Gold Isn't Done Falling, Here's Where He'd Buy | Clem Chambers

Gold has fallen below $4,000 and silver is down more than half from its January high. Clem Chambers, who warned Kitco viewers in May the decline had another leg down, now calls the bottom, roughly $3,500 gold and $50 silver, and the level that finally puts him back in as a buyer.

Kitco's Jeremy Szafron talks with Clem Chambers about why he thinks this was a bubble unwind, the real reason gold fell (the collapse of the China-Taiwan war premium, not just the Fed), the silver liquidity trap that left sellers 70% below the screen price, what Moonshot's AI shock means for the "money that left gold," the UK tech takeover trade under new PM Andy Burnham, and when he starts dollar-cost-averaging back into gold, silver, platinum and palladium.

This interview was recorded on July 20, 2026

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Transcript

SPEAKER_02 0:00

All right, let's start with our spot charts here. I mean gold back around $4,000 sitting around there just waiting to go back up. Silver has lost more than half of its value since its January peak, and investors uh are asking the one question that still matters the most, is this a bottom or are we still going to experience worse times ahead? Now, my next guest saw this decline coming. He warned about it months ago, right here on this program when the consensus said that the worst was over. He was right, and now he goes a little bit further here. He tells us where he believes gold and silver finally stopped falling and the one price that brings him back in as a buyer. Now, a market veteran who sold near the top, now waiting to buy near the low, Clem Chambers is next.

SPEAKER_01 0:41

Kitco News in Focus with Jeremy Saffron.

SPEAKER_03 0:44

By the way, Jeremy, I called it before it took off in the first place. So I I said buy at the bottom, I said sell at the top, and I'm calling the next bottom.

SPEAKER_02 0:55

Alright, Clem. Yeah, good point. Good point. To your point, I mean, you last time you joined us, gold was around 4,700. You warned that silver's aftershock would end with another heavy decline. So I mean, what separated this from an ordinary pullback and told you the sellers were finished?

SPEAKER_03 1:14

Well, because it wasn't an ordinary rally, it was a bubble rally, and they always pull back a long way. Everybody believes the bubble until it bursts, and they keep believing it all the way back down. And that's the tragedy of bubbles, you know. Same with the dot-com, people made a fortune on the way up and put it all the all back, and maybe some more. So this is one of those bubbles, and I'm afraid that will be a very um uncomfortable idea to a lot of your viewers. But the good news is we're getting near to the bottom now, and I see 40 to 50 as being the bottom. So the the roof of the basement is 50 bucks. The the the floor of the basement is 40 bucks or thereabouts. So I'm expecting it to go to 50, probably go down a bit more, and then wobble about and and establish a bottom. And for gold, that's probably $3,500. It could be a little bit lower. So gold three and a half thousand as a place where it starts to get interesting because you know the speculators want to plunge at the bottom and then you know do whatever they want to do when they sell. Whereas investors they want to know really when to start dollar cost averaging again, right? And that's that's under $50 in silver. And you can, you know, buy some at $50, buy some at $45, buy some at 40, buy some at $39, buy some at $45, buy some at $50, you know, you're you're moving into a position. And that moment where that starts is not that far away. It is sometime this year. And I think that that I will start itching under $50, and I will start thinking about picking up some bars at that point. But I'm not thinking about plunging and then expecting it to explode. I'm expecting it to go sideways for quite a long time, and I I really don't know when it's gonna rally again, although it could be a couple of years, yeah. Because if you look at these bubbles, there's normally a spike, like an echo of a boom a couple of years down the line. So I believe that will probably come. And and what happens really long term, obviously it's gonna go up a long way because we're about to go into a seriously inflationary period. And the gold, you know, I I think you're brave if you're buying it now, but you're not brave if you're buying it at um three and a half thousand, and you'll be, you know, you'll be good if you're buying it at three thousand. And I think you'll be lucky to get it that low. I I should think three and a half thousand, three, three, and you'll gain you'll see a long-term sideways move. It might have some dips in it, it might have some rallies, and you know, if you're DCAing, you you buy two um chunks when it dips. So, you know, I I think we're back into stacking mode um very soon. And of course, most people want to know where the bottom is, and and that's where I believe it is, and it's not far away. You know, at um $110 on silver a few weeks ago, and it started to fall. I mean, the bottom was a long way away, or where we are now was a long, long way, let alone where we're going to end up. So, you know, that that kind of period is over. Right. Yeah, we're now close to a bottom, and we're now close to an area where I personally would be looking to start picking up silver and gold and platinum and palladium.

SPEAKER_02 4:43

Interesting. Okay, so I mean you're calling for roughly that, you know, $3,500 gold, $50, possibly $40 on the silver side. Um, I guess kind of psychologically convenient round numbers. So I mean you'd you call it that roof of the basement, right? Hey, let me ask you the other side. I mean, if if we just sit and watch some sideways action, I mean, you know, the typical thin liquidity over the summer months, too, what price action would invalidate those targets? Like what do you got to see to know if you were wrong on this trade?

SPEAKER_03 5:12

Well, okay, I can it can go up and I can still be right. Because it can go up because something comes out of nowhere. So something bad this way comes. So if suddenly the price was to go up, I would go, what's what's coming? Rather than now, you know, that I can't predict what is unpredictable. But if something started to happen that maybe we don't know, because you know, we're we're we're not connected to a satellite, we're not in the um NSA or anything, yeah. And those things can happen, I would say, well, something's up, something's coming. And normally within a few weeks, you'll look you'll see what it is. So, yes, bad things can come, and bad things will make silver and gold rally. But normal activity, the things that are already known, like the Iran situation and the uh Ukraine situation, those things won't have that much impact. So it will take a pretty large oncoming outrage to um turn around this particular move and make it go into a vertical from here, and it can happen. I mean, there's absolutely no predicting exactly what's going to happen, and outrages occur. I mean, who would have predicted this Iranian situation 18 months ago? And you know, it's it's it's unpredictable. So, yes, there's a percentage of unpredictability in there that could change the picture, but if it happened now, I would it would be difficult to look back and say, oh, well, you could have seen that one coming. It will be, you know, it will be a Mars attack, and and that will change the picture on in many different assets and in the markets in general. So, you know, one should always be prepared and on the lookout for those things. But the early warning for that is gold and oil. So strange moves in gold and oil will give you advanced warning of what could happen, you know, in the near future. And of course, again, accidents that don't happen, you'll never see um that action. It will go blip and it will go away again because the bad thing that was going to happen was averted. So, you know, but that's noise. If there, if there's not a big outrage or outcome that's unexpected, then it will go under 50, in and around between 40 and 50, and it will go sideways, and the same with gold. And there's there's a fairly large amount of things that could change that picture. The key one is China. China is the big well, there's two. There's the man in the White House, and there's China. And though they are the two dynamics that can dramatically change the picture. But you know, I'm not privy to you and any of that stuff. And it occurs to me that China's decided all they need to do is just shut up and and grind, keep on grinding, and it'll all go their way. And I think that's a pretty uh sound strategy, and I think that's what they've now adopted.

SPEAKER_02 8:10

I want to talk to you a little bit about why as well. And I want to come back to something that you told this audience before. I mean, you've you've long said gold is for war, so you know, a falling kind of price during a hot conflict fits your framework. But the hard data point somewhere else is you know, what actually cracked gold was the Fed turning hawkish under war with real yields pinned near the top range? So, I mean, is this a war story or is this a rates story wearing a war costume? What are your thoughts?

SPEAKER_03 8:36

Okay, so so you have a situation where um President Xi in China has gone on the record to say he's gonna get Taiwan back. Okay, you you can go back and you can hear lots of people talk about that over the last few years. And all the people I know in Europe that are connected to military things were saying that that was next year, around April and May. Yeah, and everybody was panicking about that, and military people were saying if you've got any technology for us, you better have it ready for you know the middle of 2007, otherwise we're not interested because of that. Yeah, so and the the the the impact of China trying to take Taiwan would be completely catastrophic, yeah, and that was on the cards, and people thought that was coming. Now, at the beginning of this year, and you could this is all documented, so you can dig it out. Shi and the PLA fell out with each other. So you're not gonna have you know World War III if you haven't got your army on side. So it was postponed or maybe cancelled, and or maybe somebody convinced the leadership that they could do nothing and win. And doing nothing and win is a brilliant strategy because boy, is America gonna have to do a lot to not lose. And if they if they're not going into Taiwan, the need of vast gold reserves suddenly you know evaporates or certainly gets less pressing. Because you gold goes up before a war, gold is for war, because it's a currency during war. So during a war, you have to sell your gold, like Russia is doing, and I'm sure Iran is doing, and that puts a downward pressure on gold. Now, once the war is over, up gold goes because the wars have created inflationary pressures, you know, what that have been suppressed by things like like um price control, and gold goes through the roof because people aren't selling it anymore, and people want to get their hands on it to stop their fear getting devalued. Because in a war, the fear is just tokens that are gonna completely you know collapse in value after the war is over and and markets free up for prices, and you know that's that's what happened in World War II, blah blah blah. So on the lead up to a war, everybody's buying gold because they're gonna need to have golden bullets, because that's what they're gonna have to buy stuff with. So anybody with it in any reach, or anybody at all, any government at all, needs to lay in gold. Now, the moment that eventuality starts to disappear, the optionality starts to becoming more vague, is not so not such not so expensive, then gold falls. And that's what I believe we saw back in the beginning of the year. China went, right, we're not we're not gonna invade Taiwan next year in in May, and that was it. That was the that was the end of that vertical. Because the if they had done that, or even if people thought they were gonna do it, even if there's a percentage possibility of them um doing it, massive impact. I mean, what happens to the Nasdaq if there's no Taiwan? All the chips come out of there, and all the chips come out of China. What happens when America is at loggerheads with China over Taiwan and you know all those chip plants in Taiwan are blown up? Why do you think Intel's 100 well was $120 a share from $20 a share? When I was saying, oh, you know, Intel's going to go through the roof because of new American foreign policy, it was $20. $120. And yes, I did do quite well out of that. So if you put all those pieces together, the onshoring of American industry, what why do you think they're doing that when they can buy it all cheap from China? Well, China's an adversary now. So you've got to onshore all your production, you've got to onshore all your rare earth. Look what's happened to rare earth, look what's happened to all those stocks, mountain pass, um, you know, people like that. So um neo-performance um minerals, they've all gone through the roof because China has a stranglehold over strategic and critical minerals. And you've if they're not your friend, if they're an adversary, you've got to onshore it. You've got to onshore all your factories, you've got to onshore all your shipbuilding, you've got to onshore everything. Well, boy, that's a big ask. And, you know, when China isn't gonna kick off an invasion of Taiwan, which would be almost undescribably terrible, and says, Oh, we're not doing that, or people work out they're not gonna do it, maybe it's the year after, or maybe probably not even the year after that, or maybe not doing it at all, then well, gold is has just lost a very, very powerful use case.

SPEAKER_02 13:25

It's an interesting one. And you you said a couple things I want to bring it back to. One of them, and we don't need to get down the AI channel, but I mean you said China can obviously change a market almost overnight, and it may have done that with AI. We're hearing, obviously, you've heard about moonshots, Kimi 3, uh, K3, it claims top-level performance at a fraction of the cost. Does that destroy the premium investors have paid for American AI, or simply move the value away from the models and into chips and memory and power and data centers, and you know?

SPEAKER_03 13:53

Well, okay, this there's two issues. First of all, it it makes no difference. The the models are the tip of the iceberg, and they don't really have a very good moat around them, uh, particularly if China can hack you, which is what they've been doing by distilling them. And um even putting that aside, the leading edge models, that's where all the value is. Now, you might have noticed recently that the American government might get to a situation where it won't let you have them, or anybody else. Funny that, because they'll want all that intelligence, they won't want you to have it, or anybody else for that matter. But the models themselves are the tip of the iceberg, yeah. And the iceberg is is the chips and the GPUs and the hard drives and the and the things you put them in, and the air conditioning and the cables and and the everything below it, and and that that goes all the way down to the bottom, which is you know where you've got people like Goldman Sachs doling out the cash. So it it the people at the very top will actually still do huge sums of sales, you know, they'll still be worth trillions of dollars, yeah. But they won't they won't themselves own the value chain, they will be a very important part of their value chain, and what people will pay massive money for is the top tippity top model. Now, you know, there's gonna be lots of wild things gonna happen because of this. I mean, for example, why wouldn't America just cut off the Chinese internet, right? Not let anybody from China or Russia have access to any American um internet, not allow them in, put a firewall up like China does, make sure that nobody can use American AI up outside of America. Could do all that, stop the Chinese from distilling their models, make um all sorts of things. I mean, it's like if AI is a weapon, why wouldn't you need a license to operate it? Why wouldn't you be KYC and AML before you can actually have access to it? All this is coming. All this is coming.

SPEAKER_02 15:57

Now, your thesis obviously, even in this AI, uh, it talks about infrastructure and how that still wins. I mean, if if if the model becomes dramatically more efficient, why won't companies need kind of less expensive hardware rather than more? I mean, who are your winners and losers uh in this market right now? What are you buying and avoiding when you look at AI?

SPEAKER_03 16:16

Well, what what I've been buying are cheap companies down the bottom of the chain. Because if you look at the top of the chain, it's 20 um time sales, 40 time sales, infinite time sales. But if you look at the sort of people that are just as necessary in the whole picture that seem a little bit more, why would you buy them until you realize why? Then you're looking at twos and three time sales and you know, Cisco's and Hewlett-Packards and all that sort of stuff. I mean, the reason the hard drive people have gone through the roof, they need hard drives. Well, they need all sorts of things that people like Hewlett-Packard and IBM. I mean, if you're a a boring Walmart kind of a company and you want to get AI in there, well, you're gonna ring up IBM, aren't you? And they're gonna come and install it for you and do all that consultancy stuff and they're gonna make a lot of money from that. But nobody thinks IBM's a good buy yet, yeah, even though they've got quantum computing, because they're too they're too far away from the shiny, shiny, shiny stuff. But nonetheless, they will absolutely knock their figures out of the ballpark over the next two or three years because they've got an incredibly valuable thing that AI can't have or do, and that's trust. And trust is going to be incredibly valuable, for example. So the you look at the the value chain and you try to find a part of it which nobody's thinking about, and that's what I've been doing. And so a lot of the old names, big businesses, great profits, low valuations, and of course, they plug straight into the AI story, which will boil the oceans, and you know, that's the thing. I mean, another analogy that I like to use is now, I mean, I've hired programs my whole life, hundreds of them, and um, you know, is uh development is a very difficult, frustrating thing. I can do it myself now, and I'm old and crumbly, and I can I can develop high-end software now if I don't mind spending four or five thousand dollars on tokens, and you know, that alone is a is a revolutionary breakthrough to unleash people like me to make content or product and the really good programmers to write maybe 20 or 30 times as much software. I mean, what's that gonna do to the economy? So the whole thing is massive, yeah, and underneath it all is a lot of commodities that have been effectively economically denigrated and are now gonna be in short supply because there's just not enough of them. And that speaks to silver, particularly, and gold, because it's also going to be massively inflationary, because they're gonna have to print like no tomorrow to fund it all. I mean, they've got to fund it, otherwise, China wins. China has, and this is a key number that people need to think about, 250% more energy generation than America. AI is energy.

SPEAKER_02 19:10

Um, you brought up silver, and I have to talk about it. I mean, because investors watching a quoted price may not even realize how different the real market can kind of be. I mean, uh, Glem, when when silver collapses a little bit, I mean, what actually happens when an ordinary holder tries to sell the physical metal? I mean, who does who provides the bid? Uh, how far below the screen price can it kind of disappear?

SPEAKER_03 19:30

Well, I mean, it was down um 80% of the screen price, 70% of the screen price. Nobody wanted to buy it at the top of the market, because there's a chain of you bringing in a coin to a coin dealer and it going down the chain to some guy that's going to melt it down and turn it into a bar. And when that chain's blocked, no one can buy it because they can't get it into the chain. And they're not buying your silver at $120 an ounce if it might fall to $80 overnight, in fact, like it did. Yeah, because they'd they give you $120 and then three weeks later they're sitting on a fat loss. So they just say no, the the pipeline is choked. So what I told my people when it was getting up to the highs on on my YouTube channel, Clem Chambers Alpha, was get your exit sorted. You don't have to sell, but make sure you can. You know, identify the exit, like in the aeroplane, they say the exit may be behind you. Yeah, you have to know where you're gonna sell, yeah. Because, I mean, even in the markets, in a crash, you go to sell and all the blooming brokers have crashed because everyone's trying to sell. So you have to, if you are going to invest, always know how you're gonna sell. And you know, don't go onto this platform that you haven't used before to sell and then expect to be able to sell at the very high because you know you won't even know how to use it. You have to prepare yourself. So anybody um who wants to buy should bear in mind that they can sell. I mean, I'm quite sure they can ring up Kitco and sell pretty easily, right? And you vault as well, too, don't you? So, you know, all that stuff is critical to have in place. There's no good going and buying a bucket of gold coins if you don't know how you're gonna sell them or who's gonna buy them off you at a good price. That is all part of the investing discipline. And anybody that's planning to do it, anybody that has done it should actually check how they can sell at a good price. And ringing around a load of people when the market's high, that's that's a bit too late then.

SPEAKER_02 21:36

Yeah, I mean, you just kind of warn investors against buying what the financial system is aggressively selling them. Let's talk a little bit about uh value. I want to talk to you and and to your fellow Brits. I mean, Andy Burnham just became prime minister today, promising uh a new economic model. He's promising uh greater public control and the government procurement that supports British industry. Now, you've argued, and we talked about this before a few times, that I'm Undervalued British technology companies are just being swallowed because they traded a fraction of American valuation. So, I mean, a couple things. Does Burnham's approach help these companies scale independently? Or I mean does this make Britain even less attractive to grow capital? I mean, where what are your thoughts here?

SPEAKER_03 22:16

Well, I hope so. And, you know, I I actually have been working with the British government on a few things. And they're trying. They are trying. But government is a super tanker. And it takes a lot of effort to turn this stuff around. And you know, the the UK has been wrecked over a long period now. And to make a comeback will take a massive, massive effort. And also really, really positive, strong, clear-eyed leadership. Now, there he is. I I you know I I'm I'm I play cricket for the other side. That's not a metaphor, I literally do. But I I wish my fellow Brits that this guy is gonna turn it around. Because boy, does the UK need it. And it's great for me it being in a mess because I buy these cheap shares and and they get taken over. I had like two last week. I mean, maybe two in two weeks. I mean, EasyJet, Amazing Air Light gets bought out. Um, uh another one, what was the one that was a few days ago? But it it just got it got taken over, and there'll be another one next week. And they're all actually they're all technology companies, and and they're all in the AI value chain. And the Americans go well and go, that thing's one and a half time sales, and we can be worth 10 time sales. We'll have that. Bang. See, that shows you how what a ruthless killer I am. I I get a big takeover win last week. I can't even remember the name of it, but it's on my channel. You know, it's but it's just like every week.

SPEAKER_02 23:53

I mean, I know that you're running analysis on this, and and uh actually, this is we can ask two parts of this question. Let's do it. I mean, because Burnham is reportedly can kind of considering folding the science and technology department into other ministries. Is that sensible consolidation, or does it is that kind of a wrong signal to St. Britain's tech sector? I mean, where is the value here? Some of these names that offer the strongest value in the UK.

SPEAKER_03 24:17

Well, there's not really that many left. Yeah. So, I mean, that you know, there used to be people like ARM, Imagination Technologies, and whatever that one was last week that got taken over that I had a lot of, you know, and I mean, here's a perfect example, and and it just it just boggles my mind. There's a company called Accado, and what it does is that it works for supermarkets to package up their um online orders and ship them out. It does it for a very large um supermarket over there, and everybody thinks it's a rubbishy old supermarket that's losing money. But what it actually is is a blooming robot uh robotics operating system thing, yeah. And in America, they'll be selling it as the latest robotics breakthrough, and it would be you know umpty bazillion trillion. But in the UK, they go, Oh no, oh look, it's not making any money, oh, it's got a high PE. And and it's trashed. So, you know, it's just a tale of two different markets, one that is just a fraction of the US valuations. Now you could say US valuations are too high, and I would say they are spicy, but when you look at something as mute as the the British stock exchange, which is almost in danger of vanishing, yeah, yeah. And uh who was it who was um giving it giving European stock markets a kicking? Was it Besson or was it Trump? One of them, you know, hey, you know, like I NVIDIA is worth more than all the British stocks put together, for example. Yeah, and it's because the whole system, British system, has trashed it. The regulators have trashed it, the government have trashed it, that there's taxes on there that trash it. It it's just trash top to bottom. I mean, we have to pay buy pay a half a percent purchase tax when you buy a share. Call a stamp cheating. So every time you buy a share, you've lost half a percent of your money right there. So, and then you've got a regulator which basically considers that private investors are too stupid to be involved. Yeah, and then you've got the government saying, who have told long time ago, 20 years ago, our old pension funds, you're not allowed to have shares anymore. You've got to have government bonds. Funny that. Yeah, so there's no institutions, there's no pension funds really in the British stock market stocks anymore. I mean, you couldn't make it up, really, could you? And then the government comes out and says, You should you should put some of those um shares in your pension funds. But by the way, before you do that, buy some more of our bonds.

SPEAKER_02 26:50

Yeah, I know. Hey, you were talking about the government before, and I should ask you for a little bit of a scoop here. I I'll put you a little bit on the spot, but I mean, what are you kind of asking the government to change? What have they told you maybe they're prepared to do? Because again, Clem, I mean, as an allocator, I mean, uh I always wonder how do you actually capture the UK versus US gap? I mean, do you buy the cheap UK names, wait to be taken out, like you said, or is the value trap where cheap just stays cheap?

SPEAKER_03 27:17

No such thing as a value trap. Yeah, but anyway, yes, you got it, you got it in one. Look, if you buy a portfolio of low PE stocks with dividends, yeah, a couple of them will go up, I don't know, 20 times over 10 years. Yeah, and uh and a couple of them will go bust, and about, I don't know, um, 40% of them will get taken over and you'll capture 40 or 50 percent. Yeah, and the rest of it will just go nowhere and be paying you a dividend of 3%. Well, that amounts to a 25% annual return. It's the Buffett model. I mean, it's the Benjamin Graham value investor model, and it delivers if you do it really well, 25%. And you know, if you do it badly, you'll get the index, and if you do it okay, you'll get 15%. It's highly lucrative, but it's dull and boring. And you know, people don't want to do that because they don't want to do dull and boring, they want to say they they stagged the SpaceX and they sold out at 175 or wherever you've got to. You know, that they want excitement, so you end up if the market isn't treated properly, with you know, basically nobody in it. And that's what's happened in the UK. It it's a very niche thing now, and like France, it's niche and nobody really does it. So you've got no liquidity, um, you've got no action, it's it just withers away, and the UK market has just withered away over 25 years of of malad um administration from from the nomenclature. I mean, they did come out at the end of the dot-com, they came out and said, stop buying shares, you've got to match your risk with your liabilities, which means you've got to buy government bonds. That was it. Boom, gone, right? That was the end. And and even now they recognize it, they have they aren't able to change it. So, you know, I think the thing about this change of leadership, hopefully there'll be some.

SPEAKER_01 29:11

Okay.

SPEAKER_03 29:11

If there is proper leadership and vision, it will be great. And if there isn't any, if it's just word salad, which we've had now for uh, you know, almost a decade or two. You know, almost you could say that the word salad has been with us since Tony Blair. You know, after Tony Blair came out, nobody liked him, but he did do what he was he did lead, whether it was in whether it was down the wrong way or not. Um, after that, it's been word salad all the way through, and and both sides have done it, and um it's led to significant decline. And I, you know, where I live, there's loads of expat Brits that have just gone. And if you go to Dubai, there's just loads. The hot atoms in the UK have left in droves because they just can't bear how sludgy it's become. Now, the the government and and the system is trying to change, and and the words, the right words are coming out, but the actions are difficult, and the actions take a change in direction, which has been that direction's been for going for for a generation now, at least, maybe more. So, you know, the decline is well entrenched. And turning that around, you you really need to do something pretty radical to do it. I'm not sure government um, you know, having a bigger hand in these things is the way to go. Personally, I would do the thing that every politician says they're gonna do ever since I was a child, and they never do it. They never do it, they always promise it, they never do it, and that's cut red tape. Good luck.

SPEAKER_02 30:44

Well, I like I like your I like I like your hopeful thought. Uh, hopefully something changes as you say. Um, okay, Clem, let's bring this back a little bit for the person watching who's you know worried, uh maybe discouraged, even on the gold and silver front. I mean, a lot of people watching this feel like they kind of missed it, or worse, they bought near the top and they're bound down you know badly right now. So for I mean, forget the slogans. What do you actually say to that person without blowing smoke, first of all?

SPEAKER_03 31:09

Well, first of all, you know, if you if you FOMO'd into it, then that was a mistake. Learn the lesson, it might be expensive, but you've learned it. If you haven't learnt it, I'm afraid you're doomed. Yeah, don't don't do don't do it anymore. Just don't go near the markets. It's like if you go to a casino and you spend your monthly paycheck gambling, don't go to the casino. Yeah, because there are people that are just not good at it because they always buy at the top and sell at the bottom. I mean, I I I've people have come to me and said, What's this and what's that? And and I said, Oh, that's a good one. And they've managed to take something that's gone from say 10 to 15 and lose money on it. And you go, how do you do that? And and you know, well, I mean, you you said it would be good at 10, and then when it got to 14, I thought, oh, he he must have been right, so I bought it, and then it came down to to 13, and I thought, oh, what am I doing? And I got out. And there's that whole dragoon of people like that, and they should not go near it, they should just write it down, and and that's not the game that they're they should play. Now, other people should take it that there's always another bus coming. Yeah, always another bus coming, and it's a skill game, and you should need to study and you need to work at it, and it's a learning curve, and you often pay for your education. And if you're prepared to take the pain, if you're prepared to be wrong and not hate yourself for it, or or live in some strange tortured denial, then you will learn a great skill, and and that will carry you forward to as old as you get. Look, I'm 60, I'm gonna be too I'm doing this and making a lot of money out of it until I go senile, which is probably next year. But you know, it most people can't do their profession at this sort of age. This is one of the few professions where you can. So if you're learning it in in your twenties or thirties and you're having a bit of a rough time, well, it it's you're just at the university of the markets. And as long as you study, you will do really well. You do really, really well. Study, skill game, stick to the basics, you'll do great. And you'll you'll make decent money and you'll start making okay money within two or three years, and then you'll be set up for the rest of your life to have a another income. It's one of the few ways that normal people can build up proper wealth. Unless you're a football player or you've got a great voice, or you're born into money, or whatever, you happen to work for anthropic by accident, you you it's very hard to build up wealth. One of the ways, one of the very few ways, is to study the market like you would study at a university. And if you do that, and that's what your viewers are doing, you know, if you if you're diligent about that, you will take some losses, learn some lessons, and you will get to the stage where you will reliably make sensible returns that will compound, and the government gives you all sorts of wrappers to make sure that you can compound it. You know, uh it's the way to go, but greed will will get you, and study will make you money.

SPEAKER_02 34:16

Study will make you money. All right, Clem. Always a pleasure. Hey, actually, finish this for me uh as a final question. I mean, uh 12 months from now, the investor who gets this moment right is the one who did what?

SPEAKER_03 34:30

Sat around and and and kept his head and and um you know was was was not um excited or terrified by what's going on around them. I mean, it is wild and wicked out there for sure. And don't think for one minute I don't sit there and go, oh blaming, how much did I lose today? What a dear idea, and then the next game go, what that whipped around. What is going on? So, you know, it it the market does not pay out, you know, in a kind way. It's a rough old ride, particularly now. There's I I don't think I've ever, well, certainly not in the not since 2008, been in a market that is as volatile and as gritty as this one. But the trick is to, you know, I'm old if everyone nerve endings burn off, so uh I'm I've I've learned how to I've got calluses, you know, so I'm I'm in a good place to be that. But that person that can keep calm and watch and study and and uh they they will they will do really well because there's a lot of upside to be made here, there's a lot of things to go, well what wait a minute, what's that over there? You know, and and cool, calm, collected going forward. The there's never been a better time to make huge money because we are in a revolutionary period, and the quick will and the smart and the hard working and the active will do extremely well. The passive, the scared, that's not gonna be good for them.

SPEAKER_02 36:03

Yeah, good advice. All right, Clem Chambers, a newfn.com. Uh thanks for making the time as always, my friend. Uh happy summer.

SPEAKER_03 36:11

Great to be here. I hope it gets a little bit cooler. It's 42 degrees. Yeah, yeah, yeah. Yeah, that's that's that's warm. And and ACs pumping for you? I've got well, I turned it off because otherwise it's gonna ruin your audio. So I'm slowly cooking like a lobster. Uh, you probably are I I've probably gone forward shades of red deeper since we we started this interview.

SPEAKER_02 36:33

All right, for 36 minutes. I'll get you out of here, Clem. Thanks for this. Appreciate it, man. See you later. Bye-bye. Cheers. Bye-bye. All right, he sees more pain before the opportunity. $3,500 gold, $50 silver, potentially $40 before he becomes an aggressive buyer. And his message isn't that metals are dead, it's the next cycle begins with patience rather than panic, where you go from here is your call. Now, if you want more conversations like this, subscribe. We do this every day. Tell me in the comments. Are you a buyer down here? Are you waiting for Clem's numbers? I'm Jeffrey Staffin for all of us here at Kitco News. Thanks for watching.

SPEAKER_01 37:06

Kitco News in Focus with Jeremy Staffron.

SPEAKER_00 37:11

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