Welcome to this week’s Market Wrap Podcast, I’m Mike Gleason.
Coming up, we’ll hear from Clive Maund, professional trader, resource sector chart analyst and contributor to MoneyMetals.com. Clive shares what his highly studied analysis is showing for gold and silver in the days and months ahead, and tells us what price he said would be a mega buy type of opportunity if we see silver drop down to this level. You’ll definitely want to hear what he has to say on that.
Additionally, Clive argues how global debt has reached a critical saturation point which will require exponential money printing to service what he characterizes as a ginormous Ponzi scheme where major institutions own an outsized amount of all the assets, which in turn forces massive subsidizing of the system through inflation at the peril of ordinary citizens.
So, stick around for a tremendous conversation and catch Mike Maharrey’s interview with analyst Clive Maund, coming up after this week’s market update. And as a reminder, we would really appreciate it if you would be willing to do us a favor and please download, like, rate and subscribe to this podcast wherever you consume this content.
Gold and silver are trying to steady themselves after a rough September. Selling pressure, which had eased in recent sessions, is appearing again today as investors are still waiting for a convincing sign that the correction is over.
The immediate headwinds are familiar: a stronger dollar and elevated interest rates. The bigger question is whether those rising rates are causing financial problems that could ultimately send more investors toward precious metals.
Gold has been consolidating around $4,160 an ounce, while silver has been trading near $61 — not far above their recent lows. As of this Friday recording both metals are slightly below those figures – more on that in a moment.
Earlier this week, softer labor-market and consumer-confidence figures helped the metals recover from Monday’s selling. Softer inflation readings and reduced expectations for another Federal Reserve rate hike in October have also offered some support.
But the bond market remains a problem.
The 10-year Treasury yield briefly surged to roughly 5.34%, its highest level since 2002, before easing toward 5.25%.
For gold and silver, higher yields can create immediate selling pressure. Some investors favor interest-paying assets over bullion. Meanwhile, the dollar’s strength makes precious metals more expensive for buyers using other currencies.
That helps explain why metals have struggled despite an unsettled world and mounting concerns about government debt.
But should investors interpret rising Treasury yields as an all-clear signal for the financial system?
We certainly wouldn’t.
Higher borrowing costs make Washington’s debt problem more expensive. They also squeeze businesses, households, and financial institutions that have grown accustomed to cheap money.
A government already borrowing heavily must devote more resources to servicing its obligations. That leaves less room to maneuver when the next crisis arrives.
Gold may feel the pressure from higher yields today. Over time, the financial strains behind those yields can strengthen the reasons people want to own it.
Another development covered by Money Metals this week involves the growing role of leveraged hedge funds in the Treasury market.
These funds often borrow money to buy bonds and profit from small price differences between related investments.
The trouble comes when borrowing conditions tighten or markets move against them. Funds may have to sell quickly to meet demands from their lenders.
That forced selling can push prices lower, trigger more demands for cash, and produce still more selling.
It’s another reason to think carefully about what constitutes financial safety. Owning physical bullion gives investors an asset whose value doesn’t depend on a leveraged trading strategy working out.
And that brings us to a very different story about gold – one involving criminals who understand its value all too well.
Money Metals published a warning today about scammers who frighten people into purchasing gold and then handing it over.
The victims are almost never precious metals investors. They’re people manipulated into obtaining bullion for criminals.
In an Illinois case we recently highlighted, a 78-year-old woman was persuaded that her financial accounts were compromised. Impostors instructed her to buy gold for supposed safekeeping by federal agents.
She ultimately surrendered more than $318,000 in gold bars to a stranger in — get this — a Walmart parking lot!
The handoff even involved a password, apparently meant to make the operation seem official.
A password doesn’t turn a stranger into a federal agent.
These schemes can draw legitimate bullion dealers into the process. A frightened victim may be sent to an established business to purchase genuine gold, while the criminals stay behind the scenes directing the transaction.
The dealer sells a real product. The criminals then steal it from the buyer.
That distinction matters. These victims weren’t choosing gold as part of a considered investment strategy. They were following fraudulent instructions.
Money Metals is helping to expose the scheme by publishing warnings and explaining how the deception works.
We believe educating the public is part of serving precious metals owners and the broader community. An honest dealer has every reason to want these crimes stopped.
For our listeners, the practical opportunity is to share this warning with relatives and friends, especially people unfamiliar with bullion.
An unexpected instruction to liquidate savings, buy gold, and give it to an alleged agent or courier should trigger an immediate pause and independent verification.
Nobody should let a stranger’s demand for secrecy prevent them from consulting family, their financial institution, or law enforcement.
Gold is a tool for preserving its owner’s wealth. These criminals are exploiting that value to enrich themselves.
As October begins, we’ll keep watching the metals’ efforts to recover and the financial pressures beneath the headlines.
Stay patient through the volatility. Stay informed. And help others recognize when someone is trying to turn their savings into stolen gold.
Well before we get to our conversation with Clive Maund, let’s take a look at the specifics of weekly market action here and where we stand at the moment.
Gold is off nearly $150 to check in at $4,150, a 3.4% decline since last Friday’s close. Silver is off more than $4 or 6.5% and currently trades at $60.75.
Turning to the PGMs, platinum is down nearly $100 or 5.2% and comes in at $1,699, while palladium is down just over $100 to trade at $1,189 an ounce – off a full 8.0% since last Friday’s close.
Well now, without further delay, let’s get right to this week’s exclusive interview.
Mike Maharrey: Greetings. I’m Mike Maharrey, and I’m excited to be joined today by Clive Maund. Clive is a professional chart analyst. He does technical analysis. He’s been doing it for many years. He covers a wide range of markets with a special focus on the resource sector. How are you doing today, Clive?
Clive Maund: Yeah, I’m doing fine. It’s spring here down in Southern Chili, so I’m looking forward to summer, which not many people in the world are.
Mike Maharrey: So I’m in Florida. We’re looking forward to winter because that’s what we do here in Florida.
Clive Maund: There’s not much of a winter in Florida. I lived in Sarasota for a while. It was beautiful.
Mike Maharrey: No, there’s not much of a winter at all. That’s why we love it. It’s the best time of year. So, I’m excited to have you on because you do a lot of technical and chart analysis, and this is not a strong suit for me. And so I’m excited to be able to share some of your insights with the audience. And we’re going to do something that I’ve never done on an interview before, and we’re going to try to pull charts up on the screen. So, we’ll see how that works. We’re in a little bit of uncharted territory.
I couldn’t resist. I thought that about 20 minutes ago and thought I had to throw it in. But first, what I would like for you to do, if you don’t mind though, is just let folks know your approach. How do you approach this analysis? What’s the technique that you’re using?
Clive Maund: Well, it’s technical analysis or charting, and charting basically strips out the fundamentals. And my mentor was a famous analyst in the past called Joseph Granville, famous American analyst. And he used to say that he though most fundamentalists were from Missouri because they always had to know the reason why. But my approach is purely technical, but at the same time, I’m cognizant of certain fundamental factors like results days, the effect of discoveries, some fundamental hooks like share issues, results days and so on. But generally I’ve used charting or technical analysis. What you are doing is you’re studying the ebb and flow of a supply demand equation, and these things move in waves or cycles. And this is basically what it’s all about, is cycle analysis. And if you look at the life cycle of a stock, for example, usually what happens is a company comes to market, its stock goes through a basing or establishment phase, then it normally enters a growth phase.
And if it’s in the right industry at the right time, that can go on for years and years. And like some of these tech stocks have done recently, then they go through a major growth cycle such as we’ve seen in tech stocks and we’ve lately seen in AI and so on. And eventually they top out and the bag holders buy at the top when there’s usually a lot of volume and a lot of interest and a lot of press coverage. Smart money distributes to bag haulers during a large top area. And then you go into the declining phase and that usually takes the form of a series of waves down and people get suckered in all the way down because they think the good times are coming back, but they’re not because the thing’s gone into a downtrend. So there’s an awful lot to talk about around it.
But basically it’s technical analysis or charting. It’s a study of the ebb and flow of supply and demand in the market itself.
Mike Maharrey: Yeah. It kind of gives a visual representation of human action. It’s like taking a snapshot of people’s decisions.
Clive Maund: Here’s the thing, Mike. If you present me with a table of figures, it means nothing to me because I cannot comprehend looking to great tables of numbers and so on. I have to see things visually. That’s why I like things like weather charts as well. I like to see a visual representation of things because when you see a visual representation of things such as on the stock charts, you’re seeing the interrelationship of the price and time without actually having to think about it in numerical terms. It’s a visual representation and you’re looking at the proportionality. What matters to me, it’s not important to me whether a thing goes up for say from $1, the numerical change, what matters is the ratio. Say for example, if you’ve got a stock and it goes from $1 to $2 or it goes from $2 to $4, so $4 to $8, it’s the same in the sense that one to two is 100% gain, two to four is 100% gain, four is weight, et cetera.
So, it’s all to do with proportionality and the ratios and so on. And you’ll see that on the annotations that I put on the charts.
Mike Maharrey: All right, so let’s do this. Let’s talk a little bit first about the Treasury market, which might be a little counterintuitive to folks given that this is a show typically focused on gold and silver. But Treasury yields right now are having a very strong impact on the gold and silver market. We’ve seen the 10-year yield and the 30-year yield at levels we haven’t seen since 2002. And so, you sent me a chart that shows the trajectory of the 10-year, and I’m going to pull it up here hopefully if I cannot be too big of a boomer and properly operate my computer here. All right, so we should have that chart pulled up now. And what we’re seeing is we’re seeing gold on the top and then the 10-year Treasury yield over the last year. And based on what you’re showing me here, I think if I’m reading this right, we’re looking at a situation where we might start to see a little bit of a decline in yields which would be bullish for gold.
Is that what I’m seeing? And if you could just walk us through and explain.
Clive Maund: The reason I made a one-year chart for this 10-year Treasury yield at this time was because it’s showing a fairly steady uptrend from March, and it’s also showing that yields are at the top of that trend, the upper rail that uptrend. Also, if you look at the bottom of this chart, you can see the MACD indicator, which is showing how overbought treasuries are and they’re extremely overbought. Whilst recognizing that securities could stay overbought, can continue higher for quite a long time, this chart on a common sense basis suggests to me that we’re probably likely to see at least some consolidation and possibly a correction in yields which would take the pressure off the metals, which is why I put gold at the top of this chart because you can see that latest decline in gold was actually caused by the pressure of increasing yields and the consequent rise in the dollar in recent weeks, which is what’s put the dampers on gold and silver.
But you can see that as soon as that pressure comes off, I think it’s going to flip back to the upside. Another point to make with these yields is that what’s happened is we’ve had the can has been kicked down the road, not just for years, but for decades. And what’s happened is not just in the US, but globally, debt has now reached critical mass where debts are so stupendously large that the amount of money that is required simply to service the debt is enormous. I think it’s a trillion a year to service the $40 trillion debt in the US. And what’s happened is we’ve arrived at the point of debt saturation, which is why these yields are going up so much.
And it’s a situation which if it continues, unless they can keep a lid on it, and the only way they can control this is to print ever more money to throw it propping up the Treasury market in the US and these other bond markets like in Japan. And if they fail, we’re looking at a pan selloff across the board of pretty much everything and you’ll see a temporary rally in the dollar maybe, but that would only be a relative thing. And there’s going to be a bloodbath. And this has been building up for years and years, not just years, but decades because they’ve been kicking the can down the road and they’ve been doing QE endlessly and creating over more money. And the only thing that can keep it going is to keep creating money exponentially so that we end up with money becoming worthless.
As you can see, we’ve already got that trend in place now. So inflation is rampant. And another point to make is that I think that the big three, the BlackRock State Street and Vanguard now own 70% of the stock market. In other words, what Gerald Celente calls our “bigs,” own the stock market. And if they can get the public to foot the bill for keeping this propped up, they will. And the way they do it is by creating money out of thin air to keep a lid on yields, to keep the Treasury market propped up, and thus to keep… That’s what’s kept the stock market going because they’re getting the little guy, the ordinary citizen to subsidize it all through inflation. So in other words, create trillions of dollars out of thin air to throw propping everything up and the little guy gets stuck with the bill for inflation, the price of everything rising.
It’s basically a Ponzi scheme.
Mike Maharrey: Yeah, absolutely. I think it’s interesting too that so many folks, they see the rise in yields and so it does put the selling pressure on gold as we’ve seen through the chart. And yet it’s an inflation indicator and I’m not sure it’s wise to be unloading your inflation hedge in a situation.
Clive Maund: And I think also we could be in a situation like in the late ’70s where you have rising yields and rising gold as well because of the massive inflationary implications of everything that’s going on and people are just going to want to have real money, which gold is because all this other stuff is garbage basically. I consider treasuries to be garbage. And here’s a very important point I’d like to make. And I said in some of my recent articles, which is that there are only two reasons to buy treasuries. One, this is putting it somewhat kindly. I said the first reason is that you are retarded because I didn’t want to say stupid because it’s a bit unkind and I don’t like insulting people. And the second reason is that you are using other people’s money, which is what say these funds and pension funds, they don’t care about the actual recipients of those funds at the end of the day. They just want their rake off or backhand or whatever. These are the only two reasons to buy treasuries is that you are just doing it with other people’s money or you are retarded because why would you buy government paper, government debt when all the currencies in the world are not backed by anything solid? This is a fiat system, which means that they can create money out of thin air until the cows come home.
If the currencies are actually backed by something solid as they used to be by gold principally, then it would perhaps make sense to buy government debt. But when you’re living in a world where this fiat currency is not backed by anything of any substance and they’ve just got a license to print money in unlimited quantities, and I understand now that the Federal Reserve in the US does not have to seek congressional approval or Treasury to create money out of thin air. They just create as much as they like to suit themselves. So it’s basically a ginormous Ponzi scheme. Why would you support that? So the case for gold and silver could not be stronger. Regardless, I always say to people as well, so what? Maybe gold falls 50 or $100 an amps. Why does that matter? You are holding gold because it’s real money. It never loses its real value.
Mike Maharrey: Yeah, absolutely. I wrote an article just this morning talking about the bonds that really the only big buyers out there right now are hedge funds and they’re doing it with leverage as you put other people’s money. So, there you go.
Clive Maund: Yeah, exactly. Now that’s golden one.
Mike Maharrey: All tight, so we’re going to share the screen again and this time we’re going to pull up a chart. It’s a three-month gold chart and it should be popped up there. So, what am I seeing here?
Clive Maund: Well, I told people a few weeks ago, but I thought that this was going to break down because I saw a small head and shoulders top, but this is not like a terminal thing because it’s a small head and shoulders top. The implications of this head and shoulders top are just for the short to medium term, no more than that. And actually on longer term charts, you can see that pattern actually forms the handle of a larger cup and handle base, which suggests that gold’s going back up. Now on this occasion, I didn’t have time to produce a longer term chart, medium term chart for gold going back two or three years, which would show that what it’s doing is it’s reacting back to the upper boundary of a bullish falling wedge. I think that’s what’s going on. And while we could see some more short-term downside until yields roll over, this is going to flip back to the upside, I think.
The point for traders to watch is that to turn outright bullish on gold, you want to see it do one of two things. One is drop back to that support shown, I think it’s $3,900 or something like that, $3,950. You want to see gold maybe drop back there. That would be a good point to buy with a strong support. Or on the other hand, if the yields roll over, maybe oil drops and it flips back to the upside, you want to see gold break above what was support at the bottom of that head and shoulders top, lower boundary of that head and shoulders top, and there’s no resistance. And of course the people who bought in that patent will be sellers when it gets up to, technically speaking, will be sellers when it gets up to the lower boundary of that head and shoulders. So, you find some resistance there.
But once it breaks above that, clearly breaks above that, then it’s off to the races again. I think it’s going up big time.
Mike Maharrey: Yeah. I kind of feel like that the conflict in Iran is this big lid that has been stuck on top of the precious metals markets because obviously it’s the Strait of Hormuz being closed, the oil price pressure, and those are the things that are driving this rising yield narrative and inflation narrative. I think when that lid is pulled off, you can see the sky is the limit.
Clive Maund: Well, going back to that chart, going back to that yields chart, the 10-year yield chart, I had the feeling that probably yields could back off and oil could back off maybe over the next few weeks. The reason being, because we’ve got the midterms coming up, is it the 2nd of November? I’m surmising that Trump and the Republican Party would like to see the oil price back off ahead of the elections, possibly significantly.
So, this is why now we’re looking at that Brent Crude, one-year chart for Brent Crude, and you can see that there’s a potential double top there. I surmised that if Republican Party or Trump want to succeed in getting oil to back off, this will mean they will have to make conciliatory noises towards Iran. They’ve been doing this all summer anyway, be saying, “Oh, the deal’s just around the corner.” So apparently they’ve done it back 19 times. And some people have been front running these announcements. I couldn’t
Imagine who, of course, but they’ve been front running these announcements, which often happen over the weekend, or you have this military activity over the weekend and it all clears up before the market opens, and there’s suddenly an announcement before the market opens on Monday. Oh, we’re going to have a deal soon, something like that. So I would think that it’s quite possible, I’m not saying it’s going to happen, but if I was in Trump’s shoes, all things being equal, which they’re not, of course, I might do things, make conciliatory noises to bring the oil price down ahead of the midterms, which would also bring the yields down, which makes sense at this juncture because looking at that chart for yields, we can see that it could react back across that uptrend now.
Mike Maharrey: Yeah, very interesting. All right, so this is working really well. I’m kind of excited. I hope this turns out as good once it’s all edited as it seems to be going. So, the next one I’m going to share here, let me pull the sharing back up. This should be the silver three months, very similar. I’m now becoming a technical analyst, and I can actually see a little head and shoulders there, right?
Clive Maund: Yeah. Well, the thing is about this, Mike, I don’t actually need to say much about this because the viewers will readily understand that this looks almost identical to the gold chart and the gold zone largely moving in tandem, and you can see it did the same. It broke down from head and shoulders top. It could drop down to that support down there, but it could flip to the upside at any time. I’d rather think that because there was some psychological damage caused by that breakdown, so it wouldn’t surprise me if it didn’t make a small bear flag here and maybe drift down towards that major support of $55. And when we come to look at the very long-term chart for silver, it is extraordinarily bullish. Yeah,
Mike Maharrey: We’re going to pull that up in a second.
Clive Maund: The major buy spot for silver, we’re very close to it now, in fact. And if you watch any of the videos by Mike Maloney, who I respect, I believe he’s right. It’s going much, much higher.
Mike Maharrey: Yeah. What is the triangle? What’s the significance
Clive Maund: Of the triangle? Oh, that triangle there, it’s just a period of indecision where the bulls and bears are slugging it out until you get a decision, you get something that tips it one way or the other.
Mike Maharrey: Interesting.
Clive Maund: And the triangle formed, one of the reasons that triangle formed or it did was that the market, or in this case silver, was waiting for that 50-day moving average falling overhead to drop down and close the gap with it somewhat, which will be unwinding its oversold condition. And you can see that as that triangle formed, the MACD indicator at the bottom of the chart was rising steadily, which was providing an indication it looked more and more likely to break to the upside, which it did.
Mike Maharrey: Interesting. All right, so you mentioned the big silver chart, and here it is, and we have a real nice, very obvious cup and handle pattern. Explain what that tells folks.
Clive Maund: Well, this is actually… I sent you the original chart that I posted sometime last year where I used this chart. I’ve correctly interpreted this ginormous… I’ve never seen anything like it. This is my favorite chart of all time, actually. I’ve never seen such a huge clear cup and handle pattern in my life in anything, and I’ve been in this business for decades, and I spotted this last year. I figured that silver was coming up for a massive breakout, and we saw that late last year when it zoomed up to $120.
Now, it’s quite normal when something breaks out of a massive pattern like this cup and handle. It’s quite normal to have a post-breakout reaction. That is what we have since seen, and it’s actually, to be honest, it was such a strong breakout. You can see it on the volume in the silver proxy, I share silver trust. I’m actually rather surprised that it has reacted back as far as it has, but it’s quite normal to have a post-breakout reaction back to the support at the upper boundary of the pattern that it’s broken out of, and that’s what we’ve seen in recent months. And of course, with silver reacting back to the upper boundary, this enormous 45-year cup and handle pattern, it means it’s a mega buy anywhere in this area near the support of the top of this patent. So, it could drift a little bit lower short term, but down towards, say, 50, 55, but that would be about it.
And in this area with silver, anywhere between say 50 and 60, it’s a very strong buy, and this chart is calling silver much, much higher in the years ahead. And if I was a holder of silver, I would not be worried at all. I would just be looking to stack more and more of it.
I would sleep easy. Seeing this chart, I would have no qualms at all about being a holder of silver. I would just sleep easy in my bed, sweet dreams and so on. I wouldn’t worry. I’m sitting there sweating at night and sitting up in bed, sweating, worrying about the price of silver because again, as with gold, you’re talking real money here.
Mike Maharrey: Yeah, it’s like you’ll be floating on a silver cloud.
Clive Maund: Yeah. I mean, when you talk about treasuries, this is garbage. All this government paper is pure garbage, and you have to be… Well, I’ve said before when I was thinking about people who own this stuff. So as I say, I think we’re very, very close to a major buy spot for silver, and it’s going much, much higher in the months and years ahead.
Mike Maharrey: I agree with you, and the macro environment supports that hypothesis when you look at the persistent deficits that we have in supply. We’ve seen these two big silver squeezes where silver gets displaced in the comic system and in London. So yeah, it’s a ripe for big things. This is really great. I really appreciate you taking me through these charts. I think it was very educational. I think folks will really get a lot out of it, and I think it’s really helpful to see that visualization. It is for me. I’m not so much a visual person, so to actually be able to look at the pictures, it’s very helpful, and I appreciate that. So before I let you go, I do want you to give folks all the information that they need to find you if they want to avail themselves to the work that you’re doing, because this is what you do.
And you not only do this with gold and silver, you do this with mining stocks and other stocks and investments as well. You sent me a whole bunch of charts. We don’t have time to go through all of them right now. Where can folks find you?
Clive Maund: Well, I’ve got a YouTube channel. I’ve got a YouTube channel. Just type my name in Clive Maund and it will come up. I only started, I think, about six months or a year ago, so it’s kind of building up slowly, but I’m getting more accustomed to doing these YouTube videos. And my website is clivemaund.com. Now, this website has been going since 2003, so that’s a long time, 23 years. I started the website in 2003 because I saw a major bull market coming in gold and silver, and that is what we saw during the 2000s until it peaked in 2011. Then it went adrift after that. We had a massive, massive head and shoulders consolidation pattern from 2011 through two or three years ago in gold. Yes, my website is clivemon.com. It’s a subscription website. Modest to maintenance of one month, three month, I think there’s a six-month subscription as well.
I’ve been working on it happily for years. We cover gold and silver stocks, base metals as well, copper, not all of them, but principally copper, which I find interesting. I don’t really very much… Look at Platinum and Palladium, but I don’t really diversify much into things like nickel and tin and so on. Also, we’ve been following the oil sector closely on the site recently because of course it’s been so topical. It’s been one of the most important subjects in the world. And I heard just yesterday that there’s a diesel emergency has been announced in Texas where the supplies of diesel are critical. And so yes, we look at oil as well, natural gas sometimes, and the broad market. We follow the broad market as well, and sometimes tech stocks and AI and these things. In the past, I had a go at covering cannabis stocks when they were all the raise, which was fun.
But after smoking a few joints, I decided to call it a down there. I don’t mean it. I’m joking. But anyway, yeah, so if people who are interested, you’re most welcome to come over and join us on cliveborn.com. Be very pleased to see anybody there. And so that’s it really for now. And actually, I’ve been following the Money Matters website for some time because I think it’s an excellent site, and there’s all kinds of ways of buying gold and silver on the site that I’ve seen, which I’m going to be recommending it more and more to my people who want to buy gold and silver.
Mike Maharrey: Well, I appreciate that. And I think folks got a good sense of the work that you’re doing, and it’s high quality, and it will definitely help you be able to visualize what’s going on in the markets. And I think for a lot of people, a picture is worth a thousand words. So I encourage folks to go check out Clive’s website, check out his work, support him, and I want to thank you for taking the time out of your busy day, and thank you for
Clive Maund: Your – Well, just one last point, Mike. Increasingly dark and dangerous times, the field in which we are working, which is gold and silver, is a way to give people hope, especially financial hope in these really difficult times. And this is really what my website is all about. I want to give people a way to move forward in difficult times.
Mike Maharrey: Absolutely. And I appreciate that. And I feel the same way. It’s a service to folks because we have a government that’s constantly devaluing our money, stealing our purchasing power, and there are ways to protect ourselves. So we’re trying to educate folks and let them know, “Hey, there is a way. It’s not perfect and it’s not easy, but we can navigate our way through this and appreciate the work that you’re doing. Again, thank you so much for taking a little bit of time, and thank you for your patience with getting all the technical stuff sorted out. I think it went swimmingly. We’ll see what the final product looks like, but I think everything went really well, so thank you so much for that.
Clive Maund: All right, great. Thanks, Mike. Good talking with you.
Good analysis there from Clive Maund and it was great to finally have him on. For those of you who follow our prolific precious metals news site – found at MoneyMetals.com/news – you’ve probably seen some of Clive’s stuff as he’s a semi-regular contributor for us. But again, it was great to get him on the podcast, and I hope you enjoyed that information.