because if there's more monetary demand than there is metal, that
somebody's got to give it up for the higher price, and that's why it
does it matter somewhat, what the monetary demand is, but not as much
as people think, the retail got very close to exposing the way, the
markets, based on derivatives, rather than the physical metal and the
Reason, I can say that with assurances, Ronan, Manley did probably the
best job of anyone looking at what had happened during that conflict,
which was mainly that both the silv.
Pslv, I believe, and the SIV are two of the top paper.
Chase is for silver.
In other words, the SLV is a stock certificate.
Yes.
It's backed by physical silver, but we don't know how much has been re
hypothecated, whatever.
Basically these two very strong.
Tea house to change their prospectus and in one of them to the best of
my recollection, basically outline that they were concerned.
That there might not be enough physical silver to maintain what was
going on at that time.
So, it was one of those places that will be looked back upon probably
examined.
Under a microscope and say, you know what, these Wall Street Silver
people actually push the two ETFs
To not only change their perspectives, but actually admit at least one
of them in writing reason they change a prospectus was that there's
gold market, so that kind of went away.
I wasn't much longer after that I think is rostam denim.
The cftc acting head or head at the time.
Talked about tamping down, silver market.
I mean, the Commodities markets are supposed to be an open outcry free
Exchange Market.
Determines the price normally open outcries.
Go.
Away.
Basically, I mean, it's all electronic.
Now, we all know that a lot of its based on algorithms trading against
each other, a lot of what's gone on in the market, has been based on
whose computer can be, who's, in the bank's computer, seem Superior in
the trading funds, but regardless of all that, why would he come out
and say they had to Tamp it down?
That is like, kind of a clue?
That's all it is.
You know, there's nothing that we can do objectively and say
Well, Tamp down means got to take it out of dollar had to be within
this time frame rate of that stuff.
All we can do is conclude that it was an indication that the cftc
itself is concerned about the price of silver.
Which of course, raises several.
More questions I would say that it will be a select group of
individuals that will see the reality of it.
I wouldn't expect to see the majority, wake up to it.
I mean, the amount of people that are in the physical,
Metals Market is less than 1% of the population, right?
Well though Central Bank wise, many Central bank's, hold gold as an
asset class now, a tier one asset.
Silver has been removed from the banking system.
As a monetary asset, the banks that hold silver for financial
machination, Zara bullion Banks, but not any Commercial Bank, or, and
they don't consider to be money, only a commodity.
I think there will be
Some people that will pick up.
That's one of the reasons, I wrote the silver.
Manifesto with Chris Marchesi is to outline to the best of our
ability.
The big big picture on Silver, meaning the history of it, and then the
couple of chapters on fractional Reserve lending in the bouillon
industry.
We did chapter on manipulation and using the sharps formula, it is not
a random walk and Adrian Douglas of Gadda basically.
The one that brought that to my attention, in my opinion, Adrian was
one of the stars of data way back when he's long to ceased, but he
came from an oil industry background, pretty good math guy.
And then we started talking about the sharps ratio.
I applied it to to Silver.
He was looking at oil and gold and silver, he's looking at everything.
So there's that.
I know, it's too.
It's too much of a hassle to go into what the Sharpe ratio and all
that stuff.
You look it up on Google, you can buy the book.
Book or you can ignore, it doesn't really matter to me.
But the point is that, yes, there will be some people that were wake
up and say, aha.
Now there is a possibility Jay that as things crumble, and we go into
this reset.
And there's a currency collapse of the dollar fails, I call Fiat,
there may be, you know, some ones that pick up the torch and say,
Here's why.
Look at what God has said.
Look at what the meat respect.
Look at what that, you know, data and all of them.
I mean there's so many, I mean half this bookshelf back here is based
on like the manipulation of gold over the centuries.
You know, it's not dinner, free market very long time, although it has
that certain times.
But overall that has it and any time it seems to break away like it
did in late 79 early 1980, then it needed to be tamped down and the
chorus
I raised interest rates a long answer, but a very important question
because the problem is, if the light was shown on and it was
pervasive.
And everybody learned about monetary manipulation, it's not just
silver and gold as basically interest rates more than anything and how
energy plays into the petrodollar.
Why the dollar stay strong when there wasn't backing to basically back
by force government and by oil, if all that came to light the maybe
wouldn't continue to make the same mistake over again.
So be my wish.
That everybody got a monetary education somewhere in the system or
outside the system, one learning, but I doubt that will be the case.
So, the trend has been that.
It's both monetary metal and an industrial metal.
But over the last 40, 50 years, I've been in this market
The tendency of more and more people is that it's just an industrial
metal and I think that Trend will continue the ability to use it as
money is certainly there, especially in a cryptocurrency space where
you can back it crypto with silver and use it for, you know, monetary
purposes.
So, that's a, that's something to consider.
But overall I think the push is but the more, so two things industrial
demand at the present rate.
Of course, it's a linear projection more or less would suggest that we
be out of silver by 2030.
Out of silver doesn't mean totally out.
What it means is that there will be such a Delta between the amount of
silver produced through Recycling, and Mining versus the industrial
Demand on total that they won't meet.
Now that's a projection, so we don't know that.
So let's say that's not the case, but let's say it increases from 55.
Percent of the market over the next eight years to sometimes someone
still have silverware, which would probably still take place your
stuff.
Silver jewelry, which probably still take place.
So it's at the margin.
It's the last bid at the auction, that makes the market and that's
where stocks find your final price during the day or a commodity or
anything.
So, it doesn't have to be very much monetary demand for it to take off
because there's more monetary demand than there is.
Metals that somebody's got to give it up for the higher price and
that's why it does it matter somewhat, what the monetary demand is but
not as much as people think.
Well, it's going to be a Synergy like never beheld before because
industry and most cases.
It's price inelastic and other what you need.
So little silver to produce a refrigerator or flat screen TV or
computer keyboard.
But you can't make those items without silver so the price inelastic
meaning that silver could be 2000 than hours and you still have to buy
that silver else.
You're out of the computer keyboard business or you're out of the
refrigerator business.
So as the supply stats, Tighter and Tighter industry will be forced to
buy it, not on a just-in-time inventory basis.
But on, how much do we need for the next six months basis?
Now once the industrial side starts,
it's to take possession of it and Warehouse it because they are don't
want to run out of business that will accelerate through other
Industries.
So example, you know, Tesla my open letter to Elon Musk or some of
these other people have done similar.
These are screaming that you know silver is vitally important,
strategic essential Irreplaceable.
All these items which are true and you better wake up because there
isn't as much silver round as the price would indicate the other thing
on the demand side for investment is institutional, as you said and
Retail.
Those will combine there will be some smaller probably hedge funds.
May be some large ones but smaller and I'll digress for a second but
then
R will be institutional, you know, it's already been very, very few
either Teachers Fund, this.
Look at the silver market and bought most of them by through the
etf's, like the sld, which is living the largest but they're still
demand there and you'll see more demand from some institutions and, of
course, retail once it takes off at a certain level all about 30 33,
you'll see more and more retail demand, because everybody will look at
what the price
The art wise is in their local currency.
I mean, if you're looking at gold or silver and some of these other
countries that doesn't look so bad, but if you look at it in terms of
the u.s.
dollar looks horrible.
So it depends on how you're measuring so they'll be a Synergy of
Institutions, retail and Industry all at the same time with us, pie
that shrinking especially with what's going on with the energy
situation.
So might be where spell to capacity has been decreased as taking
place.
You don't have so much refining.
Labor prices go Sky High because no one knows what a dollar is going
to be work tomorrow.
So you'll have a larger disruption, I think than you saw during the
covid situation throughout.
Not only my being but other sectors of the economy, but it's Jay,
you've heard me say 100 times, you know, if you can't grow it, you've
got a minded.
And I want to go digress.
Just a moment.
I haven't looked at the study yet.
The right, you know, thirsty for information.
Always gentleman to see pretty well,
grounded talked about a study done by a forget who that if you took
all of the available resources out of Mother Earth, you could go EV
for, like half a generation, not find the study, I want to verify
that, but I do know that if anyone wants to go EV all the way if
people are upset about mining, now they're going to be really upset
going in the future because the ad,
That has to be dug up to get enough Cobalt and lithium and some of
these battery metals, to keep this green energy.
And I say that in quotes.
I'm for green energy, but it's just that this isn't it.
I've got another thing coming, so I wanted to get That Into You.