Philip Patrick

It is a fiscal basket case.

That's the position we're in.

And I think there's only one way out of it.

And the world has realised that.

And I think the reversion to gold or the move back to gold is the solution.

Yeah, three and a half years, 22, 22.

It started straight after Biden weaponized against –

against Russia.

22, 23, 24, first half of 25.

We're waiting for third quarter numbers, but the first half of this year was the biggest six-month period in history.

Even with three and a half years of consecutive record-setting gold buying by central banks, today it's 20% of global reserve.

We have a long way to go.

I mentioned before on your show

They survey central banks every year.

73% of them said they would be reducing dollar holdings and increasing gold holdings.

The trajectory is clear.

Yeah, the paper gold markets, a lot of the trading we see, the day-to-day swings, the profit-taking, that comes out of the ETF or paper markets.

But we're seeing consistent increases in demand for physical.

As I mentioned, COMEX is on record to deliver more physical gold this month than any other time in history.

And we've seen a couple of those records set this year already.