Why Silver Shortages Could Trigger the Next Crisis

Kellen Ainey (00:00)
Hi everyone and welcome back to Ask Andrew. Yet again, I'm visited by Andrew Slay and we're going to go over questions that are asked by our audience and he's going to give his insights on how gold and silver as well as well markets as a whole will be reacting to everyday news. Good morning, Andrew. How are you?

Andrew Sleigh @ Sprott Money (00:19)
Morning. Thank you very much for having me back. Good to be back.

Kellen Ainey (00:22)
It's always nice to see you. So why don't we dive right into it? We've had a lot of news since the last time you and I've spoken. Trump definitely gives us a lot to talk about. So right off the bat, how is the renewed US-China trade war impacting gold prices? And do you see this driving long-term demand for bullion? Or is this changing the trend at all?

Andrew Sleigh @ Sprott Money (00:47)
My opinion is that I think it's driving it upward. We saw the fast recovery of how gold reacted the last week. I mean, down 3 % and gained it all back. And within five business days, gold hit an all time new high again in the US. I mean, that's incredible movement on something that doesn't move that quickly. You know, it acted like silver almost, how fast it moved. And silver started to come back as well, held its own.

and has been slowly inching upward as well. So all this uncertainty with trade war and between the two countries is only going to fuel the demand for gold and solar.

Kellen Ainey (01:29)
And do you feel like the gold specifically is reacting to the market or the geopolitics?

Andrew Sleigh @ Sprott Money (01:39)
Well, that's a good question.

Off the top of my head, I'd say it's probably some waiting on both. You know, there's lots of geopolitical uncertainty out there, people who are paying attention to that get nervous and flee to gold. That's historic. And then you have the markets where I actually had a phone call today from a gentleman that has been a stock market guy all of his life, and now he's questioning the market. So as these markets get more stretched and

elevated for no reason when everything is is in tatters with the economies. People are now second guessing. Maybe I should be somewhere else other than the stock market because there's no value here anymore. So I think it's both that are having a contributory effect on gold going up and will continue. Also the demise of the currency. That's really ultimately what's going on as gold goes up. It's the currency failure.

Kellen Ainey (02:37)
Believe me, we actually have a question. We have a question

regarding that in a little bit. believe me, it's all going to be our viewers are dying to know. So what I did recently see, I actually added this question in myself with Trump encouraging the central bank to cut interest rates due to the upcoming trade war or the trade war that we're currently in. If that were to happen, how do you think this would impact the USD as well as gold as an investment vehicle?

Andrew Sleigh @ Sprott Money (02:41)
Okay, I like zip

It's going to destroy the US dollar when they go to 0 % interest rates. So it's going to absolutely skyrocket inflation in the US, which in real terms means prices of goods and services will go up dramatically. we may have a short period of time where we may see, if this plays out the way you asked, we may see the US dollar

fail faster against the Canadian currency. So we may see a rise, but then it's going to be the Canadian currency right behind it and then probably fall faster. I'm not a currency expert. I just kind of see that as the money printing is going to go to the top drawer, nth degree, tens of trillions of dollars will be pumped into the US market to pump it up and gold and silver will

will explode upward as a result because it's the demise of the dollar. So it's going to be a horrendous thing that they're going to do that.

Kellen Ainey (04:11)
So, due to silver also, the pricing of silver also being impacted by industrialism and how much, well, things are actually being built, do you think that that's going to be, do you think that that would be impacted first or behind gold? Silver first or gold first?

Andrew Sleigh @ Sprott Money (04:29)
Generally, think it's gold that leads and silver will lag and then catch up. And we don't know when that's going to be because there's another player out there is when does all of a sudden the silver dry up and there's no more. So there's a demand for silver around the world that countries and buoyant banks are buying from source everywhere they can get their hands on it. And I think sooner or later, the possibility of

Kellen Ainey (04:36)
Okay, perfect.

Andrew Sleigh @ Sprott Money (04:58)
you know, somebody opening the vault door to, know, oh, there's some silver in here we can get at and distribute it in the network of dealers, the vault will be empty. Sooner or later, there's going to be a drying up. And I don't know when that's going to be. with the with the overuse, as in the demand being 200 million ounces more than what's produced or exceeding that than what's produced.

Sooner or later, there's none available. And we don't know when that is at the moment.

Kellen Ainey (05:32)
Yeah, I did. And I don't remember the numbers off the top of my head here. But I do remember seeing that the trend is continuing and that the demand for silver is increasing significantly, yet the production of silver isn't matching it at all. It's not only is it not matching and it's not growing with it whatsoever.

Andrew Sleigh @ Sprott Money (05:50)
Correct.

Yeah. 800 million ounces mined roughly, you know, over and then there's roughly a billion ounces or more in demand.

Kellen Ainey (05:53)
And.

And do you think that's more so due to the financial implications of it or more so the industrial applications to it or a combination of the two?

Andrew Sleigh @ Sprott Money (06:08)
I would say it's both. is certainly, silver has always been like the number two used element on the planet. The only thing that is used in more stuff than silver is oil. And most people aren't aware of that, but it's highly industrial metal and most of it's destroyed after use. That's why there's so little of it around. All the gold ever mined in history is more or less above ground in circulation. Okay?

Kellen Ainey (06:35)
Okay, I didn't I actually

didn't know that myself

Andrew Sleigh @ Sprott Money (06:38)
Yeah, so like, know, you could be wearing a gold chain or a ring that could be Egyptian gold from the Cleopatra days like Okay, like it's gold is never destroyed. It's it's lost like it's lost at the beach. It's lost in the swimming pool in the ocean whatever but as far as Being industrially used and destroyed Nowhere near like virtually nothing. It's all mined refined and then stored

It's all put away in vaults. So all of it in the last five, 6,000 years is still available from goodness knows when. And silver, of course, half of being commercial, that commercial stuff is then destroyed.

Kellen Ainey (07:22)
It's funny that you mentioned silver is the second most used material in industrialism on the planet, with the first being oil, due to the fact that it's both with regards to energy. With silver being the second, I believe it's the second or the most conductible metal, and oil, well, both of them are being used to produce energy, one for the EV side and one for, well, on the oil side. They're pretty much competing with each other, if I'm not wrong.

Andrew Sleigh @ Sprott Money (07:48)
Yeah, in an interesting way, yes, that's right. They're going to merge at some point, but that's only on as far as electric vehicles are concerned. But all the technology, like our phone call today, is as a result of silver. If we didn't have silver, this call would not exist.

Kellen Ainey (08:07)
No exactly, So why don't we move on and this is actually a kind of interesting one because it does have to do with rare earth exports. With the new import-export restrictions, especially around rare earths, how is this affecting the broader commodity market and by extension the bullion market?

Andrew Sleigh @ Sprott Money (08:09)
So.

Well, I saw an article about that early this morning when Rare Earth China talking about maybe not shipping rare earth metals and that's going to have some impact if that goes through. A lot of this tariff and all this trade war talk is just more distraction and saber rattling and all that kind of stuff. Ultimately, if we play hardball, meaning the US.

which is not us, but the US is still 40 % consumer of the world's produce goods. So if China can't sell its products to America, being one country that takes 40 % of all of their stuff, their stuff is gonna sit on boats out in the ocean and not be sold and they can't go anywhere else. Nobody can take that volume.

So that means plant closures and layoffs in mass, which then means the Chinese leadership have a problem. so neither country really wants all this stuff to really play out because it's problematic for the Chinese and it's problematic for the Americans. Chinese make all of the medicines, all the medications, know, 90 % or somewhere thereabouts. What if they stop providing that? We've got people that are going to be...

in serious trouble all over the place. So.

That's as far as I can really take how that's going to play out. It's a wait and see. And then as far as moving on to the commodities, because of that kind of uncertainty of what's going on plays back to people are nervous. So they start thinking about other assets that are more secure and they'll start going to gold and or silver.

Kellen Ainey (10:21)
Well, makes total sense. actually saw, I got a notification from MarketWatch, I believe it was either this morning or yesterday, and a new US survey finds fund managers have never been so pessimistic about US stocks. that's, I feel like that goes, I feel like I don't need to expand on as to why.

Andrew Sleigh @ Sprott Money (10:34)
Yeah.

Yeah. Well, most people that would be viewing us are probably already in that camp, so it doesn't need much explaining. But the stocks are being pumped up by government money. I saw an article the other day that is talking about Powell is preparing a bailout for the hedge fund managers in the US. Like, can you get any more ridiculous than that?

Like it's bad enough they're doing it for banks, you know, and they're rewarding this nonsense of investing that the hedge funds are getting themselves into. And then they label it too big to fail or some nonsense like that. And they should be allowed to fail because that's not capitalism. Capitalism is if you don't run the company well enough, you should be allowed to fall and go out of business. And then you have stronger management as a result. And another company, you know, gets stronger and moves on and

Kellen Ainey (11:31)
Exactly.

Andrew Sleigh @ Sprott Money (11:38)
and realizes they don't have the public purse to bail them out and they have to do it on their own. So.

Kellen Ainey (11:43)
Yeah, it's not so much

of a free market if the government's consistently stepping into said market and bailing big companies out,

Andrew Sleigh @ Sprott Money (11:50)
That's it. mean, that's socialism. That's not capitalism. We have, well, cronyism, capitalism at best, socialism probably is much more accurate to what's going on now.

Kellen Ainey (12:05)
So are you seeing an increased demand from institutional investors or central banks as a response to the rising trade of, sorry, are you seeing a increased demand from institutional investors or central banks as a response to the rising risk of trade, well, just trade fragmentation and all the trade wars we're going through?

Andrew Sleigh @ Sprott Money (12:27)
Not personally, just what I might capture on a headline, but there is a still ongoing gold and silver run around the world that's not going away. They're not talking about it at all because they're trying to get it quietly looked after. So, bullion banks around the world are buying gold and silver, continue at a highest level ever. And same with countries. so, whether that's trade war related,

They were doing it before the trade war started. I think it's really fueled by, let's buy as much gold and silver as we can before our currency can't. I think that's really fueling it.

Kellen Ainey (13:07)
Well,

what I've even noticed is it's not so much the major central banks anymore. Of course, we can sit here talking about the US central banks, the Chinese central bank. But I've even, I looked into it and it's countries a little bit smaller, such as Uzbekistan. I saw they even picked up eight tons of gold this January.

Andrew Sleigh @ Sprott Money (13:28)
Yeah, I mean, these countries are, if they're looking at trying to join BRICS or whatever, they have to be able to back their currencies. I mean, Poland had done the same thing. They bought, I don't recall the exact number, but it was like 20 tons or something, which was more than they bought in 50 years, you know, when they did that a couple of years ago. So these countries, it's probably the central bank or bank of that country that's

doing purchasing. I don't think it's a private bank within it.

Kellen Ainey (14:02)
Do you ever know, I'm sure you're aware that the Canadian Central Bank doesn't have any gold holdings. Do you see that ever coming into play or do you just think it's almost too far gone?

Andrew Sleigh @ Sprott Money (14:18)
Well, I don't think that leadership has the capacity to think about buying gold ahead of time. Bank of Canada has something like 75 ounces of gold. They got rid of the last 200 tons in the leadership's term two years, two terms ago. And there's been no

discussion whatsoever of trying to bring gold and start stockpiling gold at all from any leadership. One of the party members has talked about it recently. That's not like Maxime Bernier from the People's Party made a statement about it, that we should be buying gold as soon as possible and stockpiling it. But no other leader is saying anything about this. And the government in Canada

as a whole is not going to do this until I think the currency collapses. And even when that happens, they're going to wonder what to do. And my opinion is they'll nationalize gold mines, I think, before they start to stockpile because they'll be desperate.

Kellen Ainey (15:32)
Well, yeah, and with Canada as a whole, have very good natural resources. So I could see that coming into play where we try to take advantage of.

So speaking with regards to currency here, with China pushing for yuan denominated trade and expanding BRICS cooperation, do you think gold is being weaponized as part of the de-dollarization strategy? I mean, this would run in the trend with their central bank consistently buying tons of gold month in, month out.

Andrew Sleigh @ Sprott Money (16:11)
I suppose it could be viewed that way. Gold being weaponized. I never really thought of that way. The BRICS nations, whatnot, they're buying gold simply to get out of the dollar, the US dollar. And they're downloading and getting rid of treasuries that they hold and buying gold because when the dollar fails, they better be able to

you know, back their currency instantly with gold. Otherwise their currency fails also. And so countries around the world, you know, it could be viewed as like gold in itself and silver are anti-establishment, anti-government. That's why the governments hate gold and silver because it keeps them honest. And of course we know that governments don't like that. So

That's why there's always pressure for the central banks to control gold and for the government to control it and keep it away from the citizens. These other countries are buying gold at volumes that is to prevent their own currencies from going down when the US currency ultimately fails down the

Kellen Ainey (17:30)
Okay, so you think it's more so as a way to protect themselves, get out of the US dollar, as opposed to looking to hurt the US dollar in a trade war.

Andrew Sleigh @ Sprott Money (17:41)
Yeah, China doesn't want to be seen as openly attacking the US. So that just motivates the US people to get into a conflict. they're quietly just trying to do their own thing and get on with life and just leave America to its own demise. so America is out there trying to be a bully around the world. And this is how all empires end, is that there's usually a conflict as a result.

And China just wants to get on with business and life and buy gold. why, why interrupt your enemy when he's busy destroying himself?

Kellen Ainey (18:22)
No, exactly. I even saw that although the yuan took a massive hit against the US dollar, and I think it was something like the biggest loss it had seen against the USD in a decade or two, but it's an exporter economy. So that doesn't affect the Chinese the same way it would affect the US dollar or the Canadian dollar. Would you agree with that statement?

Andrew Sleigh @ Sprott Money (18:46)
Yeah, I would. You know, China is using Yuan to buy infrastructure around the world. And ultimately, the Yuan is going to go to zero at some point. So when it does that, they got all that infrastructure for nothing. What a good plan. So then they borrowed all this money in Yuan and they bought airports and seaports and you name it and buying gold.

I'm assuming in Yuan. And when the Yuan fails, they've paid nothing for all that. That's a great plan. And so once that occurs, they can then reset and they can back a new currency with gold and start all over again with a clean slate. I mean, it's perfect.

Kellen Ainey (19:23)
know exactly. It's great way to look at it as well.

And how do you think that would look?

Andrew Sleigh @ Sprott Money (19:41)
it's not going to look very good for us. So, know, he who the old saying he owns the gold makes rules.

Kellen Ainey (19:53)
And do you think that's maybe, do you think this thought process is maybe why the US government is trying to, for lack of a better term, China into doing what it wants?

Andrew Sleigh @ Sprott Money (20:06)
Good question.

I don't know. There's good sides of the argument for all of that. know, some people have been on interviews saying they should have a 400 % tariff on China. And while we still have an economy, meaning the US, and we still are important economy to China as an exporter, that we should be holding their feet to the fire and getting them to respect patents and laws because they steal all the internet.

intellectual property and all this. And the American companies are sick and tired of losing to all the shenanigans that the Chinese government does. So there's that aspect, which is a good argument. But even when they come to the table and say, OK, yeah, we'll respect patents, we'll respect international law, there's nothing to say that they'll turn around and continue that once everyone plays nice. mean, a year or two from now, they could turn around and just go right back to what they're doing. There's no

There's no way to hold them accountable for staying to their word because they're a huge economy. And who's going to tackle that? Nobody. So.

It's super complex, but at the end of the day, with all the stuff that's going on, you know, with viewers, you can listen to that stuff all the time and be distracted by it instead of looking after your own financial house. So I usually tell clients that are having this discussion with me that a lot of these things that are occurring are outside your wheelhouse. And you need to focus once inside your wheelhouse.

and that's looking after your own financial affairs, do what the large money is doing around the world. And that's accumulating gold and silver at the highest volumes ever. Don't do what they say they're doing, do what they're doing.

Kellen Ainey (22:07)
a great way to put it.

Andrew Sleigh @ Sprott Money (22:07)
And

so, you know, you can control what you do with your own financials, Kellan and myself and whoever, but you can't help what happens to the Toronto mayor's office and how they run the city into the ground economically. That's out of your control. Okay. But you can control what's inside your wheelhouse, which is how you spend your money, how you save your money.

what you choose to do with your money, all of that is under your control and nobody else's per se. I suggest people focus on that and just kind of pay attention to what's outside the wheelhouse, but not as an entirety.

Kellen Ainey (22:58)
Well, that kind of actually leads into my next question, in all honesty. So although the questions today have been more so focused on geopolitics, how do you think these trends affect the average Canadian investor? And do you think our upcoming election could impact it at all? Or do you think it's, we're kind of already set on a course and Canadians just need to prepare?

Andrew Sleigh @ Sprott Money (23:20)
We're already set on a course Canadians need to prepare. So, yeah, sorry. The second part of that was so great I forgot what the first part question is. you repeat that please?

Kellen Ainey (23:24)
Okay.

No worries although the questions that i have been focused more so on geopolitics how do you think these trends affect the average canadian investor.

Andrew Sleigh @ Sprott Money (23:38)
you

So the trends are going to be ever more present in the near future. So we're going to have probably another wave of inflationary effects, which is rising prices and goods and services going into the summer. And that's going to continue and continue to accelerate. Canada is trillions of dollars in debt. So year old data is 10 trillion in total debt between all levels of government.

corporation and citizens and that's 408 % of GDP. So that means we are there. We are an insolvent nation. We cannot pay our debt. So how does that play out? Well, if we're insolvent and bankrupt, what is a bankrupt country's currency worth? And when people can start to accept what that answer is, then they can start to move and make meaningful changes in their assets.

Then once they do that, then they'll start getting control of their financial well-being and be able to weather the storm that's coming, which is going to come regardless of what you do. So you might as well try and preserve and be prepared as best you can. And that's what I would recommend that they do.

Kellen Ainey (25:08)
No, it makes total sense at the end of the day. think you recently highlighted that there in a certain sense you you've been dealt your cards and you kind of have to play them. And the best thing that you can do is just financially prepare, protect yourself, diversify your portfolio, of course. But at the end of the day, if you're investing in a dollar, if you're investing with a dollar that has no inherent value, I think it. Yeah, like you said, I think it's best to potentially move out of it. And

into other assets that do have said value.

Andrew Sleigh @ Sprott Money (25:42)
Residual like real hard assets are going to be what's going to be the key. Anything that's dollar-based is going to be down the road worth nothing. Literally. And so people have to start thinking about holding hard assets that actually have residual value no matter what. know, for example, you know, a house has value no matter what. You know, if a house could exist for

400 years in Canada and Canada went through five or six currencies in that span of time. The house can be converted to any currency in the future. Right. I mean, because it has value. If you know, when you have Canadian currency, let's call it the dollar one point right now. And we go to a dollar two point you know, 50 years from now, the conversion of the old dollar to the new dollar is

Kellen Ainey (26:26)
No, exactly.

Andrew Sleigh @ Sprott Money (26:42)
virtually non-existent. So you have a million dollars of the old dollar and you now go to a new system, you're going to get virtually nothing in credit to the new system. But if you have a coffee mug or you have a house or you have whatever, all of that has residual value because it actually has value. It's a real thing. A coffee mug holds a coffee, tea, water, whatever. And if there's no coffee mugs in the country, how valuable is it?

I mean, it would be indispensable. If this is the only mug in Canada, it'd be worth a million dollars, right? In whatever currency is in existence. a little bit foolish example, but the point is, is that...

Kellen Ainey (27:28)
No, but it drives home

the point at the same time that things with inherent value have inherent values. The clothes on your back have the value. The house that you live in has value. The dollar, a fiat currency, only really has a value that we give it.

Andrew Sleigh @ Sprott Money (27:44)
That's it. And here's a good example of pardon me for reaching in front of the camera here a second ago, but here you go. Here's a great example. One hundred.

Kellen Ainey (27:52)
So the camera quality

is not amazing. So would you be able to tell the audience what we're looking at?

Andrew Sleigh @ Sprott Money (27:58)
This is a $100 trillion bill from Zimbabwe. Brand new, uncirculated, printed in 2008. Okay, that's the back of it.

Kellen Ainey (28:03)
You

Andrew Sleigh @ Sprott Money (28:13)
I don't even want to owe a bowl and whatever it is. so the year before this was printed, you had five dollar bills.

Right here That's a five dollar sorry and go this way five dollar bill from Zimbabwe in 2007 there's a date on the bill. Okay, so a year earlier this would buy you eggs

One year later, it takes three of these to buy three eggs.

What's the difference between the two of them?

Kellen Ainey (28:54)
Nothing.

Andrew Sleigh @ Sprott Money (28:57)
That's it. So when you have these and the dollar collapsed and you're like, it's the same sort of series. But my point is you could have a million dollars worth of these currencies in 2007. And when the currency collapsed and let's say they went to a, actually, I want to do this reverse. Let's say you have this in 2008 and the currency just at some point, they say game over. These aren't worth anything anymore.

We're going to create a new currency and for every hundred trillion dollars you have in savings, we will give you in the new currency one of these. OK. How does that even make sense? It's paper to paper and it's just being controlled by the government. What? It's insanity. So.

Kellen Ainey (29:36)
Exactly.

Well,

again, it's like you say, it's due to the fact that there is no one here in value to it. It really is due to the cost of goods.

Andrew Sleigh @ Sprott Money (29:51)
That's it, right?

So if you have real items, food, land, producing land, housing, mugs, whatever, anything that's physical has inherent value and dollars do not. And it's proven, the bank proved it to me the other day. I went there not long ago, got some 20s from the teller.

And there was one of them that was cut nearly in half. And I said, oh, there's one here that's almost in half. So she took the bill. She went over and laid it in the tray in the back and came back and pulled another 20 out of the other machine and gave it to me as a replacement. And I was laughing and she said, what's so funny? I said, you just proved to me what I tell people all the time. There's no inherent value to the 20 dollar bill or any currency for that matter. She looked at me with this blank look. I said, let me guess.

That tray over there is going to be destroyed. Yes. I said, well, there it is. And you just pull the 20 out from somewhere else and gave it to me as a replacement. So, for example, gold, gold on your hand, whatever, silver on your hands, silverware, that has inherent value. I could take this to a coin shop.

Kellen Ainey (31:08)
Exactly.

Andrew Sleigh @ Sprott Money (31:23)
and they'll buy the gold melt value that's in the ring.

And I can take cash for that because the gold ring will go and get smelted down and be made into gold coins. There is residual value here, regardless of if I don't want to use it as a ring anymore, I can use it for something else. The currency.

Kellen Ainey (31:43)
Well, it's the fact that it's internationally

accepted too, right? So it's, let's say the Yuan falls, you have gold to back. Let's say the USD falls, you have gold to back. Well, let's say the CAD falls. We don't have gold to back, but we should have gold to back. But with that being said, is if I could take my gold, I could go to China, I could go to the US, I could go to the Middle East and regardless, it's going to hold its value. Whereas, and it will 20 years down the time.

Andrew Sleigh @ Sprott Money (32:11)
It's an ounce of gold.

It's an ounce of gold or an ounce of silver anywhere in the world. It's the same ounce and it will buy whatever it does buy locally. There's no conversion required. All the countries have signed off on that international treaties. Gold and silver are money and accepted in coin form internationally, maybe in bar form as well. I'm not really sure the particulars there, so I won't say either. But but

their money, no exchange necessary. Try taking a $20 Canadian bill to somewhere in Africa and purchase something with

Kellen Ainey (32:53)
it'll be impossible. US dollar sure, but the Canadian dollar it's good luck.

Andrew Sleigh @ Sprott Money (32:54)
Right.

And even the US dollar, like if you go in the middle of nowhere, you know, they may just say, what am I going to do with that here? I can't do anything with it here. We don't recognize the bill. Do you have an ounce of silver or do you have an ounce of gold? Because that's what could be what the tribes are using. You know, interesting stat just came out of Western Canada. have a a customer told me a story at the PDAC convention.

Kellen Ainey (33:16)
Exactly.

Andrew Sleigh @ Sprott Money (33:28)
And that was, he said, my sister called me a few months ago who runs a general store an hour north of Lethbridge, Alberta. And she said, I have a problem. He said, what is it? The, if I pronounce this right, the Hitterites. Hitterites, they're like the Amish people. So they're, they're very similar type of people. The Hitterites, local to her, no longer accept

the Canadian currency for payment of their food. She buys from them to sell in the store. Okay. So she's like, what do I do? Her brother says, well, it's clear. You just need to charge your clients. They have to pay in silver and gold. And there's your silver and gold coming in to pay the head rights for the food. Now this is

Now, Hederates have done this in mass because they do things as a unit and they're like the original survivalist group, know, like Amish and all that. And so they've done this in mass and she has to buy everything from them in using physical silver and gold. They won't accept payment otherwise now. And that's a few months ago, maybe longer. I don't know the exact date. So now anyone that goes into our store is now going to have to pay her in silver coinage or whatever it is.

for the items and now people have to spend their cash, send it to us or somebody else and we ship them silver and gold. Pardon me, and they're going to go to the store and buy it from her. So there's a micro economy right there that's now switched off of the Canadian currency.

Kellen Ainey (35:10)
it's only really showing the yeah and that's happening within Canada so it's only really showing how fast the cat is well losing its footing but with that being said Andrew

Andrew Sleigh @ Sprott Money (35:18)
You have a whole group of people,

you have a whole group that have now abandoned the dollar because I see it as failing.

Kellen Ainey (35:25)
And this again,

it's within Canada, which even just drives the home point worse. With that being said, Andrew, I am actually just running out of time here. So as always, it's been a pleasure speaking with you. If you would like to give our viewers your contact information so you'd be able to have a little bit more of a one-on-one discussion with them.

Andrew Sleigh @ Sprott Money (35:35)
All right.

Sure, if somebody wants to call me and have a discussion, call the toll free number, 1-888-861-0775, extension 230. If you want to email me, it's deathofthedollaratspraatmoney.com. So deathofthedollaratspraatmoney.com. And thanks again, Callum, for doing the interview and have a great rest of the week.

Kellen Ainey (36:12)
as always it's been a pleasure and I'm sure we'll be in contact soon as there's always more things to talk about.

Andrew Sleigh @ Sprott Money (36:19)
Yeah, sure. It's speeding up. Every week there's a lot of stuff going on. Anyway, take... Yeah, maybe. All right, thanks again.

Kellen Ainey (36:21)
That's it.

Well, at this point, might have to start meeting bi-weekly.

No worries, Andrew, you have a good one now. Bye-bye.