Every Investor Should Have Gold in Their Portfolios. | Clive Thompson.

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[00:00:00]does prove that no matter what your asset allocation was, uh we don't understand a lot of people have got to be heavy in equities due to their mandate or they've got to have a 60/40 port, but no matter what the portfolio allocation was, just adding some gold to the portfolio improves the sharp ratio and improves the total return.

[00:00:23]Friday, May 22nd, 2026, Manco 64, home of Alternative Economics and Contrarian Views. Uh so we've got Clive Thompson back today. It's been uh a few weeks since we've spoken. Clive, uh how are you?

[00:00:40]>> Good morning. Yeah, good morning to you, Mario. Uh yes, it's been a while. And uh it's been rather dull in the gold and silver markets, hasn't it?

[00:00:47]>> Yeah, frustrating. And uh you sent me yesterday you've got a new uh like a program that measures performance of different asset classes. Uh and it's really good. And actually I just thought I I'd ask uh earlier today chat GPT uh and I asked uh chat G GPT what is the most undervalued asset class versus the S&P 500 since 2015?

[00:01:16]And uh before we came on, you said uh it was international emerging market equities and you're quite close, but um yeah, I'm going to actually bring it up here. I I'll share it with uh with you and the viewers. Uh so there you go. Uh if we define undervalued versus S&P 500 as an asset class that has become historically cheap relative to US equities 20 since 2015 then this strongest case is probably for precious metals and precious metals miners broad commodities commodity producers international value equities or emerging markets. So, and it says here at uh the end, Clive, gold and silver minor equities, the most asymmetric opportunity. U could you explain to the viewers what that means?

[00:02:14]>> Um well, what we're talking about here is it's they've since um a long many many years they've been underperforming the major stock markets and we yet at the same time we've had this strong rise in gold. Now obviously they've caught up a lot in the last 12 to 18 months but where where the gold mining stocks should be today based on the gold and silver prices looking back in history as to where they were 10 20 years ago uh they should be uh priced a lot higher than the present price at the moment.

[00:02:49]So, we're in a situation where the price earnings multiples of these gold and silver mining companies is still very low in general compared with the the broad-based stock markets. Um, and we're also in a situation where the earnings per share of these mining companies is growing very fast at the moment in many cases by more than 100% a year due to the uh rise in the gold price which means they have a leverage effect on their profits. Um, so I in my personal opinion, uh, they've got a long way to go, Mario.

[00:03:21]>> Yeah. And why do you think they're underperforming so much? Is is that because most investors are interested, uh, in um, tech and the upcoming IPO like for SpaceX and all those things?

[00:03:37]>> Um, absolutely. I mean, there's I think there's first of all, two things.

[00:03:41]there's been a tendency uh for a lot of money to go into um actively managed uh portfolios. When I say actively managed, I mean I'm talking about portfolio managers who will then buy the ETFs like the S&P 500. Now these gold mining stocks broadly speaking are not in the S&P 500 broadly speaking and they might want to but so what that means is the money is heading into the top mostly the top 10 top 15 megga cap companies all of which mostly are heavily involved in AI data centers uh chips social media that sort of thing. So the the money is being basically flowing in one direction and the more it flows into these large cap stocks, the more people want to buy them. So we I I don't want to say we're in extreme valuation situation, but they are uh they are priced at relatively high multiples, you know, well north of 20 times earnings depending where you look and you can get much higher than that in some of them. So these companies are priced expensively and getting more expensive as money flows into the market. And it's very hard for um portfolio managers to say uh I'm going to do something different from the crowd. The crowd is the whole crowd is going into the S&P 500. So that's what the portfolio managers say I'm going to do. So if it all goes wrong, I'm not to blame because everybody else did the same thing as me. if they branch out and do something a bit more sensible which would be heading in the direction of commodities where they're they're sticking a bit of a limb out and they're taking a risk that it might go wrong and they then they might be blamed if it does. So I think we just got this general feeling that everybody has to be in tech and tech is the only thing which is going to move in the future. Uh and I'm not saying that tech isn't great. I mean we are going to have huge benefits globally from the ongoing technology robotization artificial intelligence and so forth. Uh but there to quite a large extent priced already.

[00:05:42]Yeah, I guess uh I've heard that before as well that fund managers like uh pension fund managers uh they'd rather be wrong with the crowd and be wrong a little less like if the market goes down 10%.

[00:05:58]And if they go down eight uh actually they're seen as a genius.

[00:06:03]So maybe it's just more the family offices like the niche fund uh hedge fund managers that are looking into this because uh I mean I don't run anyone's money but uh just wi with all the tools we have now like uh AI right and chat GPT is really easy to find out. I just did it myself and I would be looking to to have a little bit of uh those uh sectors that uh a chat GPT said are very undervalued because uh it's bound to uh they're bound to come back and uh the uh S&P and NASDAQ are yeah like you said they're p priced to perfection. Uh Clive, do you want >> Yeah, go ahead.

[00:06:55]>> Because if you're if you're a human being, you can look at what's going on the world and make a rational judgment to decide what to do. So you can say, I can see that the government debt around the world is spiraling out of control.

[00:07:08]It's accelerating because governments are running deficits.

[00:07:13]Their debt as a percentage of the GDP is getting larger. In other words, it's growing faster than the economy. The interest burden is growing even faster.

[00:07:21]It's growing rapidly and it will continue to grow rapidly because we have a lot of global debt maturing at low interest rate 1 or 2% which has to be refreshed at 3 four 5% depending on which country we're talking about. Uh so the interest burden is rising rapidly and you don't have to be a genius to figure out that it's not going to end very well for the holders of debt. So you say if it's not going to end well, we don't know how it's not going to end well, but probably the government's official plan of inflating their way out of the problem, i.e. print to buy government bonds to fund the deficit, uh, is what's the plan is now we all know that print will push up asset prices. And what's the asset price which is guaranteed to move virtually? I mean, I say that with touch wood, but virtually guaranteed to move. It's the precious metals. Uh, so you know, those who can think can do that. But of course, if you're an investment manager, you have to stay with the crowd, and the crowd is buying the S&P 500, AI, AI, AI.

[00:08:18]That's it.

[00:08:19]>> Yeah. And talking about I'm glad you brought up uh the debt and deficit spending because this morning, uh this is from investing.com. We had the UK uh data. Uh first of all, like retail sales was expected to rise 1.3% yearonear and it was flat. uh like month on month it was down.4 uh actually it was sorry not c uh the main retail sales was down 1.3 so the economy is slowing down uh public sector net borrowing requirement was 24.3 billion pounds which was almost4 billion more than expected and Clive the other day we had the C uh CPI in the UK and it came out at 2.8 8. It was expected at three and ever since then the guilt market has been rebounding and yields have been going down. But I I I think it's just a corrective uh move because to me this is showing that we're going to get more uh slowdown and more trouble for the government in terms of finances.

[00:09:29]So here's the story. UK >> well actually uh the UK retail price or CPI uh was a fudged figure. that Mario because the the main component which pushed it down was energy costs which were down like like seven or 8%. And the reason for that is the energy uh the UK energy price cap which went into the April uh applied for the month of April but that price cap covered the period before the 12 weeks before the war started. So, it's got they've got none of the none of the none of the energy costs in the April price CPI index because energy costs according to the official numbers went down a lot in April due to the price cap which was which was set in the 12 weeks prior to the start of the war. So, that number that CBI number is going to keep going up.

[00:10:27]>> Yeah, that's in the UK.

[00:10:28]>> Yeah. Like there's the old saying, I think it was Benjamin Draeli who said there's lies. Uh well, there's lies, damn lies, and then there's statistics.

[00:10:40]So uh yeah.

[00:10:43]Yeah. I'm not convinced either. So I think it's a great opportunity to sell guilts again. And I think it's uh Steve Hanky always says uh buy gold, wear diamonds. I say sell guilts, wear diamonds. But the only problem is Clive, we're getting more and more socialist policies. So you if you do really well, be careful. They might tax all of it away from you. Um do you want to talk a little bit about you've got a new tool that you uh sent to me simulate past performance and volatility. It's your Clive Thompson portfolio simulator. Do you want to share it? Do you want I can >> Yeah, sure. So if if uh your viewers would like to go to um clivetompson.com to start with and I'll sh I'll share we'll do it at the same time together for those who aren't on a computer doing it at the same time.

[00:11:36]>> You don't mind?

[00:11:37]>> Okay. So if if you do it that's great Mario. Uh now if you and you've gone straight to the the relevant page actually but if you go to clivetops.com you'll see a page called um uh port portfolio performance. Uh, and you could click on that. And if you scroll down, uh, which you're now on the right page, >> let's go to the uh, let's do it like this then.

[00:11:59]>> Yeah. So, if you start start on cloud.com, scroll down, you'll see portfolio simulator on the right hand side. You're on it now, Mario. Click on that. And now you can enter in, you can enter in a name where it says my portfolio. You can enter a name for the portfolio to be saved late for later.

[00:12:12]So, you can call it >> Rudy.

[00:12:15]>> Yeah, Rudy. Now, you can put in an uh, let's let's change those asset classes.

[00:12:21]uh to uh you can on the pull down menu you can change the S&P 500 to MSC world or emerging markets whatever you want >> that's yeah you can even put gold or silver or bitcoin in there >> silver >> yep and uh you can put uh anything else you like there's lots of asset classes you could choose real estate as well >> bitcoin all right we'll leave it as it is right now >> okay what you then do uh you've got a button called add asset at the bottom if you want to have as many. So you could have as many or you could have just one asset line or 10 asset lines if you want >> by clicking the add asset thing. It must add up to 100%.

[00:13:03]>> Yeah.

[00:13:03]>> Then you put your going down you put your start year uh just below you see the start year put 1999 or 1993 or whatever start year you want.

[00:13:12]>> Let's put uh 2015.

[00:13:15]>> Yep. And the end year 2025.

[00:13:17]>> Yeah. Uh you can uh leave the amount at 10,000 and compare it against the S&P 500. You left that. You could do rebalance. There's an option to rebalance annually if you could scroll up. Mario >> rebalance. Okay.

[00:13:29]>> So it's uh on the left uh just you were there. Just go up a bit there. Um go oh no down a bit.

[00:13:38]So where it says rebalancing in the middle of the page now you can put annual rebalancing. I I haven't got quarterly, monthly or uh rebalancing yet. I'm working on getting those numbers.

[00:13:50]>> Yeah.

[00:13:50]>> And then you do and you put your reference currency. You can put dollars or pounds or Swiss Franks, whatever you like.

[00:13:56]>> Um there's lots of choices even even have reference currency gold if you want, Mario.

[00:14:00]>> Oh, that's good. Yeah. Yeah.

[00:14:02]>> So, you know, you can choose you could choose gold or s silver. I don't know if you could choose Yeah, choose silver as a reference currency, too.

[00:14:09]>> Let's see. Yeah. Bitcoin, gold, silver. Yeah, because you know uh the old uh Reuters uh foreign exchange page FXFX, it's got gold and silver as currencies there.

[00:14:23]>> Then you click on simulate portfolio.

[00:14:25]>> Yeah, which I did.

[00:14:27]>> And now you can see what your $10,000 would have turned into uh had you bought the Rudy portfolio. And you can see the sharp ratio. The sharp ratio is a measure of how much return you get for the risk you are taking.

[00:14:45]>> Yeah.

[00:14:46]>> So in this case uh it does look like if on the comparative column on the right hand side the S&P 500 gave you a better return for the risk being taken than that very mixed portfolio. But I bet if you removed uh some of the uh more volatile assets and just left raised the gold aspect, you'd find that you get a better return with gold.

[00:15:08]>> Yeah.

[00:15:09]>> Better sharp ratio.

[00:15:10]>> Have you got uh you haven't got the miners on yet, have you?

[00:15:14]>> No, I'm going to add uh uh the GDX as a asset class that you can put in.

[00:15:21]>> Let's do uh gold uh silver. Let's take out uh >> take take out bonds, take out cash, and change the gold to uh >> let's take 80% gold.

[00:15:34]>> Yeah.

[00:15:35]>> And 20% uh silver.

[00:15:39]All right. Uh >> and then then simulate portfolio.

[00:15:44]>> Yeah.

[00:15:45]>> And now you can see that the uh the return okay S&P would have been quite a good return even over that period.

[00:15:53]slightly better than the mixture of gold and silver.

[00:15:56]>> Yeah, I guess it shows like what what I was saying from u the question I asked chat GPT since 2015. The S&P has done quite well. Let's do it like from 2002 cuz that's when I started uh buying gold uh and silver.

[00:16:15]That looks a lot better.

[00:16:16]>> Ah yes, now now you can see gold on the longer period gold has massively outperformed stock markets.

[00:16:21]>> Yeah. And obviously S&P is the best of the stock markets more or less apart from NASDAQ.

[00:16:25]>> And the sharp ratio as well is higher.

[00:16:28]>> The sharp ratio is the best.

[00:16:30]>> Yeah. The the the closer it's to what?

[00:16:33]Yeah. The higher the higher the ratio, the better. That means you've taken the the least risk and you got the best return. Is that what it means?

[00:16:41]>> That's right. You want to have a The more the sharp ratio goes up, the more perfect your portfolio is. So asset managers are always aiming for the highest sharp ratio. And the way you get a high sharp ratio is by having assets which perform well and assets which are not very volatile. Um because the more you have volatile assets in your portfolio, the lower your sharp ratio and the higher so you want low volatility assets and the higher the performance of the assets, the higher your sharp ratio. So, it's a balancing act between the volatility, how much they go up and down, and how much they've absolutely performed.

[00:17:22]>> Uh, Clive, have you got maybe you should add cash here to compare cash or >> Oh, that's a great idea. We're going to >> earn interest, I guess.

[00:17:33]>> Yeah, I'll definitely. Yeah. So, the cash is a total you actually have cash at the top. If you go um right up to the asset allocation and put in asset cash 100%.

[00:17:44]Where where it says silver, you change that to 100% cash for example.

[00:17:48]>> Yeah.

[00:17:52]>> And then change silver to cash and go down to it's US bills. In fact, uh that's it. And gold you have to put to zero now.

[00:18:04]>> Yeah.

[00:18:05]uh just exit out and now you can see simulate portfolio you can see that cash would have returned you 52% over those uh how many years I don't know what your start date was now 2002 yes 2002 over those 23 years >> yeah so yeah cash is trash >> cash cash has underperformed everything Mario >> yeah and uh >> except maybe long date except maybe longdated government bonds which are probably underperformed >> so I just want to showed this here as well that this is free of charge and uh if you appreciate the work this is Clive of course I I put into it I would love you to uh take a moment to look at the little trot stories yeah these are good the trot stories is for for children uh story books about markets and uh finance isn't it Clive economics >> when I left school Mario I didn't know many of the words that I learned in the subsequent years. What I discovered in my 50 odd years of working is that most of my clients had to be taught about things like inflation. Now, of course, I know that your that your viewers have have come to understand words like inflation and what causes it. Um words like compound interest, learn words like budgeting or saving or investing or stocks. People on your show understand that. Most people they can get to their mid middle of their career in their 30s or 40s. They're a doctor or a lawyer or an engineer and they don't fully understand what these words mean. I wish I would have known when I left school at the age of 18. So the little trot series of books, they're they're they're story books, but they introduce very subtly without being lessons or lectures, some of the words, some of the vocabulary that will be building blocks for the children later in life when they go out into the big wide world and have to understand what these words mean. So you'll find words like savings or um investing or stocks.

[00:20:08]Uh, so yeah, I'd love people to buy the books on um Amazon if they can, but if they can't afford it or they just want to see what it's like, there's a free copy of book one anyway on my website on clivetoson.com.

[00:20:20]>> Great, Clive. And uh it's nice you've done this u this portfolio simulator.

[00:20:26]I'm going to be using it. Um and I wanted to compare it from 2020 till 2025. And I've done 90% gold, 10% silver, and uh compare it against bonds because Clive in 2020 uh bonds went to zero like they're most a lot of the yields are even negative and since then people have been saying oh uh gold and silver are going to go down because uh the yields are going to go up and the opportunity cost of holding gold will be less favorable. But and my argument is if we're in a bare market for bonds, that's not going to be the case. So I've done it here compared to uh to gold uh to bonds.

[00:21:11]>> So you put you put the benchmark as US bonds aggregate.

[00:21:14]>> Yeah. So look at it. I mean it's uh no contest. Uh Rudy portfolio is up to almost 30,000 and the uh the bond portfolio hasn't really done that well.

[00:21:26]It's uh the sharp ratio is really bad.

[00:21:31]So, and I think it's going to continue.

[00:21:33]I think right now I've you said in the beginning, didn't you, that uh it's been frustrating gold and silver right now, but I think you just need to be patient because um like you said, uh there's still they're falling. It's almost like the the sheep are falling. uh the shepherd towards the edge of the cliff and this is what it seems to be and the portfolio managers have to follow the sheep and like do what the sheep want to do. Um what this simulator does when you're putting in your asset allocation, it does prove that no matter what your asset allocation was, uh we don't understand a lot of people have got to be heavy in equities due to their mandate or they've got to have a 60/40 port, but no matter what the portfolio allocation was, just adding some gold to the portfolio improves the sharp ratio and improves the total return and reduces the biggest downside in a single Yeah.

[00:22:37]>> Wow. Yeah. And I guess the other lesson from this is that you have to try to avoid cash like the plague.

[00:22:45]>> That's right. When you did that simulation, Mario, you put in aggregate bonds. Had you put in the other I don't know if it's I put that as a benchmark, but had you put in the longdated US treasuries, I don't know if that's on the I can't remember if I did that or not. Uh you would have found that they would have had a very heavy negative return since 2020.

[00:23:03]>> Yeah. Because aggregate bonds is that the whole y >> that's the whole bond market. Yes.

[00:23:08]>> Yeah.

[00:23:09]>> It's not it's long and short and not just governments. It's the whole bond market.

[00:23:13]>> You could use a TLT for that, couldn't you? The ETF.

[00:23:17]>> Yeah. I'll I'm adding to this uh um portfolio simulator by little. But for people who want to know what their asset allocation would have given them over the last 20 years or 10 years, they can try it with any allocation they like.

[00:23:30]They can rebalance annually or not at all. So, I'm going to put this uh well, I'll put the Clive Thompson I'll put the link below in the description. It's clivetompson.com/portfoli simulator. I'll put that in below in the description. You guys can look at it.

[00:23:48]And also, I recommend the little trot stories as well. Uh Clive uh uh what else are you thinking these days uh in terms of uh like the geopolitics and the situation in the Middle East? Do you think it's um I guess my question is what do you think is going to happen the longer it lasts this uh >> well you know we've got go um oil still hovering around $100. I think uh Brent is slightly above and West Texas mean it's slightly below but call it $100 for simplicity. Uh a a small number of ships mainly Chinese are supposedly getting through. Um but the the real point here is the longer that the oil price remains at these levels, the higher the terminal oil price will be down the line. Um I saw a report someone I can't remember who who did it but it was a reputable company. They said that um for every month that the oil price remains above $100, the terminal price after the crisis is finished will be $10 a month per month of crisis. So if we have a 3month crisis, the terminal price after the crisis is finished should be 50 plus 30 makes $80. If the crisis lasts four months, it should be $90 and so forth.

[00:25:13]>> Yeah. Yeah. Oh. So that's obviously not not in favor of inflation going down one little bit.

[00:25:18]>> No. And there are other things that are being affected aside from uh energy prices like food prices. I think that will be something that u is going to be a problem.

[00:25:31]>> I mean the real killer Mario is not the CPI which is going up and in the wrong direction and rapidly. The real killer is going to be what we're seeing in PPI the purchases p the purchase prices index. the PPI that's rising much much faster than the CPI at the moment and that's a precursor to what's coming down the pipeline next month and the month after because there's usually a two to three month lag as purch uh producer prices rise.

[00:26:00]>> Yeah. Yeah. The producer >> so I think it was up about 7% in um in April.

[00:26:07]>> Yeah. I think in the the US one was the highest since 2022. And the other thing, Clive, uh, I've only got the US one here, the M2, but I've looked at money supply on trading economics for all the major countries, and they're all doing this. They're all going through the roof. And this is uh why I think the stock market is still being pumped up.

[00:26:33]uh despite the fact that there's some talk now that they might raise rates, but seeing this the makes me believe they're going to keep uh inflating.

[00:26:44]>> Um they have to I mean there's um somebody has to buy the government bonds to stop the yields rising uh too fast. I mean they're going to rise anyway but the the the far the higher yields go and higher yields are driven by two things.

[00:27:03]One by the need from governments to borrow money I more the more they have to borrow the higher the yield they should have to pay and two by the growing reluctance of investors to hold government bonds. So at the moment we've got both working in the wrong direction.

[00:27:19]governments do need to borrow more money and there's a growing reluctance to hold sovereign debt. People are the governments are starting to prefer other things uh like gold in particular. So th those both of those are working in the wrong direction which does mean that yields can start to rise and probably will start to rise at a faster rate than the government would like. And that means that the central banks will be invited to do their job and I say do their job because officially it's not their job but they'll be told to do it.

[00:27:47]uh which is basically go into the market buy longerdated bonds to stop the yields from getting beyond a certain point and whether it's 5% or 5 and a half% or 6% I don't know but they'll be told do your job so they'll be in the market buying the bonds stopping the yields from rising making it that much easier for the government to issue new paper borrow money if you like at the uh rate at which is capped by the the the yield which is capped by the central banks but to get that money to buy those bonds, it the the central banks have to get it out of thin air. They it's not like they've got it. They got to print it. So they it comes it literally comes out of thin air. And as they print it, that money, not only the the the the the money which the government is spending, but the money which is being printed by the central bank ends up in the hands of someone. And someone somewhere says, "Oh, I've got all this extra money. I better not keep it in cash because the inflation rate's going up. What shall I do with it?" And that's when they start to allocate it to assets. And that's why asset prices have been rising faster than the consumer price index over the last few years and that will continue.

[00:28:54]>> Yeah, Clive, it's uh the it has the negative effect. What do I mean by that? Uh when things get bad for the like the voters so to speak, the the public, governments are are going to try to do something to help. But the only way that, like you said, they can do anything to help is through creating more uh currency and credit out of thin air. And it makes it even worse for the people that they're trying to help. So, it's crazy. It's like they're digging a deeper and deeper hole. Um I I put aside a few uh posts on X uh here just to show you and the viewers and see what you think. Uh the first one is from uh Tavi Costa. He says, "Gold miners are now doing more share buybacks than at any other point in history." So this is pretty amazing, isn't it, that they're doing this and the the sector is still ignored. Uh >> the the most of the gold miners are very cashri. Um this is an extremely unusual situation not for the gold miners but for the market. uh you know when I go through the stock market it's it's quite hard to find companies with net cash but when I look in the mining sector there's lots and lots of them.

[00:30:19]>> Yeah.

[00:30:22]And then the other one is uh from King Kong Eric Young. He says the idiots out there do not understand simple math. How the hell can the US government sol solve this without revaling the only thing of real value on their balance sheet? I guess he's talking about gold revaluation.

[00:30:41]Uh and basically he's saying that they've got a debt problem and the only one of the ways to get to help uh like this problem is to revalue your most valuable assets. is a little bit like uh an individual Clive. If they've if they're uh they're in debt and uh their creditors are after them and they've got a hundred ounces of gold and they're still valuing it at $200, uh they should revalue it at the market price, sell some of it, and pay off the debt. I I guess that's what he's saying.

[00:31:20]>> Um absolutely. I mean when you when you have an asset which goes up in value, you can in theory spend that asset if you can find the right way to turn it into cash. Now obviously it's different for a household and a central bank and a and a government the treasury. But in the treasury's case, the way they would turn their gold into cash without increasing their borrowing and to keep the gold is very simple. They'll do a a a sale and repurchase agreement with the treasur with the the Treasury would do a sale and repurchase agreement with the Federal Reserve whereby they would effectively sell the gold to the Federal Reserve uh at market value or some other price maybe higher than that and then they would immediately buy it back. issuing in return non-interestbearing gold notes which are not part of the national debt bear no interest and are perpetual. In other words, they're worth absolutely nothing, but the Federal Reserve can count them as an asset.

[00:32:22]>> Well, it's an even better deal than we would have because the the Treasury would still keep the gold. They just revalue it and the Fed would print the money for them. Uh I mean, I wish I could do that. keep my gold, tell the the bank to revalue it, and send me cash. Uh, yeah. So, it's a no-brainer, I think. But >> to to put an analogy, Mario, let's say I was to sell you all my gold and you pay me $10,000 for my gold in real. Well, let's say in paper money, but let's say call it dollars. And then one minute later, I buy back that gold from you for $10,000. But instead of giving you um money, I give you a check and the check is dated uh 50 or 100 years in the future. Uh and it bears no interest while you wait to cash it in. Uh now I've got my gold back and I've got 10,000 and you've got a piece of paper which is worth absolutely nothing. You can't spend.

[00:33:19]>> Yeah, but at least I'm the central bank so I can keep creating money.

[00:33:24]>> But you can always you can always you can always print a bit more if you need to.

[00:33:27]>> So the other one is uh Jordan Roy Burn.

[00:33:30]He's a technical analyst and he's just talking about uh precious metals remain in an intermediate correction but they're working their way into late later innings. This is uh where sentiment especially real money indicators starts to matter a lot more.

[00:33:47]So yeah, he's just basically saying like uh Bank of America fund manager says uh right now 16% of managers said gold is overvalued. So, that's pretty low. Uh, what else is he talking about? He says, uh, gold ETF holdings are only slightly above their 2020 peak. Yeah, gold is roughly 100% up 100% since then. And here, uh, gold allocuations via ETFs um, make up two less than 2% of total ETFs.

[00:34:24]And then here uh family offices uh 72% what is it say here? 333 families 72% surveyed own no gold and the one the 28% that do they hold only 0.9%. So even the smart money the wealthy people don't have that much gold. And uh yeah, >> often behind these family offices are some pretty smart cookies. These are wealthy individuals who should be able to see which way the wind's blowing.

[00:35:00]>> Uh so, you know, all they need to do is ring up their family offices and say, "Get your act together and increase my allocation to 10 or 20% or whatever they think the right number should be."

[00:35:09]>> Yeah. So, I recommend people follow this guy. He's pretty good. I mean, no one's always right about everything, but it it helps. Um, so Clive, uh, yeah, I guess we, uh, we'll wrap up here. Uh, any final thoughts for for the viewers?

[00:35:26]>> Well, uh, all I can say is do do visit my website, clivetompson.com. There's a lot of resources there for people who, uh, have questions and you can ask me questions as well. I might take a few days or even a week sometimes to answer the questions, but I'm I'm working my way through them. Uh, and there's a lot of very interesting questions that people are asking me and I try and answer them as much as I can. So, thank you very much everybody and thumbs up.

[00:35:50]Yeah, one thing I'd like to say I almost forgot is I'm finding a lot of uh channels and I think they are AI channels and a lot of times I see your face, my face and our names and I've gone into these videos and they basically take our content and uh the thing is the reason I'm talking about this is because a lot of you see that and they they you think it's us and you click on it because I've seen the comment section They're commenting as if they're talking to me and I had to reply, "This is me, but it's not my channel." So, for Yeah. Make sure when you see something with our face on it that you it's the Clive Thompson channel or the Manco 64 channel because if it's not, it's AI. Of course, we could be uh interviewed by another channel, but that's different. Make sure it's a like bonafideed channel. Uh Clive, >> um the other thing which I've seen, Bario, which is very common is they put your face or my face or both of us on a video with a a a splash headline. Uh which are that splash headline contains words that neither you nor I would have ever said. uh you know it might it might be an opinion we've got but we you know it's not necessarily you know I've seen things like Swiss banker says gold's going to 10,000 uh it's a might it's a might or gold goes to silver silver goes to $500 now I might have said it could go there but to say that it's a definitive >> certainty is not something you've ever said or I've ever said >> they've got catchy uh or clickbaity uh thumbnail nails. Yeah.

[00:37:37]>> I've also seen headlines saying that you and I say that silver's going or gold is going to zero. I don't know where they got that from.

[00:37:43]>> Really?

[00:37:44]>> Well, it wasn't zero, but it was, you know, time to sell your gold. And they they've obviously picked up on a line in a video somewhere and twisted it into a a dramatic headline to get get clicks.

[00:37:55]>> All right, Clive. Uh, have a a great weekend. Always great to speak with you.

[00:38:00]>> Thank you, Mario. Speak soon. Bye-bye now.

[00:38:02]>> Bye.