Philip Patrick

Poland, for example, just bought 150 tons of gold bullion.

And they came out publicly and said, listen, pricing doesn't matter to us.

This is about stability, right?

China have been stockpiling gold reserves for many years now.

They don't even report half of their purchases.

So China's official numbers will be much lower than actual.

And ultimately, when the institutions that issue money

decide that they need an asset without counterparty risk, without political risk, with no printing presses behind it, I think it shows us that the system has changed.

Silver is a little bit different.

It's both monetary and a strategic mineral.

It has been undervalued as well, I think, for a long time.

Global supply has fallen short of consumption for the last six years.

We're seeing an explosion now on the back of huge investment in AI data centers.

A typical node for a data center uses about two ounces of silver.

AI nodes require six ounces.

So we're seeing

Huge demand.

And of course, silver is a necessary component in everything from electronics to complex weaponry.

So we're seeing a realization around the world and a scramble now to secure silver.

On the back of that, China have added more export.