what you're seeing

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because these juniors are are so ridiculously inexpensive. And now

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that these and now that these these miners are making

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all this money and M and A is picking up

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again because basically, you know, their shareholders are saying, hey,

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you shored up your balance sheet, great, you're paying us

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good dividends, great, you're doing share buybacks. Great. Now we

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want growth. You need to use some of that cash

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and replace those ounces that that you're digging up out

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of the ground, and you need to do it on

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Bay Street as as opposed to trying to trying to

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find them your yourself because it takes too long. So

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that's that's what I'm very excited about. I've you know,

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there's several companies that in my portfolio in the Junior

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Minor port Junior Minor, a junkie portfolio that I share

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with my subscribers, some of my subscribers and I have

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been doing very very well this year, and a lot

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of these companies that they formed these these beautiful consult

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these beautiful you know, multi year consolidation patterns, some of

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them at all time highs and some of them at

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all time lows. So the ones that the ones that

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are forming these consolidation patterns, these these multi year consolidation

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patterns at all time lows, they're the higher risk optionality plays.

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With all this gold in the ground, right some of

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them are have have made these these you know, these

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beautiful accumulative bases that they're breaking out of. And the

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ones that were bifurcating earlier, they're making higher bases right

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after after moving up so well with the gold price.

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So you know, it's very very exciting right now to

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be a junior goldstock investor. So will Canada arise again?

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Well Canada? Right, well, yeah, you know, I mean it's

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it's interesting if you take a look at uh the

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uh the the the debt situation of the US right

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and its economic situation. You got so currently the U,

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the US credit is rated at at double A plus

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by Moody's, you know, Fitch and s and P as

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you know, the weakness in in the US credit rating

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is basically reflected by rising credit default swap spreads. But

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Canada's credit rating remains a triple A. But as as

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far as as far as mining is concerned, you know,

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and the big bugaboo for mining in base in in

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North America and the US and Canada especially has been

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permitting timelines, yes, and and now that Trump is in office,

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U permitting timelines are are are being lowered, you know,

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they're yeah, they're they're they're basically they they've targeted this

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as something that needs to happen because they need these

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critical minerals out of the ground. And Trump is big

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on this, right and it's and it's switched over into

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Canada as well. I mean in BC they're fast tracking

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eighteen projects. In other provinces there they're talking about about

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streamlining their timeline.

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Speaker 3: So that is huge, huge, And I think we'll leave

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it at that. Canada is rising, but it might not

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rise united. It could be a splintered off and who knows,

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maybe we'll get a fifty first, fifty second, maybe even

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a fifty third state.

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Speaker 1: And they help Verduc might become a fifty first state.

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Speaker 3: Yeah yeah, and they can keep the rest in Saskatchewan

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fifty two. And I don't know how you do the territories,

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but not my problem problem.

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Speaker 1: We'll stop at fifty two.

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Speaker 3: You know, the flag is getting a little too crowded anyway,

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so we can't really handle too many more stars. But

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maybe they become commonwealths or territorial possessions. I don't know,

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but it seems like the albert and Alburdens are ready

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to take the plunge, aren't they.

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Speaker 1: It sure looks like it. Yeah. I mean, it's really

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interesting how all all this is playing out as soon

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as Trump got elected, right, I mean yeah, Chaos and

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uncertainty and volatility, those are those are the buzzwords now,

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and that's what gold loves the most right chaos and uncertainty.

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Speaker 3: Agreed, all right, David, Thanks Junior minor junkie link in

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the show notes. Got a question for David myself? Email

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Klatcarrie Lutz dot com. While you're at the site, we

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just ask that you sign up for our free newsletter.

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Take a look at the Martin Armstrong book. You can

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order it on the site. David, we'll talk to you

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again soon, be well.

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Speaker 1: Thanks, Carry you too, always a pleasure.

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Speaker 2: Thanks for listening to carry Letz's Financial Survival Network, your

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solution to today's trying times. For the latest, go to

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Financial Survivalnetwork dot com. Financial Survival Network now more than ever,