You were talking about liquidity.

Yeah, we were talking about inflation and liquidity here, and liquidity, I think, is key.

The U.S. running massive deficits, but also liquidity.

We have to look at global flows of liquidity as well.

There was a reason why the U.S. intervened in Japan, for example, in their currency, because they were really, really worried that the Japanese will sell U.S. treasuries to cover their shortcomings in Japan.

That's something really we need to pay attention to, because the yen carry trade is massive.

I don't have an exact number for you, but it's big, especially when it starts unwinding.

But tell us a little bit about your podcast because, you know, I've been on it a few times and it's always a lot of fun.

Yeah.

Right? That, that's the fear.

The question is, though, AI is revolutionary.

Like, how long does it take to implement it? How long does it take to, to create or lose jobs? Is it inflationary or deflationary? Those are topics, uh, that are being discussed right now, 'cause job losses where we have the banks reporting soon.

Like, how, how quickly will AI replace their, the workforce? And I think it's slower than perhaps a lot of people think.

Um, we...

It's a common theme.

Sure.

So how, kind of, are you navigating this right now, and, and how are you seeing the market? Is the war just kind of a blip on the radar? Is it changing the fundamentals? H- how is this kind of playing out in your mind?

It's, it, it's a good question 'cause it is not easy to understand what is happening in, in the gold and silver space right now.

Is, is it headline-driven? Is it fundamentally driven? Um, and, and that's the big question.

I'm leaning towards more headline-driven right now, um, just, just because gold reacts to anything that has to do with oil, meaning inflation.

Um, the Fed, we've just seen a new Fed chair being announced or, and, and put in place here just last week, uh, so we'll have to see what the ...

You know, I didn't listen to the Fed speak yesterday.

I think there were, like, four Fed presidents or so chatting and, and giving talks yesterday.

Yeah

I think also that when I heard you last, you were talking about Sunpeak Mineral, is that correct? I just was wondering also, how are people actually being able to operate in the Middle East given what's happening there right now?

I still think they can work there.

It's a really interesting jurisdiction because it's opening up.

A lot of money is available there.

We'll have to see whether money gets diverted into infrastructure projects, but Saudi Arabia hasn't really been hit hard by the crisis in the Middle East.

So I'm not too concerned about that.

But it's also, it's just virgin territory.

But what's your preference right now? You know, do you how much do you invest in? What's your preferred in terms of looking at copper ahead and also looking at gold ahead?

It just doesn't seem like the same sentiment, even though this bull market is substantially more pronounced when it comes to the magnitude of the price movement.

Absolutely.

So 2011 was an absolutely insane year when it c- also came to financings, just the frothiness was, was crazy.

Uh, way overdone, of course, $8 billion raised roughly within our coverage universe.

We're only sitting at f- only at $4 billion right now.

2024 in total, we raised $4.2 billion within our coverage universe, so we're already pretty much on par with what we saw last year.

And that is just financings below $100 million in equity.

What's gonna be different next year with the gold sector versus this year?