Supercycle = Gold & Silver to 7X. Jeff Currie with Steven Feldman on Open Position

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**Jeff Currie** (1:00)
I don't like to get into the numbers game, but I could see 10,000 gold and $300 silver. I don't think that's unrealistic. By the way, people that put out these numbers, oh my God, he's crazy. Every super cycle we've been through, the one in the 70s and one in the 2000s, the price of these commodities go up by 7X.

**Steven Feldman** (1:27)
I want to talk about some of your personal activities for a second, but we skidded past an asset class that's in the commodity space, and I mentioned it before, gold, and to a lesser extent, silver, which has a monetary and an industrial use.
Is that in your purview? Do you have a point of view about that as a lot of our, again, a lot of folks in the audience have exposure or are very interested. You know, it makes more headlines than lithium does. And I'm just curious if you have a point of view.

**Jeff Currie** (2:00)
Oh, I'm extremely bullish on all of the precious. And the core of it really is the debasement, meaning that fiat currencies have only been around since 1971
And so it's a short experiment in the history of mankind. And you're going to go, oh, these central banks are not, they're not going to go back to the gold standard. But what's happening is the gold price goes up, their reserves become all gold back. So it's not like they all said and wake up we're going to be back on the gold standard. The price of gold will take care of that. And the banks that don't have the gold are scrambling to catch up to get the gold.
And so that's why I'm a big believer that the upside there on gold, the upside on silver is really part of the solar panel story. And that's why China was buying as much silver as it possibly could to protect that industry, which it dominates. But hey, after what's going on with the Strait of Hormuz, the demand for solar is going to keep going up. So we're really still very restricted on supply. I don't like to get into the numbers game, but I could see 10,000 gold and $300 silver. I don't think that's unrealistic. By the way, and people that put out these numbers, they're like, oh my god, he's crazy.
Every super cycle we've been through, in the one in the 70s and one in the 2000s, the price of these commodities go up by 7X on average.

**Steven Feldman** (3:42)
By the way, people know Wealthion is actually a sister business to a physical precious metals company. We should talk about Abaxx. I'd love to be your partner in that. We talk about, a lot of our audience talks about the cyclicality, even of the metal and I come back and I say, well, it's a monetary asset. There's almost $40 trillion of debt and interest rates are high. I'm not even sure how the pendulum swings the other way.
Some problems have no solution other than the basement.
In this channel, over and over and over, we say, we're not trying to debunk narratives. We're trying to show the math and the math doesn't show up immediately. But I can't even construct how $40 trillion of debt and a permanently long, higher for longer interest rate regime can possibly ever work. The math, no one has been able, I've asked the listeners, I said, just show me the math about where taxes have to go or where inflation has to go, or where spending has to go, where 40 doesn't become 50, doesn't become 60, which feeds into your case of why gold isn't going to be $4,000 forever. There is no math case, and I keep saying, well, if you want to tell me, tell me the math case where it goes down to 50 percent of GDP and the case for gold gets destroyed. It doesn't exist. We as a channel and also as a company, we're not gloom and doomers. We don't think the world ends. But we also think that the dollar can lose its value and will continue to lose its value because that's the way you get out of the debt problem. Until there's a crisis, that's not going to change. And when the crisis comes, that's going to be great for gold, certainly in the short to medium to even very, very long run because its brand will elevate.