Sam Unsted

really sustainably for an extended period of time now.

With no breaks in it, with no issues, that's a big ask.

So that has to happen.

And during that happening, then the reserves can start to be filled.

So you need these two things to kind of happen in concert with each other.

But while they're happening in concert with each other, the likelihood is oil prices don't go much further down from where they are now.

And those inflationary kind of impulses that have happened with oil going up for a few months will still be flowing through during that time.

Yeah, yeah, yeah.

I mean, I would say, you know, to just calm everyone, you know, it's still only just a little bit below $4,000 an ounce.

But that was a really key level.

Yeah.

And actually, you know, as we go, as it comes back through that level again, you know, that's the level that it went through as gold stopped acting like gold.

You know, it started to become a kind of momentum trade.

So the likelihood is you will have had a lot of investors, probably a lot of retail traders as well, coming in there as it was going above $4,000.

So it may well be that people are sitting on some hefty losses from gold as well.

Well, that's possible.

Well, SpaceX.

Well, when I got up from my desk, almost everything was going up for a bit and then it was going back down for a bit.

And so whether what it's doing right at this moment, I can't tell you.

But, you know, so gold...