00:00 Speaker A
The moves we are seeing in precious metals are incredible. The price of gold, which we are now watching, is down about 5%. The price is approximately $5,000 per ounce. Uh, I’m just saying you just experienced it yesterday, it hit around 5600 yesterday morning.
00:15 Speaker A
So this is a huge downward trend. Silver also fell 13%. Bloomberg’s Mike McGlone is basically saying that you may have just seen a top in silver and it may be many years before you see the same silver price again.
00:27 Speaker A
As you can see. Basically, he’s been warning about the tremendous velocity we’re seeing in this rally. We are also looking at other metals that are seeing price declines. I mean, you’re looking at copper. Additionally, London copper prices rose to over $14,000 per ton. Uh, and the number has also come down.
00:46 Speaker A
That doesn’t take away from this narrative that we hear all the time, which is the demand for these metals, the demand for copper for data centers, electrification, et cetera. But, you see, there’s a lack of resiliency here because data centers aren’t going to stop building just because the price of copper goes up.
01:07 Speaker A
But nonetheless, a lot of this is also about speculative trading in China. So, uh, analysts have been warning about these types of parabolic moves, and these types of parabolic moves are unlikely to occur without some type of downturn at some point.