00:00What's this week been like for you?
00:02It's been volatile.
00:04I think, I mean, the gold and precious metal moves was kind of the main thing.
00:08A lot of questions on what institutional clients are doing in that space.
00:11For the most part, nothing.
00:14They're setting this out?
00:15They're setting this out, yeah.
00:16I mean, this has primarily been a retail, at least the last 15, 20% has been a retail type move.
00:22I mean, if you look at some of the margin flows that have been going on and margin debt in the U.S.,
00:26I mean, it was very clear that when we saw that sell-off last week, we were seeing a lot of stop losses that were coming through.
00:32Now you see a little bit of a push higher, dip buying going on in the ETF space.
00:37But, you know, I think from an institutional investor perspective, like, you're not buying gold as a diversification player, right?
00:43So I think it's kind of setting it out.
00:45And I do think this longer-term trade into the gold space, which was very bullish on last year, is over for a little while.
00:53So let's see what plays out, particularly with the U.S. dollar, U.S. exceptionalism, all this kind of stuff.
00:59But, yeah, it's been bumpy.
01:01And I think the year of the horse, you're going to need a very comfortable saddle because it's going to be very bumpy.
01:06Gold, I think people still see the long-term sort of prospects for it.
01:09Silver is a different thing, right?
01:11It's not a reserve asset.
01:12It's much smaller and thinner.
01:14Less liquid.
01:15Yeah.
01:15So should I be looking at silver very differently than gold?
01:18I think so.
01:19I mean, silver obviously has some industrial usage, but for the most part, silver is gold on steroids, right?
01:25So I think what we're seeing in the silver space is, again, more on the retail type of investment.
01:34And what's been really driving gold up until the last, you know, 20 percent or the last couple of months has been the sovereign institutions buying gold.
01:41It's kind of a diversification away from just U.S. dollar reserves.
01:45And that's not the case with silver.
01:46So you don't have that institutional sovereign backing behind it.
01:51I know you have some thoughts on last year was really about, you know, U.S. exceptionalism.
01:55Last year was the dollar.
01:56Maybe that's expanded to a slightly bigger narrative now.
02:00But before we get to that, just Bitcoin, because Bitcoin was supposed to be the basement trade.
02:06What's happened there?
02:06What are you seeing as far as flows?
02:07Because you guys have a big ETF there.
02:09Yeah, I mean, we're still seeing interest more in the, I would say, more in the high net wealth space, not so much in the institutional.
02:15I mean, the thing in institution has always been the same.
02:18How do I size it in my portfolio?
02:19And then there was a lot of questions like, is it a diversification play?
02:23Maybe.
02:24But the correlation to Nasdaq went up to basically one.
02:27And so I think investors in the retail high net wealth, high net worth space are going to continue to buy it.
02:34But it's as a what?
02:36As a what?
02:36What do you think?
02:37What is it now?
02:38Well, it's a debasement trade.
02:39It's an anti-US dollar trade.
02:42It's a it's going up trade.
02:45Although all these things, which is really the way that you shouldn't be looking at it.
02:49Like, I wouldn't be buying it just because it's going up.
02:51But because you can't put a valuation on it, you have to trade it on technicals.
02:54And so I think at the moment, the technicals are pointing more towards the downside, but you'll continue to see dip buying in it.
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