Philip Patrick

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.

restrictions on silver they're the number two miners of silver in the world so we're seeing tight supply on the back of an increase in demand so all in all it's the perfect storm for precious metals and i think what's driving them isn't fear or panic or mania it is very simple math at this point those people that um

Look, I would say this, and I wouldn't say it in any way dismissively because I understand the question entirely.

But I think in many ways, it's the wrong question to ask.

Look, this isn't about catching a trade.

Central banks, they didn't wake up one day and say, listen, gold's on a rally.

Let's buy it.

Gold is up because they're buying it.

And for people like you and I, I think it's a case of swapping risks for certainty.

And the real risk in my mind isn't the prices pull back 5% or 10%, although I don't think that's going to happen in this climate.

I think the real risk is that the purchasing power of our savings keep eroding.

And look at what's happening now.