Philip Patrick

What we're seeing now through COMEX is they are on record to deliver more physical gold this month.

than any other time in history, more than COVID, more than the great financial crisis.

But what I would say in general is this, gold doesn't run 55% in a year, but it is today.

And for me, that is a sign of a structural shift happening around the globe, right?

We've talked about this.

Go back to 1980, gold was 70% of global reserve.

Today, even with all the increase, this massive central bank gold buying,

it constitutes 20% of global reserve.

I think what we are seeing is a shift back, right?

This idea, this belief since the 80s, really, that government debt was risk-free, it has been shattered around the globe.

Western countries now, global debt to GDP levels average 110%.

And I think there is a realization around the globe

This isn't going to last long term.

There is a big debt crisis coming and gold is how you insulate.

So I think it's a case that gold has been massively undervalued for the last 30 years and today is being repriced to reality.

So for that reason, I think we've got a lot of scope for growth.

Let's not forget that the velocity of central bank gold buying is increasing in this climate, not slowing down.

So they are buying at current levels.

with the belief that prices will rise.

Look, I think the writing's on the wall, right?