Gold Price Could Reach $10,000/oz as Fiat Currencies and Stock Markets Break | Andrew Sleigh

Hi everyone, and welcome back to the Ask Andrew podcast. Once again, we're joined by Andrew Slay. So why don't we dive right in? We have quite a few questions here, a little bit longer worded as well. So Andrew, in our previous Ask Andrew session, you mentioned that silver hadn't had a particularly good year. One of our viewers commented, and they pointed out that silver is still trading above $50 an ounce, and that, compared to just a few years ago, that's a remarkable performance. Is this a matter of perspective? When you say silver hasn't had a good year, are you referring more to its performance relative to gold, where many expect it to be by now, or something else? How should long-term investors think about silver's performance in that context? So I was only referring to the amount of people that bought in January on that move up, and then it's pulled back. And so just from the January to now, it's been a struggling year. All of us that have been holding prior to January, most of us aren't under any water. We're all sitting here grumbling about it, but my average cost is, I'm not even sure, under $40, you know, Canadian. So referencing only the amount of people that were buying in in January, and then we had that huge move, and then the last six months have been a substantial pullback. And so from that perspective, it's not been fun for people that were jumping in, maybe for the first time or whatever, in the first part of the first month of the year. Other than that, long-term, it's just a blip. OK, so you're really only referring to the people who recently got into silver, really only in the late 2025, early 2026 period. Is that correct? Yeah. And when I mean late, I mean like December. Yeah. Because I haven't studied the chart, but I mean to have it memorized. But you don't have to go back that much further when earlier in 2025, you're probably still ahead or breaking even, you know, if you bought earlier in 2025. So I just haven't looked at the chart for a while and don't know what the numbers were. But just that last couple of months before the crash. That's it. OK, perfect. Long-term holding. I think that's part B of that question. So my views on long-term holding. Was that it? Yes. How should long-term investors think about silver's performance in that context? Well, from a chart perspective, it certainly had skyrocketed and retracted. In hindsight, it's hard for the course, but most of us don't know that going in. For the last six months, it's been an accumulation phase where it's had this washout to form a base from where to move to the next level. So if we look at the last few years, we would have been celebrating the current price of silver, whether in Canadian or American dollars, we'd be like, yeah, this is great. And then we have this big run-up and then we have a pullback to, you know, what is it? 90 bucks, roughly Canadian. And then whatever the spot price is, 60, whatever that is in, say, 70 dollars US for a coin. We'd be celebrating that a couple of years ago. And now this is where it's consolidating to be the base of which we're to move from here onward. And we just have to get this washout finished and then we'll start moving upward again. And moving from this position is pretty exciting. You know, we've been celebrating this position, but now we're going to be moving from this position upward. So that's going to be super interesting over the next year. So you would say as a long-term silver investor, everything's still, I wouldn't say all good because again, as you mentioned, there's a little bit of sour grapes with the pullback, but everything's still, there's still a lot of positives in investing in physical precious silver. Is that correct? Oh yeah. I don't think there's, I think it's a very hard spot to beat in my perspective because I also remember, I'm not a fan of the fiat-based financial instruments because they're under the challenge of the dollar's collapse and a banking collapse and all that kind of stuff. So whenever that occurs down the road, people that hold all that will have major haircuts, but people that have been stacking metal will have no haircut. They have all their ounces. So I don't think there's, it's a very hard pressed situation to have a better long-term investment right now as we go into these end of currency cycles than gold and silver. Silver particularly. All right. Moving on here, more so a gold-centered question. Traders tested a settlement below $4,000 an ounce last week, but the new level didn't hold, triggering a technical bounce. Investors continued to watch the situation in the Middle East and the economic outlook for cues on direction. The Iran war ended a multi-year bull run for gold after it began in late February. How do you see gold positioning itself if the conflict continues to escalate and how do you see gold positioning itself should tensions settle? Well, I don't know if I can answer all that. So A, I don't think it's ended the bull market. This is, when you're talking about a large multi-year bull market, there are periods where you have these pullbacks and that's part of the healthy chart of anything really. So if we're looking at in the course of the next few years, you know, there's the analysts that have lined up to say that gold will be X amount of dollars this year, next year and so on and so on. Even if it takes three years to get to 10,000 US, I mean, how is that not still in a bull market? You know, when that goes two and a half times from where we are. So I think this is just the part of the game of the financial system that's transitioning. The US dollar is in real trouble and will continue to be in real trouble and every currency on the planet that cannot back its currency with gold will go to nothing. And so I look at it as a purely defensive tool that, what else do you hold besides gold and silver? Cash will be worth nothing and instruments that are in cash will be worth nothing. There'll be real challenges on all that. So I look at it as a position to, you lose the least. You still have gold and silver when all this stuff starts to fade away. So coming back to the guy's question, I still see gold. I saw somebody the other day talk about an argument for gold to be 8,000 by the end of this year in US spot. And it was very credible. I can't repeat what he said because it was just kind of like I had too many things on the go at the moment. But lots of numbers have been thrown around, revaluing the gold is still being kicked around in the US. You hear rumors of it. So gold with the war, the war is not going to stop. So as far as if the war gets settled, the war is not going to happen. It's not going to stop for years in Iran. So as far as if the war was stopped and settled in peace next month, that's not going to happen. How many peace deals have they had so far in the conflict? More than a few. You know, like dozens. And there was never any negotiations. It's all fake. So this war is now going to go into a ground war in Iran. And that's going to be a long term problem. So they're spending money, creating debt like crazy on this. And so what does that have the effect of on gold and silver? No choice, but for eventually they'll react. So that means going up. Exactly. No, exactly. Well, when you put it like that, it's a difficult argument to argue against, for lack of a better term. All right. Let's see what else we have here. Okay. So over 73% of investors tracked by the CME FedWatch tool are betting on interest rates staying unchanged at the next Fed policy meeting next week. While over 71% see a hike rate in September. What do you think will change from now until September that prompts a rate change? Well, I don't study that too much, but I'm going to give you my opinion on it. I think they're going to hold rates until they're trying to time a market rolling over, in my opinion. And I think that's going to happen in September, late September or very early October. So it's somewhere in that month, five week area. So if the market's going to roll over sooner than they want, they'll cut rates. If the market is on schedule for where they think they want, they're going to hold rates. And when the market rolls over and really has a sharp correction, they'll be cutting rates. Now, if the market is not on schedule as to what they want, then they will raise rates to speed up the acceleration of the collapse of the market. So that could be, if they're not on schedule, they go up, maybe they raise a quarter point. I think they're just going to hold it because things seem to be on a disaster path, quite nicely as it is now. And so it depends on when they want to have the market roll over. And when it does, they'll have no choice but to cut rates dramatically down towards zero. And then that will make gold and silver explode. So just to clarify here, you're even thinking that the rates in September are going to stay the same. Is that correct? Well, it's again, it's based on what they feel their date timeline of the market having a collapse occurs. I don't know when they plan to do that. So I'm just reading the tea leaves and I'm just saying if they're on schedule, they'll keep it the same. They'll raise if they're behind schedule and ahead of schedule, they'll drop. So I can't say beyond that because I don't really know what their schedule is. Perfect. Looks like we do have time for one more question here with gold and silver, both trading well above where they were just a few years ago. Many investors are wondering whether it's time to take some profits or continue holding. How do you decide when to sell physical precious metals, if ever? Is there a price or market condition that would make you reduce your position? Are you focused on more on the long term fundamentals? Long term fundamentals is my top priority on this. So nobody should be taking, I shouldn't say nobody. So if you're looking to to take profit, people who are doing that should be doing it in paper trades. That's more efficient. If you're doing it and you have physical, it's easy to do that in hindsight. So for example, if you go back and look at January, anybody can go back and say, I should have sold on January 29th because it started going, you know, falling after that. And then I could have re-bought now and made a killing. Well, yes, you could. And anyone can do that. But if you sold two weeks prior to the January 30th drop, and let's just say silver was trading at 150 Canadian, and you're like, hey, I made out like a bandit. And for the next two weeks, you watched it go to 170. Now what do you do? Like anybody can reverse trade. Yeah, that is fair. Okay. So then if it kept going and nobody knows for sure, like if they kept going to 200 Canadian and then 250, and you sold at 150, what have you done? Right? Like it's created a disaster for yourself. And so all you can really do for people that are stacking is continue to stack. And the only trades that I would make down the road is if you have gold and while the ratio is high, I think it's almost 70 to 1 right now for gold to silver. I haven't done it after the last few days with silver moving up so much, so it could be less. But if you're looking to do anything, sell a little bit of gold to buy silver because the ratio is still high. And then later when the ratio reverses, whatever that is, a few years or whatever, then you can sell silver, go back to gold and get twice your gold or three times your gold or four. But as far as taking profit is concerned, this is the thing that's, I don't necessarily, I don't subscribe to it, is you're taking profit to go back into the currency, which is worth nothing. That I never wrap my head around, even if it is maybe to reinvest, but then you're lucky. I saw one or two clients during the January that sold, and then two weeks later happened to buy again. And I said, that was a very lucky trade. They did very well with that, but most people would be not in that category. So it's more challenging to sell the physical. It's easy if you have it in storage or it's easy if you do paper trades. You're going to be probably hit with taxes if it's not in a TFSA. So I don't sell because I'm worried about, is it available when I want to buy it back? And if anything happens, like if all of a sudden tomorrow, the whole system breaks, which we've all been anticipating for quite some time, but I'm buying metal to preserve wealth, and along the way, I'm making money on it, like it's growing in value, and I have no concerns. That's why I'm in metal. And so those that bought in December, January for the first time were at elevated levels. This is the time to average down and continue on buying in because the alternative, the stock market right now is overvalued by ridiculous amounts. PE ratios on the majority of stocks, certainly in the FANG stocks, tech stocks, AI bubble stock, they're like a thousand to PE ratio, 500. Those PE ratios are so stratospheric. There's nothing there but disaster waiting to happen. So I don't sell metal, and when I do, it'll be only when I need to pay bills and if I don't have an income. All right. Well, you've summed it up pretty clearly there. So with that being said, Andrew, it looks like that's all the questions we have today. Once again, I thank you for joining us. Thank you for educating myself and our viewers here. How is the best way to reach you? Thanks, Callan. So you can call the toll-free number 1-888-861-0775. My extension is 230. You can also email DeathOfTheDollar. That's BroughtMoney.com, and I'll do my best to get back to you as soon as I can. Beautiful. Andrew, thank you for joining us. Have a good day, guys. Likewise. Cheers. Bye-bye now.