Transcription
I wouldn't be surprised when silver goes back up to $100, uh, in the next few months. This is getting quite dangerous, these levels. And I, I'm afraid that one of the next crises might be a full-blown sovereign debt crisis. We could, uh, well, get a gold price of 12 to 14,000. And this is not just some, um, crazy gold bug writing a report.
Special coverage from the floor of the Royal Symposium is brought to you by Palacy of Gold. I'm pleased to welcome back to the show, William Middle Coupoop, founder of the Commodity Discovery Fund and the author of The Big Reset. We'll be going over the themes of his book and how they're applicable to today's situation and how the big reset is unfolding before our eyes. What is next for the global monetary order, what is next for precious metals, and what is next for investors? Welcome back to the show, Bill. Good to see you again. Yeah, great to be here again. Thanks.
Much has changed in the world since last time you were on the show, which is late last year. Starting with some recent news, the, uh, United States and Iran, um, are escalating the tensions in the Middle East. Trump says the US will destroy a bridge or power plant for each Iranian attack in the Strait of Hormuz. So now he's directly escalating to civilian infrastructure retaliation for every time that a cargo ship is attacked in the Strait of Hormuz. Recall that after the ceasefire ended last month, uh, cargo ship volume has dropped dramatically back to, uh, the previous levels. And so, right now, effectively, the Strait of Hormuz is closed. And now, it seems like the United States under the Trump administration wants Iran to force it to open through threat of direct retaliation on civilian infrastructure. What's your assessment of the current situation and how markets may respond to further escalatory attacks?
Well, I think it's very difficult to understand what is the strategy of the US in, in, in this new conflict, in this new war. Remember, first, there were negotiations between the US and Iran in Oman, and then during the negotiations, uh, the US started to attack Iran together, and all requests of Israel. So that, that was that was strange. And then Trump, well, let's say he gambled and lost because he thought that this would be an easy walk in the park, just like the [snorts] Venezuela actions. And then he was stuck, uh, in, in, in the Gulf, and then he needed to find a way out, and he signed this memorandum of understanding, and actually, uh, by signing this MOU, he, he confirmed that the US lost. If, if you read that document, um, well, he more or less agrees to anything Iran demanded. And then he turned out to be a bad loser because he, he tore up the, started to attack again, and now he's, he's stuck again. So, what's, what's his strategy? What's his way out? But I think, uh, when we look back at this situation a few years from now, we will conclude that the US lost quite, um, um, significant, uh, because they have all these bases in the Middle East. They used to have the petrodollar system, which was very beneficial for the US. And now, uh, so much harm has been done to the infrastructure in the Gulf and also to the petrodollar system. So, um, um, but, but still, the question for me is, what's the strategy? He, he, he tries to, to, um, to stay strong and to, and to stay in control, especially regarding the petrodollar, but he's losing it. And, and, uh, I'm wondering what his grand strategy is.
Yeah. You and everybody else wondering what the grand strategy is. What would be the resolution here? If we were to think of a scenario in which a peace deal is finally reached between Israel, Iran, and the US, what would need to happen first?
Well, you first need a ceasefire. Um, and that's what was agreed in the MOU. But, but let's look back at the bigger picture. I wrote The Big Reset in 2013. The subtitle was "The War on Gold and the Financial Endgame." I've been writing on the petrodollar, uh, system for at least 10, 15 years, and it was my thesis that we're in this last phase of the current dollar system, the dollar-centered system, and that the US would lose, uh, some of its power, that the US as an empire was in decline, and we would see the rise of the BRICS alliance led by China. And who, who's, um, the beneficiary of this crisis? And that's the guy who keeps quiet, and that's China. So, China, um, I think is, is keeping quiet and, and, and, um, there's this old saying, "Don't disturb your enemies while they're making mistakes." And I think the US is making a lot of mistakes. And like I said, the infrastructure in the Gulf is, is getting damaged every day. And, um, the, the basis of the petrodollar system was the security guarantee that the US gave to the Gulf, uh, to the nations around the Gulf. And now, all these nations around the Gulf, they learned that a US base is not a, a security guarantee, but it's a liability. You will be a target. So, I think many of these countries in the Gulf will ask the US to, to leave. And, and, and the countries like Qatar and, and the United Arab Emirates, United [snorts] Arab Emirates, they, they will understand they have to deal, uh, and negotiate with Iran because they're neighbors. So, the US will lose a lot of influence in that part of the world. And, and that all, um, aligns with this big reset or greater reset picture that the US is in decline.
What happens to dollar demand once, I guess, countries reroute their oil, uh, supply, uh, away from, I guess, dollar-denominated, um, reserves? If that is that even, if that is even a possibility at this point?
Well, if you look at, if you look at the heart of the, this petrodollar system, of course, that, that was, uh, that was, um, set up in the early 1970s after the US took, um, the dollar off the gold standard in 1971. [snorts] So, they needed to find a new source, um, of demand for US dollars. So, uh, they convinced Saudi Arabia and the OPEC that the oil would always be sold in dollars. Well, what we've seen in the last few years is that the Saudis started to sell oil in yuan, um, started trading with China and other countries by selling their oil in other currencies than the US dollar. So, the US dollar, um, the demand for the US dollar was in decline already. And if you look at the bigger picture, look what central banks are doing. Central banks are investing quite large sums of money in physical gold. And this, um, really started to, [snorts] get, uh, well, another uptick after '21. We're in the fifth year now, fifth year in a row that central bank demand for physical gold is around 1,000 tons a year. That's one-third of world gold production every year is being bought by central banks. And why are central banks buying huge amounts of physical gold? I think they are preparing for the decline of a US, uh, well, dollar-centered financial system. So, all, all these signs point to big changes, uh, coming into the international financial system. And as I said, the, the, the dollar, at US empire is in decline.
One thing I've learned from talking to countless investors over the years is that people spend a lot of time searching for certainty. The perfect signal, the perfect entry point, the perfect moment to act. But markets rarely work that way. In fact, many of the smartest investors I've interviewed weren't successful because they waited for certainty or the perfect entry point. They were successful because they acted when they had conviction. And that's especially true when it comes to something like gold. Many people have followed the gold story for years. They understand the macroeconomic backdrop. They see why central banks continue to accumulate gold and they understand the concerns surrounding government debt, deficits, and currency debasement. But understanding an investment thesis and actually positioning for it are two very different things. Today, more investors are deciding to take a closer look. Some are purchasing gold directly. Others are moving a portion of an IRA or a 401k into a gold IRA. That's why today I partner with Augusta Precious Metals. What I appreciate about Augusta is their commitment to education. They explain how their process works, answer your questions, and help you evaluate whether or not precious metals make sense for your particular set of goals and situations. No pressure, no hard sell, just information so you can make an informed decision. So, if you'd like to learn more, visit lintrustgold.com, link down below in the description, or scan the QR code here, or text LIN to 3502 to receive Augusta's free information guide.
Right now, we're seeing a situation where interest rates are going up, both in terms of the long end of the curve, 10-year and 30-year Treasury yields, and potentially later on in the year, Federal Reserve funds rates would go up as well. Wouldn't higher interest rates put additional upside on the US dollar?
Well, I think that it points to stress into the financial system. It, it, it brings more stress into the financial system. If you have, um, higher interest rates, if you look at the bigger picture of the interest rates, they've been coming down for over 40 years. Between 1980 and let's say 2020, we had this huge breakout of the interest, uh, rates, uh, after the COVID, uh, crash. And now we're in an uptrend. And if you look at the graph of interest rates, uh, we're in a, well, sideways pattern now, but I can see a next leg up developing. And when that happens, um, the risks for sovereign debt crisis are starting to increase sharply. And look at the mountain of debt in, in, in, in sovereign bonds, whether it's China, whether it's Japan, whether it's, uh, the US, or even countries like Spain or the UK. Um, this is getting quite dangerous, these levels. And, and I, I'm afraid that one of the next crises might be a full-blown sovereign debt crisis, where countries really are having problems to finance, uh, their, uh, budgets and, and to sell their bonds.
Over the last couple of years, not just in the last couple of months, but over the last couple of years, we've seen commodities weaponized, which is to say, China, for example, has imported or restricted the exports of critical minerals. And, um, not just is a straightforward an important choke point for oil, but one could argue that, uh, we have choke points for critical minerals in place as well. How important do you think?
Yes, go ahead. Yeah, of course. This was a reaction on the weaponization of the dollar. The US has started to weaponize the US dollar, especially in the last, let's say, decade or 15 years. And there's even a wonderful book written by a former, uh, US Treasury official. It's called "Treasury's War," and that book explains, uh, perfectly clear how the US has started all these financial economic wars by weaponizing the US dollar. And, and especially after the start of the Ukraine war, um, well, many countries learned that it, it's a risk, it's a liability to hold US Treasuries. And we've seen Russia getting rid of all the Treasuries. We've seen China selling the Treasuries down. So, uh, the US needs to roll over quite a lot of the US Treasuries every year. I think it's $8 trillion over the last 12 months. So, the US national debt is reaching $40 trillion now. [snorts] So, it, it's a dangerous game we're playing. And, and, and, um, one thing is clear for me: this, we're on this unsustainable path. And, and when interest rates are starting to move up sharply, like we've seen in the last few quarters and the last few years, um, then there's a big risk out there for a new financial crisis, and which, uh, isn't discussed, uh, in the media. So, we, we keep ignoring this, this, this huge problem.
Okay, what is the future of the US dollar in a big reset regime? In other words, when you're seeing all these changes happening in real time and we have to extrapolate into the future, William, how do you expect, um, Treasuries and the US dollar to change in their role fundamentally for other countries who are planning to fill up their reserves with foreign currencies?
Yeah. Yeah. Nobody knows. And this is very hard to predict. And if we look at the past, of course, we know that on average, every 90 years, we see a new major world reserve currency entering, uh, the system. Uh, the US dollar was the successor for the British pound. Um, this US empire, which really started after the Second World War, that's now 80, 81, 82 years ago, um, that that followed the, the, the British Empire. And the British Empire, um, was around for quite some time. But we've had the Dutch Golden Age, and we've had, we've seen, um, an era where the French were in control over the financial system in, in the Western financial system. So, um, it's quite normal after 80, 85 years after the start of the Second World War to see a new competitor, um, rising, and that's China. China is leading, leading the BRICS alliance, and China is working very hard to have bilateral trade with many countries in other currencies than the US dollar.
[snorts]
So, the US dollar system is in decline. This doesn't mean that the dollar will collapse and go to zero. The pound sterling is still there, although the British Empire is no, not around any longer. So, but it's very hard to envision when the crisis will, uh, arrive and, and, and how it will unfold. But many of these major crises come in three waves. And you could say we had a first US crisis, a first wave, [snorts] after 2000, after the collapse of the tech bubble in the early 2000s. Then we had a second wave, a huge financial crisis, the Great Financial Crisis, uh, in 2008 after Lehman collapsed. And, and I wouldn't be surprised to see a third wave in which could be an even larger crisis, and, and this could well be connected to the sovereign debt crisis or the collapse of the US dollar system. But, but it's very hard to, um, to, to predict how, how this will all play out.
William, is there another commodity that you think could challenge the oil status, or the status of oil as probably the world's most critical resource?
Yeah, if you look at, at the size of markets, then of course, the dollar market, FX market is a huge market. Gold is, is a large, [clears throat] market. Oil is a very large market. But there's another commodity which is getting quite a bit of, uh, which, uh, getting quite a bit of, uh, eyes to the story, and that's the copper market. Copper is needed in the AI, uh, revolution. Copper is needed in the, um, uh, what I call the Tesla revolution. All the, uh, batteries needed for the EVs. And if you look at the copper price and the charts, uh, it points to a very strong uptrend. And copper actually has been holding up quite well in the last few months. In the last six months, we've seen this huge correction in precious metals, but also in uranium, also in crypto. Uh, and copper held up very well. So, that the next big bull market could well be developing in copper and copper stocks.
Uh, what would be the choke point, so to speak, for copper?
Well, that's the physical demand. And, uh, all these markets, we've seen that with silver as well. You can trade in all the paper contracts and the futures you want. But if, if the industry demands physical copper or, or silver, or, or whatever, uranium, and, and it's not available at, at the low, the current low prices, the prices need to go up quite a bit to, uh, lead to demand destruction. And it's very hard, um, to, uh, start producing more copper worldwide because this is all being mined. As you might know, many of the older mines, the larger mines are being depleted, and not enough copper has been discovered. I'm just back from a fact-finding mission in the Canadian Yukon, and, and, well, we're finding copper. We're finding copper. We're finding gold, but is it, it's not enough. If you look at, at what's needed to replenish the old, former, large mines, then we are just discovering maybe 10% or 20% what's needed in the future.
Is copper the new safe haven replacing gold? That was a remark from Robert Freeland, noting that copper has risen during times, during this Iran war, where gold has fallen, for example.
Well, of course, he's talking his book. Robert Freeland, with Ivano Mines, is, is, um, he, he, well, he has an amazing track record of discovering the largest copper [snorts] reserves in Asia. He, he, he, he found some amazing copper projects in, in, in Africa, in the Congo, and, and, uh, well, he, of course, he is a real expert on, on the copper markets. And, uh, but, well, [snorts] um, I can understand why he always points to copper. But, uh, you, you have to give him credit because if you look at the supply and demand studies for copper, uh, we've had a few, uh, disasters with current mines, landslides, some political decisions where copper mines have been closed down, like a Panama Cobra in Panama. [snorts] And, and we're reaching the point now that we see a production deficit worldwide, which means that the physical demand for copper is getting larger than all copper being produced. And as said, it's very hard to increase the copper production. And if you look at the latest numbers by copper producers like BHP and Rio Tinto and Codelco, they all, uh, have announced, uh, decline in their copper production in the last few quarters.
Your Commodity Discovery Fund has focused on hunting, uh, undeveloped ounces and, uh, undervalued producers and, uh, explorers. So, right now, in the space, you've got the GDX declining, having declined about 35% from its peak. Uh, the GDXJ as well. Uh, those are for gold miners. Um, copper miners and base metals explorers, because of the price of copper, uh, haven't shrunk as much. Would you say that there's a better opportunity from a valuation perspective in the gold mining and silver mining spaces rather than, let's say, copper mining?
Well, I always like to, um, uh, look at the larger trends. And I think we've been in bear markets for so long in the, in the commodity space. The top of the last cycle was actually around 2008, 2010, when we started the fund. Then we had a bear market of 10, almost 15 years, a long bottoming pattern. And what we've seen in the last few years is, is I think the start of a new bull market in gold and silver, and, uh, more, uh, broadly in commodities in general. And [snorts and clears throat] I think you will do well long-term when you position yourself in, in gold and silver stocks, but also copper and uranium. Like I said, the fundamental supply and demand situation is, is, is very positive for all these metals, also for uranium. But if we focus on the precious metal stocks, which had this huge correction in the last, uh, six months, uh, I think, um, we can call the bottom in the last few days. We've seen a, a, a big recovery. Um, uh, our fund is, is trading positive year-to-date. We're trading up 4%, 5% up, uh, in July. And if you look at, at the technical pattern, um, I, I just looked at a very long graph. You might know the gold and silver index, the XAU, and that one started around 1980. If you look at the larger pattern, the XAU broke out over [snorts] a 40-year, let's say, sideways pattern in October '25 and has now fallen back to test that major breakout area. And, and, um, when you turn on, on a, on a technical support level like this, you could get another very strong move upwards. And [gasps] uh, we, we think that the, the strong rise that we have seen in the last two years was only the first part of this major new bull market in precious metals. And we could well witness the start of the next leg up now. And the next leg up could well be stronger and longer than the, the, the move up that we've seen in the last two years.
Given that gold has already run up to $5,500 and fallen, and this was the major, I guess, development in the precious metal since we spoke last year, late last year, with them. Would you say that gold's price movement right now mirrors a bear market such that we saw in 2012 and 1980, post-1980?
No. No, I think it's different. And, and, and what surprised me is that I, I read a research report written by Deutsche Bank, I think a few weeks back. And Deutsche Bank was actually, um, saying, and, and I, I was almost shocked to learn and to read this report because it was like I was reading, uh, my own book, The Big Reset, because the larger bank said that gold is returning, is coming back within the financial system. They showed a graph that the total gold holdings by central banks is now larger than that Treasury holdings. They also pointed to the fact that gold is moving back into the, um, strategic, uh, reserves from central banks and is now around 30% of those reserves, and they point to the fact that historically it used to be over 40%. So, the, they predict and conclude in their report that this bull market for gold is just starting. And when they, um, when they try to, um, predict where the gold price was heading, they said that based on these historical patterns and the huge demand by central banks out there, you could, uh, well, get a gold price of 12 to 14,000. And this is not just some, um, crazy gold bug writing a report. It's Deutsche Bank. So, that, that's, that's telling.
Okay. Why, uh, why are we looking at gold and silver right now as a safe haven play or an inflation hedge play right now still in 2026? Is the question I'm getting from a lot of people, given that gold has not hedged against inflation when the CPI printing went up earlier this year, and given that gold has not hedged against the Iran war, but actually has moved up and down alongside stocks. Do you think that the reason for holding gold has fundamentally shifted from a hedge against things to a risk-on play like Bitcoin, for example?
Well, no. People always make the mistake by judging short-term price, uh, moves, and then, um, uh, [snorts] change their opinion, uh, about a matter like, like the, like gold. But if you look at the larger picture, if Deutsche Bank is right, if, if I'm right with my big reset thesis, we see a US empire in decline, which means that demand for US Treasuries will go down and will continue to go down. And we can, um, uh, we, we can see that this trend is unfolding, as I've explained, that central banks are [snorts] selling US Treasuries, [clears throat] um, and, and are adding to their gold reserves. So, the bigger picture is still, um, is still there. [snorts]
And, and, and, and when you're in a, when you see the start of a big trend, you can expect the trend to continue. And, uh, I just looked at the numbers of central banks. Central banks, they own, uh, around $11 trillion in bonds. They own around $5, $4 to $5 trillion in, in, in Treasuries. They own around $5 trillion, uh, in, in, in physical gold. They added some $600 billion in physical gold holdings over the last four or five years. So, if they continue to sell some of their Treasuries, let's say 20% of their Treasuries, that's another $1 trillion which could be turned towards gold. And that, [clears throat] that's, that's almost double the amount of money they
[snorts]
um, they, they used to buy more physical gold in the last five years. And that's exactly what Deutsche Bank concluded in their report. [snorts] It's about central bank, uh, demand. It's not about retail demand.
Do you think central banks were accumulating gold in the last couple of years simply because the price of gold was still relatively cheap compared to today and on its way up, or do you think they were preparing for something fundamental?
Well, central bank, um, demand is totally different from retail demand. Central banks don't buy gold because they speculate it will go up. Central banks buy gold because they understand that we are in this declining, um, um, uh, US dollar empire. And I, I've, I've always been quite critical of central bankers, but I, I, I've learned to, to know them a bit better over the last 10, 15 years. And,
[snorts]
um, I, I came to the conclusion, central bankers, uh, sometimes they do stupid things, but they aren't stupid. Central banks have studied monetary history quite well. They understand the rise and fall of, of monetary systems. And, and when, when they see a decline of, of the current dollar system, they understand they need to hedge themselves by buying gold. And that, [clears throat] message, uh, it, it's something they don't advise you and me to do. But like, [clears throat] I, I, I like to say with central bankers, don't listen to what they say, but look, just look at what they do. And, and if they're all buying physical gold, well, they're doing that for a reason, and that's to hedge themselves, [snorts] on, on the major risk of the current dollar system.
Do you think, uh, gold and silver have found a floor at current levels?
Yeah. Yeah. I think we're, we, we've seen the bottom in this correction. We might get a retest of that bottom. Um, and, um, I wouldn't be surprised to, uh, see gold going, um, uh, under $4,000 one more time. But if you look at the gold stocks, I think they are turning up again, and they will, uh, continue to recover. And, and, uh, we see this as, uh, the start of the next leg up.
I'm going to show you a chart of gold. I haven't had a chance to ask you this question, um, since this happened, but how would you explain, uh, who or what entities caused this huge one-day sell-off in all precious metals, not just gold, uh, but also silver, platinum, palladium, uh, right after it went up to almost $5,500 an ounce at the beginning of February? Like, what happened there?
Well, you, you could say from a technical perspective, we, we hit, we reached a blow-off top, uh, let's say, uh, in January, uh, February. There are always quite a number of speculators in the market. So, there are different buyers than the central bank buyers. These are the hedge funds who own the futures. These are the, well, [snorts] the major traders. And most of the hedge funds and, and the, [clears throat] larger, more sophisticated traders, they follow technical analysis. And if you see a blow-off top, you know there's a huge risk on a major correction. Even the strongest markets have very severe corrections. So,
Yeah.
Was it institutions dumping, uh, banks, central banks at the time, uh, financial institutions? I mean, it was, it seemed very coordinated, that one-day drop.
Well, when often these corrections start, that some of the larger, um, hedge funds or more speculative traders think this is a great moment to take profit.
Yeah. And then what happens if, if the market, uh, shows, uh, signs of a top, because the first profit-taking is taking, [snorts] place, then the markets get very vulnerable for attacks by players, let's say the usual suspects who want to bring gold and silver down by selling futures on, on the Comex. And I think it's a combination of both. But central banks haven't been selling. I studied the latest, uh, numbers from the research of the World Gold Council. There's only one central bank who sold a lot of gold, and that's the Turkish, uh, central bank, and that's because they had to defend their currency because the Turkish Lira has been going down 99% against gold in the last five years. And they, all, also have been selling US Treasuries. So, that, that's, that's, uh, a very specific, um, um, fact. And, and, and that doesn't, um, in general, the central banks haven't been selling gold. Actually, they have been buying a lot of gold. Even this year.
The fact that foreign central banks now hold more gold than US Treasuries on their reserves as a whole, does that signal to you that either they are simply diversifying or B, they are preparing to use gold in a new monetary regime?
Well, when I was writing The Big Reset, um, I, I remember, um, writing a chapter in which I predicted that gold would become more important into the financial system, and the dollar would be, um, starting to get in decline. And I think that's just what happened over the last five to 10 years. And central banks, as said, are hedging their, well, let's say, dollar risks by, uh, increasing their gold holdings because they know from history, if you get a monetary reset, if you see these huge changes coming into the monetary system, like we have seen in the past every 80 to 90 years, you know, gold is, is the stable asset without any third-party risk, which you'll need in times of financial crisis. And nobody knows what shocks will start to appear. And as said, I expect another major, [clears throat] crisis to develop somewhere in the next few years out there. And, and that could well be a sovereign debt crisis. And if you get a sovereign debt crisis, then gold will show its, uh, true phase as the safe haven asset.
Sovereign debt crisis. I mean, almost every region in the world has experienced some sort of debt, sovereign debt crisis, from Asia to Europe, except ironically, America, in the last 100 years. There hasn't been anywhere near something as bad as, let's say, um, a, a, a debt crisis like in 2011 in Europe, for example, or Asian sovereign debt crisis. What, what, what, why has America been relatively insulated, and will that change?
Well, Germany had a, a sovereign debt crisis three times in the last 100 years. The, the same for Russia. Actually, there's only one country which never had a sovereign debt crisis, and, and that was Switzerland. And, and the Netherlands is second best. We, we, we, like Switzerland, never had a real sovereign debt crisis. Uh, but if you look at the US, as said, in the last, let's say, 80, 90 years, the US was in control over the financial system and could, um, uh, could use the printing press by, by printing dollars, which the rest of the world needed. Let's go back 81, 82 years ago, this end of the Second World War. Asia was in ruins. Uh, uh, Europe was, was, was in ruins, and the US needed to help the rest of the world with the Marshall Plan and by giving them loans and, and printing more dollars. And then when, [snorts] um, the world economy grew, and you had the, uh, petrodollar system, demand for dollars was so strong. And I think that's the reason why the US never had a sovereign debt crisis. But that doesn't mean that it won't happen in the next, uh, 40, 50, 60, 70 years. Uh, and, and more in particular, if you reach the end of, of, of this dollar-based system, the pressure, uh, is getting, um, so, um, large that you can expect a major crisis in, in the core of that system one day.
Okay. Thank you, William. Uh, I want to ask you finally for your evaluation of mining stocks right now, given that at $4,000 gold, the big producers are still, as I've been informed, uh, still producing very strong free cash flow despite their valuations having fallen from a few months ago. But at the same time, sentiment for the gold sector overall has weakened, given the correction in the gold price. Do you then favor the seniors over the juniors in this current environment, or the other way around?
Uh, after a strong correction, uh, you always see the first recovery among the stronger names, the more senior names, and also the royalty companies. So, they might outperform in the first phase of the recovery. And if you look at the major producers like Newmont or Barrick, their price-earnings ratio is around 10, 11, which is real cheap. And if you look at the free cash flow, the gold miners have a larger free cash flow now, uh, than the tech companies. So, and the valuation of the tech companies are, are 10, 20, 30 times higher, and sometimes even more. So, I think there's a lot of value to be found after this correction of the last six months. And I wouldn't be surprised to see, um, precious metals producers double over the next, let's say, 12 to 18 months.
Okay. Would you be favoring one specific type of metal for, uh, for the miners over another right now?
Well, that's copper, because as, as said, that, that's looking very, very strong. Uh, but I think silver, uh, will do well again. Silver is always more volatile. So, silver price came down by over 50%, which is a great technical correction. And gold, and silver retracing, especially silver retracing back to the, also the breakout levels around $55. That was a wonderful buying opportunity. And actually, I bought some more myself. Uh, and I wouldn't be surprised when silver goes back up to $100, uh, in the next few months. And I, I, I could envision silver going back to hundreds of dollars, pounds, in the next few years. And I'm on the record. I, I gave a presentation in January and March this year at the VIC in Vancouver, where you're now. And, and March at the PDAC in Toronto, that this bull market in silver will not be over before we see $500 silver. So, that's another 10x, and, and you can imagine what silver stocks will do in, in a rally like that. And why could silver reach $500? Because there's this historical pattern that the gold-silver ratio is, let's say, 1 to 10 or 10 to 1. And, and, and when gold is trading $5,000, which is still cheap in my book, silver should be trading around $500. But as said, when Deutsche Bank says that gold could be trading well north of $10,000, if you use the, the one in 10 ratio or 10 to 1 ratio, silver could be trading $1,000. So, I think it's very early in this generational bull market, and people will be surprised, um, by, by, um, well, the returns to be made in the next few years.
Okay, appreciate it. Thank you. Uh, thank you very much for your time. Where can we follow you, learn more from you?
Well, I'm very active on X. Uh, you can find my name there, and I'm, um, quite active on Substack as well, where I give more broader analysis.
Okay, we'll put the links down below. So please do follow William there. Links down below, X and his website. Thank you very much, Will. And for now, we'll speak.
And you can still download The Big Reset for free at our website. You have to buy that at Amazon. You can download it for free. So,
Yeah, I've got a copy.
Great read. Thanks, William. Please do follow that, uh, link and, uh, check out The Great Reset. The Big Reset.
Big Reset. Yeah.
Thank you for watching. Please do subscribe and like.