Transcription
All right, let's start with our spot charts here. I mean, gold back around $4,000, sitting around there just waiting to go back up. Silver has lost more than half of its value since its January peak. And investors, uh, are asking the one question that still matters the most. Is this a bottom, or are we still going to experience worse times ahead?
Now, my next guest saw this decline coming. He warned about it months ago, right here on this program, when the consensus said that the worst was over. He was right. And now he goes a little bit further here. He tells us where he believes gold and silver finally stopped falling, and the one price that brings him back in as a buyer. Now, market veteran who sold near the top, now waiting to buy near the low. Clem Chambers is next. By the way, Jeremy, I called it before it took off in the first place. So, I, I, I said buy at the bottom. I said sell at the top, and I'm calling the next bottom.
All right, Clem. Yeah, good point. Good point. Uh, to your point, I mean, you last time you joined us, gold was around $4,700. You warned that silver's aftershock would end with another heavy decline. So, I mean, what separated this from an ordinary pullback and told you the sellers were finished?
Well, because it wasn't an ordinary rally, it was a bubble rally, and they always pull back a long way. Everybody believes the bubble until it bursts, and they keep believing it all the way, way back down. And that's the tragedy of bubbles. You know, the same people made a fortune on the way up and put it all, all back, and maybe some more. So, this is one of those bubbles, and I'm afraid that will be a very, um, uncomfortable idea to a lot of your viewers. But the good news is, we're getting near to the bottom now. And I see 40 to 50 as being the bottom. So, the, the roof of the basement is 50 bucks. The, the, the, the floor of the basement is 40 bucks, okay?
Or thereabouts. So, I'm expecting it to go to 50, probably go down a bit more, and then wobble about and establish a bottom. And for gold, that's probably $3,500. It could be a little bit lower. So, gold $3,500 as a place where it starts to get interesting, because, you know, the speculators want to plunge at the bottom and then, you know, do whatever they want to do when they sell. Whereas investors, they want to know really when to start dollar-cost averaging again.
And that's, that's under $50 in silver. And you can, you know, buy some at 50, buy some at 45, buy some at 40, buy some at 39, buy some at 45, buy some at 50. You know, you're, you're moving into a position. And that moment where that starts is not that far away. It's sometime this year. And I think that that I will start itching under $50 and I will start thinking about picking up some bars at that point. But I'm not thinking about plunging and then expecting it to explode. I'm expecting to go sideways for quite a long time. And I, I really don't know when it's going to rally again, although it could be a couple of years. Yeah. Because if you look at these bubbles, there's normally a spike, like an echo of a boom, a couple of years down the line. So, I believe that will probably come. And, and what happens really long term, obviously, it's going to go up a long way because we're about to go into a seriously inflationary period. And that gold, you know, I, I, I think you're brave if you're buying it now, but you're not brave if you're buying it at, um, $3,500, and you'll be, you know, you'll be good if you're buying it at $3,000. And I think you'll be lucky to get it that low. I, I should think three and a half thousand, $3,300, and you'll gain, you'll see a long-term sideways move. It might have some dips in it. It might have some rallies. And, you know, if you're DCAing, you, you buy two, um, chunks when it dips. So, you know, I think we're back into stacking mode, um, very soon. And of course, most people want to know where the bottom is, and that's where I believe it is. And it's not far away. You know, at, at, um, $110 on silver a few weeks ago, and it started to fall. I mean, the bottom was a long way away, or where we are now was a long, long way, let alone where we're going to end up. So, you know, that, that kind of period is over.
We're now close to a bottom, and we're now close to an area where I personally will be looking to start picking up silver and gold and platinum and palladium.
Interesting. Okay. So, I mean, you're calling for roughly that, you know, $3,500 gold, $50, possibly 40 on the silver side. Um, I guess kind of psychologically convenient round numbers. So, I mean, you, you call it that roof of, of the basement, right? Hey, let me ask you the other side. I mean, if, if we just sit and watch some sideways action, I mean, you know, the, the typical pin liquidity over the summer months, too. What price action would invalidate those targets? Like, what, what do you got to see to know if you were wrong on this trade?
Well, okay. I, I, it can go up and I can still be right because it can go up because something comes out of nowhere. So, something bad this way comes. So, if suddenly the price was to go up, I would go, "What's, what's coming?" rather than now. You know, that I can't predict what is unpredictable. But if something started to happen that maybe we don't know, 'cause, you know, we're, we're, we're not connected to a satellite. We're not in the, um, NSA or anything. Yeah. And those things can happen. I would say, "Well, something, something's up. Something's coming." And normally within a few weeks, you'll see what it is. So, yes, bad things can come, and bad things will make silver and gold rally. But normal activity, the things that are already known, like the Iran situation and the, uh, Ukraine situation, those things won't have that much impact. So, it will take a pretty large oncoming outrage to, um, turn around this particular move and make it go into a vertical from here. And it can happen. I mean, there's absolutely no predicting exactly what's going to happen, and outrageous occur. I mean, who would have predicted this Iranian situation 18 months ago? And, you know, it's, it's, it's unpredictable. So, yes, there's a percentage of unpredictability in there that could change the picture. But if it happened now, I, it would be difficult to look back and say, "Oh, well, you could have seen that one coming." It will be, you know, it will be a Mars attack, and that will change the picture on in many different assets and in the markets in general. So, you know, one should always be prepared and on the lookout for those things. But the early warning for that is gold and oil. So, strange moves in gold and oil will give you advanced warning of what could happen, you know, in the near future. And of course, again, accidents that don't happen, you'll never see, um, that action. It will go blip, and it will go away again because the bad thing that was going to happen was averted. So, you know, but that's noise. If there, if there's not a big outrage or outcome that's unexpected, then it will go under $50, in and around between 40 and 50, and it will go sideways. And the same with gold. And there's, there's a fairly large amount of things that could change that picture. The key one is China.
China is the big, well, there's two. There's the man in the White House, and there's China. And they are the two dynamics that can dramatically change the picture. But, you know, I'm not privy to owning any of that stuff. And it occurs to me that China's decided all they need to do is just shut up and grind, keep on grinding, and it'll all go their way. And I think that's a pretty sound strategy. And I think that's what they've now adopted.
I want to talk to you a little bit about why as well. And I want to come back to something that you told this audience before. I mean, you've long said gold is for war. So, you know, a falling kind of price during a hot conflict fits your framework. But the hard data point somewhere else is, you know, what actually cracked gold was the Fed turning hawkish under wars with real yields pinned near the top range. So, I mean, is this a war story or is this a rates story wearing a war costume? What are your thoughts?
Okay. So, so you have a situation where, um, President Xi in China has gone on the record to say he's going to get Taiwan back. Okay. You, you can go back and you can hear lots of people talk about that over the last few years. And all the people I know in Europe that are connected to military things were saying that that was next year, around April and May. Yeah. And everybody was panicking about that. And military people were saying, "If you've got any technology for us, you better have it ready for, you know, the middle of 2007, otherwise we're not interested," because of that. Yeah. And the, the, the impact of China trying to take Taiwan would be completely catastrophic. Yeah. And that was on the cards, and people thought that was coming. Now, at the beginning of this year, and you could, this is all documented, so you can dig it out. Xi and the PLA fell out with each other. So, you're not going to have, you know, World War II if you haven't got your army on side. So, it was postponed, or maybe cancelled, or maybe somebody convinced the leadership that they could do nothing and win. And doing nothing and win is a brilliant strategy because, boy, is America going to have to do a lot to not lose. And if they, if they're not going into Taiwan, the need of vast gold reserves suddenly, you know, evaporates, or certainly gets less pressing because you, gold goes up before a war. Gold is for war because it's a currency during war. So, during a war, you have to sell your gold, like Russia is doing, and I'm sure Iran is doing, and that puts a downward pressure on gold. Now, once the war is over, up gold goes because the wars have created inflationary pressures, you know, that have been suppressed by things like, like, um, price control. And gold goes through the roof because people aren't selling it anymore, and people want to get their hands on it to stop their fear of getting devalued because in a war, the fear is just tokens that are going to completely, you know, collapse in value after the war is over, and and markets free up for prices. And, you know, that's, that's what happened in World War II, blah, blah, blah. So, on the lead-up to a war, everybody's buying gold because they're going to need to have golden bullets because that's what they're going to have to buy stuff with. So, anybody with, in any reach, or anybody at all, any government at all, needs to lay in gold. Now, the moment that eventuality starts to disappear, the optionality starts to becoming more vague, is not so, not such, not so expensive, then gold falls. And that's what I believe we saw back in the beginning of the year. China went, "Right, we're not, we're not going to invade Taiwan next year in May." And that was it. That was the end of that vertical because the, if they had done that, or even if people thought they were going to do it, even if there's a percentage possibility of them, um, doing it, massive impact. I mean, what happens to the NASDAQ if there's no Taiwan? All the chips come out of there, and all the chips come out of China. What happens when America is at loggerheads with China over Taiwan, and, you know, all those chip plants in Taiwan are blown up? Why do you think Intel's? Well, it was $120 a share from $20 a share. When I was saying, "Oh, you know, Intel is going to go through the roof because of new American foreign policy," it was $20. It hit $120. And yes, I did do quite well out of that. So, if you put all those pieces together, the onshoring of American industry, why do you think they're doing that when they can buy all cheap from China? Well, China's an adversary now. So, you've got to onshore all your production. You've got to onshore all your rare earth. Look what's happened to rare earth. Look what's happened to all those stocks. Mountain Pass, um, you know, people like that. So, um, NEO Performance, um, minerals, they've all gone through the roof because China has a stranglehold over strategic and critical minerals. And you've, if they're not your friend, if they're an adversary, you've got to onshore it. You've got to onshore all your factories. You've got to onshore your shipbuilding. You've got to onshore everything. Well, boy, that's a big ask. And, you know, when China isn't going to kick off an invasion of Taiwan, which would be almost un-escriably terrible, and says, "Oh, we're not doing that." Or people work out they're not going to do it. Maybe it's the year after, or maybe probably not even the year after that, or maybe they're not doing it at all. Then, well, gold has just lost a very, very powerful use case.
That's an interesting one. And you said a couple things I want to bring it back to. One of them, and we don't need to get down the AI channel, but I mean, you said China can obviously change a market almost overnight. And it may have done that with AI. Where we're hearing, obviously, you've heard about moonshots, Kimmy 3, K3, it claims top-level performance at a fraction of the cost. Does that destroy the premium investors have paid for American AI, or simply move the value away from the models and into chips and memory and power and data centers? And, you know...
Well, okay. There's, there's two issues. First of all, it makes no difference. The, the models are the tip of the iceberg, and they don't really have a very good moat around them, particularly if China can hack you, which is what they've been doing by distilling them. And, um, even putting that aside, the leading-edge models, that's where all the value is. Now, you might have noticed recently that the American government might get to a situation where it won't let you have them, or anybody else. Funny that, because they'll want all that intelligence. They won't want you to have it, or anybody else for that matter. But the models themselves are the tip of the iceberg. Yeah. And the iceberg is is the chips, and the GPUs, and the hard drives, and the, and the things you put them in, and the air conditioning, and the cables, and, and the everything below it. And, and that goes all the way down to the bottom, which is, you know, where you got people like Goldman Sachs doing out the cash. So, it, the people at the very top will actually still do huge sums of sales. You know, they'll still be worth trillions of dollars. Yeah. But they won't, they won't themselves own the value chain. They will be a very important part of the value chain. And what people will pay massive money for is the top, tippity-top model. Now, you know, there's going to be lots of wild things going to happen because of this. I mean, for example, why wouldn't America just cut off the Chinese internet?
Not let anybody from China or Russia have access to any American, um, internet, not allow them in, put a firewall up like China does. Make sure that nobody can use American AI outside of America. Could do all that. Stop the Chinese from distilling their models. Make, um, all sorts of things. I mean, it's like if AI is a weapon, why wouldn't you need a license to operate it? Why wouldn't you, you be KYC and AML before you can actually have access to it?
All this is coming. All this is coming.
Now, your thesis, obviously, even in this AI talk, is about infrastructure, and how that still wins. I mean, if, if the model becomes dramatically more efficient, why won't companies need kind of less expensive hardware rather than more? I mean, who are your winners and losers, uh, in this market right now? What are you buying and avoiding when you look at AI?
Well, what, what I've been buying are cheap companies down the bottom of the chain because if you look at the top of the chain, it's 20, um, times sales, 40 times sales, infinite times sales. But if you look at the sort of people that are just as necessary in the whole picture that seem a little bit more, why would you buy them until you realize why? Then you're looking at twos and three times sales, and, you know, Cisco and Hewlett Packards and all that sort of stuff. I mean, the reason the hard drive people have gone through the roof, they need hard drives. Well, they need all sorts of things that people like Hewlett Packard and IBM. I mean, if you're a, a boring Walmart kind of a company and you want to get AI in there, well, you're going to ring up IBM, aren't you? And they're going to come and install it for you and do all that consultancy stuff, and they're going to make a lot of money from that. But nobody thinks IBM's a good buy yet. Yeah. Even though they've got quantum computing, because they're too, they're too far away from the shiny, shiny, shiny stuff. But nonetheless, they will absolutely knock their figures out of the ballpark over the next two or three years because they've got an incredibly valuable thing that AI can't have or do, and that's trust. And trust is going to be incredibly valuable, for example. So, you look at the value chain and you try to find a part of it which is nobody's thinking about. That's what I've been doing. And so a lot of the old names, big businesses, great profits, low valuations, and of course, they plug straight into the AI story, which will boil the oceans. And, you know, that's the thing. I mean, another analogy that I like to use is now, I mean, I've hired programmers my whole life, hundreds of them. And, you know, development is a very difficult, frustrating thing. I can do it myself now, and I'm old and crumbly. I can, I can develop high-end software now if I don't mind spending $45,000 on tokens. And, you know, that alone is is a revolutionary breakthrough to unleash people like me to make content or product, and the really good programmers to write maybe 20 or 30 times as much software. I mean, what's that going to do to the economy? So, the whole thing is massive. Yeah. And underneath it all is a lot of commodities that have been effectively economically de-degraded and are now going to be in short supply because there's just not enough of them. And that speaks to silver, particularly, and gold, because it's also going to be massively inflationary because they're going to have to print like no tomorrow to fund it all. I mean, they've got to fund it, otherwise China wins. China has, and this is a key number that people need to think about, 250% more energy generation than America. AI is energy.
You brought up silver, and I have to talk about it. I mean, because investors watching a quoted price may not even realize how different the real market can kind of be. I mean, Clem, when, when silver collapses a little bit, I mean, what actually happens when an ordinary holder tries to sell the physical metal? I mean, who does, who provides the bid? How far below the screen price can it kind of disappear?
Well, I mean, it was down, um, 80% of the screen price, 70% of the screen price. Nobody wanted to buy it at the top of the market because there's a chain of you bringing in a coin to a coin dealer, and it going down the chain to some guy that's going to melt it down and turn it into a bath. And when that chain's blocked, no one can buy it because they can't get it into the chain. And they're not buying your silver at $120 an ounce if it might fall to 80 overnight, in fact, like it did. Yeah, because they, they give you $120, and then three weeks later, they're sitting on a fat loss. So they just say, "No, the, the pipeline is choked." So, what I told my people when it was getting up to the highs on on my YouTube channel, Clem Chambers Alpha, was get your exit sorted. You don't have to sell, but make sure you can, you know, identify the exit. Like in the airplane, they say the exit may be behind you. Yeah, you have to know where you're going to sell. Yeah, because I mean, even in the markets, in a crash, you go to sell, and all the blooming brokers have crashed because everyone's trying to sell. So, you have to, if you are going to invest, always know how you're going to sell. And, you know, don't go onto a platform that you haven't used before to sell and then expect to be able to sell at the very high because, you know, you won't even know how to use it. You have to prepare yourself. So, anybody, um, who wants to buy should bear in mind that they can sell. I mean, I'm quite sure they can ring up Kitco and sell pretty easily, right? And you, as well, too, don't you? So, you know, all that stuff is critical to have in place. There's no good going and buying a bucket of of gold coins if you don't know how you're going to sell them or who's going to buy them off you at a good price. That is all part of the investing discipline. And anybody that's planning to do it, anybody that has done it should actually check how they can sell at a good price. And ringing around a load of people when the market's high, that's, that's a bit too late then.
Yeah. I mean, you just kind of warn investors against buying what the financial system is aggressively selling them. Let's talk a little bit about, uh, value. I want to talk to you and, and to your fellow Brits. I mean, Andy Burnham just became Prime Minister today, promising a new economic model. He's promising greater public control and government procurement that supports British industry. Now, you've argued, and we talked about this before a few times, that undervalued British technology companies are just being swallowed because they trade at a fraction of American valuation. So, I mean, a couple things. Does Burnham's approach help these companies scale independently, or I mean, does this make Britain even less attractive to grow capital? I mean, what, what are your thoughts here?
Well, I hope so. And, you know, I actually been working with the British government on a few things. And they're trying. They are trying, but government is a super tanker, and it takes a lot of effort to turn this stuff around. And, you know, the, the UK has been wrecked over a long period now.
And to make a comeback will take a massive, massive effort. And also, really, really positive, strong, clear-eyed leadership. Now, there he is. I, you know, I, I play cricket for the other side. That's not a metaphor. I literally do. But I, I wish my fellow Brits that this guy is going to turn it around because, boy, does the UK need it. And it's great for me, it being in a mess because I buy these cheap shares, and they get taken over. I had like two last week. I mean, two in two weeks. I mean, EasyJet, amazing airline, gets bought out. Um, another one, what was the one there was a few days ago? But it, it just got, it got taken over, and there'll be another one next week. And they're all actually, they're all technology companies, and they're all in the AI value chain. And the Americans go along and go, "That thing's one and a half times sales, and we can be worth 10 times sales. We'll have that." Bang. See, that shows you how what a ruthless killer I am. I, I get a big takeover win last week. I can't even remember the name of it, but it's on my channel, you know. But it's just like every week.
I mean, I know that you're running analysis on this, and actually, this is, we could ask two parts of this question. Let's do it. I mean, because Burnham is reportedly kind of considering folding the science and technology department into other ministries. Is that sensible consolidation, or does, is that kind of a wrong signal to send Britain's tech sector? I mean, where is the value here? Some of these names that offer the strongest value in the UK.
Well, there's not really that many left.
Yeah. So, I mean, that, you know, there used to be people like ARM, Imagination Technologies, and whatever that one was last week that got taken over that I had a lot of, you know. And, and, I mean, here's a perfect example, and it just, it just boggles my mind. There's a company called Aardo, and what it does is that it works for supermarkets to package up their, um, online orders and ship them out. It, it does it for a very large, um, supermarket over there. And everybody thinks it's a rubbishy old supermarket that's losing money. But what it actually is, is a blooming robot, uh, robotics operating system thing. Yeah. And in America, they'd be selling it as the latest robotics breakthrough, and it would be, you know, empty bazillion trillion. But in the UK, they go, "Oh, no. Oh, look, it's not making any money. Oh, it's got a high PE, and it's trashed." So, you know, it's just a tale of two different markets. One that is just a fraction of the US valuation. Now, you could say US valuations are too high, and I would say they are spicy. But when you look at something as mute as the, the British stock exchange, which is almost in danger of vanishing.
Yeah. And who was it who was, um, giving it, giving European stock markets a kicking? Was it Bessant, or was it Trump? One of them, you know. Hey, you know, like, I, Nvidia is worth more than all the British stocks put together, for example. Yeah. And it's because the whole system, British system, has trashed it. The regulators have trashed it. The government have trashed it. There's taxes on there that trash it. It, it's just trash top to bottom. I mean, we have to pay, buy, pay a half a percent purchase tax when you buy a share. Call it stamp cheating. So, every time you buy a share, you've lost half a percent of your money right there. So, and then you've got a regulator which basically considers that private investors are too stupid to be involved. Yeah. And then you've got the government saying, who have to, long time ago, 20 years ago, old pension funds, you're not allowed to have shares anymore. You've got to have government bonds. Funny that. Yeah. So, there's no institutions, there's no pension funds really in the British stock market stocks anymore. I mean, you couldn't make it up, really, could you? And then the government comes out and says, "You should, you should put some of those, um, shares in your pension funds." But by the way, before you do that, buy some more of our bonds. Yeah. I know. Hey, you were talking about the government before, and I should ask you for a little bit of a scoop here. I'll put you a little bit on the spot, but I mean, what are you kind of asking the government to change? What have they told you maybe they're prepared to do? Because again, Clem, I mean, as an allocator, I mean, I always wonder, how do you actually capture the UK versus US gap? I mean, do you buy the cheap UK names, wait to be taken out, like you said, or is the value trap where cheap just stays cheap?
No such thing as a value trap. Yeah.
But anyway, yes, you got it. You got it in one. Look, if you buy a portfolio of low PE stocks with dividends, yeah, a couple of them will go up, I don't know, 20 times over 10 years. Yeah. And and a couple of them will go bust, and about, I don't know, 40% of them will get taken over, and you'll capture 40 or 50%. Yeah. And the rest of it would just go nowhere and be paying you a dividend of 3%. Well, that amounts to a 25% annual return. It's the Buffett model. I mean, it's the Benjamin Graham value investor model, and it delivers, if you do it really well, 25%. And, you know, if you do it badly, you'll get the index, and if you do it okay, you'll get 15%. It's highly lucrative, but it's dull and boring. And, you know, people don't want to do that because they don't want to do dull and boring. They want to say they they staged the SpaceX and they sold out at 175 or whatever. You know, they want excitement. So, you end up, if the market isn't treated properly, with, you know, basically nobody in it. And that's what's happened in the UK. It, it's a very niche thing now. And like France, it's niche, and nobody really does it. So, you've got no liquidity. Um, you've got no action. It's, it just withers away. And the UK market has just withered away over 25 years of of mal-administration from from the nmanllete. I mean, they did come out at the end of the com. They came out and said, "Stop buying shares. You got to match your risk with your liabilities," which means you got to buy government bonds. That was it. Boom. Gone. Right. That was the end. And, and even now, they recognize it. They have, they aren't able to change it. So, you know, I think the thing about this change of leadership, hopefully there'll be some.
Okay. If there is proper leadership and vision, it will be great. And if there isn't any, if it's just word salad, which we've had now for, you know, almost a decade or two. You know, almost you could say the word salad has been with us since Tony Blair. You know, after Tony Blair came out, nobody liked him, but he did do what he, he did lead, whether it was in, whether it was down the wrong way or not. Um, after that, it's been word salad all the way through, and both sides have have done it. And, um, it's led to significant decline. And I, you know, where I live, there's loads of expat Brits that have just gone. And if you go to Dubai, there's just loads. The hot atoms in the UK have left in droves because they just can't bear how sludgy it's become. Now, the government and the system is trying to change, and the words, the right words are coming out, but the actions are difficult, and the actions take a change in direction, which has been that direction's been for going for for a generation now, at least, maybe more. So, you know, the decline is, is well entrenched. And turning that around, you, you really need to do something pretty radical to do it. I'm not sure government, um, you know, having a bigger hand in these things is the way to go. Personally, I would do the thing that every politician says they're going to do ever since I was a child, and they never do it. They never do it. They always promise it, they never do it, and that's cut red tape.
Good luck. Well, I like, I like your hopeful thought. Hopefully, something changes, as you say. Um, okay, Clem, let's bring this back a little bit for the person watching who's, you know, worried, maybe discouraged even on the gold and silver front. I mean, a lot of people watching this feel like they kind of missed it, or worse, they bought near the top and they're down, you know, badly right now. So, I mean, forget the slogans. What do you actually say to that person without blowing smoke, first of all?
Well, first of all, you know, if you FOMOed into it, then that was a mistake. Learn the lesson. It might be expensive, but you've learned it. If you haven't learned it, I'm afraid you're doomed. Yeah. Don't, don't do, don't do it anymore. Just don't go near the markets. It's like if you go into a casino and you spend your monthly paycheck gambling, don't go to the casino. Yeah. Because there are people that are just not good at it because they always buy at the top and sell at the bottom. I mean, I, I, I've people have come to me and said, "What's this and what's that?" And and I've said, "Oh, that's a good one." And they've managed to take something that's gone from say 10 to 15 and lose money on it. And you go, "How do you do that?" And and you know, well, I mean, you said it would be good at 10, and then when it got to 14, I thought, "Oh, he must have been right." So, I bought it. And then it came down to to 13, and I thought, "Oh, what am I doing?" And I got out. And there's a whole dragoon of people like that. And they should not go near it. They should just write it down. And and that's not the game that they, they should play. Now, other people should take it that there's always another bus coming. Yeah, always another bus coming. And it's a skill game, and you, you need to study, and you need to work at it, and it's a learning curve, and you often pay for your education. And if you're prepared to take the pain, if you're prepared to be wrong and not hate yourself for it, or or live in some strange, tortured denial, then you will learn a great skill, and that will carry you forward to as old as you get. Look, I'm 60. I'm gonna be too. I'm doing this and making a lot of money out of it until I go senile, which is probably next year. But, you know, most people can't do their profession at this sort of age. This is one of the few professions where you can. So, if you're learning it in your 20s or 30s, and you're having a bit of a rough time, well, it's, you're just at the university of the markets. And as long as you study, you will do really well. You do really, really well. Study, skill game, stick to the basics, you'll do great, and you'll make decent money, and you'll start making okay money within two or three years, and then you'll be set up for the rest of your life to have another income. It's one of the few ways that normal people can build up proper wealth, unless you're a football player, or you got a great voice, or you're born into money, or whatever you happen to work for Anthropic by accident. You, you, it's very hard to build up wealth. The one of the ways, one of the very few ways, is to study the market like you would study at a university.
And if you do that, and that's what your viewers are doing, you know, if you, if you're diligent about that, you will take some losses, learn some lessons, and you will get to the stage where you will reliably make sensible returns that will compound. And the government gives you all sorts of wrappers to make sure that you can compound it. You know, it's the way to go. But greed will will get you. And study will make you money.
Study will make you money. All right, Clem. Always a pleasure. Hey, actually, finish this for me as a final question. I mean, 12 months from now, the investor who gets this moment right is the one who did what?
Sat around and and kept his head and and, you know, was was not, um, excited or terrified by what's going on around them. I mean, it is wild and wicked out there, for sure. And don't think for one minute I don't sit there and go, "Oh, blimey, how much did I lose today? Oh dear. Oh dear." And then the next go, "Whip around. What is going on?" So, you know, it, it, the market does not pay out, you know, in a kind way. It's a rough old ride, particularly now. There's, I, I don't think I've ever, well, certainly not since 2008, been in a market that is as volatile and as gritty as this one. But the trick is to, you know, I'm old, my nerve endings burnt off. So, I, I've learned how I've got calluses, you know. So, I'm, I'm, I'm in a good place to be that. But that person that can keep calm and watch and study, and they, they will, they will do really well because there's a lot of upside to be made here. There's a lot of things to go, "Whoa, what? Wait a minute. What's that over there?" You know, and and cool, calm, collected, going forward. There's never been a better time to make huge money because we are in a revolutionary period. And the quick, and the smart, and the hardworking, and the active will do extremely well. The passive, the scared, that's not going to be good for them.
Yeah, good advice. All right, Clem Chambers, a newf.com. Uh, thanks for making the time, as always, my friend. Uh, happy summer.
Great to be here. I hope it gets a little bit cooler. It's 42 degrees.
Yeah. Yeah. Yeah. That's that's warm. And AC's pumping for you.
I, well, I turned it off because otherwise it's going to ruin your audio. So, I'm slowly cooking like a lobster. You probably, I've probably gone four shades of red deeper since we started this interview.
All right, for 36 minutes. I'll get you out of here, Clem. Thanks for this. Appreciate it, man.
See you later. Bye-bye.
Cheers. Bye-bye. All right. He sees more pain before the opportunity. $3,500 gold, $50 silver, potentially 40 before he becomes an aggressive buyer. And his message isn't that medals are dead. It's the next cycle begins with patience rather than panic. Where you go from here is your call. Now, if you want more conversations like this, subscribe. We do this every day. Tell me in the comments. Are you a buyer down here? Are you waiting for Clem's numbers? I'm Jeremy Saff. For all of us here at Kitco News, thanks for watching. Heat. Heat.