Gold Bull Run in Early Stages: $10k Gold on the Horizon? - Adam Rozencwajg

0:00 hey everyone I'm Jeremy saffron this is Kiko news if

0:03 you haven't already don't forget to hit that subscribe button

0:05 for the latest and today on the show we're talking

0:08 about the big moves in Precious Metals gold prices have

0:10 hit new record highs driven by us China trade tensions

0:15 increased seasonal demand from India and an improved US inflation

0:19 Outlook now with prices now above $2,400 per ounce

0:23 on the spot Side gold is attracting attention is a safe

0:25 haven like never before central banks and Emerging Markets are

0:29 also buying up gold to protect against economic and geopolitical

0:32 risks and as we turn over to Silver that metal

0:35 price is also Making Waves driven by strong industrial demand

0:39 uh especially from India's solar energy sector India imported more

0:43 silver in the first quarter of 2024 than in all

0:47 of last year pushing prices past the $30 per ounce

0:50 Mark analysts are even speculating about a potential short squeeze

0:54 that could drive prices higher so what does this mean

0:56 for investors and how can we navigate these markets

0:58 and make the most out of them well to break

1:01 it all down we're joined by our friend Adam Rosen

1:03 schwag managing partner at go ring in Rosen schwag Adam

1:06 welcome to Kingo thank you so much for having me

1:10 happy to be here today yeah I appreciate your time

1:12 and as we mentioned briefly I got a little bit

1:14 of a cold going so thanks for bearing

1:16 with my voice uh let's turn over to Gold let's start

1:18 with that obviously prices have recently surged to new record

1:22 highs driven by a combination of factors as I just mentioned

1:25 in the intro but with analysts predicting further price increases

1:28 what do you think are the key factors at sustaining

1:32 this rally and Adam how high could gold prices go

1:36 well you know it's it's a really interesting question I think

1:39 we are in the early Innings here of a very

1:43 prolonged and substantial gold bull market and ultimately I think

1:45 that prices could get you know really out of control

1:49 how high could they ultimately get I think if you

1:52 look at long-term historical averages of different Financial metrics

1:56 relative to the gold price you know you could make

1:57 a case for5 67,000 gold you can make a case

2:00 if it gets radically overvalued for over $110,000 gold I know

2:04 that sounds outlandish but there's been several times over

2:08 the last 120 years where every dollar of uh US currency

2:11 has been backed by a140 worth of gold if you

2:13 did that math today based on how much money's outstanding

2:17 the numbers are huge but I don't think that necessarily

2:19 happens um you know in the short term I think

2:22 that's sort of our longer term price Target what I

2:24 think you're starting to see happen now and what's driving

2:27 the gold price today uh is really Central Bank

2:31 buying it's Central Bank buying from all around the world

2:34 over the last 18 to 24 months we've seen central

2:36 banks buy well over a thousand tons of gold that's

2:39 the fastest pace of accumulation we have seen um

2:42 since we've gone off the gold standard in in 1971

2:45 or the brenon Wood standard so that's really what's been driving

2:48 things uh so far has been the central banks and we

2:51 could talk about all the reasons why we think

2:53 that might be happening yeah well I mean you know

2:55 if central banks begin offloading their gold reserves could

2:58 this lead to a significant Market volatility is there any mechanisms

3:01 that are in place to mitigate those risks kind

3:05 of like 2008 so I think that the short answer is

3:10 no central banks are free to do what it is

3:12 they would like but I don't think that we will see

3:14 Central Bank liquidation anytime soon in fact I think we're

3:18 actually going to see quite a bit more Central Bank

3:20 accumulation so the way that we think about it is

3:22 that until we see any evidence to the contrary I

3:26 think um this trend is going to continue in terms

3:28 of the Central Bank accumulation why do I say

3:31 that well if you go back over about 150 years

3:35 170 years of studying commodity markets every time that real assets

3:40 get really really really cheap relative to financial assets

3:43 and all we're doing there is we're taking the commodity price

3:47 and we're dividing it by the Dow Jones that's

3:50 the longest running um stock index that that we have uh

3:53 when you get these periods where commodity prices or real

3:57 assets in general become super dislocated what you often get

4:01 believe it or not is a change in the global

4:04 monetary system um that happened in 29 when we went

4:07 off the classical gold standard the next time it got

4:09 that cheap was in 69 when the US dollar went

4:12 off gold then the next time it happened was

4:15 in 99 and that's the time when uh all the Asian

4:18 currencies pegged their currency to the US dollar

4:20 at this below average rate to Spur their exports so we're

4:23 in the right zip code for Central Bank upheaval right

4:26 now and that's what I think is so important and so

4:29 when we started to to see the central banks buying

4:32 gold about 18 months ago that didn't surprise us because

4:35 we're in the right neighborhood or the right zip code

4:38 as they say here in the states uh to see

4:41 monetary regime change and I think that's exactly what we're

4:43 seeing now so until there's evidence to the contrary I

4:46 think we continue down that path okay I mean you

4:48 know we talk about the FED probably implementing some rate

4:51 Cuts here a lot of people talking about gold prices

4:54 exceeding 3,000 I mean you just said possibly 5 to 10

4:57 obviously looking at longterm but what econ repercussions could such

5:01 a rise have I mean do you see this leading

5:04 to a fundamental shift like you just mentioned unpack

5:06 this a little bit even a new gold standard here I

5:11 I I think we I think the outcome of this is

5:15 completely uh unknowable but I think that in any

5:18 case gold ends up taking on more of a monetary

5:21 role than it has at any point since 1970 um

5:25 I don't think it's likely that we go back

5:28 on a global gold standard for several reasons first of all

5:31 it's incredibly inflexible and second of all the price

5:35 of gold that would be necessary uh to effectively monetize

5:38 the world uh would have to be so so so

5:41 high so I suppose it's possible but I don't think

5:44 that's the base case gold is simply too scarce

5:45 in an economy of this size uh instead what I

5:49 think today the most likely outcome would be and and you

5:54 know like Keen said I I reserve the right

5:56 to change my mind if I see the facts changing

5:58 but what looks most likely as of today um is

6:02 a trading block likely centered on the so-called bricks countries

6:05 that are trying to get away from transacting bilateral trade

6:09 in US dollars so right now the quintessential example

6:13 that we like to use if Australia sells coal to China

6:16 it's priced in US Dollars it's not priced in rimi

6:19 and it's not priced in aie dollars and in fact

6:22 90 plus percent of global trade is like

6:25 that and and there's a big big big Push by several countries

6:27 notably the so-called bricks so Brazil China uh India

6:32 to a certain extent to begin to move away from the US

6:35 dollar uh and use a different currency so right

6:38 now the currency where most of these trades are happening

6:41 and and you are getting quite a bit of for instance

6:43 trade between Brazil and China that's all priced in reimi

6:47 however in that world the reimi is not convertible so

6:50 you all of a sudden if you're a Brazilian iron

6:52 or exporter you end up with all this excess ramim

6:54 and what do you do if you have the excess

6:56 dollars you could go to London and buy a nice

6:59 townhouse in belgrave at a villa in the south

7:01 of France but if you're stuck with rimi what do

7:03 you want to do you know you're not going to buy

7:04 a second home in chenu uh so what's looking

7:07 more and more likely is that you'll begin to repatriate

7:10 that money back by exchanging it for gold at the Shanghai

7:13 Gold Exchange and that seems to be what's happening today

7:16 so as of today it remains an open question

7:18 that would be my best guess for an alternative monetary

7:22 block to try to rival the US dollar doesn't happen

7:25 overnight uh I don't think it necessarily means the demise

7:28 of the US dollar fact you know when the US

7:31 went off gold in 71 it became more and more

7:33 relevant not less so so who knows what the future

7:36 holds but I think gold plays more of a role going

7:38 forward and that's why it's catching a bid today yeah

7:41 and you know you mentioned Adam I mean with the ongoing

7:44 dollarization efforts where countries are conducting more tradeing currencies

7:48 other than the US dollar uh how do you see

7:50 the trend in the long term here affecting the prices

7:53 could this be a long-term Catalyst that wasn't necessarily there

7:58 before absolutely I think it certainly will be and again

8:00 you know it might sound like a like a crazy

8:04 Black Swan thing to say but in fact this is

8:07 basically what we see every time that hard assets

8:10 become super cheap relative to paper assets and why is

8:13 that I don't think it's a coincidence I think what

8:16 ends up happening is that in the periods of time

8:19 when when real asset prices and commodity prices become so

8:22 cheap and speculative Financial assets whether it's the radio stocks

8:26 in the 20s or the conglomerate boom in the 60s

8:29 coms in the 2000s or you know Bitcoin

8:32 and and non-fungible tokens uh in this cycle whatever it is

8:37 as these completely intangible assets get bit up and real

8:42 assets become cheap the central banks have a little more cover

8:44 to run looser policy for longer and they get themselves

8:47 into trouble and the first time we had quantitative easing

8:49 was actually in the mid 20s 1920s not 2020s

8:54 and at the end it just goes too far and so

8:56 you get this realignment so I do think that we're

8:58 in that again what I call the right zip

9:00 code for a major realignment um I think he could

9:02 have made the argument 10 years ago that we were

9:05 as well except there was no evidence it was happening

9:07 we didn't see people moving away from the dollar we're

9:10 seeing it now and so until see otherwise I think

9:12 that's going to continue is that a catalyst that's a huge

9:15 Catalyst not unlike what we saw in the early

9:18 1970s and the late 1990s so major major major shifts

9:23 that took place there and I think we'll we're seeing

9:25 another one today yeah and I mean as you mentioned it's

9:28 kind of a cyclical approach in the ities I mean

9:31 we certainly see it when ETFs and the spot Bitcoin

9:33 ETFs were approved the inflows it almost is the flavor

9:36 of the day but does this create a bubble similar

9:39 to The Dot or housing Bubbles and more specifically

9:42 what indicators should investors watch for to avoid being caught

9:45 in a potential gold market bubble so the answer is

9:48 it definitely does run the potential and and just like every

9:51 commodity cycle that's gone before it I think this one

9:54 will end with investor Euphoria and huge amounts of money

9:58 pouring into the space and ultimately being invested in new

10:01 projects and bringing on too much capacity at the wrong

10:04 period of time um you know people talk about

10:06 how the gold producers or the oil producers have sort

10:09 of found discipline or found religion I don't think any

10:11 of that's true I think by the time this is all

10:13 said and done it'll be a bubble no less

10:15 however what's important is that we are so far away

10:20 from that today and you talked about ETFs and I

10:22 think that's a really great point you know with gold making

10:25 an all-time high you might think that the ETFs

10:29 were just piling up on gold left right and center

10:32 but actually the ETFs which I would call the speculative

10:36 demand for gold right that's how most western speculators like

10:39 to swing around gold pricing today or gold Investments today

10:42 certainly the hedge funds you know that was at um

10:45 94 uh what is this million uh ounces back in uh

10:50 June of last year and today it's down to 80

10:52 in fact since the beginning of the year it's shed

10:56 uh 6 million uh ounces and it continues so we

10:59 haven't you know you would be hardpressed to look

11:01 at the chart of the ETF Holdings of gold and tell

11:06 me where you had a new all-time high similarly if

11:09 you want to talk about people that have no investment

11:12 interest at all forget gold prices and look at the Gold

11:15 stocks those are nowhere near bubble territories you know

11:17 we there we've seen you know 10% uh uh

11:21 sell off not selloff rather but but liquidation of 10%

11:25 of the shares in the various GDX uh ETF

11:29 in the last three weeks alone so you know we're nowhere near

11:31 bubble territory these companies are trading at half times nav

11:35 and four times earnings that's not where great bubbles end

11:38 nor is it with um gold backing the various Fiat

11:43 currencies at such a low rate as it is today

11:46 so it definitely will end badly just like it always

11:48 does probably 10 years from now with gold fivefold where

11:52 it is today and gold stocks being the best asset

11:55 class of the coming years I suspect okay of the coming

11:58 years let's break that down I mean is

12:00 this the year of gold stocks we've seen the Divergence obviously

12:03 it hasn't really caught up to the metal prices

12:05 but you know looking towards it is this going to be

12:09 the next play I mean you know silver we're

12:11 going to get into in a moment it's finally starting

12:13 to catch up a little bit uh is this decoupled

12:15 or are we going to start to see some nice movements

12:19 on the on the equity side I think we will

12:22 and you know I you have to know what you're

12:24 good at and what you're less good at and and we're

12:27 pretty good at at getting the big fundamental drivers

12:30 right I'm not particularly great at Market timing in fact

12:32 I tend to be early on a lot of the things that we do so is this the year I

12:37 sure hope so we're positioning ourselves accordingly we've been adding

12:39 to our gold Investments here and I think that the time

12:42 is getting closer day by day and I think

12:44 it could certainly be it as far as whether gold

12:47 stocks have permanently decoupled and things like that you know

12:51 I don't think that that's really the case um you

12:54 back last cycle there was a moment where gold popped

12:58 higher and the gold stocks kind of lagged and that was

13:01 because the GLD was introduced as a new instrument

13:03 and that attracted the kind of incremental investor dollar not

13:07 necessarily towards the gold stocks but actually in the last

13:11 seven or eight years gold stocks have done what they

13:13 ought to do in the sense that when gold goes

13:15 up they go up with even more leverage uh

13:18 the only time that that's kind of decoupled has been

13:21 in the last 18 months or so and I think

13:24 the answer is actually fairly straightforward over the last two years

13:30 years we've had a real rate hike cycle

13:33 in the west and Western investors and speculators have been conditioned

13:36 to do one thing in the face of real rising

13:40 Rising real rates and that is sell everything gold and again

13:43 you can see it super clearly when you look

13:45 at the Holdings of the ETFs either the GLD or the GDX

13:49 which is the shares or the glds which is

13:52 the you know physical metal Western speculators have been shedding

13:56 everything and the central banks and predominant the eastern central

14:01 banks have been the ones doing the buying again because

14:04 potentially they're setting up

14:06 this alternative currency block potentially they're

14:07 getting worried about how the US is weaponizing the dollar

14:11 or just the fact that you know War seems

14:13 to be spreading now on a global basis whatever the reasons

14:16 may be but while they're buying gold bars hand over

14:20 fist one thing they don't buy are gold shares so

14:22 in the west you have the speculators selling gold bars

14:25 and gold shares and in the rest of the world

14:28 they're buying the gold bars but the stocks are gone

14:31 no bid so we see a huge opportunity I don't

14:33 think that's decoupling at all in fact I think when

14:37 the Western Speculator begins to come back to the gold

14:40 market that will play a huge catch-up rally and close

14:42 that Gap the question of course like always is when

14:45 yeah a lot of people happy to hear that one

14:47 uh as you mentioned there's a noticeable Divergence in Gold

14:50 investment behaviors between eastern and western markets and you know

14:53 it's a crazy year we have a lot of uh

14:56 countries in the G7 Nations going into elections you have

15:00 one in the US how should Western investors and policy

15:02 makers respond to the shift here in your view

15:06 well as far as policy makers Go I mean you

15:10 know the dysfunction and the turmoil that's now spreading

15:12 around the world uh you know is I wouldn't dare

15:15 to say what I would expect policy makers to do

15:18 but I think in general investors and policy makers uh need

15:21 to be I think a little bit more aware

15:23 of the tail risk of major changes again you know if

15:26 we had talked 10 or 15 years ago when real

15:30 asset prices for instance were really expensive relative to financial

15:33 assets and you said oh the dollar Reserve currency uh

15:36 is at risk I would say well it's a kind

15:38 of a strange time for that to happen historically going

15:41 back hundreds of years you get these big kind of systemic

15:45 changes when you seem to really dislocate the price

15:48 of real assets relative to paper ones and that's where we

15:51 are today so I think leaving yourself open to the possibility

15:54 of that Black Swan event that tail risk where

15:58 something different actually uh lurks on the other side is

16:01 very very important what does it mean to the average

16:03 person well the average person and the average kit coat

16:07 listener might not be exactly the same but I think

16:09 it means you know making sure that you're well Diversified

16:12 and have a healthy allocation to gold and whether it's

16:14 to Gold Boolean or to Gold shares I think you'll

16:16 do better you'll do both well with both it's really

16:20 a question of your risk tolerance uh let's talk silver

16:23 uh it's been on a significant rise on the price

16:27 side nearly 25% obviously driven by strong indust Ral demand

16:29 from sectors like EVS which you've talked about and solar

16:34 energy considering India's substantial increase in silver Imports

16:38 to the solar buildout do you think silver could become

16:41 as important as gold in the investment World here you

16:44 know it's interesting silver has always been what they call

16:49 the the poor men's gold obviously you can make a um

16:53 ounce investment for a substantially lower price uh and people

16:57 have often wondered whether or not that would change now

17:00 that you can buy so-called electronic gold whether the GLD

17:04 or other vehicles where you could effectively put $25

17:07 into a gold investment just like you could into an ounce

17:10 of silver if you so chose you know I look

17:13 I think the jury's still out I think that silver

17:16 today continues to act as a quote unquote Poor Man's

17:20 gold and there's often a view which I think is

17:22 is fascinating and and my colleague and partner Lee Garing

17:26 has done a lot of work on but there's this view

17:29 always that uh to have a strong precious metals rally

17:33 silver has to outperform and that's not exactly true what

17:37 does tend to happen is that silver tends to lag

17:42 gold and lag gold and lag gold throughout the rally

17:45 and then it stages this massive Furious catchup so

17:48 that by the end of the cycle they've both gone up

17:52 you know comparable amount but everyone it kind of sticks

17:54 in everyone's mind this huge silver surge because it happens

17:58 in this compressed time right at the very end

18:00 and that's actually when you do get that massive catchup rally

18:05 that's not necessarily the best um indicator for uh precious

18:09 metals either gold or silver it actually tends to be

18:12 a preceding a period of consolidation in both

18:15 and the last time we got that was back in 2020

18:19 and 2021 when the Reddit crowd tried to quarter the silver

18:22 market in what was it January of 2021 and ultimately

18:26 failed you had this huge catch-up rally in silver

18:29 leading into that and then ultimately that spelled uh sort

18:33 of pause in the gold and silver bull market

18:36 for the next really three years or so so um we're not

18:39 seeing that yet yes silver has done nicely here

18:42 but it's still undervalued relative to gold and I suspect just

18:46 like in past Cycles it'll lag and then stage some

18:49 massive Furious catchup uh and right now we would favor

18:54 gold over silver oh interesting okay I mean there's

18:57 speculations about a potential short squeeze in the silver Market

18:59 that could push prices you know towards 50 bucks and SS

19:03 how realistic is this scenario Adam and and who stands

19:06 to gain or lose the most if it happens potential

19:11 short squeezes in the silver market have been a thing

19:15 of rumor for many many years there's been a lot

19:18 of different views on that trading desks like at JP

19:22 Morgan and what have you um you know I

19:25 have never subscribed to those views we're gold bulls today

19:30 uh and and you know positive on on Silver although

19:33 I would prefer gold if I given the choice uh

19:35 but we're not gold bugs and we don't necessarily um

19:39 subscribe to some of the more colorful theories that some

19:42 of the community puts out there and I think that was

19:44 given a good test uh with that Reddit squeeze where

19:48 you know if in fact that big financial institution short

19:52 squeeze and silver was present you probably would have seen

19:56 um the capitulation there but you didn't you know last

19:58 a couple days and then it came right back off

20:02 again so I don't know it's hard to say like

20:04 you said there's a little bit more industrial underpinning today

20:06 might be a little bit more real but I I

20:08 don't think that that's in uh particularly likely um here

20:13 yeah I mean you've been bullish on uranium looking

20:16 at the other Commodities here obviously there's a critical role

20:20 in global energy strategies here there's a push for the carbon

20:23 free power sources particularly in China and Indian but how

20:27 do you see the role of uranium evolving in the energy

20:29 mix and and give me your outlook here uranium

20:32 I think is one of the most fascinating commodity markets

20:36 out there for a couple of different reasons which we

20:39 can get into um it's not you know an uncovered

20:43 uh story anymore it's now kind of come to the light

20:46 but I think that the rally continues to have

20:48 legs and I think we'll see uranium prices move higher

20:51 from here we're maintaining our uranium positions in a couple

20:54 cases we've trimmed a little bit just on some real

20:57 strength but it remains a core position I for us

21:00 uranium producing equities and development companies remains a core position

21:04 in our portfolios and I think what's really fascinating about

21:08 the uranium Market is that for the first time since

21:11 we've split the atom we now have a structural uranium

21:17 deficit that might sound like a crazy thing to say

21:20 but throughout most of the 60s and 70s as nuclear

21:23 power proliferated actually uranium mines proliferated even faster we had

21:28 a few speculative high-tech uranium mining booms throughout that period

21:32 of time um and so we always had more uranium

21:34 than we had reactor demand and the and the Surplus

21:37 was always bought up by governments to basically try

21:40 to prevent other governments from um buying uranium to with which

21:45 to make weapons uh by the early 80s finally

21:48 the Soviets said look this is ridiculous we have way

21:51 too much uranium here and we're kind of going broke

21:55 how about we reclassify some of this government stockpiles into commercial

21:59 stock piles and sell it into the reactor uh markets

22:02 and in fact we can then also tell the world

22:05 that we're you know de weaponizing and um what they

22:10 called the megga tons to megawatts project and that was

22:13 successful in providing tons into the market uranium prices collapsed

22:16 because of it through the 80s and 90s total uranium

22:20 mine Supply fell by nearly 50% and it was all

22:23 made up for by the stockpiles the stockpiles ran out

22:26 in the early 2000s uranium went up tfold and then

22:29 Fukushima happened and with Fukushima we replaced the government stockpiles

22:34 with commercial stockpiles because 30% of the reactors went offline

22:38 right and we still produced uranium with which to power

22:42 them and so those found themselves in these big commercial

22:45 stockpiles those stockpiles ran out in 2022 so for the first

22:50 time with no exaggeration for the first time since

22:55 the Manhattan Project for the first time since the atom

22:58 was split we now have a structural and primary uranium

23:02 shortfall and it will only be closed by bringing

23:06 on new mind Supply because a nuclear reactor can withstand

23:09 two three $400 uranium prices and not impair the economics

23:13 so there's no demand destruction to come it's really tricky

23:17 to bring on production in the short order existing producers

23:20 whether it's Kaza prom or Cho seem to be challenged

23:24 nextg is the next one Everyone's Watching but I think

23:27 that that timeline is a little bit aggressive to and so

23:31 it's going to have to be price to squeeze it

23:33 out but that's going to be a difficult difficult task

23:35 and so I think it's a very interesting Market based

23:37 on today's fundamentals to say nothing of the future increase

23:41 in nuclear power going forward yeah it's wild I mean

23:44 you talk about it we had the destigmatization of it

23:46 where people realize that we're going to need

23:48 this in the mix especially in an AI World in this technology

23:53 Evolution uh we're going to need uh in we're

23:55 going to need nuclear power so I'm kind of curious

23:58 here is it it The Perfect Storm and is it

24:01 going to happen this year are we going to see

24:03 this happen again like a cyclical approach I mean

24:05 the next year or two is looking to be interesting it's

24:08 looking to be very interesting again because a lot of it

24:12 you know you don't want to say things are set

24:14 in stone but I get a question all the time

24:17 well when is the new when are the new nuclear

24:19 reactors coming online to really tighten this market and I

24:22 said guys you don't understand what's happened here in this market

24:25 what you're seeing is um Market that's been in deficit

24:31 for three or four years masked by a one-time

24:34 inventory overhang and the inventories are now eroded so that's

24:38 what people have yet to understand you know we're not

24:40 talking about small modular reactors we're not talking about

24:44 AI demand we're not talking about um a reshift away

24:47 from Renewables towards nuclear to solve our climate goals we're

24:52 just talking on what's happening today and that's what's so dramatic

24:55 is that um is that what's happening today has been

24:59 asked and it's and it's now coming to light so

25:01 uranium prices bottomed at 19 bucks back in 201819 you

25:04 know they're flirting with $100 today where do they go

25:08 I don't know you can't bring on material

25:10 in the short term for $200 you can't bring it

25:12 on for 300 so I think that we could have

25:15 a really what we call a violent move to the upside

25:18 um and and a very frenetic and chaotic move

25:21 as well and is that going to happen over the next

25:24 couple of years you think here Adam I mean we

25:26 see a lot of these miners going to old properties

25:29 in America we saw the ban of uranium with Russia

25:32 it seems again Perfect Storm and it should be probably

25:36 short term I suspect it will be throughout this year

25:39 next year and the year after and then ultimately we

25:41 like to look for these what we call these kind

25:44 of off-ramps to the bull market so even though we

25:46 take really long-term views we like to stress test ourselves

25:50 by saying what will ultimately derail this and it will be

25:52 new Supply eventually um given $150 uranium prices longterm you

25:58 can bring on new minds with enough time but it's

26:01 going to take some time and I think it'll be

26:03 from now to the end of the decade will be

26:04 a very very exciting period for Uranium yeah well said

26:07 Adam Rosen schwag managing partner at ging and Rosen schwag

26:11 joining us to break it all down from New York

26:12 uh thanks for coming on this was great Adam I

26:14 really appreciate your time today oh thanks for having

26:17 me really enjoyed it as well yeah we'll speak soon

26:19 and for all of you at home I'm Jeremy saffron

26:22 uh for all of us here at Kiko news thank you

26:24 for tuning in lots of great content coming your way

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26:31 on the show next we'll see you next time [Music]