WEBVTT 00:00.000 --> 00:10.360 L out of luck. And one person actually can claim that real ounce, the rest of the con. And so 00:10.360 --> 00:17.480 the only way that these types of things resolve is through crisis and an explosion in price. 00:24.000 --> 00:32.360 Hi, it's Mike and Alan again. And this video is about the absurd, ridiculous, absolutely insane 00:32.940 --> 00:39.000 undervaluation of silver. What have you got? Does that make sense to you? 00:39.680 --> 00:44.260 Yeah, absolutely, especially when we put it in a historical context. And that's exactly what this 00:44.260 --> 00:49.560 video is about. So really, it's all about the gold-silver ratio throughout history. We can see 00:49.560 --> 00:55.760 from the last 5,000 years that there is a particular range that this ratio tended to fall in. 00:56.500 --> 01:03.340 Lately, the last few decades, we are so far outside that range that it's hard to fathom 01:03.340 --> 01:08.020 how we even got there. But we're certainly going to have to revert sooner rather than later. 01:08.540 --> 01:12.620 Yeah, actually, it's more like a century and a half really that it's been out of whack. 01:13.820 --> 01:19.320 Yeah, I guess it depends. We're going to see all the dates and we can talk about it. So it 01:19.320 --> 01:24.140 depends what you think is normal or not and so forth. So it's hopefully a healthy discussion 01:24.140 --> 01:28.660 here. Take it away. All right, perfect. What I wanted to start with is this 01:31.040 --> 01:35.760 infographic that has been circulating around Twitter lately, the gold-to-silver ratio through 01:35.760 --> 01:42.760 history. And you can see that back in ancient Egypt, the ratio was single digits, 1 to 2, 01:42.920 --> 01:47.260 1 to 3, 1 to 10, something like that, or sometimes we say 10 to 1, 10 to 3. 01:47.960 --> 01:54.260 And it sort of hovered around 15 to 1, something like that throughout the last 5,000 years, 01:54.400 --> 02:01.880 for most of it. And today, we're living in Clown World. It's up near 90 to 1. I checked earlier 02:01.880 --> 02:11.420 today, it was 84 to 1, something like that. During COVID, it hit 120. I made a purchase, 02:11.420 --> 02:20.000 a big purchase of silver when silver dropped big time at the very beginning. And I can't remember 02:20.000 --> 02:26.660 the price that it went to, but I was able to load up using the ratio as my guide. 02:27.280 --> 02:32.780 Yeah, I love it. So I thought we could go back and take a look at this ratio and see 02:32.780 --> 02:38.540 why it has been in a certain range for so many years and why it might be different now. 02:38.540 --> 02:42.960 Well, I found this wonderful article from the Cambridge University Press, 02:43.420 --> 02:48.360 Golden Silver, Relative Values in the Ancient Past. And this was published about a year ago. 02:48.900 --> 02:54.920 And they documented more than 200 relative values of golden silver across almost 3,000 years. 02:55.480 --> 03:02.600 So this is incredible. I mean, they found sources from clay tablets and stone engravings 03:02.600 --> 03:08.200 and papyrus and just anything they could get their hands on. And they compiled a whole 03:08.200 --> 03:13.480 bunch of charts. And I have two of them I want to share with you today. The first one is this. 03:13.700 --> 03:18.580 It sort of summarizes the gold to silver ratio, which is what we're seeing on the Y-axis, 03:19.040 --> 03:24.280 across the whole time span that they looked at from 3,000 BC to about 400 AD. 03:25.380 --> 03:30.540 And they have all these different sources, each represented by this shape here. And we've 03:30.540 --> 03:39.840 got the Near East, Egypt, Greece, and Rome. And so you can see that this entire chart spans a 03:39.840 --> 03:44.720 gold-silver ratio of 0 to 25. And the highest data point, which is certainly an outlier, 03:45.220 --> 03:53.060 was about 21. Ordinarily the ratio, single digits for the first few thousand years, 03:53.260 --> 03:57.440 and then moving up to about between 10 and 15 to 1. 03:58.840 --> 04:01.620 So yeah, when you look at this, Mike, what do you see? 04:02.280 --> 04:09.240 Well, you know, I'm sorry, Egypt is the only one that goes across the entire graph, 04:09.440 --> 04:16.000 spans the entire time period. But I do see that in the ancient world, before 04:16.900 --> 04:23.080 gold and silver became money, before they became fungible, when it was little scraps, 04:23.080 --> 04:29.300 bits and bobs left over from refining and making artwork or religious objects or something like that. 04:30.700 --> 04:35.880 They were trading these, they were being used as a medium of exchange, but they weren't fungible. 04:36.520 --> 04:42.460 You had to weigh and every one of them, you know, if you're buying something with it, 04:42.500 --> 04:46.100 you're doing a trade. You had to weigh the precious metals, and then the seller 04:46.100 --> 04:53.700 had to take a guess as to the purity. So it made, trade was not, it was the invention of money that 04:53.700 --> 05:02.640 made trade easy once it became fungible. Same purities, same weights. And you can see that 05:03.200 --> 05:10.840 for some reason, when it comes to international trade happening, and gold and silver being 05:10.840 --> 05:16.840 money. So it's being taken on ships, certain weights and purities, and it's getting distributed 05:16.840 --> 05:21.040 all through these countries. They sort of, it goes up and it's all grouped together 05:21.940 --> 05:28.240 at that point. Yeah, right. Exactly. So, yeah. Yeah, very cool. And something I notice here, 05:28.340 --> 05:32.740 all these green circles, this is Greece, it's interesting how many of them are happening 05:32.740 --> 05:37.140 at the same time. So you could draw a vertical line through them at so many different points. 05:37.800 --> 05:42.880 And basically all those different ratios are happening at the same point in time. So, you know, 05:42.900 --> 05:49.400 as low as nine to one, as high as 15 or 16 to one. So I find this very interesting. 05:49.980 --> 05:55.960 It kind of suggests that there, that there is a band or a range that, that could seem reasonable. 05:56.400 --> 05:59.860 You know, it's not necessarily that there's one true number, there's a range that's 05:59.860 --> 06:04.980 reasonable. Do you see the three that overlap that are right at 10? I believe that 06:04.980 --> 06:12.840 Alexander the Great, the average there you can see had been, well, there's clusters going on, 06:13.580 --> 06:20.560 13, 14 to one. And he just thought that the exchange rates floating were silly and he 06:20.560 --> 06:23.800 made a declaration that it's going to be 10 to one and it didn't last. 06:24.500 --> 06:30.740 It couldn't. The free market always overwhelms any government dictate. 06:31.780 --> 06:34.940 Yes. And that is going to be a recurring theme throughout this video. 06:35.860 --> 06:40.000 There's all kinds of government dictates, but eventually the free market will overwhelm them. 06:40.540 --> 06:45.740 And that's sort of the big opportunity here with Silver. So there's sort of one question 06:45.740 --> 06:52.020 that emerges from this chart, which is why does, why does Egypt have so many 06:53.620 --> 06:59.960 markings down here around three to one, two to one? Yeah. And then, then they kind of come up higher 06:59.960 --> 07:07.380 when, you know, international, well, international trade happens. Well, trade, yes. And so there's 07:07.380 --> 07:14.060 this in my book, it was my theory that, that whatever they were digging up that was circulating 07:14.060 --> 07:19.660 locally, it's the ratio of how much gold there is in circulation compared to how much 07:19.660 --> 07:25.680 silver there is. And that was in my first book. And at that point, it was only conjecture on my part. 07:25.780 --> 07:31.620 I just said, well, this is logical. It's probably the reason. Yes. Well, I think this map here, 07:31.640 --> 07:35.840 which comes from that same article I just showed, I think this absolutely corroborates 07:35.840 --> 07:44.600 your hypothesis. Yes. Glad you found this. Yeah, it does. Wow. Gold and silver deposits. 07:44.820 --> 07:48.960 And you can see around Egypt and, you know, the surrounding area, it's all gold deposits. 07:48.960 --> 07:52.240 There's very few silver deposits. It's hard to find these little 07:52.240 --> 07:56.920 silver plus marks compared to, you know, the rest of Europe and Africa and so forth. 07:57.280 --> 08:05.000 Silver is fairly abundant. In my book, I had said that there was a point in ancient China 08:05.820 --> 08:11.080 where silver was twice as valuable as gold. And if you look at northern China on here, 08:11.500 --> 08:16.900 that cluster right there, there's only one silver mine in there. And it's all gold mines. 08:16.900 --> 08:24.360 Well, there might be two silver mines. But in that or the cluster that's at the very top 08:24.360 --> 08:32.760 going to the right on that map, that one, if there's so much gold being dug up and no silver. 08:32.900 --> 08:38.360 Now, one of the things that this map doesn't show, it says gold deposits, silver deposits, 08:38.520 --> 08:42.580 it doesn't tell you the size of the deposit. You might have a whole bunch of tiny gold 08:42.580 --> 08:49.860 deposits and one giant silver deposit. And that upsets the ratio. But still, this would, 08:51.780 --> 09:00.320 I can see that silver being twice as valuable as gold in some areas on the planet 09:00.320 --> 09:07.040 before all the areas were connected together is entirely a, it's a high probability. 09:07.040 --> 09:12.560 Yeah, it makes sense to me. And that's what the researchers of that article found. 09:12.740 --> 09:18.220 This one I showed here is they basically said that the exchange rates are largely determined by 09:18.220 --> 09:21.580 the availability of the metals. So pretty much driven by scarcity. 09:22.260 --> 09:30.620 Okay. Yeah. So moving right along here, I wanted to fast forward up to the year 1687 and show 09:30.620 --> 09:40.040 the gold silver ratio since then. And you could see that it was pretty level, well under 20, around, 09:40.740 --> 09:49.580 I guess 16 or so until 1873. And that's often called the crime of 73, at least in the United States. 09:49.900 --> 09:55.660 And then the ratio started to become extremely volatile. So as you mentioned the last 150 09:55.660 --> 10:03.220 years, it's been out of whack, definitely. So yeah, I guess I can elaborate a bit on the crime of 1873. 10:03.420 --> 10:09.200 Basically in the United States, this is when silver was demonetized. I know you take 10:09.200 --> 10:14.020 issue with that word a little bit. Do you want to explain why you don't like that word demonetized? 10:14.920 --> 10:21.140 Well, it wasn't completely, we still had very low value silver certificates. So the 10:22.060 --> 10:29.980 paper currency was redeemable in silver dollars. And we did issue silver dollars. Again, there's a 10:29.980 --> 10:36.580 Morgan series that's the early 1920s. I can't remember. And there's some of the, 10:39.780 --> 10:48.160 I can't remember the one after Morgan silver dollars. But that I think was 1927 or something 10:48.160 --> 10:53.780 like that where we issued a whole bunch more. And even when I was a kid, there were still silver 10:53.780 --> 11:01.400 certificates. And so it wasn't completely demonetized. It was relegated to change basically. 11:02.620 --> 11:09.620 It wasn't being, if you were a foreign government or something like that, the 11:09.620 --> 11:15.240 treasury was not holding silver that they could back up their notes with. They backed it all 11:15.240 --> 11:23.200 up with gold. And so we stopped using silver when it comes to large transactions and the government 11:23.200 --> 11:30.240 making the dollars that somebody is holding redeemable. There's one other thing I'd like to 11:30.240 --> 11:34.940 point out on this chart. I can't remember exactly what it was when it was, but you see 11:34.940 --> 11:40.480 crime of 73, it starts to rise. But then it sort of goes vertical right there. Yeah. 11:41.000 --> 11:49.020 And I believe that is where they discovered the silver valley in up near court delaying Idaho, 11:49.280 --> 11:56.120 the largest silver discovery on the planet. And then just a few years later, the Comstock 11:56.120 --> 12:01.140 load in Nevada that just barfed out this immense quantity of silver in just a couple 12:01.140 --> 12:13.020 of years. And then the discovery was depleted at that point. And so we demonetized. The 12:13.540 --> 12:23.440 government is liquidating the largest silver hoard on earth. And then we find all this, 12:23.500 --> 12:28.740 so there's this ton of new supply that comes to the market right in that period. 12:30.720 --> 12:36.440 Yeah, it makes sense. And what's interesting is you can't even see the effects of the California 12:36.440 --> 12:45.460 gold rush, like 1849, because everything was fixed by law. So even if you do get a huge influx of one 12:45.460 --> 12:51.420 metal or the other at that time, it shouldn't upset the ratio provided the government can 12:51.420 --> 12:58.380 enforce it. So yeah, we do get big discoveries from time to time. But on balance in the 12:58.380 --> 13:04.000 long run, the ratio of their prices should be in proportion to the ratio of their scarcities. 13:04.060 --> 13:10.980 Maybe not exactly, but it should be. Yeah, they were still minting silver dollars. But 13:11.580 --> 13:19.500 this is the price of the, or this is basically the price that the mining companies would be selling 13:20.160 --> 13:27.340 to the Treasury, or if you're buying bars. But there was still basically a peg on a silver 13:27.340 --> 13:34.580 certificate. So a $1 silver certificate was one 20th of a $20 bill, which was a $20 gold piece. 13:35.520 --> 13:40.900 So it had a government peg just because of the denomination of the bills that backed it 13:40.900 --> 13:46.760 and the silver dollars that you could trade for your $20 gold piece. 13:48.260 --> 13:55.100 Yes. And by the way, the crime of 73 isn't the only thing that happened in 73. There were 13:55.100 --> 14:02.400 two other instances, two other big events that happened around the world, one in the German 14:02.400 --> 14:08.060 Empire and one in the Latin monetary union. So the international classical gold standard commenced 14:08.060 --> 14:15.340 in 1873, almost by accident, by the way, it's largely largely considered to be an accident that 14:15.340 --> 14:20.040 the world went on a gold standard as a result of several things happening. The German Empire 14:20.040 --> 14:27.620 decided to transition from the silver North German Thaler, that's the root word of the dollar that we 14:27.620 --> 14:34.740 have. The South German golden to the German gold mark reflecting the sentiment of the first international 14:34.740 --> 14:43.100 monetary conference in 1867. Okay, blah, blah, blah. 1867. Isn't that about the end of the 14:43.100 --> 14:50.460 Civil War? Yeah, two years later. Yeah. Okay. Yes. Okay. So anyways, the following countries switched 14:50.460 --> 14:57.580 from silver or bimetallic currencies to gold in the following years. And German Empire, Latin 14:57.580 --> 15:03.220 Monetary Union, Scandinavian Monetary Union, Netherlands, Ottoman Empire, Austria, Hungary, 15:03.420 --> 15:08.980 Russian Empire. And I also highlighted the gold silver ratio in red boxes. And you can see 15:08.980 --> 15:15.400 that it's about 15 in all these different places. 18 in Austria, Hungary and Russia 23, a bit of an 15:15.400 --> 15:22.800 outlier there. But, but yeah, just in the 1870s, I mean, a pretty modest and consistent ratio of 15:22.800 --> 15:32.400 about 15 or 16 to one. That outlier of Russia makes me wonder what happened in their currency 15:32.400 --> 15:39.940 supply, because that creates an arbitrage opportunity. Somebody can export one bag of coins of one metal 15:39.940 --> 15:47.480 and buy, swap it for a different metal. When you bring it back, you can buy two bags now. And so 15:47.480 --> 15:51.840 you keep on repeating the process. And what happens when you're out of step with the rest 15:51.840 --> 15:59.000 of the world, either your gold or your silver is going to leave. Yeah. So I didn't have time 15:59.000 --> 16:03.300 to research whether or not that happened. But I'm sure some people took advantage of it. Yeah. 16:04.520 --> 16:10.400 So anyways, very, very interesting how that played out. And I do want to zoom in a little bit on 16:10.400 --> 16:14.580 some of the more recent things in case you want to comment on some of the developments that 16:14.580 --> 16:22.420 have happened since then. 1939, the gold silver ratio peaked at 98 to one after Roosevelt set gold 16:22.420 --> 16:32.240 at $35 an ounce. 1945, Bretton Woods. 1971, Nixon took us off the gold standard. 2020, 16:32.540 --> 16:39.540 you mentioned earlier that the gold silver ratio peaked over 125 as a result of the COVID pandemic. 16:40.220 --> 16:45.040 So anything you see here that you want to comment on, Mike? Well, something that's 16:45.040 --> 16:54.000 missing is 1966, when Lyndon Johnson created what David Morgan refers to as the Johnson sandwich 16:54.560 --> 17:01.860 when there was copper in the that when they took silver out of our coinage. And so 17:02.940 --> 17:08.520 the Gresham's law was kicking in and silver coinage was disappearing from circulation. 17:09.090 --> 17:17.580 And there wasn't enough, I mean, I've got quotes from Johnson saying, you know, 17:17.680 --> 17:25.820 we got to have coins for parking meters. There was literally a shortage of pocket change. 17:26.780 --> 17:33.820 So anyway, yeah. The one thing that I would add here beyond what you said is in 1975, 17:35.160 --> 17:43.120 basically allowing gold and silver futures and paper, paper metal, basically. Yeah. 17:43.500 --> 17:52.040 Also, that one little spike down that goes down below 14. That is January 1980, 17:52.820 --> 17:58.900 when silver, you know, gold had been rising for months and months and months. And it was about 17:59.620 --> 18:07.860 November of 1980, that's 1979, that silver finally really took off like a rocket and 18:07.860 --> 18:14.440 started from about four bucks to 50 bucks. And so the gold silver ratio spiked. And I think 18:14.440 --> 18:22.940 that day is coming again. And that will be an alarm to either start considering selling 18:23.540 --> 18:29.140 your precious metals or converting your silver to gold and getting many, many times more gold 18:29.140 --> 18:37.640 than you paid for. That's the reason, you know, it's been so out of whack that I haven't bought any 18:37.640 --> 18:44.760 gold in a long time because I look at the ratio and I just can't allow myself to buy gold at 18:44.760 --> 18:53.500 these prices. This out of whack ratio because eventually things return to the mean. And all the 18:53.500 --> 19:01.240 paper gold and silver that's traded today is building up pressure. The free market has not 19:01.240 --> 19:09.520 been able to resolve this issue because the paper is preventing it. So let's move on. 19:09.980 --> 19:16.700 Yeah, absolutely. Speaking of paper, I took this screenshot from the US debt clock. Look at this, 19:16.900 --> 19:23.500 the paper silver to physical silver ratio is 411 to one, paper gold to physical gold ratio 19:23.500 --> 19:31.840 133 to one. So that means for every physical ounce of metal, there's 100 or 400 paper ounces 19:31.840 --> 19:38.200 of the corresponding metal. And they all think they have title to that same ounce. So it's 19:38.200 --> 19:46.640 musical chairs. And when the music stops, 310 people are going to be sol out of luck. 19:47.730 --> 19:55.260 And one person actually can claim that real ounce the rest of the kind. And so the only way that 19:55.260 --> 20:06.840 these types of things resolve is through crisis and an explosion in price. Yeah, exactly. So 20:06.840 --> 20:14.500 probably three times as manipulated or potentially price suppressed as gold. But they both collectively 20:14.500 --> 20:22.600 are trading as if they have 100 times greater supply than they really do. So the price is 20:22.600 --> 20:27.240 going to have to adjust once people realize that paper metal is not the same as actual metal. 20:28.020 --> 20:36.720 Right. Because of this ratio, it's not even a claim on the actual metal. It's a fraud. 20:36.840 --> 20:44.340 It's what it is. Yeah. Yeah, I agree. So speaking of the opportunity at hand here, 20:44.340 --> 20:50.080 there is a four year chart of gold and a four year chart of silver. And they both are forming a 20:50.080 --> 20:54.860 four year parabolic base, which is kind of cool, kind of beautiful and kind of rare. 20:55.480 --> 21:01.040 And kind of bullish. Very, very bullish. Kind of bullish. That's an understatement. 21:01.800 --> 21:07.820 Extremely bullish. Yeah. Not only a gorgeous chart is also a very unusual setup with gold 21:07.820 --> 21:13.980 and silver looking this similar. And if they are to hold the trend line, the way is up. Yeah. 21:14.320 --> 21:22.300 Yeah. You know, all of this supports what I've been saying for years is that you will see silver 21:22.300 --> 21:29.180 in the triple digits. It really needs to be there to get that supply back up. And then 21:29.180 --> 21:33.480 for the past couple of years, several years, we've had a supply deficit. 21:35.340 --> 21:41.700 And we're just, you know, with all of the battery technology and solar that's coming out right now, 21:41.840 --> 21:47.980 the industrial demand for silver. And all you need is a crisis and people actually 21:47.980 --> 21:53.940 wanting it when there's monetary demand, when gold and silver start acting like money once again, 21:54.980 --> 22:02.480 then you're going to see some real fireworks, some fireworks in gold and sort of a 22:04.900 --> 22:08.140 nuclear bomb in silver. I mean, it's going to be huge. 22:08.780 --> 22:15.120 Yeah. Absolutely. And speaking of fireworks in gold, I wanted to include the comparison of today's 22:15.120 --> 22:20.560 gold bull market compared to that of the 1970s. Just as a starting point, and then obviously 22:20.560 --> 22:28.020 silver is amplified on top of this. So you presented this chart at the limitless recently. 22:28.260 --> 22:33.360 Do you want to describe what you're seeing here? We originally did this chart, you and I, back in 22:33.360 --> 22:39.660 2022. And basically, I asked you to do what they do. It's something called Elliott Wave for 22:39.660 --> 22:46.300 anybody that doesn't know. When something is rising, it goes up in like three or five waves. 22:46.300 --> 22:56.160 So it'll go up in wave one, wave two, wave three. And I had you take the lowest price that gold 22:56.160 --> 23:05.080 traded at between 1980 and I believe we did this in October of 2022. And so it didn't have that 23:05.080 --> 23:11.120 extension on it. It had the up wave and then that bull. It didn't have that area, that tail. 23:11.940 --> 23:19.720 And then you updated it for limitless that I appeared at just, I don't know, four months ago 23:19.720 --> 23:30.200 or something like that. And you explained in a video that, I was going, wow, what happened? 23:30.480 --> 23:37.400 It diverged. And I'm going, oh, no. And then you were the one that said what happened 23:37.400 --> 23:44.800 right during that period where it diverged. What was it? COVID lockdowns. And so and then 23:44.800 --> 23:51.660 the creation of tons of currency. And I believe that this is this, this suppression that you just 23:51.660 --> 23:58.120 talked about all those frames that we just covered that information. This is storing energy. 23:58.120 --> 24:06.320 You can't print as much currency as we've printed without this reacting somehow. The 24:07.060 --> 24:14.000 quantity of currency that was created for, you know, from 2008 until today, but especially 24:14.000 --> 24:20.780 when COVID hit, that should have gone vertical and it didn't. And so if it's storing energy, 24:20.780 --> 24:26.060 I think it's going to, you know, just so that people can get a grasp on this again. 24:26.420 --> 24:34.320 The blue scales on the right side and the bottom is the 1970s bull market. And that's the blue line. 24:34.740 --> 24:41.800 And then the orange scales, the gold colored scales on the top and on the right hand 24:42.760 --> 24:55.220 scale. That is the present day. And what you had to do to get that, it's 1970, August 15, 24:55.400 --> 25:04.720 71. And 1999 was the lowest price that gold hit between 1980 and today. And so we took those 25:04.720 --> 25:15.300 two lows that were there, lined them up. And then you took the highs from 1970 and you squeezed 25:15.300 --> 25:21.460 today over. And so if people look at the bottom time scale and the top time scale, 25:22.000 --> 25:29.260 the bottom time scale is just two years at a time. And then we've got the top scale, 25:29.260 --> 25:35.840 we've got four years per measurement. And the measurements are actually closer. So we had to 25:35.840 --> 25:45.420 squeeze time. And then we found that we had to squeeze the amplitude by a factor of 1.6 25:46.300 --> 25:55.800 to be able to fit this in there. And so the, if this goes up to match the, 25:56.320 --> 26:01.820 you're talking about close to $10,000 an ounce on this, but I think it's going to blow past it 26:01.820 --> 26:07.780 because of all this stored energy. So you're talking about some real fireworks. 26:08.920 --> 26:14.040 Yeah, absolutely. So just to kind of bring it all home, if we're at a price today of about 26:14.040 --> 26:22.280 2600, 2700, if it repeats what it did in the 1970s, even with some kind of a lag here, 26:22.280 --> 26:29.300 we are talking about 9000 or $10,000 an ounce gold. So that's called a 4x in the price. 26:29.960 --> 26:33.300 And looking at the gold-silver ratio, which we've been looking at throughout this whole video, 26:34.140 --> 26:40.020 that probably should move by a factor of 4 or 5 relative to gold to come back into a line. 26:40.700 --> 26:46.340 So yeah. So if gold is moving by a factor of 4 and silver moving by a factor of 4 times that, 26:46.340 --> 26:52.680 we're talking 16x in the price of silver in order to bring all these ratios back into balance. 26:52.880 --> 26:58.760 There's a tremendous opportunity here. Yes, there is. So I want to thank you for all of this data. 26:58.940 --> 27:03.060 And for the audience, please like, subscribe, hit that notification bell. 27:03.760 --> 27:09.080 That helps us spread the word. I want to thank everybody for watching and thank you, Allen. 27:09.660 --> 27:10.180 Thanks, Mike.