WEBVTT 00:00.000 --> 00:04.980 these specialists, goldsilver.com and Curt Nelsen, founding partners, you know, 00:05.300 --> 00:10.600 Summer Haven Investment Management. Thank you both for being with us and Alan, you 00:10.600 --> 00:14.960 talked about how well gold and silver have done this year and in fact that the 00:14.960 --> 00:19.980 demand has been very strong even in some cases almost outweighing the 00:19.980 --> 00:26.040 supply. A little bit about the picture that has has been. Yeah so both 00:26.040 --> 00:29.680 metals are up about 30% on the year which is pretty impressive and it's a 00:29.680 --> 00:33.840 lot more than most analysts were predicting at the start of 2024 and yes in 00:33.840 --> 00:38.800 the case of silver in particular demand is outstripping supply and so 2024 has 00:38.800 --> 00:43.080 been the fourth year in a row where that has been the case and 2025 is probably 00:43.080 --> 00:47.400 going to be the fifth year where demand continues to outstrip supply. So for 00:47.400 --> 00:50.060 sure in the case of silver I'm definitely expecting the price to 00:50.060 --> 00:54.280 continue to increase next year because of that supply demand mismatch and in 00:54.280 --> 00:56.860 the case of gold I'm expecting it to go up for a completely different 00:56.860 --> 01:02.060 reason it's because gold is money it's an inflation hedge it's a safe haven it's 01:02.060 --> 01:05.740 gonna help protect investors against inflation and we're seeing that in 01:05.740 --> 01:08.940 the United States and all over the world so I'm expecting both metals to go 01:08.940 --> 01:14.620 up in 2025. I mean Curt you noted how consumers are really interested in 01:14.620 --> 01:18.640 these precious metals so much so that they go to Costco to buy some gold 01:19.240 --> 01:25.000 that being said you think this will continue into 2025 as well. Yes 01:25.000 --> 01:28.480 hi great to be here today and I do think this rally is going to continue. 01:29.300 --> 01:33.140 You know I think commodities more than any other asset trade on supply and 01:33.140 --> 01:38.000 demand and you know you can't just print gold or print silver the way you 01:38.000 --> 01:42.320 can print money or bonds or stocks you know through a secondary offering you 01:42.320 --> 01:46.580 have to mine it and refine it and store it and so you know when demand 01:46.580 --> 01:51.600 increases and is steadily increasing that creates a potential shortage in 01:51.600 --> 01:55.540 higher prices. We've seen consumer demand as you said at Costco sort of 01:55.540 --> 01:59.220 you know 200 million dollars a month they're running out each month and 01:59.220 --> 02:04.860 have to restock for this to me this this retail demand on the other end 02:04.860 --> 02:08.040 of the spectrum completely are the central banks around the world they 02:08.040 --> 02:13.440 often use in addition to for example euros or dollars or treasuries as a 02:13.440 --> 02:16.960 reserve they often hold gold and that's been increasing and I have some 02:16.960 --> 02:22.780 reasons for believing that to be to continue but we do know just factually 02:22.780 --> 02:30.560 in the first half of 24 that was something like 483 tons of gold we 02:30.560 --> 02:33.820 think about gold and you know dollars per ounce we don't measure in tons very 02:33.820 --> 02:36.700 often that was more than 40 billion dollars of gold the central bank 02:36.700 --> 02:40.980 spot and there's a good reason for it there's concerns about the deficits in 02:40.980 --> 02:45.300 the U.S. and about the potential shakiness to you know the 02:45.300 --> 02:49.840 independence of the Fed to what treasuries going to do is as the cost of 02:49.840 --> 02:53.280 financing this debt gets higher and higher and higher we don't really know 02:53.780 --> 02:56.940 what 25 is going to bring with the Trump administration and a 02:56.940 --> 03:00.860 Republican House and Senate also I think one of the things we've learned 03:00.860 --> 03:06.300 in the last few years is that having dollar assets exposes a nation to 03:06.300 --> 03:11.040 the long arm of the U.S. law and I think about Russia for example you 03:11.040 --> 03:16.500 might hold dollars or treasury bills as a reserve asset but they learned the 03:16.500 --> 03:21.120 hard way that America could decide to freeze those assets after Russian 03:21.120 --> 03:25.340 rated Ukraine so any foreign country that is concerned about a unilateral 03:25.340 --> 03:29.880 move by the U.S. to make them a pariah has to have a little bit concerned 03:29.880 --> 03:35.160 about having everything in dollars and gold is a backup currency for those 03:35.160 --> 03:37.660 for those central banks as well I think that will continue in 25. 03:37.660 --> 03:45.300 Yeah and Alan you have some some looks as to where we could be headed as far as 03:45.300 --> 03:50.940 target prices Goldman Sachs talks about gold going to 3,000 in 2025 I see you 03:50.940 --> 03:55.400 have your targets silver going up 25 percent tell me about your targets 03:55.400 --> 03:57.680 for gold and silver for 2025. 03:58.680 --> 04:02.440 Well sure so by the way remember that most of these investment banks when 04:02.440 --> 04:06.000 they were choosing their targets for gold at the start of 2024 they were 04:06.000 --> 04:11.860 all super low they put up numbers like 2100 2200 2300 and that's it and they had 04:11.860 --> 04:15.240 to keep revising their forecast up throughout the year and here we are 04:15.240 --> 04:21.520 around 27 so yeah I think $3,000 next year is pretty much a guarantee I mean of 04:21.520 --> 04:24.120 course it's not a guarantee but I think that's that's a that's a lowball 04:24.120 --> 04:30.200 guess 3,000 I think about 3150 could be reasonable remember earlier this 04:30.200 --> 04:34.820 year in 2024 you could buy gold under $2,000 an ounce that feels like 04:34.820 --> 04:39.000 ancient history but it was earlier this year you could get it in the 1900s so 04:39.000 --> 04:43.740 2024 was the last year you could get it under 2000 I think 2025 might be the 04:43.740 --> 04:47.660 last year you can get it under 3,000 so I'm expecting it to go up and never 04:47.660 --> 04:52.520 look back in the case of silver I'm thinking about 25% on the year would be 04:52.520 --> 04:57.320 reasonable of course it's up 30% this year but I think 25% next year is 04:57.320 --> 05:01.760 reasonable so put it around $40 an ounce of course that's still off its 05:01.760 --> 05:07.500 all-time high of roughly 5250 but the following year 2026 I'm expecting it to 05:07.500 --> 05:11.460 break out into all-time highs and never look back so it should be another good 05:11.460 --> 05:17.360 year or two for both metals yeah and we've seen China once again showing its 05:17.360 --> 05:20.460 interest in demand for gold I mean people have been talking about that 05:20.460 --> 05:27.780 Kurt we only have a few seconds left a final quick thought for 2025 sure you 05:27.780 --> 05:32.180 know just as a reminder for everyone you know one of the main reasons for having 05:32.180 --> 05:35.700 gold is as a store of wealth that's been used for centuries that way and you 05:35.700 --> 05:39.560 know a couple hundred years ago an ounce of gold would buy you a nice wool suit a 05:39.560 --> 05:43.280 pair of leather shoes and a dinner and it sort of does today at around $2,500 05:44.640 --> 05:50.820 and I think that that sort of safe haven asset in a risk-off event we 05:50.820 --> 05:54.220 don't know what 25 is going to bring I think but it could be volatile it 05:54.220 --> 05:57.760 could be a lot of changes with tariffs and different administrative you 05:57.760 --> 06:01.620 know decisions by the Trump administration that that will shake things up 06:01.620 --> 06:05.340 from its Goldilocks kind of point right now I think that could be really tough on 06:05.340 --> 06:10.760 stocks and bonds I think that chaos is going to do very well for gold all right 06:10.760 --> 06:14.540 great to see you both thank you so much really appreciated Alan Hibbert 06:15.180 --> 06:16.140 goldsilver.com