Philip Patrick

And I think the longer the duration,

Look, gold strengthened.

You make an interesting point, though.

Initially, you saw the dollar strengthen, and it has done.

And it's good news.

People ultimately move to cash, and it shows that for liquidity, people still want dollars.

What was interesting, though, is historically, during times like this, investors run to government debt.

and yields decline.

But the opposite happened.

Yields actually increased on the debt.

And what that suggests is people are less worried about collapse, more worried about inflation, and I think particularly the impact of higher energy costs on top of today's already elevated price levels.

So as much as the dollar did strengthen, which was good news, yields on debt increased, which is bad news for the government.

So sort of a mixed bag there.

In terms of precious metals, though, like I said, I think demand will still increase broadly for metals.

It's still being driven by central banks.

De-dollarization is still happening very actively.

I think we're at 38-year lows now for central banks around the world holding

holding dollars for reserve.

So that trend, I think, will continue long term.

Nothing is linear, right?