0:00 The bears think that silver has peaked here. And as my opening comments said, this has nothing to do with silver. This is all about gold and the drivers of gold. This is Kaiser Johnson with Liberty and Finance, and these are the Miles Franklin weekly specials for December 22nd through December 29th, 2025 while supplies last. First this week, 2026 1oz silver American Eagles are just $6.50 50 cents over spot per ounce and will ship in late January. 1oz gold Bratannia are just $90 over spot per ounce. Quarter ounce gold eagles are just $15 over melt per coin. And finally, call and ask about our Christmas special on 90% junk
0:45 silver. To order our specials or any of the many other options we have available, call us at 188881 Liberty. That's 188815-4237. We're available after hours and on weekends and we look forward to speaking with you. >> Hey everyone, this is Elijah K. Johnson with Liberty and Finance and back with us today is our good friend Don Durant from goldstockdata.com. Don, thank you so much for joining us today. >> Yeah, Elijah, thanks for having me back. >> Well, it's great to have you today. I did want to discuss silver. It seems to be making new all-time highs almost every day. It raced up near $70 an ounce, pulled back a bit today. your take on where we are. >> Well, first of all, I want to say that this has nothing to do with silver.
1:33 Um, this is all about gold. Um, and also the S&P 500 to a certain extent, but primarily about gold. Um, so gold is such a large market, so much bigger. Silver's a really tiny market and they have they have basically two they're really different markets if you will. Gold that's something that central banks are buying. Um so gold has been rising for a large extent because of central banks. Um but and not just central banks but also kind of the smart money. So the smart money's been buying gold but on a percentage basis
2:18 um gold is so much larger and the investor the investor portion of gold is actually pretty small. I mean excuse me is is pretty big versus um the investor portion of silver. It's kind of the opposite. Um it's like investors are like 80 90% of s of gold and maybe 70% or 30% of silver. So gold is the leader. Without gold um silver wouldn't be doing this. It wouldn't it does silver does not it silver basically became a monetary metal in August. until August, it was mainly treated by investors um as a base metal, not so much as a monetary metal, but
3:05 once it got to 40 35 actually, once it got to $35 in July, then it just and then it just took off in in August, it went to 40, and now we're it's knocking on the door at 70. But that is just a catch-up trade. So gold rises for the wrong reasons. gold is doing well, which is doing extremely well here at $4,400. I mean, it's up over $1,000 per year the last two years. I mean, it's it's it's been ripping. So, it's up over 100% um in two years. It's up 60% this year over that. Um over 65% now, I think. Silver's up over over 100% 120%. But gold, for gold to be up
3:53 100% in two years, it's kind of un unthinkable in many respects. In the year 2000, gold was $250. Think about that. $250 in 2000. Well, what happened? What happened in the year 2000? the.com bubble burst and we went into a severe recession and the S&P 500 really didn't get back on its feet for 12 13 years. Um and so during that period the US economy floundered in many respects. So we were somewhat dependent on that.com bubble, that dot com, you know,
4:39 resurgence or basically surge in the 1990s where America really was a real strong economy. But that bubble burst in 2000 and really never has come back. Now they're talking about the AI trade, but the reason gold is at $4,400 is because of what happened in 2000. And we went and then you and then you had 911 and then we started fighting wars and we started spending money on defense, trillion dollar budgets on defense. Now we're at a trillion dollars. We still have the trillion dollars in defense and we have a trillion dollars in interest payments. But we've had a weakening of the economy since 2000. A weakening economy where we're literally dependent on the Fed to manipulate the economy, inject
5:24 liquidity, lower interest rates. It's not really a capital free market capitalist system. But simultaneous to that, the thing that's really pushed gold higher, which is the reason why I'm in gold and silver, is the US economy is no longer the juggernaut it once was. And its dependence on debt has gotten worse and worse and worse. And so people are going to gold, foreigners mainly. The US central bank doesn't buy gold. Canada's central bank doesn't buy gold. England's central bank doesn't buy gold. Right? Japan's central bank doesn't buy gold. So, it's all of it's basically our non-allies. You know, it's all of our enemies that are buying gold. Um, and
6:09 they're shifting away from America. So, America we're when the Ukraine war started in 22, I think it was in 22, you started to see a bifurcation of the global economy. We talk about the global south. This is really harmful for the US economy because we've been in a dominant position since 1945. We're losing that dominant position. So gold has these unbelievable factors that are holding it up, pushing it higher. And that those factors are actually getting better, not worse. Now silver was highly highly undervalued. It was we had a we had a gsr of 120. Now it's down about 65. But I and I said that you know it's going to
6:55 squeeze down at over time at if if gold keeps going higher the reasons that are pushing up gold will eventually pull silver up. So silver is being pulled up as a monetary mer in conjunction with the drivers of gold. So what's pushing up silver is the drivers of gold. That's the main factor. Now, we also have these other factors, but those aren't the main factors. But those other factors kind of push silver up higher faster. And those other factors is inventory levels. And that's where your fabricators come in and your investors start fighting over inventory. So, you got 70% fabricators, that's basically silver, going into some type of a product, and then you have 30%
7:41 investors approximately. It it wasn't too long ago it was below 25% investors, but now it's kind of jumped up to about 30. So now there isn't a lot of excess silver. As a matter of fact, we've had deficits for the last 3 to four years. The above ground silver has the excuse me, the amount of silver that's mined on an annual basis has not been enough for demand. So we've had to use above ground inventory to offset those deficits. And that has been slowly and slowly hollowing out the inventory of silver. So while gold is pushing the demand for gold is is is the reasons for gold going higher that are turning silver into
8:28 monetary metal making it more demanding for investors creating this competition between fabricators and investors over who gets the silver. And I've said I I wrote this in my book back in 2010. We are going to have see shortages in silver because it's just a matter of time before the investors want some and if the investors want some. So the investors want 80% of gold supply and currently they want 30% of silver supply. If they want if investors want 40% of of silver supply, you got you're going to have a shortage. So, I've always believed that we're going to see shortages in silver. And so, now we have a two-pronged
9:13 uh pressure valve on silver. The two which I've explained the pre the first one is silver basically following up gold because of the monetary reasons because of the drivers of gold. You have that driver pushing up gold and now we have inventory levels also pushing up silver. So, the question is, what's the new floor for silver? I had the floor at $45 two weeks ago. Um, if we close this Friday, we probably will. Um, above where we're at now, 68 somewhere in there, I will move my floor up to 50. Um, so the floor keeps rising. And as the floor rises, that really helps the silver miners because if you have a $50
10:00 floor, that's going to create a lot of incentive for silver miners to basically spend more money to get silver out of the ground. And it's going to create a lot of incentive for companies to do acquisitions to take advantage of the these high margins. At $50 silver, the margins are plenty high. We're looking at about 40% margins at $50 silver somewhere in there. Maybe not quite 40, maybe 35, but those are those are sufficient to make money. And it's at $65 silver, you have 50% margins, which are high those are better than gold miners right now. Um, so gold miners, um, at for $2,200, um, breaking,
10:47 you'd have to have for 50% you'd have to have $2,200 margins. We're not quite there. We're more like 45% maybe 48% margins on gold miners average. But gold miners, I mean, silver miners right now as we speak are better than gold miners, which is stunning. So, the silver miners have higher margins right now than gold miners, which is kind of mind-blowing considering where we were at 6 months ago. >> It is crazy and considering that silver is also, it seems like, playing catch-up. Um, given that the gold silver ratio, for example, hasn't even broken below 60 to1. Silver just broke above its all-time high of $50. Uh, and gold has been above its all-time high for quite a while now. Um so do you
11:33 anticipate o outperformance going forward from silver and for how long? >> Yeah. Yeah, absolutely. Um we're going to see outperformance. So you just have to look look historically what silver's done when it basically turns into a monetary metal. So in 2011, which was a very short-lived rip for silver, we went to 49. We didn't stay there very long and we came back down. Even that short period of getting to 49, we had a GSR of 49. And the SGR, which I kind of like to use that better. You divide silver into gold because the percentages are easy to do in your head, um, was three and a half%.
12:22 Um, which we're not even close to that. We're we're at u a little over one and a half. So, if you use 1% of gold, that's that would be $44 silver. If you use 2%, that would be 88. And so, we're not even we're not even we're not even at 2% yet. And we're going to go to I think we're going to go somewhere between two and a half and three. And some people would think we're going to go higher than that, but two and a half is plenty plenty darn high, right? if and so I I think we're going to um you know 2% of 5,000 is $100 silver. So that's kind of what that's kind of my target area. I don't know if we'll get there. I think we'll be close
13:07 though. We're looking like $85 90 is kind of the if we look at a range if when silver when gold goes to 5,000 silver will outperform gold. And right now the silver miners have better margins than gold, right? Gold miners. And it's only going to get better. Um, so I think that if when gold goes to 5,000 next year, and we're at 4,400, so 5,000 is definitely kind of looking like a really good target. If we go $5,000 gold next year, we're looking at somewhere between 85 and 110 silver. That range somewhere in there kind of low-end, high-end range. Those numbers are stunning. You throw those numbers on silver miners,
13:53 um, you're looking at some serious returns. And there's people out there right now that say that my targets of 85 to 110 are just silly low, right? Michael Oliver says that we could go to 150 to 200 in Q2. Those are numbers that just are mindboggling. They just they make they make your head spin. Um, but that's what we're looking at. That's the kind of and and then we can look at the other side of the coin. The the bears the bears think that silver has peaked here. And as my opening comments said, this has nothing to do with silver. This is all about gold and the drivers of gold. So, if you say that silver is is peaked out here because it's RSA's to
14:40 the moon and it's it's made this unbelievable rip over the last few months, it has to it has to correct. Yeah, it'll correct. But like I said, my floor's probably going to move up to 50 bucks. And if it goes down there, that's just a little correction and it turn around and go back up. The only thing that's going to get that's going to end this bull market is the drivers of gold. And if we can talk a little bit about the drivers of gold because that's the only thing that's going to break this silver market or gold market. It's not going to be a blowoff top. It's going to be the drivers of gold which basically move as investors. If gold flattens out or goes down, silver will flatten out and go down. That's just how that's just how it works. But right now, the drivers for
15:25 gold are are extremely good. And those drivers, I think, are in place. They're not going away. I've been saying that we can expect two more years of bull market for gold, silver, and the miners. That's my expectation. 26 and 27. Now, a lot of people think it it's going to go on a lot longer than that. I say that in 28 we have to be very very cautious of this market ending, especially 29 or 30. So basically the the risk starts really ratcheting up in 27 28 29, but I'm pretty confident we'll get all the way to 28 before this this massive run that we're in the middle of here. Early innings it will end. >> So longterm it sounds like much higher
16:11 prices to come, but short term you do have the floor at 50, a possible pullback um to those levels. For those looking for the long term, do you think it matters a whole lot if they try to buy the dips at this moment or what is your perspective on that? >> Well, I'm only going to move it up to 50 if 68 holds. We we still have a couple trading days left. We're in it's Monday here, the 22nd. So, short the last three days of this week should be very somewhat calm. So, I don't expect to get below 68. But the banksters, they might decide, you know, Christmas massacre here and push it push it down, you know, sub65 by Friday. So we we need I I like to do Friday closes before I change my targets. Um so that's so there. But as
17:00 far as getting in now, if you will, you want to ride the train, but if you're not in, you don't want to buy tops either. It's it's never smart to buy tops. We have an all-time high today in gold and silver. It's just never smart to buy tops, but you want to ride the train. It's so it's a it's a tricky entry. It's really it's always difficult to get in on a bull market. But I I think the play here is to wait even though it's we could go it could just keep going up up up and away, right? Um but I think the play here is to wait for that that next correction to 50 5550 or even lower than that. Um but and before you know before buying um these miners
17:45 um that's that's my gut feeling because you just don't want to buy tops. It's just never it's usually you make your money when you do when you buy and you don't want to buy tops. But simultaneous to that there's only five quality silver miners. Five. You could say six, seven, eight. Um quality miners. I' I've created a list of them. I call them the Mormons, which is eight eight quality miners. But then I have my big five. Now, it's probably smart to buy the big five, get into the big five. Um, but the thing is is that you this this is a viatable market and you you and the one thing that's crazy about gold
18:31 and silver miners is they are uber dependent on the price of gold and silver. And so you can, you know, any stock can basically fail on you in this sector. It's very, it's a very high risk volat I call it speculation. You're not really investing. You're not buying Microsoft, you know, you're not you're not buying Meta. You're buying something that it's a very unusual highrisisk speculative play. So if you do get in and especially in in these these silver miners, you it's going to be tough to ride this boat, ride this train to the top. You're it's the thing that's nasty about this is that you can have stocks go 20 down 25% in a week. You can have stocks go bankrupt overnight. They just they halt. They don't trade again. That that
19:17 happens in this business. So you you have to know what you're doing here. you really don't want to uh mess around with in retirement money unless you're a true believer like me, but you would really want to play around with money you can afford to lose um in in mining stocks because the upside is just I mean you're looking at baggers here. One bag's 100% return. You're looking at baggers. So, you got to be that's the kind of if you're going to get bagger upside, prepare for volatility, prepare for risk, prepare for massive losses. Um so but I will after that kind of intro for for this I will name the top five. So the top five silver like you know the only ones that I I you know that I am depended
20:04 dependable on and I'll mention the sixth one as well because I think a lot of people like that one. But the first one that I've ranked the highest is is core mining. Now none of these none of these miners mine 80 90 100% silver. None of them do. 50% I think First Majestic is about 50% silver. That's about as high as they go. So I look for companies that mine 25% to 50% silver. That's about as best we can get. It's you just can't find them. Um is the first one I've ranked number one is Core Mining. They're about 40% silver and they after the new gold deal closes, they're going to produce 900,000 ounces of gold and 20 million ounces of silver. Um the next one, um
20:51 Hecka Mining, they mine 18 million ounces of silver and I forget how much gold, maybe I'm guessing 150,000. Um, then the third one is Pan-American Silver and they mine 21 22 million ounces of silver and about 750,000 ounces of gold. And the fourth one, First Majestic, and they mine about 32 million ounces of silver equivalent and about half and half of that is is about half of that is silver. Um, and then the fifth one is Endeavor Silver, and they're up to about gosh, I forget the exact number. Um, 16 18 million ounces a year, but it's growing. They have they're one of the few companies that have kind of a growth
21:37 path because they're developing another big one right now. They're going to get to 30. They have a target 30 and 30. So, the average of these are about 20 million ounce producers of silver and those are the big five. There's not that many. I mean, they're rare. Um, and so I think you want to own the big five, but you can own an ETF. You can own SILJ. SLIJ. Of those five names, four of them are the top four names. The top those my big five, four of them are like 35% of the fund. So, you can just buy that if you want. Um, the difference is you have to pay a half a percent every year uh fees if you if you do do the ETF. Um, so I if you you so one of your options you could buy today and then and then buy it buy more on the dip, but expect to be
22:25 down if you buy it today. If you buy anytime you buy the top, the chances are at a certain point you're going to be down and you could you could be down 20 30%. Very easily. Um, so that that's the risk >> certainly. I think it's always important to understand the risks whenever investing in these kinds of markets. And obviously we can't give financial advice, but I think you know there are general principles that people typically can and can go by. I think one of the things that we've talked about before is to have a plan, right? Because we can see you know prices going parabolic or huge pullbacks and it's always good to not have our emotions get involved but really to have that plan of well if price gets to this or if the gold server ratio gets to this that's how I'm going
23:11 to act. and really just uh following through on a plan rather than kind of act acting impulsively. Any thoughts on that? >> Yeah. So, I've been a very disciplined investor as far as buying. So, I wrote a book. Everybody should read my book because it's it's comprehensive. It's thick. It's basically a textbook. Um the chapter on juniors is almost 100 pages long. Um, and so I explain, you know, how to analyze, how to understand the risk of gold and silver miners and then how to apply strategies. And so me um, I used and I put it in my book, I wrote used a par pyramid approach and and now it's hard to use a pyramid
23:57 approach because you're kind of late to the game, but I I'll still explain my pyramid approach. My pyramid approach is at the base of the pyramid, you want to have more allocations to lower risk to diversify your portfolio. And so you want a real strong base, if you will. So I create my base is created through physical mutual funds, ETFs, and majors. So I create this really really strong base and then I then I chase alpha on top of the base. So the pyramid, you know, goes to a point. So you have less allocation at the top. And then above the majors, I have mid-tier producers. And I want to own as many quality mid-tier producers I get my hands on. If I find a mid-tier producer that's a five bagger, you know,
24:43 I use future gold and silver prices. I buy it unless it's in a location I don't like or if there's a red flag. And in my book in chapter 10, I explain how I analyze stocks. I use a 10-step method. And that 10-step method identifies red flags. So the first eight actually the first nine steps is identifying red flags and if if you find too many red flags you pass but then and then chapter the the ninth step is is how cheap it is what the valuation is. So you compare those those red flags the risk with the upside the riskreward to make a decision. And so I want to find as many mid-tier producers that I that pass my checklist if you will. And I use checklist as well in in
25:29 addition to my chapter 10. And so you can get an edge. If you read my book, you can see how I get an edge. And and but my edge is based on it's predicated on one thing, gold and silver prices rising because that's the only way you make money in this. You make money because gold and silver goes up. That's it. The only reason you can't you can't really make money in gold and silver mining stocks if the price of gold stays flat for three years. There's not it's not going to happen. We're speculating on the price of gold and silver. But if gold and silver go higher, you can get an edge. Read my book. You'll get and I explain it. Um now, so I use that systematic approach with that pyramid. But what I do in tandem with that, I use a very disciplined approach in that I buy stocks using my discipline. My
26:16 discipline is this way. If a if it's a very high-risisk stock, but I like it, it's only going to get 0.25 to 35 of my total cost basis at the at that time. It's only going to get 0.5 to 7 if it's a very high quality stock. And then it's only going to get 08 to 0.1 if it's a bit of a unicorn. It's hard to get 08 to It's very hard to get 1% of my money on my cost basis. My average investment is 0.5 percent. So what I that's my discipline approach and I've been doing it for 20 years. So what by doing that I take the emotion out of it. The only stocks that I'm buying and my
27:02 pain point is about 08.5. I don't buy above those levels and so I don't it's very rare for me to have a stock that runs into trouble that's going to hurt my portfolio. So there's basically you know very little emotion. Stock market I' I've lived through many many down 5% days. Many many many of them they don't bother me at all down 5% a single day. Now, I haven't really seen um a significant draw down in my portfolio since 2007, but I lived through that. I was down 70% in 2008. 70. But I learned a lesson from that. And the lesson was always buy the dips
27:48 because the stocks that I bought in 200 January of 2009, um they made me roar back. I was up 100% by 2011. And so I I learned the lesson of buying the dips there. Um and so yeah, so you use use that discipline approach to buy and then you use a disciplined approach to exit. You only you don't sell early. I always you know I love the Peter Lynch line where he said Peter Lynch is probably the best investor of all time on on performance. And Peter Lynch said, "My biggest mistake, I don't know. I don't know how the best of all time can have them have a biggest mistake." But he said, "My biggest mistake was selling too early." And and that's what I've been trying to tell people. You don't want to sell
28:35 these gold and silver miners early in a in the cycle. We're early in the cycle. I'm not selling any stocks until we get to at least $5,000 gold at least. So, it's wait till $5,000 gold and then I'll look around and say, "Okay, is it time?" So, what I'm waiting for is the market to at least the cycle to at least mature a little bit. We need to at least get to the fourth or fifth inning. And until then, it's it's it's not in my opinion, it's it's you're you can make money when you buy and you can make money when you sell, but you can make a mistake selling. You know, they always that. But the other thing is you don't want to you don't want to not take profits but you want at a certain point but you want to at least you know get m get the stock a little bit mature. So I'm not in the camp that
29:22 you know take profits early just because your stock doubled tripled. You know I I have a stock right now it's a 30 bagger and I haven't taken any profits and I'm not going to take any profits until it's a 65 bagger probably. And so and and my I'm just, you know, basically I want to take that initial investment. I want two or three of my stocks to pay off my entire cost basis. That's my plan. And right now I'm on track for that. Um and so there's no way I could do that if I take profits in them. And so I and also I'm on track right now for 50 10baggers. And there's no way I'm gonna get 5010 baggers if I take profits. And I and I
30:10 my goal my my I have a range 50 to 75. So I have aboutund um total positions a little over 160 plus ETFs and mutual funds. So of 160 I'm expecting 50 to 75 to be 10 baggggers. So I don't need I I I I'm in the 8020 rule. I want 80% of my stocks to basically do well and 20% to lag a little bit or be disappointments. And then the other side of it, 20% to do extremely well. Um, so that's that's kind of my my systematic approach. And then exiting again, I won't exit before $5,000 gold and I won't exit early. I will look at the stock and see is it time? Is it is
30:58 now is now the right time to to sell this stock. If a stock is, you know, it'll be it'll be tough for me to decide. Am I going to sell 100%, 80% or 75%. Those are kind of will be my three choices. Um, depending on how much what the story is, how much upside it has. If a stock is just do still doing phenomenally well, I might sell eight 80 and if it's still doing really well, maybe 75. But if it's starting to slow down and I got this big big return, it's up hugely and I'm like, I'll just sell the whole thing. So, those will be my three exits. >> Before we let you go, uh, Don, if you wanted to briefly share with our viewers, I know in past interviews you had been um, you had expressed some concerns about possible nationalization
31:45 or confiscation of silver as we got into these higher prices possibly. Um I believe you had mentioned like the ETFs being taken over or whatnot. Your take on as we approach, you know, $70 silver and possibly $100 silver here. Um do you are you concerned about nationalization of the metal itself um or the mines at all? >> Um yeah, this is a question a lot of people have that are interested in. I I' I've always said that nationalization is not going to happen because it's too difficult to nationalize your minds because you're going to lose foreign investment. So I I the chances of nationalization to me is extremely low in just about every country. Um but what is what has high
32:31 probability is higher taxes, um higher royalties, and higher ownership requirements. Now the these aren't nationalizations but they're kind of quasi nationalization is when they demand percent ownership of the com of the mines. They're like okay and they've done this in a couple of ways. One of them is they they've required local ownership. So you so a Canadian company goes into a West African country you know 10% or 20% of that company has to be owned by locals um local ownership not necessarily the government. And then other countries they have like a free carry or like 10% you know you sometimes it's the project not the company a lot of time it's the project. So you have a you know a free a
33:19 10% free carry to the country. So we're going to see more of those um and those will they will bite us depending on which country does. So if one if a country does it every single minor that has a mine in that country will will probably go down. And if they only have one, if they're a single mind company and they're in that country, they're going to go down substantially. Um, that's what that those examples are all going to happen. Now, as far as gold mining, that that's kind of your risk for gold your one of your largest risk for owning gold miners because your stock if you pick like, you know, you're only in two or three stocks and one of your stocks gets one of these, you know, higher higher free
34:05 carries or higher royalties or higher taxes, then your stock's going to get whacked. Um, and so as a gold miner, that's one of your highest risk. Now, for silver miners, you actually have a a a dual risk, which is going to create a lot of volatility. And the dual risk is what you just laid out, what I just laid out as far as higher taxes, higher royalties, higher free carries in tandem with shortages. So if we have shortages in silver, we're not going to have shortages in gold, but if we have shortages in silver, governments and regulatory bodies are going to take action. They're going to take action if you have shortages. They're going to f find a way to create more inventory. And there's lots of different methods that they can
34:52 do to increase inventory. The first one is what they'll do first is what they did in 1980. And they'll basically raise the margins like they raised them recently 10%. They'll just keep bumping them up higher because margins have a huge impact on the players in in the in the in the futures market. The future market has a big impact on the price of of gold and silver. So if you have if you keep raising those margins, you're going to end up pushing a lot of players out um and and pushing a lot of buyers out. Anybody who wants to buy on margin fewer so you bet fewer players are going to buy buy silver. So that will impact the price of silver going higher. So they're going to mess around with those margin requirements. The next thing that
35:38 they're going to mess around with. But this this then that's that's the lowhanging fruit. The low hanging fruit. And after that we start to we start to see things that are six sigma events that you don't expect. The f and the first one it would be a regulatory situation where they don't allow people to to buy. They only allow people to sell. They're like they they just one day they just basically say okay we have all these orders in but you know all you can do is um you can sell what you own. So but they won't do this for a long period of time. It'll be a short period but right now we're not allowing any buy orders. No buy orders. right now they just lock it down. No buy orders. Um
36:26 stuff we're going to see and there's a probably a few other regulatory things they can do to create inventory. Um then we get to what you mentioned earlier about the ETFs about that's another lowhanging fruit that I think's going to happen. You have about a billion ounces sitting in warehouses that are owned by ETFs, spot ETFs, and they could empty all those out. See the two biggest is SLV and PSLV. both of those. The G7 controls both of those. So the G7 could basically say, "Look, we have silver shortages. We need they need inventory. We got a billion ounces here. Let's let's basically sell make that inventory and sell those to um the fabricators." And
37:11 so what would happen there's there's a diff there's a few different ways they could do it, but basically the inventory that they currently have um they somebody would have to come up with a cash to pay off everybody that holds the paper, everybody that owns the SLV and PSLV. So we would all get cash, right? And then somebody be holding a whole bunch of debt and a whole bunch of inventory. So a the governments would actually have to step in and loan them out the money. But it's actually not very much. It's actually peanuts. The US government could basically say, "Okay, here ETFs. Here's the cash. You know, we're going to borrow. Then you sell the silver to the fabricators and pay us back." I think that's going to happen. And but the one thing is is that it's a one and they can only do that once. So
37:58 what'll happen if they do that is the price of silver will drop probably 20 25 bucks in a single day. They won't do it until silver's like 80 90 $100. But when they do it, you can expect silver to drop about 20 bucks. But the problem is for that's a one anddone thing. Okay, you got a billion, you get you got a billion ounces. Guess who's going else is going to buy those billion ounces? Is the investors are going to buy them? Um directly or indirectly. Somehow they'll get their hands on them. But the investors, their ears are going to perk up because their investors are going to go, "Oh, now now there's no inventory because that's that was the last of it, right? Once that billion once once that billion ounces is used up, it's it's
38:45 kind of game over situation. Then you're looking at $500 silver. So invest." So my point is this is that when they do that, even if silver prices crash $20, it's going to be a buying opportunity. It should definitely be a wild ride from here. It already has been uh as we've been tracking this with you. If people are interested in learning more, they can go to uh goldstockdata.com. Can you tell us a bit about uh this and any last thoughts you had for our viewers? >> Yeah, so um my website and my newsletter, they're they're they're created for people like myself who are investors and mining stocks. So people who want to kind of do their own analysis. So, I'm not a newsletter writer where I write up stocks and give you, okay, pick this one, this one, this one, right? I don't write up companies.
39:31 My newsletter, I I uh I start off with macro because I want you guys to know when to buy, when to sell. So, my newsletter, the first five pages always macro and then I give you I give you a list. I give you lots of lists just so I give you names. I also give you ratings, but I want you to go do your own research. So, that's the gist of my website. Um, but it's if if you do own gold and silver mining stocks, my database is really really strong. About 850 gold and silver miners. Um, and so yeah, my subscribers are very happy um with access to it. It's it's a very good tool for people that kind of already own gold and silver miners. Um, if you don't own any, then read my book and then after you read my book, you'll get an idea if you want to get involved. Um, that's so but thanks for thanks for
40:17 letting me talk about that, Elijah. and your time. Well, Don, Darrett, thank you once again for your time today. You have a fantastic rest of your day and merry Christmas. >> Yeah, back to you. Merry Christmas, Elijah. >> This is Kaiser Johnson with Liberty and Finance and these are the Miles Franklin weekly specials for December 22nd through December 29th, 2025 while supplies last. First this week, 2026 1oz silver American Eagles are just $6.50 50 cents over spot per ounce and will ship in late January. 1oz gold Bratannia are just $90 over spot per ounce. Quarter ounce gold eagles are just $15 over melt per coin. And finally, call and ask about our Christmas special on 90% junk
41:03 silver. To order our specials or any of the many other options we have available, call us at 188881 Liberty. That's 188815-4237. We're available after hours and on weekends, and we look forward to speaking with you.
