Gold & Silver: Ugly Week, Bigger Opportunity? -

Welcome to this week’s market wrap podcast, I’m Mike Gleason
Coming up don’t we’ll have another wonderful interview, this time with Phillip Newman, founding partner and managing director of <a href="https://www.metalsfocus.com/" target="_blank" rel="noopener">Metals Focus</a>. Phillip discusses gold’s resiliency and its stickiness above the $4,000 level and how central bank buying of the yellow metal also remains very consistent and robust.
As for silver, Mike Maharrey’s guest talks about areas of industrial weakness as well as lagging investment and jewelry demand in key parts of the world, but also shares his 2027 forecast for silver and what he expects there.
So, be sure to stick around for that and a whole lot more during our exclusive Money Metals interview with Phillip Newman of Metals Focus, coming up after this week’s market update. And as a reminder please download, like, rate and subscribe to this podcast wherever you consume this content. Please do that right now!
Gold and silver investors have endured another rough stretch, with silver taking a particularly nasty beating. But after several days of selling, both metals are attempting to recover, even as the latest inflation reports give the Federal Reserve more reasons to keep raising interest rates.
And while the short-term picture remains unsettled, one prominent market analyst believes the longer-term outlook for precious metals could hardly be more bullish.
We'll get to that in a moment. Plus, we have some major news of our own here at Money Metals, where we've just secured $265 million in capital to dramatically expand our gold- and silver-backed lending business.
But first, let's look at the markets.
Gold fell sharply earlier this week, dropping toward $4,080 an ounce on Wednesday before staging a rebound Thursday. The yellow metal gained more than 1% in the following session and has been trading around the $4,200 level today.
Silver's losses were considerably more severe. The white metal plunged more than 6% Wednesday, falling to around $55.50 an ounce, before recovering somewhat on Thursday.
For investors who watched silver trade above $100 earlier this year, seeing it struggle to hold the upper $50s is a bitter pill to swallow.
But that's silver. When it moves, it rarely does so gently. And the same volatility that makes silver's advances so spectacular can make its corrections downright painful.
The immediate culprit behind this week's selloff was another round of troubling inflation news.
Wednesday's Consumer Price Index showed annual inflation accelerating to 3.7% in September, driven in large part by higher gasoline prices.
Then Thursday brought another unpleasant surprise. The government's Producer Price Index, which measures inflation at the wholesale level, jumped 1.3% in September alone. That was the biggest monthly increase in more than four years.
And while energy was a major contributor, the report also showed rising prices across other goods and services. In other words, inflation isn't simply going away. It's becoming more deeply embedded in the economy.
That puts the Federal Reserve in a difficult position.
With inflation heating up again, policymakers are facing pressure to tighten monetary policy even further. Traders are pricing in additional rate hikes before the end of the year, although expectations have been shifting as investors digest the latest economic reports.
Higher interest rates can strengthen the dollar and make interest-paying assets more attractive relative to gold and silver.
But there's a rather obvious contradiction here.
Gold and silver are supposed to protect purchasing power against inflation. Yet when inflation comes in hotter than expected, traders sometimes rush to sell them because they're more worried about what the Fed might do in response to inflation than about inflation itself.
And the Fed's supposed solution comes with serious consequences of its own.
Higher interest rates raise borrowing costs throughout the economy. They also increase the cost of financing the federal government's enormous debt, which is now approaching $40 trillion.
So, the Fed is trying to contain inflation by raising rates, while Washington continues borrowing staggering sums of money.
That's hardly a recipe for long-term monetary stability.
Now, none of this means gold and silver can't fall further. But here's where things get interesting.
Longtime precious metals analyst Clive Maund recently published <a href="https://www.moneymetals.com/news/2026/10/12/the-big-picture-for-gold-silver-could-not-be-more-positive-005285">a fascinating assessment</a> of the gold and silver markets, arguing that investors are making a mistake by focusing too much on the latest correction.
Maund believes gold and silver are still in the early stages of an enormous long-term bull market.
His analysis looks back more than four decades, beginning with the great precious metals bull market of the 1970s and the long period of consolidation that followed.
Maund argues that gold spent much of the period from the early 1980s through early 2024 building a gigantic base, finally breaking out in 2024.
The significance is that markets often spend years, or even decades, moving sideways before beginning a major new advance. And the longer the period of consolidation, the more powerful the eventual breakout can sometimes become.
He sees a similar setup in silver, which hasn't advanced nearly as far above its historical base. Maund believes silver could be approaching another important turning point, with the potential for a major new advance.
He also points out that gold typically leads during the earlier stages of precious metals bull markets, while silver tends to deliver its most spectacular gains later.
Of course, technical forecasts aren't guarantees. But his broader argument is worth considering.
The monetary problems that helped launch this bull market haven't been solved. Governments continue running massive deficits, central banks continue accumulating gold, and the purchasing power of fiat currencies continues eroding.
Against that backdrop, a few weeks of ugly price action don't necessarily tell us much about where gold and silver are headed over the next several years.
And speaking of the growing importance of physical precious metals, we have some more exciting news here at Money Metals.
This week, we announced that Money Metals has secured $265 million in equity and debt capital to significantly expand our precious-metals-backed loan service.
The financing positions Money Metals Capital Group as the largest retail provider of bullion-backed commercial credit lines in the United States.
That's a major milestone for a business unit we launched just seven years ago.
Our Metals Equity Line of Credit, or MELOC, allows qualified gold and silver owners to borrow against their holdings rather than selling them.
And that's an important distinction.
Millions of Americans own physical precious metals as a long-term store of wealth. But traditional banks generally aren't equipped to lend against gold and silver coins and bars.
So, when someone needs access to cash for a business investment, real estate transaction, or other commercial purpose, they may face an unpleasant choice.
Sell some of their precious metals, potentially triggering capital gains taxes and giving up future appreciation – or look for financing elsewhere, often at unattractive rates.
Our lending program offers another option.
Borrowers can pledge their physical gold, silver, platinum, or palladium as collateral and obtain a revolving line of credit, while retaining ownership of their metals.
The program offers competitive interest rates, interest-only monthly payments, and no prepayment penalties. The collateral is securely held at Money Metals Depository here in Idaho.
Gold and silver are among the most liquid hard assets in the world, and people who own substantial bullion should have financing options comparable to those available to owners of stocks, bonds, or real estate.
For anyone interested in learning more, visit <a href="https://www.moneymetals.com/gold-loan">MoneyMetals.com/gold-loan</a> or call us at <a href="tel:(800) 800-1865">1-800-800-1865</a>.
And this development also illustrates a broader point about the growing role of gold and silver in the financial system.
For decades, physical bullion has been treated by much of the banking establishment as something of an afterthought.
But gold and silver aren't merely speculative commodities. They're valuable, highly liquid assets that can serve as collateral, preserve wealth, and provide financial flexibility.
And as the monetary system becomes increasingly strained by debt and inflation, those qualities may become more important than ever.
So yes, gold and silver have taken a beating lately. And yes, the Federal Reserve may have more rate hikes coming.
But don't get so caught up in the Fed's latest move that you lose sight of why people own precious metals in the first place.
A quarter-point rate hike doesn't erase $40 trillion in federal debt. It doesn't eliminate persistent inflation. And it certainly doesn't restore the purchasing power Americans have already lost.
The financial press will continue obsessing over every word coming out of the Federal Reserve.
Gold and silver investors would be wise to keep an eye on the bigger picture.
Because while Wall Street focuses on the next interest-rate decision, the fundamental case for owning real money remains as compelling as ever.
Lastly here, before we get to the interview let’s take a look at the specific up-to-the-minute weekly market action and check in on where we stand currently with a couple hours left in the trading week.
Gold is down 0.9% to come in at $4,169 an ounce. Silver is down nearly $4 an ounce now or 6.2% to trade at $57.65. Platinum is off 4.1% to check in at $1,633. And finally, palladium is also down 3.4% and comes in at $1,135 an ounce as of this Friday afternoon recording.
Well now, without further delay let’s get right to our exclusive interview with a metals market insider.
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Mike Maharrey: Greetings. I'm Mike Maharrey, and I'm very happy to be joined today by Philip Newman. He is a director at Metals Focus. I'm going to let him tell you a little bit about what they do over there. But first, welcome to the podcast, and thanks for joining me, Philip.
Philip Newman: Well, thanks for having me on again. It's good to be here.
Mike Maharrey: Absolutely. Well, it's always a pleasure to talk to you. And I do like to just let you let folks know what Metals Focus does. I think most people are probably familiar, but if they're not, I want to give folks a little bit of context as to the work that you guys do.
Philip Newman: Sure. Well, I guess in a nutshell, we are a precious metals consultancy. We don't trade the markets, exclusively looking at precious metals. We've got a team of over 30 in 11 countries, and really the whole point of having people in so many markets, be it India, China, Singapore, and other jurisdictions, is that we spend our time on the road. Most of the industry outside of the large scale miners is privately owned. So you've really got to gain their trust, be a refiner, a jewelry fabricator, hedge fund, whoever it may be, and try to really understand what's going on in the market. And we bring that back and put that together to build our supply demand estimates for, again, the major and the minor precious metals. And that's really what we do.
Mike Maharrey: Yeah, absolutely. And you guys do a fantastic job having been doing this for a little bit of time myself. I find that your analysis tends to be very level-headed. It doesn't tend to get caught up in the hype either way. And it also tends to be accurate. You can look back and see you guys have a really good hand on the pulse of the gold, silver, platinum, palladium, and all of those markets. So thank you for that work. It makes my job much easier. So it's great to have that resource available to us. So let's talk a little bit about the markets right now. You guys just released a annual precious metals investment focus report, and despite the headwinds that we're seeing in the markets right now, it's a pretty bullish report. And I guess first, it's just been such a weird year. We have January and then basically the rest of the year.
And a lot of headwinds, obviously we have a much higher interest rate environment and we're having these inflationary pressures. We're anticipating possibly even more interest rate increases. And yet gold has held $4,000 an ounce through this whole period. Does that surprise you? Does that surprise you given the visibility and the strength of the headwinds?
Philip Newman: I think what is a little bit surprising, but also equally encouraging is to your point with all those headwinds, not just that we're holding around the $4,000 level, which seems very well defended, but the fact you're doing that with institutional investors in gold and silver, but from a gold for now being either out of the market or in the market in a very short term and a very limited way, something we haven't seen for a while. So I think that's been really quite interesting. And just to follow that through, the reasons why they're, I guess, not so prevalent in the market, and it's been away for a while now, is that when you had that run up in January that you touched on in introduction with the correction that you saw at the end of January, that really caused a lot of difficulties for a lot of these investors in terms of their risk modeling.
And so you saw a lot of them either just exit the market, the gold market, rotate into energy or base metals, especially energy after the war started with Iran, much an easier sell from that point of view, the ability to make returns. And I think what you saw, especially from the investors that we speak to, is that a lot of them went very short term, very options related in and out of the market. And again, so you've had that as a dynamic in the market for a large part of this year, yet gold's held up. So as I said, both surprising, but also I think very encouraging.
Mike Maharrey: Yeah. And it seems like the narrative is, and your report hit on this, is that one of the things that's really supporting the market right now despite the headwinds is what has been dubbed the debasement trade. And we're seeing this specifically with central bank gold buying, but also as you mentioned, institutional gold buying. And it's just this kind of pivot away from the dollar and dollar denominated assets. Now, when I talk about this, I still get a lot of folks, especially here in the United States that kind of look at me sideways and they're like, "No, no, that's not a thing. America's great. Nobody wants to get rid of dollars." How realistic is this debasement trade? Is it just hyper? Is this a real thing that has kind of taken the markets over the last couple of years or so?
Philip Newman: I think from a central bank point of view, we've seen them really come… Look, they've been buyers in the market for many, many years, but with the invasion of Ukraine by Russia and you had the freezing of assets, that I think spooked some countries. So yes, there was an element of repatriating your gold home, but the far bigger trade was actually to go out and to buy gold. So I think that was part of it. And then I think there have been some concerns about the long-term viability or concerns about the dollar more generally with, for example, we look at the tariffs policy with Liberation Day, for example, that's really sort of shaking the markets, that belief in the dollar. Look, let's be real here. The dollar isn't going to lose its safe haven status. That's just not going to happen. But around the margin, around the edges, you are seeing countries less keen on US treasuries, and from a central bank point of view, being very keen on gold.
And if you look at foreign reserves held by central banks, you can see just how well gold has done. Of course, from a value point of view, of course it will. The gold price has done so well, but it's not just that. It's the fact that they have been moving out of the dollar and maybe also less keen on the euro as well, let's be honest, but mainly out of the dollar, given how prevalent that is in those foreign exchange reserves, and gold has been the beneficiary of that. So I think it has been very real. It's still ongoing. I think we're looking at a pretty decent total for net central bank buying of gold this year. And even if we go forward, even if those numbers back off a little bit, I think they still remain quite healthy going forward as well.
Mike Maharrey: Yeah. I agree with you too, the point that you made regarding the status of the dollar. You do get some people out there that kind of want to, I don't know, I almost said cry wolf. I don't know if it's that extreme, but they make a big deal. The dollar's going to collapse. It's going to lose its reserve currency status. I don't think that's in the cards either, but I do think that this erosion of the dollar strength around the margins and this kind of multipolarization that we're seeing in the financial system is going to be important for the US. Even a modest decline in dollar importance I think could be significant down the road. So I think that's a really good point to, you got to walk that line. It's a thing, but it's not maybe as big a thing as some people want to make it.
Yeah.
Philip Newman: And I think although thankfully it's not a thing now, but if you go back to December and January when there was a lot of questions about the independence of the Fed, and that was really hitting the dollar. Now, was that leading to more central banks buying? I don't really think so. But was it encouraging investors to look elsewhere? Yes, it was. And that's also, when we think about the correction in late Jan, that was when you had Kevin Walsh being maybe not confirmed, but put forward and so on and so forth. And that I think really reassured the markets. And of course, with his rate increase, whatever the merits of that, certainly for him to put a stake in the ground or a flag in the ground about the Fed's independence, I think that really helped to reassure the markets. So again, thankfully that's not a thing anymore, but that was certainly a concern from a dollar standpoint, the back end of last year and the beginning of this.
Mike Maharrey: Yeah. I'm curious as to what you think about the trajectory of the Fed, because we just got a very hot CPI report here in the United States. A lot of that is energy driven, so you kind of have to take that into account, but a lot of people are anticipating another Fed rate hike. I've even seen some folks talking about, "Hey, maybe they'll go 50 basis points this time." But in the back of my head, every time I hear them talking about rate increases, I look at the amount of debt that is burying the world right now, not just in the United States. And raising interest rates isn't just a given. It's not like, "Oh, we can do this." I think that the Fed is constrained on that side as well, and that doesn't get talked about as much. Do you see that as well, that maybe the Fed's not in a position to be as aggressive about it with inflation as it would like to be just simply because of the global levels of debt?
Philip Newman: I don't at the moment, although I think we are expecting one more increase this year, most likely I think the December meeting, not before the midterms. I think that would be quite a surprise to put it mildly. But I think in terms of their remit and their mandate, I think are behind the scenes, are they looking at interest rate payments and servicing that debt? I'm sure they are, but I think especially what Walsh has said about inflation and so on, I think that's where it is at the moment. And I think he's probably hoping that with one more increase that may help to contain expectations, which is afterwards what's so important. And of course, we're watching a dot plot very closely. I know he doesn't participate himself in that, but everyone else does. So, I think that will be key looking forward. And of course, where we are with the war with Iran, is that going to end soon?
Unfortunately, probably not. So on that level, you would though rate increases would continue next year, but I think he will, I think, try to hope again that this one coming is where we are. And I think again to next year, maybe your point, Mike, about servicing that debt, maybe that will take on a slightly greater weighting given that that's not going to be reined in anytime soon.
Mike Maharrey: Yeah. There's absolutely no impetus here in the United States to deal with the borrowing and spending in debt, especially as we're entering into midterm elections. Maybe they'll talk about it a little bit after the election, but you had the political incentives, which are to not make people hurt. And obviously cutting programs and slashing borrowing, that's painful. And so the incentives are definitely not working in our favor in that sense. So we've kind of talked about gold a little bit, and the forecast that the Metals Focus Report gave for 2027 was a return to record high. So there definitely is a bullish sentiment there. And same thing with silver with basically the same kind of dynamics, but I wanted to talk a little bit more particularly about silver demand. We've got these much higher prices, especially if you compare, even with the correction compared to last year, we were talking about 20 or $30 silver, and now we're talking about 50, $60 silver.
How much is that impacting industrial demand? And I'm really curious, some people say that there's a lot of substitution going on, particularly in the solar. Other people I've heard have said, no, not so much. What are you seeing on the ground in terms of that industrial demand for silver?
Philip Newman: Well, I think solar is such a canary in the coal mine in terms of the thrifting and those dynamics. So looking at the thrifting has been ongoing for 10, 15 years. Even when, I don't know, 2018 or around there, prices were quite depressed, there was thrifting, not a great deal, but it never reversed. So that is just an ever present part of the market. If you look at the amount of silver used in a solar panel now compared to 10 years ago, it's about 90% less, maybe more. I mean, that's such a reduction. In the current market, it's really interesting to see how that is reacting to the silver price. So when we had silver all briefly, but silver at 120 in January, then a lot of manufacturers were thinking more seriously about replacing silver outright with copper.
Its efficiency is not so good. So you've got that trade-off, and they were very mindful of that, but they were prepared to accept that trade-off given where silver was. That's how extreme a situation the market was facing. Now, and again, I'm really fortunate, I've got guys in Taiwan and Shanghai that cover this for me in some detail. And now what we see is that they're still looking at copper, but it's now much more guarded, more conservative. They're now looking at the longevity, how long these sales will last, et cetera. So it's much more of a cautious stance, more conservative. So the long and shortage is still coming, just not as quickly. And maybe we'll see more, and again, I'm an economist, not an engineer by training, but maybe we'll see more silver-coated copper. We already see that in some technologies, but other ones are pure silver.
And so maybe we'll see that as a stepping stone. But the thrifting, unfortunately, you're seeing double digit percentage declines as we speak for 2026 in the amounts of silver that's going into a panel, the average amount versus last year. So that I think is just part and parcel of the market really.
Mike Maharrey: Yeah, very interesting. And copper's not exactly cheap right now either, so there's that to factor in for folks as well. So I guess that kind of leads to the next question, and that is, is there still the forecast for a market deficit for silver in 2026? I know that at the beginning of the year, that was kind of what people were anticipating. Is that still looking like we're going to have a market deficit again?
Philip Newman: In short, yes, but a fairly small one. So, I think that could be down quite a lot on 25 and 25 was already coming down, as you may recall. I think within industrial, despite the weakness in the solar market, we've seen other areas doing fairly well. The likes of the automotive are still relatively strong. So I think that is the strength of industrial demand. There are so many end uses that you tend to find that when one backs off, another one can maybe pick up the reins. Now, they're not going to make up for all of that shortfall on photovoltaic, certainly not, but they can certainly absorb a fair chunk of it. And that's why when you look at our estimates for industrial demand, yes, they're down, but they're not down dramatically. So, I think that's a really important point. I mean, we are certainly seeing thrifting in other areas and we've seen how that manifests itself, but I think overall it's still a robust story for industrial demand.
But away from that, you're seeing weakness in the coin and bar market for silver, be it in the US, which used to be the largest market. India is struggling. Germany's been struggling as well. These are some of the big heavyweights in terms of retail silver investment. The US, which is one that is very close to my heart, you've seen a lot of liquidations of silver by retail investors. It's been going on for a few years now. Now, a lot of that product can be bought by dealers and sold back to others, other investors, but it's certainly having quite an impact on the market for new silver coins and bars. So, I think we are looking at a fairly weak picture for global retail investment this year. I think the other one to be very mindful of, especially from a price standpoint or struggling with the price is jewelry demand.
The biggest jewelry market by far in the world is India, and India is a very price sensitive market for jewelry. And so when you've got high prices or when you've got volatility, neither is very good for the market. And yes, prices are almost half where they were… Well, actually no. As we're recording this, they're probably less than half because today on October 14, silver I think is about $57. So we're just under half of that January peak, but it's the combination of prices in absolute terms are still high and the volatility that we've seen. So, that can discourage jewelry buying in the likes of India. So you've got all of these markets where there's a few headwinds playing out, and I think that helps to give you that fairly modest deficit for this year. But I think, Mike, I think what's really important though is we can be positive on the price with only a small deficit.
And in fact, to take that further for next year, we think the market could see a small surplus. Now, so small that you probably call it a balanced market, but we're really bullish on silver for next year, and that may surprise people listening or watching this. But what we see at Mellow's focus is there's not a very good relationship between what the surplus or deficit is doing in a particular year and how the price is behaving in that year.
And my case in point for next year, market imbalance, we think silver could be getting maybe over $90. If you go back a few years, I think it was 2022, so not that long ago, we had a record deficit. It was over 250 million ounces. That's about 20% of global demand, yet the price was in the 21s, 22s, not doing much at all. I think what we see really is when we think to late last year when you had those fireworks and silver went through 50 bucks and lease rates went to the moon, that was the culmination of all those deficits over a few years. We've had five years of deficits. And what that means is, to put it bluntly, demand in each year is greater than supply. That means you've got stocks being run down to make up for that supply shortfall. And so it's a bit of a slow burn over a few years, and that's why those fireworks kicked off in I think late last year.
And just because we've got the market in a small deficit this year, a surplus maybe next year, you've still got that legacy of all those years of heavy, heavy deficits playing out. So I hope that's clear to people watching this, but it's a really important point in trying to think about how the global market works for silver.
Mike Maharrey: Yeah, that's a really good point. And we've definitely seen this cumulative effect, and I don't think people realize that if you take those deficits and add them up, it's nearly the same as a full year of mine supply that we've been short over the last five years or so. So it is a significant amount when you start piling it up and adding it and you can't just do away with that with one small surplus. So a very good point. I think you explained it perfectly well. I'll get you out on this one last question. We tend to focus a lot on demand aspects, and we talk a lot about what people are doing with gold and silver, and of course also platinum and palladium. We also do research in those areas as well. But is there anything interesting that's going on right now in the supply side of either gold or silver that folks might want to be aware of?
Philip Newman: Well, I think one of the really interesting things, we had a few people at their recent Denver Gold Show, and I think what came out of that… So we already know that the margins that are in the industry… So one of the metrics we look at is what's called all-in sustaining cost. It's a really wide ranging cost metric. I mean, not just the cost of running your mine, but the cost of the head office. So it's a nice catchall, if you like, for mine costs. And for the primary silver miners, the second quarter of this year, their average oil and sustaining costs were about 17 bucks. Now, it doesn't take much to see what margin the industry is making as a whole. Now, again, it's really important. I'm talking about primary silver mining. So that's not including the base metal guys or even the gold miners with silver as a byproduct.
So this is their primary, but that's still an immensely important part of the market. So you can see about thankfully the amount of cash that they're able to generate. And for the gold guys, you've also got a very, very healthy margin between oil and sustaining and spot gold. But what came out of the conference was really interesting. Yes, I think there's an appetite for say M&A activity, but I think for a lot of the targets or potential targets because of where spot prices are Mike, then some of those valuations are fairly ripe. And I think while there's an appetite for M&A, I think these companies are being fairly cautious and not wanting to overpay. So I think we're seeing very healthy overall, I think very healthy capital discipline, that balance sheet discipline. And I think what we're seeing at the moment is perhaps more of a, for some companies, a focus on upgrading their own mine equipment, expansion of their existing mines, so brownfield expansion, for example, share buybacks or even dividends or increasing dividends.
I think Kerr mining is a really good example on two fronts. Firstly, it announced its inaugural dividend. So, I think that was not just a positive, but a sign of where they are given the health of their balance sheet prices. And clearly that's obviously not a knee-jerk reaction, of course not. But I think that's a sign of those broad dynamics. But you also look at their acquisition, their recent acquisition of, I think, new gold, the company. So, that gave them not just a diversification by location, but also assets in terms of access to gold and to copper. So I think those are some of the things that we've seen in the industry. I think some of that will continue, but I think the industry, again, be it silver miners or gold, I think there's that cautiousness, that cautious optimism, I would say, to M&A, but certainly not wanting to buy something for the sake of it, or I guess more accurately not wanting to pay over the odds.
So, I think overall you've got an industry that I think is healthy, and I think that strategy just speaks to that long-term health going forward as well.
Mike Maharrey: Very, very interesting. All right, so let folks know where they can find Metals Focus and what kind of information that they can avail themselves to when they get there.
Philip Newman: Sure. Well, most straightforward, it's metalsfocus.com with an S in the middle. So please, you can reach us through there. I mean, frankly, you'll find us at most major precious metals conferences around the world. I think the next one's coming up, the next one's a signpost. We do work for the Silver Institute. We produce the World Silver Survey. The Silver Institute has a gathering, a dinner on November 12th where myself and the colleague will launch or present our interim findings for this year. But please do come through the website to find us.
Mike Maharrey: Outstanding. I was going to say, you guys, folks might not actually see you, but your work is behind a lot of these organizations, the World Gold Council, the Silver Institute, the World Platinum Investment Council, all of those folks avail themselves to your research and work. So you guys are everywhere. And like I said, it makes my job a whole lot easier because you're parsing in that data. I think you made a really good point when you were talking about the way you guys do your research. The fact that you have boots on the ground at so many places, it gives you a really good… I guess you have your finger on the pulse of the industry, not just looking at raw data, but also the anecdotal stories and talking to folks who are doing the actual work. So appreciate everything that you do, all of that to say.
So thank you so much, and thank you so much for taking time out of your busy day to hang out with me for a few minutes. It's very appreciated, and I'm sure folks appreciate the information that they've gotten.
Philip Newman: Well, thanks, Mike, and look forward to next time.
Mike Maharrey: Absolutely. We'll definitely have you on again, and I hope you have a fantastic rest of your day.
Philip Newman: Likewise.
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Always great analysis from our friends there at Metals Focus and I hope you enjoyed that interview.
Well, that will do it for this week. Be sure to check back next Friday for our next Weekly Market Wrap Podcast. And remember to tune in as well to the Money Metals Midweek Memo, hosted by Mike Maharrey.
To check out any of our audio programs just visit <a href="https://www.moneymetals.com/podcasts">MoneyMetals.com/podcasts</a> or find them on Spotify, Apple Podcasts, Google Podcasts, or wherever you listen to your favorite podcasts. And as a big help to us we would ask you to please like, subscribe, download and rate our podcasts. Doing so helps us extend the reach of this material.
Until next time, this has been Mike Gleason with <a href="https://www.moneymetals.com">Money Metals Exchange</a>, thanks for listening and have a wonderful weekend everybody.

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