Are you surprised oil never really went above 120? And also, how much longer do you think global inventories can hold out before we really see a supply pinch? Because prices have been pretty modest, all things considered, versus the fundamentals.

Yeah.

And I can, Scott, I can answer those questions, but I'm going to step back a little bit.

You know, if you remember when we did our podcast.

back in mid-December, I said that oil market had bottomed and you were being given the buying opportunity of a lifetime in oil, very similar to the buying opportunity that you were given in gold back in 1999, 2000, and 2001.

And just like no one paid any attention to the gold market back in those years when gold was the most radically undervalued asset class, oil, we believed, had fallen into that same category uninvestable, radically undervalued category, and you're being given a great buying opportunity.

Now what's happened is that the bull market has started.

many cross currents um that the market is wading through uh particularly for gold right you know when you look at the relative the uh the commodity complex as a whole you know gold year to date obviously had done has a stellar year but year to date flattish um what's your outlook for gold over the near term um and then also over the longer term with these cross currents in the back