The "Real Assets Lockout" Has Already Begun | Nomi Prins

Dr. Nomi Prins says the forces driving capital into hard assets are accelerating, and the Fed has become the only backstop for U.S. debt.

Speaking with Kitco News at the Rule Symposium 2026, the Prinsights Global founder and Permanent Distortion author reaffirmed her call for $6,000 gold by year-end. "Does the United States have a debt crisis? The United States has a Fed," she said.

Prins also pushed back on the market's read of the new Fed chair: "I think ultimately the Fed will have to reduce rates in order for us to service our debt. I think that Kevin Warsh is waiting for that moment." She pointed to China cutting its Treasury holdings from $1.3 trillion to $620 billion in favor of gold, and five billion ounces of paper silver trading in the SLV ETF alone against roughly 800 million mined each year, as signs the hard asset supercycle is still early.

Recorded July 07, 2026.

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00:00 - Welcome and Guest Intro
01:56 - Wall Street's Shift Into Commodities
03:01 - $6,000 Gold and the Central Bank Supercycle
09:45 - Kevin Warsh: Waiting to Cut Rates?
12:29 - Real Assets Lockout
14:42 - Inside a Moroccan Silver Mine
16:37 - Paper Silver vs Physical Supply
19:15 - De-Dollarization Reality Check
24:00 - How Institutions Really Position
27:32 - Building a Commodity Portfolio
30:55 - Closing Takeaways

#Gold #Fed #Debt #NomiPrins #KitcoNews
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Disclaimer:  
The videos are not intended to provide trading advice, and the views expressed do not necessarily reflect those of Kitco Metals Inc. Kitco News, its anchors, producers, and reporters are not responsible in any way for the performance or actions of any sponsor, advertiser or affiliate of Kitco News. In no event will Kitco and its employees be held liable for any indirect, special, incidental, or consequential damages arising out of the use of the content in this video.

Transcript

SPEAKER_01 0:00

Kitco news on-site coverage of the Rules Symposium Natural Resource Investing is presented by Paris Mining.

SPEAKER_02 0:12

All right, welcome back to the show. I'm Jeremy Saffron on location for the Rules Symposium at the beautiful Boca Raton Resort here in Florida. Now my next guest has one of the most interesting resumes in the whole building here. She spent years inside of Wall Street at Goldman Sachs and Bear Stearns, right at the center of the machine. Now she's the author of Permanent Distortion and the founder of Prince Sites Global. Please welcome Dr. Nomi Prince. Nomi, welcome.

SPEAKER_00 0:42

Thank you so much, Jeremy. Great to see you.

SPEAKER_02 0:44

Now, I wanted to get into this because everyone at the conference is going to ask, you know, where does gold go next? And I want to kind of go somewhere different. I want to ask why the whole system keeps pushing people towards it in the first place. So let's start there. I mean, you know, you call it permanent. Our audience already obviously knows central banks have distorted markets. So let me push you on the word. I mean, is there any way back? Does does that does like a reset, a new system, anything actually change this where we are right now?

SPEAKER_00 1:12

No, I I think we're at a point, and and permanent in in in my book means that the value of real assets and not just where they're physically trading, but how hard they are to extract, refine, to use, to get to their end point in terms of value, is relative to just flipping a switch, pushing a button, and creating fiat dollars or any currency. It's not even actually about the dollar just anymore. It's about the fact that something has to back actual currency. And I think more and more as deficits in supply for actual assets have increased relative to demand in so many different areas of our lives, it makes even more of a difference relative to the distorted effects of creating money, creating debt out of nowhere that we can't track back to real economic benefits.

SPEAKER_02 2:02

Yeah, yeah. Well said, and I mean I want to kind of go to that silver, to the gold, I want to go to the physical market. Before we do, let's talk about what the inside actually sees. I mean, you you've watched this from the insides, and right now we got a $4,100 gold, some record stock prices. I mean, you know, what does that actually tell you when those two things go together?

SPEAKER_00 2:20

Well, it it says that actually a lot of my old colleagues on Wall Street are looking more and more at commodities while they're still doing the big deals in other equities and in tech companies and AI and all the things that are going on. The desks on Wall Street, whether it's Morgan Stanley, Goldman Sachs, JP Morgan, that specifically are doing and financing hard asset deals, are hiring people. And the traders, you know, I was back on Wall Street when oil trading was a huge thing in the wake of 9-11. The traders that are trading now are not just trading things like oil, they're they're going into all of the esoteric areas, whether that's a junior miner and copper or whether that's silver or junior miner in mirrors, they are looking at expanding that whole commodity base. And they've got much larger quantities of money and leverage to do it with. So we can watch them and see what they're doing, but also see where opportunities lie because of that.

SPEAKER_02 3:13

Now, you know, obviously we're here at the symposium. The whole room agrees on gold, our whole audience would agree on it. But what what do you think the the risk, the consensus is is wrong?

SPEAKER_00 3:23

Well, I think the risk is that the consensus or that people that are in gold initially or just for short periods of time feel that volatility in gold levels is a factor in how or why they should invest. Um I believe that gold, of course, is going to get higher than than these levels. Obviously, we still ought at 5,500 in January. Our prediction of Princeites was for 6,000 by the end of the year before that happened. We we still stand by that because the structural demand for gold as a diversifier for the dollar, and not just the dollar, strategic power, having collateral backing trade deals that have nothing to do with gold, but might have to do with tinkers, it might have to do with industrial equipment or whatever it might be. Having that gold in your arsenal matters. And I don't think that central banks are gonna turn around, particularly China, and say, you know what? We didn't mean to sell from $1.3 trillion of US treasuries down to the $620 billion we have now. Sorry, our bad, we're gonna like convert all that back and buy, you know, $800 billion worth of treasuries. That's just not going to happen. Because the power structure in the entire world has changed so much that I think the mistake would be to look at short-term volatility and pricing or try to pinpoint a price on any given day versus recognizing that we are in a a larger hard asset commodity-based super cycle in which gold is a monetary anchor for trade, for payment systems, and for central banks to diversify their own power.

SPEAKER_02 4:56

Now, let's make it real for someone watching at home. I mean, nobody watching this channel needs convincing that debt is obviously a problem. We know that, we know what the government might or might not do. Of course, everyone's watching the Fed. Um, but the harder question for someone who's kind of studied it is what actually breaks first? And I know we never know when that comes, but is the end game orderly? Is it a sudden shock, or do you think it's this kind of quietly this surmise that we all start paying for?

SPEAKER_00 5:22

Yeah, I think I think the interesting thing is that we are paying for this debt, whether we think we are or not. The United States has, it's an astronomical $40 trillion about which it is, it's it's just no one can, we can't I can't conceive, that's just a very, very large number. But to break it down into what that means, that means that every year that the US has to pay interest on it, like someone would have to pay interest on a loan or a credit card, before they do anything else, before they build a road, before they support a power plant, before they create a hospital in your community, they got to pay interest on their debt. So it's like an actual person, you know, we go through periods in our lives, right? Everyone does, where we take on more debt or we have higher credit card bills or student loans in some periods in other periods. And in other periods, we make up money, we try to pay some of that down, and and we go through life. We try to invest, we try to grow our wealth, we do all of those things. The United States government has not tried to reduce its debt since the financial crisis. All we have had is a one-way direction of debt going up. And so what that means for the person on the ground is that any planning from the government perspective has to take into account paying that interest first, and that leaves less room, less money to do other things that are beneficial. And no one wants to do that in their own life. No kidding. But that is what a lot of governments are doing running the country. And and that comes out then in taxes, in local taxes, in state taxes, and that ultimately impacts all of us for paying for our portion of their debt.

SPEAKER_02 6:59

I was gonna ask you that. I mean, obviously with Wallery and the Fed now we're seeing a little bit of a a different tone and and that's scared markets, it's let it run a little bit. But you know, what are the only ways out? I mean, are you inflating? Are is it just default? Do you do you grow the debt? I mean, uh which do they kind of always pick and what does that mean for a saver back home?

SPEAKER_00 7:17

Yeah, I mean, what what they have been picking in these last two decades is is merely growing the debt, not paying it down, revolving higher. Um, and the problem is there's no planning for a lot of where that debt goes. If they wanted to grow out of the debt, which which gets said in Washington, I spend a lot of time there. Everybody knows there's a lot of debt, everybody's like, how do we get past it? There's not enough money coming from taxes to pay down this debt. That is obvious. You would have to increase taxes basically to be 100% of all our paychecks to even make a debt in the growth of the debt. So that's not going to happen. What needs to happen is there needs to be a movement of that debt to pinpoint it to what specific growth that debt is supplying. We don't have that. We have a Fed that buys some of the debt, it's the largest buyer of treasuries. We have other central banks that are buying less and less of our debt as we create more and more of it. And the only way out really is to say, all right, we have all these treasuries outstanding, we're gonna move some of that debt into projects that we can actually use to increase our independence, increase our energy efficiency, our economic superiority, and actually try to use that growth to pay down the debt. But the problem is it's easier said than done. And also the acceleration is is so astronomical. So where does it end? Does the United States have a debt crisis? The NSCS has a Fed. And I think one of the reasons why the Fed's book has actually grown over the last six months, even with all of these fears about whether rate hikes are are gonna happen or not in the short end of the curve for like money day to day, um, is because ultimately that's the only backstop for our debt. And last time we saw that was in COVID, but our debt's grown a lot since then.

SPEAKER_02 9:00

Well, Nomi, I was gonna ask you about this because I I mean Japan's almost a live experience uh for this right now. It seems like it's almost an experiment if we could call it that. I mean, its debt is around 240% of the size of the economy. And and central bank's holding interest rates down just to keep that debt affordable while the yen sinks, obviously to a 40-year low. So I mean, is this a preview of where the U.S. ends up?

SPEAKER_00 9:21

Yeah, and I I think that's why we've, besides the last period where we remove rates from zero to five and a half post-COVID, Fed trying to control inflation, et cetera, et cetera. We talked about that, and now we're around the three and a half, three seventy-five um rates in the low end. I think ultimately the Fed will have to reduce rates in order for us to service our debt. I think that Kevin Warsh is waiting for that moment. He couldn't come in, and there was a lot of headlines about how, you know, he's this hawk and he didn't say a lot, and the statement of the Fed at the FMC was, you know, too short, you know, for guidance gone. I don't really talk about it. I I actually think um the way I read that is he knows he's in a position where he is very powerful. And if the first move he makes is to negate the reality of what he walked into at that time, which was higher inflation because of Iran, because of oil, he wouldn't look as powerful. Not as independent, but as powerful. He's gonna be around longer than Trump is gonna be around. I mean, he was appointed by President Trump, he's he's appointed through this administration, but his term lasts a lot longer. I believe that as soon as we got to a point, and we will start to get there very soon where because oil is coming down, it's up today, but it basically is coming down from the 138 highs a few months ago, we're gonna see inflation coming down. It's never gonna be very, very low, probably again, because we have a lot of supply chain wars and commodities across the entire world for many, many products. But it might not be at the high threes or four. At that point, the Fed will start to say, all right, let's get back to the possibility of reducing rates that we kind of abdicated this year mostly because of Iran.

SPEAKER_02 11:01

I haven't seen you since uh Kevin Walsh and that first, that first meeting, uh, you know, that first press conference. Anything surprised you there?

SPEAKER_00 11:09

Um, it it didn't. What surprised me was how much the media read into that as him being a hog. I I I did not see that. I mean, FedWatch went up to 70%. I know you know the DOP changed a little bit. He talked about being data dependent in his own language. He didn't say that much. He said, you know, he's not gonna kind of signal to the market like Powell did what's going on. But honestly, I think that was just a way of consolidating or just sort of the power of what he can do in the future. You know, you start with a point where you take away guidance, and any guidance you bring back actually gives you more authority over what the market can do relative to what the Fed does. You know, the minutes are coming out, that's basically gonna be backward looking at this point. It's gonna, you know, potentially create those same headlines again for a minute. But by being non-forward guiding, he actually has more flexibility to move rates. And I read that as flexibility to reduce rates.

SPEAKER_02 12:05

Yeah, I think I think some did, some didn't. But what was interesting is is you know, coming in stronger than most people thought, kind of leaving the legacy of Powell behind. I mean, it was his own kind of show here, right?

SPEAKER_00 12:17

Yeah, and and that's why I think it was very much a power move. Yeah, that the most powerful leaders in the world tend to be the ones that that say very little, assess the situation, then go in for the kill. I think that that is basically what he, you know, he's in for a long term. Yeah. Um doesn't want to be Powell, and he made that very clear.

SPEAKER_02 12:38

Fun to watch on this side, watching that press conference. Uh well, that brings us back to kind of paper and real assets. I mean, we've been talking about this world is shifting from uh paper to back to physical, you know, we got gold, copper, uranium, there's energy. Why now? I mean, you got into it a little bit there, but just talk about this next year. I mean, it's been a very fascinating thing to watch geopolitically. I mean, Iran didn't help this. Is it more of a scramble quicker now?

SPEAKER_00 13:02

Yes, it absolutely is. And actually, I I just gave a talk here called Real Assets Lockout. Um, having last year said real assets uprising, before that, the big bang of real assets. So the this part of the super cycle has gotten very, very quick, and that's because countries that have control over any part of their supply chain, whether it is silver processing, whether it's sulfuric acid, which is a chemical that's needed to basically create anything out of raw copper, um, that they can control and lock other nations out of in the entire supply chain, from it coming out of the ground to being in your phone or in your electric wires, that is happening faster and faster. And because nations are recognizing, like China's recognizing, the United States noticed that it didn't have copper or silver, for example, on its strategic critical minerals list until November of 2025. Now it does. So what does China do? It's like, oh wait, the U.S. just woke up to this, it tariffed copper, now it's on its it's going to do things. So we're gonna come in and we're gonna block something else on the chain or lock out something else, which is this asset nobody's paying attention to that's needed to produce copper products. That is happening under all of the headlines, and it's happening more quickly, and that's why it's important that the supply deficits relative to demand are something that it sounds like you know economics 101 and it's very boring. In fact, I didn't even like economics 101, because it was all very theoretical, supply, demand, curves. It's not even about if someone is keeping you from getting what you need to produce what you want, that's a problem. And what's happening now is there's there's less coming out of the ground to produce the things that we need more and more of. Whether that's silver for industrial uses, copper for AI, uranium for nuclear energy, and as a result, countries are locking down the part of the chain they can control.

SPEAKER_02 14:54

Now, speaking of which, I mean you were recently in, I think, at Morocco, and you saw this firsthand, and I want the audience to just explain to them what you saw. Because often, you know, I talk to people on the ground, including at this conference, and oh, all these silver mines, it's not that easy.

SPEAKER_00 15:07

It is not. I was at an amazing silver mine um in Morocco for the company Aya Gold and Silver. And I was there for a number of days, I was underground inside their mine. So I'm talking hard hat, thus suits, a mile and a half under the earth's surface, tunnels, anything happens.

SPEAKER_01 15:27

That's it.

SPEAKER_00 15:28

Very humid, very hot. But in order to even blast or create from that tunnel an extra area where you can take rock and get it up a mile and a half and get it to be processed into what becomes a tiny sliver of silver is a massive amount of work. It's a massive amount of people, of engineering, of making sure things don't crush on on everyone involved, safety regulations and all of all sorts of things. So to produce a tiny little bit of silver requires an enormous amount of physical labor and effort working with the Earth's geology. And even, and I've I've gone to a lot of mines, but this in particular was so interesting to me because they have a pure play silver mine, and what that means is they actually can extract silver from rock without any extra chemical sort of processing beyond the extraction. It's not coming from being connected to copper, connected to any other material. It's silver from other rock. And it's it's such a tiny amount of silver that comes from such an amount of rock that if you're not physically standing, which I was next to, just tons of it, you know, as far as the eye could see from uh you don't understand how hard it is to get that. So when when silver traded off in the last few months, mostly paper trading, yeah, there's about five billion ounces per year that paper trade in just the SLV ETF, equivalent silver. We only have 800 coming out of the earth every year. So one ETF is trading so much more silver than physically comes out. And now we talk about we're in six years of deficits and how hard it is to extract that teeny bit of silver from that big amount of rock. And that's where these miners are so, you know, hats off to them, actually hard hats, because um, if they're not doing that work no matter what's happening with pricing, we don't have industry. Yeah, we we can't replenish what what we've created, we don't have defense, we don't have energy. Um and I think it's really interesting to just think about that.

SPEAKER_02 17:36

Yeah, absolutely. And I mean that supply deficit that we keep coming back to. I mean, when we talk about paper to real physical assets, um just talk to me for someone who's, you know, maybe not gonna go and buy a copper mine, or maybe they don't understand they want to buy a silver mine, but there's a lot of passive investing, I mean now these Trump accounts. I just want you to explain what this shift actually means for how they should think about their own savings.

SPEAKER_00 17:59

Yeah, I I think it's really important, even if you're not gonna do all the analysis on a mine or or even on gold versus silver like you know a pro would do or like Wall Street would do. It's important to recognize the kinds of returns, specifically if you are looking at a new fund, if you're looking to send your kid or grandkid or or godchild to college, um it's important to recognize the kinds of returns that the physical hard asset world produces relative to cash, relative to treasuries, relative to an SP 500 basket. One thing I said on stage just now, Jeremy, is like back in, and I I used the the year 1992, because that's when I was first in China. So just as a sticking point, $100 worth of cash is down 60%. $100 in bonds back then is only up twice, adjusting for inflation. SP is up ten times. A junior gold miner is up a hundred times on average. So, so so the the staying power of commodities relative to other types of regular places you can invest, specifically if you want to grow funds for for your wealth for your future generations, is really enormous. Yeah.

SPEAKER_02 19:14

It's actually interesting. We and I were chatting to this a little bit before coming onto camera that you know sometimes we have technical and and analysts on the show. These are traders. We're looking at a long-term, you know, a very long runway here. And that brings me to the dollar. I mean, it's been very interesting, obviously, watching it. I mean, I guess, you know, everyone in this room is pretty sure that the dollar is a little bit doomed at some point. Now, you've studied it your whole career. So, I mean, give me the contrarian read a little bit. What does a de-dollarization crowd kind of get wrong and and how far can it really go?

SPEAKER_00 19:46

Yeah, so it's you two things can happen at the same time, and this is this is what the full-on crowd could get wrong, is that it's possible to diversify from the dollar without the dollar plummeting completely. Yeah, these two things can happen at the same time. While the dollar remains the dominant world currency, reserves in dollars, US Treasuries, have gone lower than gold, which has become the top reserve currency by central banks. Now, central banks and understanding what they do, that's a whole sort of theme and of itself. But every bank works with its mother bank, its central bank. Every person that has an account with the bank is somehow having that relationship. And so if a central bank is buying more gold than dollars, it just means that it's likely that retail customers are going to be invited to perhaps add gold to their investments or add gold to their deposits. Um and so there's a knock-on effect. So that is all happening at the same time that the dollar generally still remains the dominant world currency. So these things take multiple decades to really change. Um and so both of these things can happen as long as the dollar can lose power while other countries diversify into other assets and side deals, side trades. At the same time, they are de-dollarizing their own transactions and their own financial system.

SPEAKER_02 21:17

It's been wild. I mean, even the latest news releases today out of China, you know, they've continued to keep buying gold as well. So, I mean, what you know, what's kind of real, because we we can strip out the hype here for the audience. I mean, where is the real kind of mechanical shift away from the dollar actually happening? Is it just T-bills, is it just treasuries, and and what would kind of tell us that it's speeding up?

SPEAKER_00 21:37

So one of the things that, and again, it's it's very esoteric, you have to look at the data, but one of the things, for example, if we look at what's happening in the Middle East or what happened even before the Iran war began, is that more deals were being done, for example, between China and Saudi Arabia, which was, you know, the initial petrodollar. The reason it's called petrodollar was the idea was that you know they would produce oil. And they would basically sell it for dollars, and there'd be a relationship, and so on, things grew. And I'm simplifying it, but that's basically what happened. But now there are more transactions happening without the dollar. So it's no longer the petrol dollar which is being used to buy oil between every country. Now, Chinese won and Saudi Arabia can have their own relationship, Russia and China. So what's happening is in real time, deals are being done in currencies externally. And when the strait was closed initially, and actually still, Iran set up a kind of toll blue system where they basically asked certain tankers that were going with oil from them to China because they had deals with China, you know, pay us in wand, don't pay us in dollars. That's fine. But that didn't happen overnight. That was the thing that wasn't told in the news. They created a payment system, and that allowed them to test it, where they could take in other currencies in return for their major exports, you know, which is oil. So this is the stuff that's actually happening.

SPEAKER_02 23:03

Real tests. You think Besson's seeing this? I mean, a smart man. They kind of see a little bit of what's happening. They're clawing back where they have to politically as well.

SPEAKER_00 23:12

They are trying to claw back. I think any country in power has both short-term and long-term vision. And short term, you're dealing with, you know, staying in office, you know, having your administration look good, what are the voters going to do at the next election? And long term you're deciding whether you have enough of a strategic stockpile, whether you build up your reserves in oil, which you just basically reduced to mitigate some of the high prices earlier this year, and what you can do long term. I think that's an understands. Um, I don't know if day to day his first priority is to look at how much oil is being paid for in Yuan versus dollars. He knows it has changed and it has. Um, but what he can do about that is really negligible. You can't get the Chinese central bank to buy more treasury bonds than it's buying. So you can see it, but you can't necessarily do anything about it except continue to build and fortify your own reserves, your own commodities.

SPEAKER_02 24:07

And this is where silver and copper and all these things come in because there's a scramble across the It's been fascinating to watch geopolitically, and that's kind of one I what I wanted you to talk to the audience about, because they won't get a Wall Street insider's perspective a lot of the time, and they actually look for it. And you know, you've built the complicated products at Goldman and and elsewhere, so you know how big institutions really position not what they say but what they do. Right now, what is the smart institutions you think kind of actually doing with golden hard assets versus what they're telling their clients?

SPEAKER_00 24:37

See, that that's a really good question because what they're doing is they're getting more involved in the financing and the merge is an acquisition fees for hooking up the larger commodity firms, the larger mining companies with the smaller ones. So for example, um last year they were at an 18-year high in terms of the amount of merger deals that Wall Street was involved in across just base metals, so across things like copper, not even. What does that mean? They're cutting a fee every time a deal is made. And then on top of that, this is a big big thing on Wall Street, you don't just get a fee for brokering the deal, right? For for making the match. You get a fee for if there is additional financing that's needed. It's like, okay, we'll supply it above market rate because it's connected to the deal. We'll create extra shares that will be sold into market and get a fee for it because it's connected to the deal. And so what Wall Street is doing is it's growing. A lot of the commodity firms are growing their commodity desks and their trading capacity and their investment management capacity and their fee-based MA capacity all at the same time. It is why Morgan Stanley, who's involved in a lot of deals, um one of the big frontrunners of a lot of deals now and growing, um, told their clients and their asset management side, you guys got to stop with the 60-40 equity bond thing and do 20-20 on the bonds, do 20 bonds, 20 commodities. It's not because they feel it's independently better for their investors, it is because they are doing the deals that they want their investors to support. And retail investors are sort of the bottom ranks of that support. So when you hear Wall Street, you know, changing its allocation guidance to their customers, way before that happened, they're doing the deals that will profit more from changing their guidance. But when both things are happening as they are now, it is a positive, and that's where there is opportunity in a lot of these commands.

SPEAKER_02 26:41

Yeah, that's a good point because you know the regular person always seems to be the last one to know when it comes to these institutions. How does someone kind of avoid being the one, you know, left holding the bag this time?

SPEAKER_00 26:51

Well, I I think you know, there there's something to be said for not running against the big money. Um and also not being afraid of what the big money is doing, because the big money will f it'll short uh certain securities and it will go along other securities. I think it's important to always keep that long-term view. And just look at if you're seeing all the major banks basically cutting deals, or you're reading that they're they're in the midst of deals for commodities, and that is growing, just think about investing alongside it. Don't necessarily try to fight the current. You know, be strategic, get good independent research. I mean, we we spent a lot of time talking about how you can evaluate and suggesting recommendations on all of these types of commodities and miners with the idea that we're looking at where the money's going and we want to help people benefit from.

SPEAKER_02 27:43

It's a good point. Princeit's is uh incredible uh substance. I mean, I go to it all the time. I've been watching what you've been up to, and this may be for the audience that isn't familiar with what you're talking about, but I want they want to protect their savings. It's not advice for one person, but it's somebody that feels exactly what you're describing. I mean, we got debt, debasement, the distortion. Um, what's the sane kind of practical way to think about protecting what they've saved?

SPEAKER_00 28:06

Yeah, I think it's to again look at where there's long-term value. Because if you're talking about saving, you want to save that for generations, you want to save it for college funds, you want to save it for your godkids and brands. And so you want to look at long-term upside versus short-term chaos in the market and and sort of remain calm in the face of volatility, but but having the research independent of Wall Street to look at that whole picture, what's happening macro, what's happening geopolitically, what's happening with the dollar, and and and to really create, I think everyone should have a commodity portfolio of some base names that will be the equivalent of the Google of gold and and you know the meta of silver, um, because this is where I think we're gonna see the most appreciation again through the supersec.

SPEAKER_02 28:56

You know, we can kind of close, I guess, on on a bit of a human close, as I like to call it, because I mean you've seen the system from inside, you've seen it from outside. When you look at the kids' generation now, are you more worried, uh more hopeful? And why?

SPEAKER_00 29:11

I actually am very hopeful. I've seen a lot of, and we've had a lot of um of younger people come onto the site and actually they they want to work to they want to learn and they want to understand the physicality of what they're buying, and you can't get more physical than hard assets and understanding how they sort of work in your lives and your phone and your electronical gear and whatever. And so I think I'm actually very optimistic about this generation.

SPEAKER_02 29:37

Yeah, and you know, walking around a room like this, talking to retail investors, and everyone comes up to you, knowing. I mean, they're asking advice, I've seen it. Um do you think that this little haircut that we just experienced in gold prices and silver prices have just created an opportunity?

SPEAKER_00 29:51

I think they have, and and definitely in silver and definitely in gold, as you mentioned, you know, the bigger the distortion between how fast the paper move was versus how hard it is to unearth supply into a dearth of supply, um there I think there's just a lot of opportunity. It's painful if you're already invested in some of them to see them going down. And I know this, I'm invested in in them as well. I do not like my portfolio going down. Um however, I do recognize that we are in a much longer-term commodity super cycle than these short-term short sellings movements are showing. And so in that respect, I I tend to try and re-enter or dollar cost average up as they say, add some more. And look at some of the places where there's been an undue hit. You know, like a miner like Aya, it's a pure place silver mine, it's one of the cheapest ways to extract difficult to abstract silver on the planet. It has been hit as well just because it's involved in silver during this period. But that's not going to change that Safi situation. And so, for example, that's a place to go.

SPEAKER_02 30:56

Yeah, it's a good point. Younger generation is thinking a little bit more long term than they've been trained to do. All right, Dr. Naomi Prinz, thanks for joining us today. Always a pleasure, Nomi. Appreciate your time.

SPEAKER_00 31:05

Thank you so much, Derek East.

SPEAKER_02 31:06

That was Dr. Nomi Prinz, and here's what I'm taking from it. Uh, whatever gold does next week or next month, her point is bigger than the price. The system that sets the price is under a strain that most people never see. And the strain is the real story. So understand it, and the did it noise gets a lot easier to read. Now, from the Rules Symposium in Boca Ratan, we're gonna be here all week long with the Kitco News team. Some great guests coming up. I'm Jerry Stafford. We'll see you next time.

SPEAKER_01 31:31

Kitco News, on site coverage of the Rules Symposium Natural Resource Investing, is presented by Paris Mining.