In short: Added silver-miner exposure with GDX on the broader precious-metals add after the sharp gold selloff.
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In short: Part of the gold/silver miner basket he sold in January and started buying back in this washout.
SIL holds silver-mining companies (rather than the metal itself). It's part of the same gold/silver miner basket he sold in January and started rebuying in this washout.
He frames the drop as the "tourists" and "weak hands" — short-term, unserious buyers — getting flushed out, while serious investors step in to buy the dip.
26:34We started buying it back in this pullback. And we actually bought some for the first time — we bought some Bitcoin. — Whoa, okay, wait. Time out. The first time ever buying Bitcoin. — First time ever. Talk to me about that. — Couple things. The thinking around that is the Bitcoin-to-gold ratio was 38, in the high 30s, and it recently hit 13.
In short: Still long; gold/silver ratio ~68 has room to the low-60s/high-50s in a real commodity bull.
SIL is a basket of silver-mining stocks. He's still long. He watches the gold-to-silver ratio (how many ounces of silver one ounce of gold buys) — it's around 68, and in a real commodity bull market it tends to fall toward the high-50s/low-60s, meaning silver outruns gold. That leaves room for silver miners to keep rising.
24:45How crazy has gold been this year? $4,300 spot and silver $63. Last time we told you the gold-to-silver ratio was in the high 80s, and that in a commodity bull market it should move to the low 60s, maybe high 50s. Right now we're down to about 68. So it's got a ways to go. We still love silver. We're still long the SIL, still long the GDX in our core portfolio — long for three, four years now. We've taken some down, but I'd rather rotate into some of the natural gas and energy stocks.
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