He Called Silver’s 35% Pullback – Now He Says This Happens Next | Mike Lee

We are nowhere near a bubble territory. There is so much more to go. We are in one of the largest capex cycles, probably in the history of our country. How we use computers and how we use technology is fundamentally changing in perpetuity, and Wall Street does not have their arms around it. This stuff in Iran is a total mess, but it's a sideshow to what's going on in artificial intelligence. You were right on the money ahead of silver plunging. It was around $120 earlier this year, and you said we would see an over 35% pullback. You were correct. People didn't like it, but you were correct. Mike, what are you forecasting for silver now?

"It's on like Donkey Kong."

This is the real story with Michelle McCrory. US stocks just hit new all-time highs, and they did it on the very same day that some of the most closely watched economic indicators are flashing red. The S&P 500, NASDAQ, and Dow all closing at record highs, even as inflation accelerated, economic growth was revised lower, jobless claims moved higher, and Americans saved less. In fact, the market shrugged off a classic cocktail of stagflation signals. The personal consumption expenditure index, the Fed's preferred inflation measure, rose to 3.8% year-over-year in April. That is a three-year high. And at the same time, first quarter GDP growth was revised lower to 1.6%. Jobless claims climbed to 215,000, and the personal savings rate fell to just 2.6%, the lowest level since 2022.

So what are investors seeing that the economic data isn't? Well, my next guest believes that the answer is artificial intelligence. He remains very bullish on stocks, sees AI infrastructure as the biggest investment opportunity he has ever encountered, and believes that the market is still dramatically underestimating what is coming next. But he still says he will never sell his physical gold. And he, in fact, has been one of the more accurate voices on silver this year, calling the pullback earlier this year with uncanny accuracy. So what does he see next for markets and for precious metals? Joining me now is Mike Lee, founder of Michael Strategy. Mike, welcome back to the real story. Good to see you again.

"Michelle, thank you so much for having me."

All right, Mike, before we get into the broader market and the broader macro picture, I do want to start off with silver because the last time that you were on the show, you made a call that generated a lot of reaction from our audience, not necessarily positive reaction, but I do give credit where credit is due. And at the time, silver was around $119 in late January, and you said that we would see quite a meaningful pullback around 30%. Now, sentiment at the time was extremely bullish. We had many analysts talking about $150 silver, $200 silver, even higher perhaps. But you took a much more cautious view, saying that when something moves in a parabolic way, the way silver had, that it generally reverts to where it should be on a fundamental basis. And then by February 2nd, silver had fallen roughly 29%. It's down 35% since those January highs, um, when you first said that we would get that pullback. So let's play the clip and remind the viewers what you said in late Jan.

"For the price of silver, you could get another 20 to 50 bucks on it. But kind of when something moves parabolic like this, it generally reverts to where kind of it should be on a fundamental basis, and I don't know, maybe the case for that is $75 bucks."

All right. I mean, you elaborated on that idea, but basically, you called that pullback, and uh, you were correct because we did see silver drop around 35% in just a few days after that clip. Um, so what's your outlook on silver? Alex, begin there.

"Well, first, you know, for everybody watching, I'm wearing the exact same shirt, so I'm going to be as exactly as accurate. Um, but but but anyway, just like as a recap, look, when something like, so you see Dell stock, this the day we printed today, Dell stock was up like over $100. Okay, that's because of a fundamental earnings change in the company that be that's far beyond expectations. Okay. When the price of silver was moving, uh, much, much higher, uh, that quickly, it's it was because of a supply demand imbalance between the physical and the paper. And so we are now, we have structurally reset in silver, like into this $75 range, and I think we continue to grind higher. Um, I, you know, I, I've been buying physical silver since it was 50 bucks. To add, I don't think I bought any over 100, like buying coins for, uh, for my kids to put away in their collections with their gold coins. Um, but I, I think silver continues to grind higher. And if you look at where gold has come it during this war, how it's pulled back, and silver's hung in there, I think it's a very bullish statement. And I think that both the gold and the silver, I don't know that we're going to get in these parabolic moves higher, but I think it continues to grind higher over the next year."

All right. Do you have a, a price outlook you're comfortable sharing, considering you were very, very, very accurate last time, wearing the same shirt and all?

"Yeah. So like, I got to imagine silver gets like grinds up to a hundred bucks. And so if we're looking at this a year from now, probably at 100 bucks here. And then gold, we get back into that mid-5,000 range, um, or or get to, um, I would like to see it higher. You would have to think that the bull case for these assets, given the fiscal situation in the US, but not only worldwide, that you get there. And ideally, a closing of the straits of or opening of the straits of Hormuz, um, a lot of these oil nations like really load back up on the cash and start resuming their purchases of these assets."

So, just focusing on silver, you were saying that the main issue was that it needed to have a fundamental reset. Are you comfortable saying that that reset has now happened? Do you still think that there's significant downside risk ahead for silver?

"No, not at all. And and so silver was in this like 20 to $30 range for years, right? And that that just, you know, you pull on a rubber band. And I, I think this $75, $80 range, uh, maybe we we set closer to a hundred bucks as that, um, and that range, kind of on a go-forward basis. Um, but this, you know, that that $75 call from where we were, it does it was based on the fact that that's when the chart went straight up, right? And so now, you know, like, uh, commodities don't move in par in a parabolic fashion unless something happens, right? Like you're earn like silver doesn't earn anything, like gold doesn't earn anything. It has a value relative to other assets, and I think that value increases over time, and I think it will increase over time. But when you know, you start looking at, you earn it, like it's, it's just a different scenario than like say a stock, for example."

Right. Okay. Uh, so $100 silver by what? End of 2026? What's what's your?

"Yeah. Hopefully, hopefully mid, hopefully a year from now, we're we're at our new home at 100 bucks because again, you know, the, there's a lot of good things happening in the US, but unfortunately, the fiscal situation is not one of them."

Before we continue the conversation with Mike, I just want to take a quick minute to thank you all so much for watching and supporting our work. And if you are enjoying this content and want more in-depth interviews and analysis on the forces shaping markets and geopolitics, please make sure to subscribe to the channel and set your alert notifications. And please do share our content with friends and family. I really appreciate you helping us grow this community. Also, if you would like to learn more about precious metals and get a customized precious metal strategy that best suits you, you can reach the expert team of brokers at info@mfranklin.com and check out the website msfranklin.com. Now, back to my interview with Mike Lee.

Right. Well, a lot of good things in terms of economic development and AI. And again, I will give you credit where credit is due because last time you were on, you were extremely bullish on equities, particularly the AI sector, the tech sector, and we have seen a tremendous run-up there. Focusing a little bit on silver before we get onto your broader AI outlook. Does the industrial play that could come from all of these AI infrastructure stocks, electrification, satellites with SpaceX, do you see an industrial angle for silver perhaps as a bigger trigger for a more significant move?

"Not, not especially. You know, you know, given that the commodity price has doubled, I, I don't, I think it has more to do with, um, somewhat structurally higher inflation. Um, and the fact that we're unlikely to get any rate hikes, right? So, this, this inflation we're seeing now is a price shock from oil, from the conflict in Iran. Um, and so once that resolves itself, you know, inflation, so I, I do think the next couple prints are probably worse than this month. Um, but then you kind of see a pretty big mean reversion. And also, you're seeing any effects from tariffs, which I think are far less than what the tariff naysayers, uh, prescribe in the inflation numbers. But you kind of start to see all these things resolve themselves, inflation come down. But like, you've got, you've got deficit problems, and the Democrats are going to win the house, spending for the Republicans to do it. Democrats are going to win all that. Like, like they're, like the Republicans aren't going to, you know, the margin's going to be smaller in the House, the redistricting, but the, you know, you're looking at a plus 10 generic ballot right now or more. Um, the Republicans are losing, uh, they're going to lose Maine, they're going to lose Ohio, they're going to lose North Carolina. Um, and there's one other one that's escaping me right now, but that's it. There goes the Senate. Um, and they're not, they're not going to hold the House unless you know, the, like, you need insurmountable changes. So the spending that, like the, the way that Trump will get anything through is by letting them spend an ungodly amount of money. So like, this is just not, the spending is not going to change. It's not going to get better."

All right. And you know, to that end, um, you mentioned inflation. Uh, we mentioned some data at the top of the show which does not paint a very favorable picture of the economy, yet equities continue to make new record highs all the time. Last time you were on, you said that you had never been more bullish about equity markets. What's your outlook now, uh, on the equity markets and broader economy at large?

"Yeah. So the infrastructure needed to build out for artificial intelligence is the most widely understood, like, uh, misunderstood concept on Wall Street I have ever seen, right? The amount of, and that goes down to token demand, um, and how much of that we need, and how much that's growing. And it's so, the, the amount of data that goes into these large language models is growing on a hockey LL, like hockey stick exponential growth. The comp, the the models themselves are getting more complex on a hockey stick, like another exponential growth. And then when you go from LLM and from Frontier models to GenAI, it's another hockey stick. So, token, a token is four, four, four digits or four units, uh, of code on an LLM. And you, you can look, measure all these things by token demand and the prices of tokens for an AI. So when you, you know, people are talking about how much money companies are spending on cloud code and their token demand, the price of tokens has doubled this year. And, you know, it fell by a factor of 60 from the beginning of '23 until the be, you know, from January 2023 until January of this year, but all of a sudden they doubled this year because the token demand is far outstripping that of the infrastructure buildout. And so, what if you're using exponentially more tokens every single year, you need that cost to come down, which means we need the infrastructure. So there's an estimate for a trillion dollars of AI infrastructure spend next year. It's too low. It will most likely be more, and that's to grow to three trillion on an annual basis in 2030. So AI touches 263 companies, this AI infrastructure buildout in the S&P 500, according to Adam Parker, who is the chief strategist at Morgan Stanley. Uh, when I was there, he now runs his own company, Triate Research. I think he's brilliant. You should follow him. Um, it's, it's on, it's on like Donkey Kong. And if people can look at trailing multiples, which are, you know, as useless as you know what on a nun, like it's, you don't drive down the highway, uh, looking through your rearview mirror the whole time. You may check it occasionally, but if you're going 100 miles an hour, you're looking through the windshield. So, what are the forward multiples? Like Nvidia is trading at like 14 or 15 times forward earnings. Okay. The whole market trades at 22. So it's almost, you know, the stock could go up 50% without earning a dollar more, right? Just from getting a market multiple. And if you revert to your historic multiple, stock could double or triple overnight. So the lack of appreciation for what's going on with these companies, and if you look at the other chip makers. So Nvidia, I'm sorry, uh, Broadcom, AMD, Marvell, they're trading at roughly the same valuation they were six months ago, even though the stocks have gone almost essentially parabolic. And that's because their future earnings expectations have gone through the roof, like Dell today. So, look, this is not a perfect economy. There are definitely issues. The stuff in Iran is a total mess. Uh, but it's a sideshow to what's going on in artificial intelligence."

A sideshow. Okay. We're going to circle back to sideshow, but as you're on AI, um, so you're saying the broader equity market is just going to be carried up by this AI uptrend. It?

"It's, yes. So, um, the history of analyst estimates is that you enter, you know, we're three months or six months out from a quarter, and say the estimates are six months out, they're for 15% growth. Well, those slowly but surely trickle down so that by the time the quarter shows up, we're expecting 10% growth. So when we come in at 11, everyone's like, look, you know, we expected 10% growth, now we're at 11. Oh, this is a huge win. But you were at 15% six months ago. Um, this quarter, we were expecting 13% year-over-year growth, and we've come in at 28. I've never seen anything like that. And estimates are going up for later this year, and then they'll be higher the year after. And again, it all has to do with the underestimation of the demand for AI. Um, we are in one of the largest capex cycles, probably like in the history of our country, and we're nowhere near the end. We're looking at, as a whole, on the S&P 500, we're the capex is less than one times, uh, it's less than one cash flow, right? The amount of money spent versus the cash flow of the S&P 500, the capex is is less than one. Okay. In the dot boom, we were at six, so six times cash flow in terms of capex spend. We are nowhere near a bubble territory, okay? There is so much more to go. The way that like how we use computers and how we use technology is fundamentally changing in perpetuity. It's happening in front of us, and Wall Street does not have their arms around it."

All right. So again, last time you were very bullish, and correctly so, on AI. You had Palantir, Nvidia as as some of your picks. Uh, they've performed well, modestly well, not compared to some of the other stocks that have had a phenomenal run, like, uh, Lumentum, for example. Are there any particular stocks in the AI sector that you're extremely bullish on? Is the opportunity now in, uh, photonics? Is it, uh, in in memory, like we saw SanDisk have a phenomenal run as well this year? What are the big opportunities that you're seeing in AI now?

"Yeah, so, um, it's great that you brought that up. So if you look at Micron, SanDisk, Western Digital, okay, they, they haven't sold additional units, right? Like their, their sales growth comes almost from a supply demand imbalance. So the pricing of memory has gone parabolic, and that's where their revenue growth has come from. Whereas in Nvidia, uh, the stock can't really seem to get out of its own way. Even though when you look at comparable sales from a year ago to this year, you know, off a $40 billion base, they did $80 billion this quarter, right? When you take out China, so you look, so it's a 100% year-over-year growth, uh, for one, one of the most cutting-edge leading companies in, in the one of the biggest revolutions ever. So like Nvidia, I would say right now is an absolute steal. Um, I, I, I think Palantir, uh, for those of you that don't quite understand what Palantir does, it's the operating system. Meaning what they do is they tie all the software of an enterprise together, plus their structured and unstructured data, feed it into the large language model, and then when it comes out the large language model, feed it into the business. They do this in a secure environment, right? So that your data isn't comingled with somebody else on the cloud. Um, and it, it, it works. And the example of it working is the Department of Defense. So the defense department had seven different tech silos between the army, the navy, the air force, space force, coast guard, JCO, and Centcom. Uh, they all had their own tech stacks, and now they are on one operating system called Maven. That's Pal, you know, Palantir's Maven system, soon to be Lynchpin. Um, and like with that, you see things like where we can just go into a country and steal the president in the middle of the night, or, um, in 38 days, hit 13,000 targets in Iran. Uh, there's never been anything like it. And if they could do it on the scale they've done it in life and death circumstances where the stakes couldn't possibly be bigger, they can certainly do it for an enterprise. And so they, you know, on a sales growth basis, there's a metric called net dollar retained, which is essentially the same store sales of software. Um, they were at 156% this quarter. There's never been a SaaS company with that high a number with this much revenue. They are one of one. They are the most unique company that exists. And, you know, the stock has gotten beat up because people like Michael Bur, who have like a, you know, they have something against this company on a personal basis. Um, and they write short thesis that are based on Reddit and Glassdoor and salty ex-employees, which is creating an unbelievable opportunity for you to enter. So your question specifically is, is what else hasn't moved? And I would say the, the next most misunderstood company is CoreWeave. So CoreWeave, uh, is a data center play, right? And if you're, like we talked about with token demand, if you're, if you could stand up a data center and you can rent out all sorts of Nvidia GPUs simultaneously to the largest players, or by the hour to the smallest players, you're essentially selling water in the desert. Okay? And the gross cap rate for a data center is somewhere between 50 and 60%, with the net operating income closer to 25%. So that means if you set up a billion-dollar data center, you have between a $500 and $600 million of rent coming in on an annual basis. Okay? Energy is obviously expensive to run these things, but you can net 25%. You can. So with those sorts of numbers, you can borrow as much money as anybody will give you at all, at as long as the rates below 20%. When you're borrowing, and CoreWeave has gotten their cost of capital down from the mid-teens to the mid-single digits over the last year, uh, you can make an unbelievable amount of money with very little capital upfront. And so because they're one of the leaders in this new trend of Silicon Valley, which is using debt as opposed to cash flow or equity to finance growth. Okay, the street doesn't like them. Okay, you can see their competitors, uh, like a Nebius, okay, in the Neocloud space has gone absolutely parabolic. Okay, Nebius is nowhere near the size of CoreWeave. They have nowhere near the backlog. Uh, CoreWeave is gonna, you know, they're gonna 5x their revenue from the fourth quarter of last year to the fourth quarter of next year. So that stock is one that, you know, it's got, it's 100, I think it went out 110 bucks today. It's controversial because of their debt load, but like I said, the numbers really, really work. And that's another one where you're told that these Nvidia GPUs at the end of three years are worthless, where in reality, the companies that are actually renting them, that have ones that are five, six, and seven years old, are getting increased in rental rates because of this token, um, the scarcity for token availability that's going to exist for the next half decade."

All right. So, you're still very bullish on CoreWeave, Palantir, and Nvidia, even at these current, uh, levels. Uh, one area, Mike, that's getting a lot of attention, I've touched on it, is photonics. Now, for viewers that don't know what that is, uh, photonics uses light rather than electricity to move data between processes and servers. Many experts actually think that this could become critical because traditional copper-based systems are running into physical limitations. AI workloads are becoming larger and more complex. There's also a potential shortage of copper. So, tech giants are investing billions into these optical networking and photonic infrastructure plays to try and solve these bottlenecks. Mike, is this the next, uh, structural play with AI? What, what are your thoughts on photonics? I mentioned Lumentum. There are some other stocks.

"Yeah. So, look, this is not, um, this is not a rabbit hole I've gone down deeply and can give you a, a quantifiable good answer like it could be. And there, I, I think the theme here for AI, particularly AI infrastructure, is that at every single turn, there is a logjam, right? There's not enough land to build the data centers. There's not, like, enough nuts and bolts and material to stand them up. There's not enough copper. There's certainly not enough energy, and there aren't enough GPUs. And so what that is going to do is create, it's going to preserve pricing power, uh, for all, like, your, your, this token demand is still moving parabolically to the upside on a hockey stick, where the new infrastructure coming online simply can't keep pace with it. So, I, I, I, I would look into those, but it's kind of like, uh, quantum, in that a lot of these quantum names barely do any revenue. And if you look at a name like Oklo, right, which makes mini nuclear reactors, uh, it's run by a husband and wife team. They just got approval to use spent fuel to make a 1.2 gigawatt power structure for Meta's data center buildout in Ohio. Okay. Zero revenue, $12 billion market cap. So I would tell investors that there are companies making money hand over fist where you can see many multiples on your invested capital without going into something experimental like some of these nuclear power names or, um, or, or the quantum names. Okay. And so you start looking at talking about quantum, the government may get involved, um, which worked obviously worked out really, really well for Intel. Um, so there is money to be made in those names. But to me, like trying to guess on what's next without there really being a lot of money behind it, whereas I know in Nvidia is going to print money, and you know the stock should be double, if not 250%, right now from where it's trading, just by getting its historical multiple back. It's also going to beat earnings, um, leader in the space, developing all sorts of other businesses to keep you in their ecosystem. So that's, that's what I'm positive on right now. And then like another name that's starting to bounce back but way off its highs is Oracle. Um, and why, why does Oracle work and why does Oracle matter? Um, Oracle works and Oracle matters because they control 35% of the world's data. They are the world's largest database manager. And so what does your ChatGPT, your Claude, your Grok run on? It runs on data. And so you want it, if you're an enterprise, you want it to run off your data. So, you need to go through Oracle in all likelihood to get your data through the LLM to make it work for your enterprise. And Larry Ellison isn't going to let you have that for free, you know? So, they are, they're taking on a massive amount of debt. And again, it spooks investors because two or three years ago, Meta, Google, Microsoft, Oracle were all cash flow machines. And now they're spending in excess of their cash flow, their free cash flow on, uh, on capex. Plus, they're taking on a ton of debt. So, it, it, it requires a leap of faith. But to me, the underlying fundamentals for these things is that the revenue and earnings upside is far greater than the street gives them credit for. You saw that today with Dell."

All right. Um, let's bring it back to the macro picture. You're calling the Iran conflict, uh, a sideshow. Uh, markets have become a little desensitized to it now. I mean, the latest is that there could be a deal this weekend, but we've, we've heard that song before, so we're not really sure how that plays out. Um, now I do understand your point that AI infrastructure spending, uh, is huge. It's significant, but we still have this impact of this conflict and oil prices and second-order effects from this prolonged conflict. I mean, we have higher energy costs feeding into the broader inflation picture, supply chain disruptions, uh, shipping costs, uh, commodity inflation well beyond oil, fertilizer, just to name one, a potential impact on interest rates and monetary policy, you know, this puts the Fed in an even harder corner than it usually is. Uh, you know, pressure on corporate margins outside of the AI beneficiaries, and it also feeds into each other. So, how can you call this a sideshow? I mean, we have a lot of people saying that even if there is some kind of resolution now, that the effects have been baked in and that the slowdown on the global economy is going to hit because of the backlog that that we've had. What do you say to that?

"Yeah. So, like those are all, I, I basically agree with all of that, right? That this, this is a net negative. Okay. But for equity investors, particularly US equity investors, the people watching this in their stock portfolio, if they're in this AI infrastructure trade, it is a sideshow. Okay. When you start looking at global, like what's going on globally, uh, and for people that own physical gold and wondering why it's down, well, I think as this war happened, uh, and it started in all these petrol states, you know, they couldn't, you're losing a tremendous amount of daily cash flow, and you have to fund your operations as a nation. Um, and to fund your operations as a nation, you sell what you want, you sell what you can, not what you want. Gold at or near all-time highs, uh, you sold a ton. US Treasuries, right? Things that are very liquid. And so it put pressure on all of these assets. And so, um, look, it's becoming clear that the rest of the world and the US are, um, to anybody that didn't know this before, it's, it's the US driving the world economy. And now we're spending all this money domestically and building out the US. And these price shocks from oil have nowhere near the effect on us that they would have say 10 or 15 years ago, right? And, you know, the price of oil being higher, I mean, that's bad, but, um, what's, but, you know, where was the average price of, what was the average price of oil per barrel during the entire Biden administration?"

I, I hear, I hear all of that, but I still have this macro data that is just not painting a good picture. Um, you know, PCE rising to 3.8% year-over-year in April, po first quarter GDP revised downwards to 1.6. Um, jobless claims climbing to 215,000, the highest, uh, in a month, personal savings rates falling to 2.6, the lowest since June 2020. I'm all for an optimistic picture here. Um, my concern is that there's a disconnect, and at some point, that disconnect catches up.

"Yeah. Yeah. So it's, you know, it's the, you're, we're making the argument for a K-shaped economy, >> right? So if you're of assets, uh, you're part of the investor class, >> uh, and you're particularly involved in this, these AI trades, >> like you have, you have not a care in the world, >> like if you don't, like if you drive a lot and, um, you know, and like this is harmful, like the cost, like you, you really. So this PCE number, we were only at 0.22% on a core month over month. Like, those numbers are likely to get worse the next couple months, even if we get a deal this weekend, right? Because there's a lag effect to these things coming in. So that's, that's bad, right? And it's, but, you know, from an investor, again, in the S&P 500, of which 30 something percent is tech, and another 28% is communications, which is basically Google, Google, and Facebook, um."

So what do you see as the biggest market risk then? What could, what could derail your thesis here?

"It's, it's, it's an exogenous event. Something we haven't thought of. Something we don't see, right? Because we, again, you go into this earnings quarter expecting 13%. Okay, maybe you get 15 or 16%. Like, that's awesome. Okay, we came in at 28, right? I've never seen anything like that. And it's, and it's, and it's all, it's, it's really driven by this AI trade. And so you might even say the B, the K-shaped economy is like AI and everything else, right? But it's so big, and it's, it's happening truly once in a lifetime, once in a generation type thing happening in terms of the buildout that's going on in front of us. Um, and it's happening primarily domestically in the US because the Europeans don't want to embrace it. Right? So this is a US phenomenon with the US beneficiaries. So, you know, I, if that provides 3 or 4% of GDP growth, we may only grow at 2% because everything else is contracting. But if you're an investor in the S&P 500 or the Qs, um, you're going to be doing great. Like, not good, you're going to be doing great. Whereas those not part of this investor class are going to be living very differently than those watching their portfolios hit new highs on a daily and weekly basis, >> right?"

Um, but as you said, fiscal dominance is still a big problem here. So we're going to wrap up soon. I know we're out of time, Mike. Um, if you had $100,000 today, how are you dividing that? How much is going into AI stocks? How much is going into potentially, I don't know, maybe physical gold, if any? How, how would you divide that $100,000? And I know investing decisions are personal.

"So, a great question. So, I, you know, I buy some Palantir, um, some CoreWeave, um, some Nvidia, uh, some Oracle. Uh, I, I definitely, I'd definitely buy some physical gold. Like I, you know, and just, just for all your investors. So, my portfolio, uh, eight and a half percent of my equity model portfolio for my clients is in BAR, which is a gold ETF. Um, but like, I, if I'm putting a dollar to work today, between five and 10% is going to gold. I think less so silver because I think gold is a, they're a loser from kind of an idiosyncratic event, right? Because all of these petrol states and all these nations around the world needed liquidity, and they sold gold. So that's kind of an artificial, the same way when we were talking six months ago, there was like an artificial bump in it due to the paper and physical supply demand imbalance. Now I think there's that gold's going to recover, right? And once it recovers to new highs, how much momentum gets behind it, I think is the real question. So again, yes, I would be a gold investor here because the market could be fickle. You know, if this war drags out like another six months, and the capital markets tighten up a little bit, and some of these IPOs don't go too well, you know, that could weigh on stocks where gold, um, is going to recover in my, in my opinion. So yes, I, I'm owning there. And then you're always adding fiscal gold on a periodic basis, as far as I'm concerned."

Always.

"All right. All right. Final question. Point of highest conviction as we wrap up."

"Yeah, Palantir. Um, there's one, it's, it's one of one. There's no other company like it in the world. Um, I, I, you know, they're going to do $8 billion in revenue this year. That number is likely to be north of 60 in 2030, and it's going to continue to grow. It's, it makes AI actually work for these large enterprises, and there's literally only one company that can do it."

All right. Uh, Mike, for people that want to learn more about you and your work, where can they find you?

"Michael Strategy.com. You can Google Michael Lee Strategy. Um, I'm Mike Lee Strat on X, formerly known as Twitter. Um, and you can find me there."

All right. Uh, when we touch base next time, please wear the same shirt. Uh, well, and, and, and we'll see how correct you were on, uh, your thoughts that you shared with us today. It's always a pleasure, Mike. Thank you so much, Mike.

"Thanks so much, Michelle. And as always, thank you for watching. Thank you for spending your time with us. We do know that your time is very valuable, and we appreciate you choosing to spend it here with us. If you haven't already, please subscribe to the channel and help us grow this community. And go ahead, leave us your comments. We do read them. We do love hearing from you. And a big thanks to all of those that submitted some guest suggestions. We are working on that. And if there are any topics in particular you would like us to explore, mention those in the comments below as well. As always, feel free to praise, whine, or dystopine. And if you would like to learn more about building a precious metal strategy, you can reach out to info@mlesfranklin.com. There's a team of specialized advisors and brokers that can guide you step by step. If you mention my name, they'll give you an extra special deal. Also, check out our website, milesfranklin.com. There's a weekly newsletter you don't want to miss out with previews and specials and exclusive macro insights. There's a link in the bottom of this interview. Until next time, thanks again for watching. We will see you soon. Stay sovereign."

This is The Real Story with Michelle McCory.