Speaker 1This is the Commodity Culture Podcast, where we interview prominent investors, fund managers, analysts, and company CEOs to give you an edge when it comes to investing in the commodity space. Ed Steer, it is great to have you back on Commodity Culture. Now, we saw silver run to within pennies of $70 at the end of last month before a downturn. Here we are at around $63 an ounce. I know you watch day-to-day price action very closely. How have you been interpreting the data, and where do you think the silver price is headed next or for the remainder of 2026?
Speaker 2Well, you know, it's obvious since, you know, they stepped into the, the boys stepped into the precious metals at the end of January that they've kept them on a very short leash since, you know, the run up to silver, which would have, you know, continued to 80, 90 and beyond. They just didn't allow it to happen. And once they didn't let it go over 70. And once they got to that mark, they, they stepped into the market again through spoofing and bid pulling and all kinds of dirty tricks. And they, they beat the price down. I mean, we've been witness to this for what, the last 25 years. So, you know, it continued and it was a day and yesterday and the day before that. So, you know, the, the price management of the precious metals is just becoming more blatant all the time. And as far as how the year end goes, it, you know, it's really up in the air. I don't like we were talking about on, on, uh, off air just before you hit the record button on this is that, you know, the FOMC meeting, FOMC meeting has ended and they increased their interest rates by 25 basis points and indicated there may be another 25 basis points before the end of the year. So is that going to be a headwind for the, uh, precious metals going forward? You know, it all depends on what happens in the oil market, uh, and in the currency markets between now and then, you know, the, uh, the powers that be certainly don't want, uh, a commodities to rise in general and, uh, precious metals in particular. So, you know, the price pressure may be there for the rest of the year, but I'll tell you what, uh, Jesse, it's an impossible call to be far higher than they are today. And there's only one reason why they're not.
Speaker 1Yeah. Let's talk about that manipulation. You mentioned spoofing, you mentioned bid pulling. We've talked at length about this before, but I would love to get your thoughts on the coordinated intervention, uh, in the silver market specifically. Talk to us about what you've been seeing there and how you're able to identify this active manipulation versus let's just say natural market activity.
Speaker 2It's hard to know what, uh, normal natural market. Activity is because the, uh, you know, the world's bullion banks are, are active in, uh, in the precious metals 24 hours a day, seven days a week, you know, every time all the entire time the market is open, either in overseas trading or in a comics trading in New York, you know, they're managing the price all the time. So what normal is, uh, I have no idea because we've never seen normal for the last 25 or 30 years. But, uh, you know, if you want to take a look at the intervention, just look at what happened today. I mean, the markets opened this morning, um, on the comics and gold was up a whole bunch and silver is up a whole bunch and the stocks opened up a whole bunch, but about five minutes after the markets opened, somebody came in and sold all the precious metal stock lower. This has been going on now for, it started last September, the middle of September and silver, uh, but it's extended to the gold stock and it's become even more blatant in the last, what, two or three weeks. We've noticed, you know, the market has been, you know, it's been, you know, it, you know, precious metals be higher in this, the, the, uh, precious metal stocks get bombed right as soon as the market's open. So, you know, they're, they're, they're, they're actively intervening up just in the, in the, uh, uh, the prices of the metals themselves, but also in the stock. So it's, uh, you know, you, you don't need me to point it out because you can see it in the price action of the stocks and in the, uh, and in, in the precious metals every day, like look at what happened at the FOMC meeting today. You can pretty much set your watch on the fact that as soon as the, uh, FOMC, even before anybody opens their mouth at two, uh, 2 PM in the afternoon, uh, the precious metals are going to get bashed. And, uh, today was, uh, no exception to that rule.
Speaker 1Let's dive a little bit deeper into the FOMC meeting, the Fed, um, hiking rates by 25 basis points. I mean, it's, it seems so ridiculous that so much attention is being paid to the Fed by, by markets and market observers and investors at large. How much control do they really have with this lever of, of raising or lowering rates? And you mentioned this could be a headwind for precious metals. The whole logic there is, well, when rates go up, yields on treasuries go up, uh, money market accounts, the, the yield you get goes up. So people want to get out of precious metals and get into something with, with the yield. I've spoken to some people who say that that's only sometimes true and isn't necessarily always the case. So I'm wondering what your take is there.
Speaker 2Well, you know, that, that is partially true. That's the, uh, that's the, uh, conventional wisdom, but what we're seeing now is, you know, a complete repudiation of the U S treasury market. Nobody wants to own a treasury. Uh, that's like three years or five years or 10 years or 20 years. Uh, they, they want to sell. Everybody wants to sell treasuries either to protect their own currency or to, to balance their own books. And there's the only buyers out there for the, uh, the, uh, is the federal reserve. So, you know, this, this increase in rates, you know, they say it's for inflationary purposes, but the fact of the matter is they're, they're trying to keep, um, they're trying to keep people interested in buying bonds. And even though interest rates are going to, are continuing to rise, it remains to be seen whether, whether that's going to help the bond market or not. You know, it's not just the U S but it's the entire West. You know, uh, nobody wants to own a fixed, uh, a fixed, uh, a fixed bond market. So, you know, it's not just the U S income, uh, certificate of confiscation, which is what bonds are. And this is, uh, you know, we've, we've hit the brick wall in the West where nobody wants to buy the debt because they can see the fact that, you know, the currencies are being rapidly debased and they just want to get out of paper and into hard assets. And, uh, like we just talked about, you know, they're sitting on hard asset prices, so people can't see that they're rising, but you know, we can see interest rates rise some more, but, uh, we're going to also see, you know, we're going to see, you know, the bond market, uh, uh, really take a hit one of these days because once interest rates started rising in the bond deal, start rising, there's no stopping it.
Speaker 1Yeah. I want to get into the, what is it potentially a sovereign debt crisis brewing a little bit later, but first I want to pose the question about the silver supply deficits. It's forecast to widen to 46 million ounces this year. Um, at what point does that physical reality overwhelm the paper market? And, and does there come a point in that scenario? Where the bullion banks and others manipulating the metals have no choice, but to, to let go of that price suppression?
Speaker 2Well, I'll tell you what, you know, we're, we're, we're almost three quarters of the way through the year already in this deficit, which is now in its sixth year has yet to show up, uh, in the physical market. You know, there's always seems to be somebody prepared to supply a metal to the market at the current price so that, uh, the prices don't rise, you know, as to what, as to where it's going to go. So, uh, I think it's going to be a, it's going to be a difficult time. I don't know when this is actually going to physically bite. I don't know. We'll see what the silver Institute says for, for next year. But, uh, so far the, the, the banks have been able to stave it off, but at some point, there's no question about it. There's going to be a, there's going to be a reckoning here where the physical metal just runs out. Uh, you know, I've, I've been watching, um, I've been watching what's going on particularly, uh, I'll bring it up right now is I watched, uh, the Shanghai gold market. And I think it's going to be a, it's going to be a, it's going to be a, it's going to be a, it's going to be a, it's going to be a, it's going to be a, it's going to be a, it's going to be a, it's going to be a, it's going to be a, it's going to be a gold exchange in the Shanghai futures exchange very, very carefully. And they've become a new source of demand because if you remember earlier this year, towards the end of February, they were the two, um, the Shanghai futures exchange and Shanghai gold exchange between the two of them were down to about 21 million ounces of silver between them, which is exceedingly low. But since then, and up until yesterday, they've added about, uh, they've added about a million ounces of silver between them. They've added about 53 million ounces to their reserves since then. So, you know, this, this is a source of quote unquote demand that it wasn't there before. So if you want to take the 46 million ounces that the silver institute says the deficit will be this year, plus this quote unquote 53 million ounces worth of demand that have come out of Shanghai gold exchange in the Shanghai futures exchange, you know, you know, it, it appears, you know, it's a strange way to do it, but you know, it appears that China's putting a squeeze on the silver market just by through the accumulation of silver in their two, in their two, uh, in their two exchanges in China. So it's very interesting to watch. And if they continue this, this route for, you know, for the next six months or a year or so sooner or later, uh, you know, this, this, uh, silver being taken off the margin at the margin by China is going to, is really going to really going to bite.
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Speaker 2well first of all the premium yesterday was between the West and the East was a little over 13% and you're right it's persistent for quite a long time and it's been to be mostly between 12 and 13% although it has dipped down to zero but it didn't stay there very long only a matter of a few days but as far as the pricing goes Jesse the price of commodities gold silver platinum palladium natural gas you know the commodity prices are still set in the West even though the most of the consumption is in the East so until China and the Shanghai Gold Exchange can rest away control of the pricing mechanism from the comex okay you know things are going to continue exactly the way they are until further notice because that's where prices are set at some point China will be able to you know take away control but that has not that has not happened yet and the prices that we see on our screens every day for almost all the commodities including what I call a big six plus one precious metal six plus one commodities the four precious metals copper natural gas and double West Texas Intermediate are all set in the West okay even though all of the consumption is mostly in the East so until that changes nothing changes let's
Speaker 1move over to gold and actually this question also involves silver as well but when it comes to central bank gold buying are you tracking that trend do you see that as a structural shift that could eventually overwhelm paper market suppression and because I love to ask a bunch of questions at once um do you think we could see a day when central banks start to stack physical silver now we've seen I believe the Saudi Arabian Central Bank by SLV shares but in terms of more silver allocation by central banks is that a possibility in your view
Speaker 2well I'll answer that last I'll deal with the last question first you know it's entirely possible like you just mentioned the Kingdom Saudi Arabia about shares in SLV so it's entirely possible that some central banks in the world are are accumulating physical silver and they're just not reporting it but it's if it is being done it's not being widely done because if they were accumulating in size it would have certainly showed up in the market by now just because the the supply-demand fundamentals would dictate that you know you can't go in there and take a hundred million ounces of silver off the market you know you can't go in there take a hundred million ounces of silver off the market without blowing the price up an LBMA like it happened last October so like I said you know silver is is not really a monetary metal anymore so if it is being accumulated it's being done quietly and and and not by very much now as far as gold goes everybody out there knows that the central banks of the world have been accumulating gold for what for the last ten years about a thousand or so tons per year and that should tell you everything you need to know about the current state of the paper financial system that we've been living in for the last 50 plus years they know perfectly well that sooner or later this whole Ponzi scheme is going to come crashing down and we're seeing it now in the in the bond market where all of a sudden basically the u.s. has told several countries we don't want you to sell your bonds to save your own currency and when Besson came along and saved the yen by selling euros I mean that rang a bell at the top of them a fiat currency system as far as I'm concerned so and everything's been downhill since so you know the banks you know the banks are stupid and they know perfectly well that this this little game they've had going for the last 50 plus years you know has a best before you state and we're long past that now and they're preparing for the day when they're going to have to at some point when things get really really bad they may end up having to back their currencies with gold and I'm sure they also have you know one eye on China because everybody knows that or suspects that they have far far more gold than they say have on their books so you know the race the race for physical gold has been on for a while now with the central banks and I don't see that stopping anytime soon if at all now China
Speaker 1widely thought of to be having much more gold than they report on the other side of things in the United States we had Rand Paul do a little walk through a Fort Knox declares all good boys the gold's all here what what what are your thoughts on that because obviously there hasn't been a serious audit done and detractors would say well China doesn't provide official audit so why should the u.s. well how do you
Speaker 2view that well this I was very dis as as everybody was you know Paul walks Paul walks through the vault and says gives a big thumbs up and says it's all there well that's just I mean it's that's almost beneath contempt you know I was you know everybody expects more out of Rand than that and to see that happen I was just I said I just threw up my answered you know that the guy's got no credibility with me anymore so you know the thing the fact the matter is and everybody knows I mean just I'm just repeating what it might said before and everybody else has said you know we haven't had a fish a lot of the US gold reserves in 1953 and I can guarantee you for a fact that if I had to bet money on it I would say that not all of the gold is there that's supposed to be there how much isn't not there that should be there is unknown and the other thing is that a large portion of that gold is coin melts you know from the 1930s so it's not even in good delivery form but the most important thing of all which Jim Rickards and everybody else has mentioned is the fact that is that gold encumbered in any way is to you know is at least out swapped or whatever is there paper written on it which means that you know it isn't doesn't belong to the US and they owe it to somebody else I would bet my entire net worth that there's that there's paper written on it and the gold is there doesn't officially belong to the US at all and it's I would I would suspect that if we really knew the numbers the we'd see a gold price that would be fantastic within no time at all because you know everybody knows that what the US is reporting for gold research is pure BS it's interesting
Speaker 1you mentioned James Rickards I just had him on the show and I brought up the question of gold revaluation in terms of just marking to market the gold on the on the Fed balance sheet right now at $42 and 22 cents or you know obviously people have been talking about potentially re-rating it even higher 10k 10 20k well all sorts of numbers are being thrown out there he said it's it's technically theoretically possible but he believes they don't want to do it because that would show the market that they believe gold is a very important monetary asset we've seen insane things happen like you know Jerome Powell saying well gold is a speculative asset well well central banks around the world are just stacking it do you do you concur with what Rickards is saying and in that on in theory it could be possible and it could also perhaps address at least in the near term some of the US debt issues but that they don't really want to make that move and kind of show their hand that gold is actually money in a sense no sure I
Speaker 2mean there's no question about it and anything I'm saying or anything that Jim is saying is pure speculation the banking system and the governments do not want to go back on a gold standard I don't care which bank it is they prefer not to do that okay but in extremists okay they may be forced to do something like that as far as China is concerned you know we just have to take their word that they have it but I haven't seen anything out there that indicates that they don't they've been accumulating gold surreptitiously now for what 25 20 20 to 25 years and lots of people including myself and Alistair Alistair McLeod you know believe they have north of 20,000 tons of the stuff so you know they've been accumulating gold for a very very very long time. And at some point, I think China is going to make a move to announce their true gold reserves. And then we're going to see an entirely different pricing regime for the precious metals. But no, the banks don't want to do anything with it. They don't want to bring it to anybody's attention. Could they reprice it? Absolutely. But the thing is that even if they repriced it to $15,000 to $20,000 an ounce, that would be only what somebody said, what's it, a trillion or $1.2 trillion? I mean, the U.S. deficit goes up by $1.2 trillion every six months. So, I mean, it's a drop in the bucket as far as paying off the debt or doing anything with that money. I mean, basically, the financial system is in ruins right now. And the United States, along with the rest of the Western countries, are broke. So, it's. You know, repricing the gold, as far as I'm concerned, is, you know, it's certainly possible, but it's not an option, like you said, and like Jim said, that they want to entertain if they don't have to.
Speaker 1Well, speaking of being in a desperate situation, there's a lot of recent events pointing to a major debt crisis potentially emerging. You mentioned treasury yields rising the 10-year now at 5%, 20 and 30-year over 5% at this point. The national debt in the United States has now surpassed $40 trillion. Which is pretty mind-numbing to even consider. Scott Besson denouncing a doubling, at least, perhaps more, of treasury buybacks to try to get yields under control. We're seeing the U.S. threaten to remove Iran's economic partners from the dollar system if they do business with Iran. We're seeing Trump, I mean, this is just madness, but he's offering people $5,000 if the GOP sweeps the midterms. That would be like a trillion dollars they'd, I guess, have to print up and send out to everybody. Are these all signs of a dying empire desperately trying to hold on to its power? What's your view
Speaker 2there? Well, it's not only a sign of desperation of a dying empire, it's the fact that the currency, okay, the debasement of their currency, all, you know, the Roman Empire ended the same way. They ended up, you know, debasing the dinar, you know, from, what, 100% silver down to, like, there was almost nothing in it. Okay, and we've seen the same thing happen here with the U.S. dollar just in the last 50 years. Ever since they took the, you know, they took us off the gold exchange standard in 71. So, you know, it's a sign of a dying empire and along with its currency. And unfortunately, when they go down, they're going to take the rest of the West with them. So it's, you know, everybody's been talking about it for the last 20 odd years, you know, the decline of the West and the rise of the East. And, you know, it's playing out in real time in front of us in a lot of different areas, including the war in Ukraine and the war. Iran and, you know, the accumulation of gold by the East versus the West. And the fact that basically the paper, the paper currencies of the West is using their entire treasury markets and bond markets, you know, are worth basically pennies on the dollar. So, you know, this is this is the end of this is the end of the West. It's just unfortunate that when they do go down, they're going to take a lot of people with them. And at the end of it all, the only thing left. And the standing will be will be commodity prices in general and precious metals in particular.
Speaker 1As these various nations start to get more desperate. I mean, we're seeing it in the EU. It's happening in America. It's happening in Canada. They're tending to get more authoritarian and trying to enact more control over citizens' day to day lives. You know, the rise of the surveillance state. Obviously, we've discussed this before. Both of us have on this show about people getting thrown in jail for social media posts in various countries. That's starting to now look like it's happening in Canada as well. Recent videos circulating online of an RCMP officer showing up at somebody's house about something they posted online that was considered anti-racist or something like that. No formal charges filed. But the fact that the police showed up shows the direction that things could potentially be headed in there. Of course, there's talk of digital currencies, CBDCs being introduced. What's your view right now on where that all stands as these Western governments get increasingly desperate? And try to enact more control and authority over their populations?
Speaker 2Well, I'll tell you what. You know, I was born in 1948, so I'll be 78 years old next month. And I remember back in the 1950s and the 1960s when this before the Vietnam War started. You know, where, you know, that was the best of times for the West. You know, in the pre-Second World War time period where there was limited government and maximum. Freedom of the people. Those are the good days. And as you correctly pointed out, and as others have as well, is it slowly but surely. And even more quickly now in the last five or ten years since the Internet came along, you know, we're seeing totalitarianism breaking out. In just about every country, Britain, it's bad. In Germany, it's bad. In Europe, it's terrible. And the United States is heading that way quickly, too. And, of course, here in Canada, you know, we're not immune to it either. So, you know, there's no question. There's no question about it. You know, freedoms are disappearing in the West. And it's, you know, the slippery slope, you know, at some point it could become even worse. And if things really go, when things really go south for the U.S. for its currency and its banking system and militarily, you know, it could really, really get bad. And George Orwell, you know, in his book 1984, you know, spelled it out pretty much how it was going to end up being. And. We're we're heading rapidly in that direction right now.
Speaker 1Do you have any thoughts on Canada becoming I think they're calling it an associate member of the European Union. This was rumors were swirling. And now officially, I believe, Ursula von der Leyen, that that lovely figure has has announced it or invited Canada to become associate member officially now. Obviously, we're seeing this trade spat between the U.S. and Canada. Canada also now leaning more towards China when it comes to trade negotiations. Do you think this could change the economic landscape? Is this a positive or a negative in your view? And what are your overall thoughts on it?
Speaker 2Well, I'll tell you what, when I heard that, I was just like, you know, I thought to myself, my God, just, you know, Mark Carney is a is a card carrying member of the New World Order, deep state crowd, you know, the globalist power elites. And his job is to deliver Canada any way that the power elite wanted to get to the U.S. or into the Euro, the European Union. And it doesn't surprise me whatsoever. And it's, you know, I was born and raised here. And to see this happen to my own country, you know, without anybody saying anything about it, it's just, you know, it's amazing. It's amazing and depressing to watch. And I hope it's associate membership is as far as it goes, because, you know, we're a sovereign country and we don't want to be beholden. To anybody else in the U.S. in general or the Europeans, you know, we have the United States on our border and we're a vassal state, just like the Europeans are and the Japanese and everybody else. So, you know, it's just another step along the way to, you know, giving up our sovereignty to some other country, whether it be the U.S. or whether it be Europe.
Speaker 1You mentioned the war earlier, and I wanted to pull on another thread that I also brought up with James Rickards in that. He believes that although the war seemingly to some extent looks like it's been providing headwinds to the gold and silver sector, kind of keeping the price suppressed and churning sideways since it broke out. He thinks that's going to reverse and we're going to see it become a tailwind as reality really sets in. And we realize there's no exit ramp here. There's no off ramp for the war in the Middle East. We've now got the Strait of Bab el-Mandeb under threat, you know, seized by the Houthis. In addition now to the Strait of Hormuz still being. Effectively closed. And that once, you know, this realization really sinks in, we will see gold and silver rise significantly higher. I'm wondering what your thoughts are there.
Speaker 2Well, I agree with about that, you know, 100 percent. But you have to understand something else, too, that nobody seems to mention is the fact that, you know, when we get some sort of military action, big military action in the Middle East or whatever, the gold price and silver price get hammered into the dirt. Now, that's not the normal way that they should react and the only reason. They're reacting that way is because they don't want people out there, investors, thinking that the bad news like this is good news for the gold price. So it's just another way that they're suppressing the price. They don't want, you know, a rising currency, a rising bond rates because the currencies are worth the bonds aren't worth anything to to show up in precious metal prices. So it's it's it's the central banks and the governments of the world of the West are at war against commodity prices in general, gold and silver. In particular, so if bad news comes along, they hit the price because they don't want anybody to react to it. And but Jim is absolutely right. I mean, they can keep this charade up for what they've been doing it for 50 plus years. They're getting more desperate with each passing day, each passing week and each passing month. And their their efforts to suppress them are obvious to anybody who wants to look at the price. All you have to look at the price of the shares, the stocks and the news out there and realize, you know, gold and silver should be what? Pick a number. OK, silver should be a three digit silver price right now, but it's not, you know, and like you like I just said. And Jim is absolutely right. Sooner or later, they can keep beating them down. But at some point, okay, people are going to say, okay, I've had enough of this. And they're going to rush into gold and silver. And the powers are going to get completely overrun. That day hasn't happened yet. But someday it's going to. And they can beat the price all they want today. But at some point, it's going to run away from them. And that day can't come soon enough for you, me, and everybody else listening to this podcast.
Speaker 1And that's an interesting point you made, that people will eventually rush into gold and silver. Because we are seeing the cost of living crisis continue to spiral out of control. I mean, the cost of groceries these days is just getting obscene on its own, never mind rent and other necessities. When do you think that, obviously, we can't. I'm predicting timing is a mugs game. But there's got to be a point of maximum pain where people start to look around and question what is really going on here. Because the answer so far has been we've seen figures like Zoran Mamdami come into power. There's more socialism and socialist ideas kind of bordering on communism in some cases that are spreading in the West. Because people look at what's happening and they don't understand that government is the cause of this problem. They think it's greedy corporations or something like that. And so they basically say. Hey, somebody do something about this. And so as soon as a guy in a suit and a nice haircut shows up and tells him, hey, don't worry, we're going to make a government grocery store. We're going to start distributing Trump promising everybody five grand. We'll just give you money. It's a dividend. I mean, this is getting to an insane point. So what do you think it's going to take for people to realize the issue and also realize that gold and silver can help preserve their purchasing power as it's getting destroyed?
Speaker 2Nobody. Like you said, it's a mug. It's a game. Try to predict that. But all we know for sure is that it's going to happen. And it's already heading that direction. Well, just take a look. I mean, 25 years ago, I mean, I thought I would never pay five hundred dollars an ounce for gold. Are you kidding me? When I could buy silver for five. Here we are 25 years later and silver 63 and gold. Canadian dollars is six thousand an ounce. I know it's forty three hundred in the US. So, you know, it's already happening. And it's been happening more and more over the last, what, two or three years. People are you know, people can see it. OK. And the thin edge of the wedge is very, very much thicker now than it was even three or four years ago. So it won't take much. I remember if you remember Weimar Germany, people when people start realizing that inflation is a policy and it's never going to never going to stop and the money printing is never going to stop, then it won't take much. OK. For people to say, you know, that's it. OK, we're already well on the way to that point already. But where it becomes a brush where people all of a sudden decide that's it. And away they go. I'm not sure. But rest assured that that time is coming. And I would suspect that we'll I was reading a piece by Alistair McLeod that he sent out this morning of putting a timeline on. The end of the fiat currency system, he said, within the next 18 months. And I would say that that's probably very close to the truth. And I would say that, you know, certainly within 18 months, we're going to see commodity prices and precious metal prices far higher, because, as you said, people are going to finally say, I've had it. OK, all these people are in the gold and silver space, have been in it for years and adding to their silver stock. I'm going to go there, too. And it only take one or two years. And it only take one or two or three percent of the population to decide to do that, to send the prices of precious metals to the moon. And of course, once they start to really take off, then the stampede into the precious metals by the rest of the world's populace will be on in earnest. And then you can pick a number as far as what the price is going to be, but they're going to be magnitudes higher than they are today.
Speaker 1Let's end on the gold and silver mining space. Obviously, a lot of these equities still look quite undervalued considering the price of gold and silver. At the moment, even though we're no longer at those all time highs from earlier in the year, nonetheless, at, you know, forty three, forty four hundred dollar gold and sixty three dollars silver. These companies are essentially printing cash, a lot of them reporting record earnings, et cetera. How are you currently viewing the gold and silver miners? You mentioned you're seeing manipulation there as well. But are they looking undervalued here in your view?
Speaker 2Oh, they're horribly undervalued. And like I said, let's starting on September 15th of last year. The financial powers be the bullion banks, OK, are now actively managing the share prices that, you know, the silver stocks and the gold shares. And this morning was a typical example. I mean, they opened up higher, almost two percent higher in gold, and they got hammered right away into negative territory within an hour or so. That's happened four or five times this month already, where, you know, they've opened up huge and all of a sudden they get crushed. I mean, it's it's it's it's it's hard to watch, but it's very, very. Obvious, you know, prices should be two or three times what they are today. I saw a story out on on on the sharp stick this morning. It's just this is now's the time to buy gold miners, says JP Morgan as his launches sector dashboard. So everybody knows they're under undervalued. But, you know, the fact of the matter is they're undervalued because they're having the hell beaten out of them like the like the precious metals themselves. So they are great values, absolutely terrific values, and they should be two or three times what they are today. But they're being actively managed. But like we've been talking about over the last 45 minutes or so, you know, they can only keep this up for so long before, you know, currency debasement and inflation gets to the point where people say, you know, this is, you know, I'm losing money. Purchasing power is going down. And the real rush. The real rush into hard assets will begin. And, of course, that will help affect the stock prices, too. But at the moment, you know, the powers that be in the financial world are at war against gold and silver. And it's showing up in the stock prices, which makes them the bargain that they are today.
Speaker 1Tell us about Ed Steer's gold and silver digest.
Speaker 2Well, let's see. I've been writing this now for what, since 2007. You can Google my name, Ed Steer, S-T-E-E-R, gold and silver. And my website will pop up. And there's a tab on there for a free sample column. And you can, it's a fairly detailed column. And, you know, it's also my longest column of the month when you're reading. So it's about three times longer than my daily column. But it goes into every aspect of the precious metals market from soup to nuts. And that's the kind of detailed information about the precious metals that you're interested in. It costs U.S. $100 per year to sign up and get about 260 columns. So it's a pretty good value for the money, at least in my opinion.
Speaker 1Yeah, the value is insane. I get your letter and extraordinarily detailed. You go into so many nuances that other commentators don't talk about. So I really do recommend it. I'll put a link in the description below for people who want to check it out. Ed, once again, thank you so much for coming on and sharing your insights.
Speaker 2Entirely my pleasure.
Speaker 1Thank you for joining us today on Commodity Culture. Earn up to a 4% annual yield on your physical gold. Paid individually. In gold ounces through monetary metals. Go to monetary-metals.com slash commodity to find out how to put your gold to work for you. Link is in the show notes below.
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