Philip Patrick

And

They can't decide in the current climate whether to call this trend a panic or a mania.

But I think they would be wrong on both fronts, right?

A panic is emotional.

And what we're seeing today is very different.

It's institutional.

The biggest buyers today, they're not hedge funds.

It's not the Reddit day traders sort of hyping up a market.

This is central banks who are buying quietly, frequently, and often undisclosed.

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.