Title:   LARRY MCDONALD | There is going to be a crash in tech stocks: uranium and silver will rip higher!
Show:    Metals and Miners
Host:    Gary Bohm
Guest:   Larry McDonald (Bear Traps Report)
Date:    2026-MAY-09
URL:     https://www.youtube.com/watch?v=i8r7y8Ymqw4
Length:  ~36 min
Note:    Auto-transcript, timestamps mm:ss. Saved for personal study.

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(00:00) I think that the this technology stocks and especially the semiconductors are going to crash I probably could be starting today or tomorrow. Yes, I would put nuclear, silver, iron ore. Um yeah, those are the food groups. >> [music] >> Welcome back to Metals and Miners. I'm your host Gary Bohm.
(00:44) Today we're diving into the dynamic world of markets, metals, and macroeconomic trends with Larry McDonald, founder of the Bear Traps Report and the New York Times best-selling author When Markets Speak. Larry, it's an honor to have you back on Metals and Miners. Welcome to the show. Gary, thank you so much. Love the platform and what you've done.
(01:01) Game-changer and that conference you did was just really I mean, nobody's done something like that that I've seen in in the industry to go that deep into infrastructure plays. And look at what's happened this week. These all the things you were trying to dig into on that on that presentation, that call, there's a number of these companies that are up probably 30, 40, 50% this week that are in the deep infrastructure part.
(01:25) So, hats off to you. Well, thank you. I appreciate it and I appreciate you participating. All right. So, Larry, since the start of the year and specifically since the start of the war in Iran, investors have been whipsawed around and trying to make sense of the markets. There's a lot to discuss, but before we do, what do you hope for those tuning into this conversation today that they're going to walk away with after listening to it? Well, I think the biggest thing right now is the difference between the off-ramp of 2025 and that was the trade war,
(01:55) uh which was a relatively simple off-ramp, lower tariffs, right? Which the White House has 100% control over. And then the off-ramp on the 2026 drama, which has to do with Iran, five factions in Iran, in a White House where Trump the Trump team essentially kicked the hornets' nest. I think the the rhinos convinced him to kick the hornets' nest for a lot of, you know, some there's some good reasons or whatever it is.
(02:25) But now untangling this is is a thousand times more complicated than what we went through last year. Okay. All right. So, that untangling may become a theme in here, maybe not. I don't know, we'll see. Let's start here with the markets. The Dow is a shade under 50,000. The S&P is over 7,300 at record highs. The Nasdaq is over 25,000 at record highs. The VIX is down near 17.
(02:51) The 10-year yield is in the ballpark of 4.3. It really feels like the markets are feeling pretty good and have little worries here despite the backdrop. What's your takeaway of the market setup? Well, it's a lot of muscle memory and a lot of recency bias. So, think of like investors last year.
(03:12) The market bottomed in I guess the first week of April in 2025. And all the Trump bears, all the bears on just bears on Trump policy, on trade, uh, everyone like over exaggerated the downside, right? What I'm proud of the at the Bear Traps Report, we did 15 trade alerts from late March to mid-April. Uh, we took our long positions up by the highest, uh, in years.
(03:41) And we were really kind of buying into that panic. There was a lot of really valuable companies that were great opportunities. And now, you know, today with what's happening in the the straights and just the whole second, third order effects of inflation. Um that muscle memory from last year has made people overlook.
(04:07) In other words, everyone that you have this vicious rally um that recency bias, everyone that missed that rally last year wants to really participate this and they're overlooking the second, third, fourth order effects of potential which has tremendous impact on everyone's portfolio. All right, so in that vein, to some degree, many are really worried despite the euphoria and what appears to be a little bit of a melt-up taking place.
(04:37) There are many who are worried about some type of market collapse where, you know, a halt in a way of trading because of liquidity issues. So later this year, maybe in the summertime, we've got SpaceX expecting to have an IPO. And it's the valuation is somewhere close to $2 trillion. Then Anthropic and OpenAI are racing each other to be the first to IPO as a large language model company and many are projecting fourth quarter to somewhere around first quarter of next year and somewhere in the trillion dollar, maybe even higher, neighborhood
(05:14) for each of those companies. Do these historically massive IPOs plus the AI hyperscaler spending create a scenario that in effect maybe insulates the markets potentially from a collapse until we at least get through these issues? >> one thing about liquidity and the Trump team, and I'll get into the whole everything you laid out is a very well laid out.
(05:39) But behind the scenes, what the scent did, and we have a liquidity model at the Bear Traps Report. Uh we went long Bitcoin for the first time right near the lows in our trade alerts for the first time ever. And it's because our liquidity model showed a massive injection. The scent, if you look at what they're doing, they're forcing banks to own more treasuries, okay? JP Morgan took their reserves at the Fed down by $200 billion and put it into, you know, two to five year notes.
(06:09) That's a big thing. In other words, they're forcing the banks, they're forcing the insurance companies, they're forcing their trading partners to own more treasuries, and they injected a lot of liquidity in the market right during those lows, which is around March 30th. And so you had a lot of short covering cuz short interest on the Nasdaq was two year highs right near the March 30 lows.
(06:35) So this move was really orchestrated by a lot of very clever financial engineering. And that's why, if you look behind the scenes, like if you look at new lows or if you just look at the market breadth, you got Home Depot that's down 26% off the highs, McDonald's, Darden Restaurants, they're all rolling over.
(06:57) A lot of the retailers are rolling over. So I just want to set this up. Any company that faces the consumer is under ugly ugly ugly technicals. We ran up In the Bear Traps Report on Monday, we ran a list of all the suppliers to Home Depot and what their stocks have done the last three months.
(07:20) These stocks are all down 20, 30, 40%. It's like 40 companies that supply Home Depot. So the consumer is wounded, the consumer was already wounded going into this, and now you have this big inflation bounce that's coming. And this big move in oil, right? And gas at the pumps up 50% gas the commodity is up 120% so the pain from that is in the market it's under the surface but we have a lot of manipulation coming from liquidity in the White House that really got this thing going along
(07:59) with artificial intelligence. You know Gary let's get into your point. Around this IPO cycle. So You've got the mag seven and Oracle and technology are basically 50% of the S&P 500's composition roughly okay like That's two maybe one and a half to two standard deviations outside the norm like if you look to look I went I wrote the Lehman book our first book our by the way our two books colossal failure common sense and when markets speak about a million readers our new one is called when markets speak and we get
(08:37) into this passive investing this evil thing that you're getting into. So you've got this A market that's overdosing on AI overdosing on tech if you look to like 2007 the financials were like the biggest part of the market right before the crash and there was maybe 27% of the market right so the technology stocks and AI that whole thing is 50% of the S&P 500's composition roughly and now We're going to Shoehorn in Through all kinds of wacky three IPOs like you said.
(09:15) It's not but the net amount is about 250 billion even though the market the value of those companies is 50% of the truth. Yeah the value of the companies but the amount of equity they're going to dump into passive investors this is so sick it's so disgusting because normally the way Jack Bogle wanted the S&P 500 and the way these index constructed that the construction of the indexes happened with the best of intentions, right? So, for the for last 40, 50, 100 years, whatever, if you
(09:48) wanted to get in the S&P, there was a one-year checks and balances process. You have to have a certain amount of profitability. And there was like this really smart like period, like a cool-down period where you just can't like go public and get in. And they're trying to wave the rules on this to put a fast track for the Nasdaq and the S&P so that billionaires can dump their OpenAI position, their Anthropic position.
(10:18) They wouldn't be able to do it if we ended up having a significant market decline prior to SpaceX getting out on their IPO. They wouldn't succeed. They would fail. 100% Gary, you nailed it. These guys, they're as nervous as a long-tailed cat in a room full of rocking chairs. So, they've got to get it out.
(10:37) That's why I was saying that. >> If yeah, if you're a big holder of SpaceX, OpenAI, exactly. You've got to shorten the window. You want to dump it into passive investors, your 250 billion. And you're right, if something happens in the market, these guys are going to be it'll be 2 years before they get their money out of these things, right? >> Exactly.
(10:55) Therefore can we surmise though that it's likely highly probable that the market is insulated from collapse at least until these guys get out the door on their IPO. I I mean, I wouldn't say insulated because there's so much going on, right? Um yes. See where I'm trying to go. That's I think a lot of people think that.
(11:22) That's why the market has a lot of support because people assume that they're going to do whatever they can to keep the market up until these companies come public. But all in all, it's an awful big shell game and under the surface there's a lot going on around liquidity and the Fed and potential rate cuts.
(11:44) Are you in the camp of a collapse in the market at some point? Like a liquidity drying up issue and then boom, we fall off a cliff? Well, I think that those technology stocks and especially the semiconductors are going to crash. It could be starting today or tomorrow or sometimes the amount of space that has to be made up.
(12:09) Like the space that it's like a huge fat guy coming to a dinner table, right? He's going to eat all the food, right? So, in other words, it's like you can't just bring these beastly IPOs into the market that's kind of already wobbling and way overvalued. There's a lot of people in the market that see this. They're not dumb.
(12:28) There's a lot of institutions so you have to sell down your positions of mag seven. That's why the mag seven is unchanged since October with gold and silver and copper names up 30, 40, 50%. Look at Rio Tinto, the iron ore names. Like these are our core positions. Rio Tinto's destroying the mag seven. BHP is destroying the mag seven.
(12:50) Did you move more into hard assets, maybe even some cash and you're waiting for the markets to do their thing? >> I think there's going to be like a crash in technology. In other words, but to make room for these IPOs. I don't think the whole market's protected. I think that hard if you go into an elevated inflation regime, we're going to have a huge inflation spike.
(13:15) And then if you look at the mechanics around this oil, when you take Okay, think of like the Straits of Hormuz. They're moving like this, right? For years and years. And then for 70 days, they stop, right? So, think of the second, third, fourth order effects and all just like all the chemicals, critical materials, distillates that have to go through there, fertilizer, whatever it is, you can go on and on and helium, there's just hundreds of elements and critical minerals and valuable parts of our global system
(13:49) economy that are basically clogged up. It's like a heart attack. And they're doing the defibrillators now. They're going to try to unclog it. The problem is you have these Iran factions, the White House does a deal with one, two factions, there's three of them, then the other two factions, you know, these are people that throw people that disagree with them off buildings when it comes to sexual preference.
(14:11) Okay? These are people you can't negotiate with. This is a hornet's nest the White House can't get out of. So, every day this is clogged, it's a heart attack. And what it means is you're going to have the probability of some type of hyperinflation reaction in September, October is gone from like 0% to like 20, 30%.
(14:34) >> So, all right, so let me paint the picture here. So, you see tech dropping like a rock, you see making room for those IPOs that we talked about. Do you see hard assets rising with inflation? Okay. >> So, metals, miners, chemical companies, etc.
(14:56) Do you see all those rising together? >> It's real simple. If it's a Lehman type event that's really systemic with all the sudden something comes out of private credit, if this systemic risk, everything's going to correlation goes to one, everything goes down. If it's a 2022 type sell-off where tech 2022 meta, this guy Zuckerberg changed the name of his company to meta.
(15:22) He invested $400 billion in the metaverse. The stock dropped 70% in 2022. Same thing with Jensen. Right on the eve of the AI revolution, they didn't buy back any stock. The stock was down 60% during that time. Yeah, but gold gold miners, I mean, gold, silver, copper, oil and gas had the best year in 2022.
(15:47) So, hard assets did great, commodities did great. And so, it wasn't like 2008. And so, are you expecting a deflationary impulse where everything drops, or are you thinking more like 2022 or even maybe 2000, where the Nasdaq crashed, but the hard assets began their ascent? Yeah, I think that because the Fed has to the Here's the worst thing.
(16:13) He's going to basically Here's what he's going to do. He's going to cut rates even with inflation this crazy and sticky. And he's going to justify it by slowly reducing the balance sheet. Uh cuz they got to get the rates down because interest on the debt is a trillion dollars a year.
(16:31) Also, don't forget the Let me give you some stats. The SOXX ETF, right, which is the semiconductors, it's over 54% above its 200-day moving average because of these a lot of the Microns of the world. And then if you look at the EWY, which is the South Korea ETF, which has a lot of these semiconductor memory players in there, it's 156% above its 200-week moving average.
(17:04) Gary, the previous record was like 54%. And so, the dislocations in these semiconductors relative to Like, let me give you another stat. So, the SOXX ETF from the 5th of April last year. This is really important. So I'm going to compare now to the year 2000.
(17:27) The SOX ETF, which is the semiconductors and all these crazy memory companies, all the AI infrastructure, right? But it's not AI infrastructure the way you and I look at it. It's on the chip side. It's up over 180% I'm sorry, 280% since last April 5th. 280%. Since April 5th of last year. Okay. That's basically 13 months, 56 weeks. Okay.
(17:56) The NASDAQ from 1999 to 2000 was up 130%. So let me make this clear. The NASDAQ, which was the biggest bubble that ever existed in the history of the US stock market, was up 130% in the 56 weeks before the crash. 130. Okay. So that's the hottest part of the boom. The semiconductors and these idiotic AI stocks that are just being you're front-loading so much of the future.
(18:31) Everything's getting 260% since since last April, whatever it was last year. So the same thing. That's 56 weeks. And it's still Gary, it's double. So this is like people say, well, the Oh, the NASDAQ today has such valuation relative to the year 2000. This is double the performance, Gary. Double.
(18:54) So hyper bubble in that specific area. Maybe not across the board, but in that specific area hyper bubble, you expect that to deflate and some of the money to go into hard assets, some of the money to go on the sidelines until the IPOs come. And not a one-to-one correlation? >> Right. Let me give you another example.
(19:16) Gary today, so we run a Bloomberg chat with the biggest hedge funds, mutual funds, and pension funds in the world. What's happening today is the momentum index. There's a momo index. It's an index that all the institutions watch. So, what it does is it goes long the hottest part of momentum.
(19:37) And it goes short the weakest part of momentum. And right now, that is long semiconductors and short software, okay? That thing, once again, that's two standard deviations outside the norm, right? And guess what? Today, there's the biggest reversal. Gary, it's like almost a 13% candle. Something's happening today.
(19:58) The semis are starting to crash. And so, I think that a lot of that money is going to go into software. So, not all of tech is going to get destroyed because the software companies have already been destroyed. Okay. All right. So, on the hard asset side, on the energy side, you've been talking about this throughout.
(20:18) There's a lot of dislocation and destruction over there in the Middle East with energy infrastructure. It's clear that nations not only need more energy due to AI, robotics, electrification, etc. But now, they need redundancy. They need excess spare capacity in order to deal with something like this event in the future. In the light of all of this, is the biggest beneficiary moving forward nuclear energy and uranium to meet these needs of redundancy, excess spare capacity, and even to meet the needs of AI, robotics, etc.
(20:58) ? Yes, I would put nuclear, silver, iron ore. Um yeah, those are the food groups. I mean, silver today, for example, the gold silver ratio, massive reversal. Silver's breaking out. And silver should really the gold silver it's very complicated, but the gold silver ratio normally if you go risk off in precious metals, the gold silver ratio should have gone back to the '80s. Today it's back down to 56.
(21:24) So, the silver that's in the solar side, the silver that's in all kinds of silver is in data centers. All kinds of aluminum, right? And so, the industrial components in silver plus the precious metals have to do with the Fed and the Fed policy. Silver could I think today it was a big reversal breakout.
(21:46) Um I then we just did a call last week uh with Ed Senturia, which I thought one of the top family office minds in uranium. Absolutely brilliant guy. And I recommend anybody that wants a review of that call, info@thebeartrapsreport.com. But what we went through with institutional clients on this call was mind-blowing around that supply dynamic versus demand in 2027 28.
(22:19) And the contract buyers, right, are starting to The contract buyers in the uranium side, which are the big utilities, they've been kind of dealing from strength for a long time because they've always had excess supply. Now, there just isn't enough uranium for all these data centers. So, the SRUUF we've actually been lightening uh taking down our Cameco and our URNM and our NUKEZ.
(22:44) And we've been buying SRUUF. I'd rather own the uranium commodity right here because a lot of the equities um and some of which, by the way, have very You got to be very careful with uranium equities. The management teams of some of them are very suspect. Um you know, we like the Denison team. Uh the next gen team has great assets.
(23:05) I'm not crazy about the management team. Yes, so the bottom line is I'm seeing institutional investors taking down their exposure to uranium equities and buying the uranium commodity. Interesting. All right, going back to gold and gold mining with the backdrop that we've been discussing here for the last 23 minutes.
(23:26) The gold and gold mining sentiment are now near historic lows. They were historic highs in January when gold was near 5600. GDX and GDXJ had flown up to highs for this period not seen in a while, but there's been an absolute extreme sentiment washout over the last couple of months. Um, really since the day that Trump announced that he sent that Armada over to the Persian Gulf.
(23:55) Is this precisely the environment, you know, considering the central banks needing, considering the fact that supply is stable as can be for the last 15 years for gold and silver to be honest with you and there's really been no major new discoveries over the last several decades. There's no new major supply coming online anytime soon to change the supply dynamic.
(24:20) But the demand dynamic is red hot and strong. And so is this precisely the environment with the very low sentiment where all that speculative froth has been completely wrung out. Is this the contrarian setup an opportunity to position for the next leg higher? Okay. So, this is a high beta asset, gold and silver miners, right? Precious metals.
(24:44) And what all that means is it moves much more violently than the market, especially when always remember when you're trading gold and silver equities in the mining space because they're all tied to gold and silver, especially gold. It's very much like trading silver futures. And all that means in simple terms is rate cut expectations.
(25:09) So, what happened is last year we had all this new, you know, like you said, great valuations in the precious metal space. We had a big rotation out of financial assets and into hard assets across all kinds of metals. Wasn't just gold and silver, it was copper. But rate cut expectations because, you know, Trump's going to bring in this new Fed governor and Powell's on the way out and the labor market showed some weakness.
(25:38) So, rate cut expectations violently expanded, okay? And so, historically, that is phenomenal for gold and silver. And that's what happened. So, just between November to January 28th, there was this vicious move because the market's starting to price in okay, rate cuts for a whole bunch of different complicated reasons which we can get into.
(26:00) That brought in a lot of tourists. So, to your point, Gary, the tourists are like you're sitting at the poker table. It's like some big players, little players, whatever it is. And one guy puts a huge raise in. And that just crushes the weak hands. Everyone folds, right? Same thing which has happened.
(26:19) What happened here is when Trump did this in the Middle East, the oil and inflation expectations moves that you went from like rate cut expectations. This is Gary, you won't see this in your life, maybe once or twice. You may have went back to the '80s to go from like three rate potentially cuts over the next 12 to 18 months to potentially hikes.
(26:45) Look at the Bank of England. It's supposed to be three hikes over there. All right. So, you've gone from like these wacky shift and then all of a sudden this inflation coming from oil and gas. Gas is up a Just look at the BCOM index versus CPI. So, the last time BCOM, the Bloomberg Commodity Index, moved like this, CPI exploded higher.
(27:07) So the Markets are speaking. So, people are thinking, "Oh my god, inflation's going to explode the second half because of all these second, third order effects." And you know what happens? The recency bias for precious metals. And that's why it's a like what you're alluding to this is a phenomenal buying opportunity cuz the fundamentals are still there.
(27:24) But, what happened is everybody at the poker table, all those weak hands, all those tourists, the heavy set guy with the Hawaiian shirt and the camera, right? All these new people that came into gold and silver in the fourth quarter and in January and February, they got flushed out, okay? Because of rate hike expectations.
(27:45) Now, we're moving into this potential inflation, but we have a new Fed governor who's going to come up with reasons to cut rates. This move in oil and gas that's crushing Home Depot, that's crushing the restaurants right now, that's crushing Darden. Look at Darden versus the S&P, the biggest restaurant chain in America.
(28:05) This is going to create increasing recession risk. The Fed's going to basically be forced to cut into sticky inflation. Screaming buy for the gold and silver miners for gold and silver. And trade alerts in the last several weeks. We bought the GDX and we bought the SLV. We started getting back into some of the positions that we lightened in January, February. Wonderful.
(28:30) I appreciate you laying that out the way you did. We don't have time to go into this today. I did want to but we don't have the time, but I do want to dive in next time a little bit deeper with you about the Fed, about Warsh, about that whole situation with our debt load, and if our budget could handle the higher yields that we're at right now considering all the debt that we've got.
(28:54) But with that being the case, you know, there's been a lot of chatter, especially coming from Scott Bessent. He's on the record as saying that he sees a global economic reordering and he wants to be a part of it. Many believe that we're in the middle of a global reordering of the financial system. The number one export of the United States over the last 5 months has been gold.
(29:16) Non-monetary gold has been leaving here and going to Switzerland or China with the ultimate destination being China. Are we undergoing or in the middle of a monetary system reordering right now? And do you expect gold to literally be at the center of it in some way, shape or form? Well, just think of Tether, right? So, I sat down at a private meeting with the Tether founders a couple months ago and the amount of their assets under management, Tether and Circle, have gone from like 150 billion to maybe 300 billion, right? And
(29:47) so, they own gold in a part and they own in Switzerland. Plus, they have another gold-backed stablecoin. And so, they got the Tether and then they have the gold-backed stablecoin. All that's in Switzerland. Tether's buying like a jaw-dropping amount of gold, right? I think they're at 5 tons.
(30:10) Yeah, and it's all Exactly, and it's all So, that's part of why those gold exports cuz he explained me in really great detail. It's all going to Switzerland, right? And so, yeah. So, the bottom line is you've got a true trillion of CapEx coming from the data centers and artificial intelligence.
(30:33) You've got near full employment. So, you have a lot of tax receipts, a lot of tax refunds coming in, a lot of juice. Uh and then you have 1.9 trillion dollar deficit, you know, versus the normal deficit the last 10 15 years would be like 400 billion to maybe 800 billion.
(30:55) I guess we started going over a trillion back, you know, with Trump and then Biden got even worse, right? So there's just too much fiscal juice coming in, monetary juice with potential cuts. And mark my words, the one thing Gary to take away from this and we're happy to do a follow up with you. The biggest thing this week is that the scent and warsh, the Fed and Treasury, they're not hiding anything anymore.
(31:26) They've alluded Look at the tweets from Joseph Wang. I'm looking at the conversation they're having with people behind. They are coordinating this thing. They're forcing the banks That's why, like I said, JP Morgan's taking their Treasury holdings. They had money at the Federal Reserve. They said, "Listen, there's no more stigma.
(31:45) We want you to take down your reserves and own more Treasuries." And so they're doing all these things to support the bond market because they know they have to cut rates. So in other words, they're taking down the supply because they're forcing the banks to own more Treasuries because they might try to cut the balance sheet down a little bit.
(32:03) But the bottom line is this is a phenomenal setup. And look at the dollar. The biggest thing this week is the dollar Typically, if you risk off because of a war, the dollar should have gone up way above the 200 week moving average. You know, the dollar barely could get a rally and that's because of this financial repression.
(32:25) They want to massage interest rates below the rate of inflation. They want to inflate their way out of the debt. And that's what you're getting into. It's like a new world order. It's almost a form of yield curve control in a way. It's like literally if you had a playbook and this is like percent and worse.
(32:44) They know what's coming down the road. This is the first thing you would do before yield curve control. Absolutely. >> So bearish dollar bullish hard assets. 100%. Well, this has been an incredible discussion with Larry McDonald. Before we wrap up our final question here, I want to direct everyone who's interested in the metals and mining sector to dive into our substack at metalsandminers.substack.com.
(33:07) When you join the quickly growing community, you're going to receive a free report. It's titled if you don't own gold, you know neither history nor economics. That's a famous quote by investing legend Ray Dalio and that's the name of the report you'll receive. I'm positive you've been enjoying the conversation Larry and I have been having. Please let them know.
(33:25) Hit the like and subscribe button and leave a comment below the video. All right, Larry, we're going to wrap up here. Would you please share a key takeaway that you want the viewers to keep in mind? Tell us about your book and then let everybody know where they can learn all about your work, how they could find the Bear Traps Report, etc.
(33:42) Well, you know, listen, I'm kind of I'm not retired, but the Bear Traps Report is really kind of democratizing information. And I'm doing this for a quality of life. You know, I spent a lot of years at the big banks. And we worked with the biggest institutional investors in the world and we wanted to democratize information for a broad audience of family offices, financial advisors.
(34:08) Our clients are mainly financial advisors, family offices, high net worth individuals, pension funds, hedge funds, and mutual funds. info@thebeartrapsreport.com And I would just say the biggest like they say the biggest couple of takeaways in the market is watch the coordination between the Fed and the Treasury. Um watch them come up with you know, watch them try to justify ways to cut rates even though we're going to have a bounce in inflation, which no Fed would ever do that in the last like 20 years. And so that's how you get There's
(34:43) only one way out of a $39 trillion debt hole. One way. Massage interest rates below the rate of inflation and inflate your way out. You know, other than that, you have to default. It's like a soft default and that's what they want to do. Amazing. All right. Well, Larry, thank you for coming on to Metals and Miners once again.
(35:03) You've been so generous with your time, analysis, and ideas and we really appreciate it. It's always wonderful to spend the time with you. I look forward to having you back on sometime soon. Everybody else who's tuning in, thanks for watching. Thanks, Gary. [music]