Philip Patrick

What they do is just reprice.

And I think that's ultimately what we're watching playing out in front of us, a slow structural repricing of credibility.

And I think

People focus a lot on prices, but I don't think the real story sits in prices.

And I'm taking your line, essentially.

I think what prices are are a thermometer.

And they're telling us that the system, and I'm not just talking domestically in the United States, but the global financial system,

sick and essentially has a fever.

Now, look at the mainstream media.

We've been talking about precious metals, you and I, for the last four years.

Bloomberg, CNBC, they're catching on today.

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.