00:00 Speaker A
Incredible what we’ve seen with the moves in precious metals. We’re looking at now gold that’s down about 5%. It’s at around $5,000 per ounce. Uh, just I mean you just had a, uh yesterday yesterday morning it was touching around 5600.
00:15 Speaker A
So it’s it’s a massive move to the downside. Silver as well down 13%. Mike McGlone over at Bloomberg is basically saying, you may have just seen the top on silver and this could be for years now that you won’t see those same silver prices at
00:27 Speaker A
as you’ve seen. He’s basically, he’s been warning about this, this massive speed in this rally that we’ve seen. And we’re also looking at other metals as well that are down. I mean, you’re looking at copper. Also, copper was up around above 14,000 uh per ton in London. Uh and and that is also moved lower.
00:46 Speaker A
That doesn’t take away from sort of this narrative that we’ve been hearing about is the demand for these metals, for the demand for copper that you’re going to need for data centers, for electrification, etc. But look, there’s in inelasticity when it comes to that because a data center is not going to stop being built just because you’ve got higher copper prices.
01:07 Speaker A
But nevertheless, uh a lot of this has to do also with China specula speculative trading trading as well. So, uh analysts have been warning this parabolic move, you you can’t have these types of parabolic moves without having some type of a downturn at at some point.
