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Ted Oakley, Founder and Managing Partner at Oxbow Advisors, returns to Kitco News to discuss what he calls the market's "sobering up" phase. With jobless claims hitting winter highs and major tech stocks surrendering value, Oakley argues that we are witnessing a fundamental "changing of the guard." He explains why he believes the AI boom has turned "cash generating machines into capital investment machines," leveraging balance sheets to dangerous levels. Oakley breaks down the "bifurcated situation" where Wall Street bonuses hit records while the average consumer "can't borrow any more money." He details his strategy for navigating the "second year of a presidential term"—historically the most volatile—and explains why he reduced his positions in gold and silver during the recent rally. Oakley also shares where he is finding yield today, favoring sectors like natural gas pipelines and big pharma over the S&P 500. Recorded February 5 2026. Follow Jeremy Szafron on X: @JeremySzafron (https://twitter.com/JeremySzafron)  Follow Kitco News on X: @KitcoNewsNOW (https://twitter.com/kitconewsnow)  Follow Ted Oakley on X: @Oxbow_Advisors (https://twitter.com/Oxbow_Advisors) Timestamps:  00:00 Introduction and Market Overview  00:54 Guest Introduction: Ted Oakley  01:19 Market Valuations and Economic Reality  04:55 AI Investments and Market Skepticism  07:04 Volatility in Tech and Defensive Assets  09:30 Investment Strategies and Market Predictions  11:00 Metals Market Analysis  16:23 Cash Position and Inflation Concerns  17:48 Private Credit and Equity Concerns  18:59 Energy Investment Insights  21:24 Natural Gas and Pipeline Opportunities  23:22 Federal Reserve and Interest Rates  24:35 Global Economic Stress Factors  26:04 Investment Strategies for Volatile Markets  30:25 Advice for Young Investors  33:33 Market Predictions for 2026 #KitcoNews #TedOakley #StockMarket #Investing #Gold #Silver #Economy #Recession #Fed #WealthManagement __________________________________________________________________ Like, share, and subscribe to Kitco News—and turn on alerts to stay current with expert interviews, market insights, and breaking news coverage.  FOLLOW US:   X: https://x.com/kitconewsnow   Instagram: https://www.instagram.com/kitconews   Facebook: https://www.facebook.com/KitcoNews   LinkedIn: https://www.linkedin.com/company/kitconews Listen to the PODCAST on 🎧 Spotify: https://open.spotify.com/show/1My4WgtF0ZhUnxkxDLoJof 🎧 Apple Podcasts: https://podcasts.apple.com/us/podcast/kitco-news/id1842889233 🎧 All podcast episodes available here → https://kitconews.buzzsprout.com Visit: https://Kitco.com/ for live gold, silver, and crypto prices, the latest mining news, and macroeconomic insights.   Live gold price and chart: https://www.kitco.com/charts/gold Live silver price and chart: https://www.kitco.com/charts/silver Live crypto market data: https://www.kitco.com/price/crypto Learn more about Kitco News: https://www.kitco.com/news/about/  For more information on advertising, sponsorship and marketing promotions – please visit our online media kit at: https://www.kitco.com/advertising   Disclaimer: The videos are not intended to provide trading advice, and the views expressed do not necessarily reflect those of Kitco Metals Inc. Kitco News, its anchors, producers, and reporters are not responsible in any way for the performance or actions of any sponsor, advertiser or affiliate of Kitco News. In no event will Kitco and its employees be held liable for any indirect, special, incidental, or consequential damages arising out of the use of the content in this video.

Spot silver witnessed a massive liquidation event today, plunging double-digits and testing critical structural support in the low $70s. In this exclusive technical breakdown, Gary Wagner, Editor of The Gold Forecast, joins Jeremy Szafron to analyze the damage. Wagner identifies the $71 level as the "line in the sand" that must hold to keep the bull trend alive. He explains the massive divergence between silver’s volatility and gold’s relative strength, describing silver as "a candle that burns twice as bright but burns half as long." Despite the carnage, Wagner maintains his bullish outlook, updating his year-end gold price target to a potential $6,000. Recorded on February 5, 2026 Key Topics Discussed: -The Silver Liquidation: Did the drop to $72.18 break the market structure? -Technical Damage Report: Analyzing the "Bearish Engulfing" candles and the long lower wicks. -Gold vs. Silver: Why Gold held the $4,800 range while Silver collapsed. -The Forecast: Wagner’s updated price targets for late 2026. -The Dollar: Analyzing the DXY breakdown to 95 and what it signals for metals. Timestamps:  00:00 Introduction and Market Overview  01:19 Spot Silver Analysis  01:54 Fundamental and Technical Factors  11:26 Gold Market Insights  18:15 Dollar Index and Market Sentiment  20:49 Conclusion and Final Thoughts #Gold #Silver #Investing #GaryWagner #KitcoNews #TechnicalAnalysis #Commodities #Wealth __________________________________________________________________ Like, share, and subscribe to Kitco News—and turn on alerts to stay current with expert interviews, market insights, and breaking news coverage.  FOLLOW US:   X: https://x.com/kitconewsnow   Instagram: https://www.instagram.com/kitconews   Facebook: https://www.facebook.com/KitcoNews   LinkedIn: https://www.linkedin.com/company/kitconews Visit: https://Kitco.com/ for live gold, silver, and crypto prices, the latest mining news, and macroeconomic insights.   Live gold price and chart: https://www.kitco.com/charts/gold Live silver price and chart: https://www.kitco.com/charts/silver Live crypto market data: https://www.kitco.com/price/crypto Learn more about Kitco News: https://www.kitco.com/news/about/  For more information on advertising, sponsorship and marketing promotions – please visit our online media kit at: https://www.kitco.com/advertising   Disclaimer: The videos are not intended to provide trading advice, and the views expressed do not necessarily reflect those of Kitco Metals Inc. Kitco News, its anchors, producers, and reporters are not responsible in any way for the performance or actions of any sponsor, advertiser or affiliate of Kitco News. In no event will Kitco and its employees be held liable for any indirect, special, incidental, or consequential damages arising out of the use of the content in this video.

The market is repricing risk as capital rotates from the "Paper Economy" of tech stocks into the "Managed Economy" of strategic hard assets. In this episode of Kitco News, Anchor Jeremy Szafron is joined by Joe Cavatoni, Market Strategist for the World Gold Council, to break down the massive discrepancy in central bank gold buying data. While official IMF data reports approximately 326 tonnes of net buying for 2025, Cavatoni reveals that the "true" demand—including unreported OTC flows—is tracking closer to 680 tonnes. They discuss why sovereigns are "going dark" with their accumulation, the implications of the "Project Vault" price floors for critical minerals like Silver, and why the "violent" 30% melt-up in January was a bigger danger signal than the recent correction. Recorded: February 4th 2026. Follow Jeremy Szafron on X: @JeremySzafron (https://twitter.com/JeremySzafron)  Follow Kitco News on X: @KitcoNewsNOW (https://twitter.com/kitconewsnow)  Follow Joe Cavatoni on X: @JCavatoni_WGC (https://twitter.com/JCavatoni_WGC) CHAPTERS:  00:00 Introduction and Market Overview  00:08 Technology Trade Unwinds: The Rotation from AI to Hard Assets  00:29 Project Vault and Government Policy: The "Managed Economy"  01:49 Market Response and Gold Performance (Intraday Volatility)  02:07 Interview with Joe Cavatoni: Gold Market Insights  02:54 Central Bank Gold Buying Trends: The "Unreported" 350 Tonnes  06:04 Gold Market Volatility and Investor Behavior: The "Air Pocket" Rally  09:38 Silver as a Strategic Asset: Critical Mineral Risks  12:24 Central Bank Reserve Strategies: Uzbekistan & Price Insensitivity  15:52 Macro Drivers and Gold Allocation: The Tech Rotation  22:44 Conclusion and Key Takeaways #Gold #Silver #CentralBanks #Economy #Investing #KitcoNews #ProjectVault #WGC __________________________________________________________________ Like, share, and subscribe to Kitco News—and turn on alerts to stay current with expert interviews, market insights, and breaking news coverage.  FOLLOW US:   X: https://x.com/kitconewsnow   Instagram: https://www.instagram.com/kitconews   Facebook: https://www.facebook.com/KitcoNews   LinkedIn: https://www.linkedin.com/company/kitconews Listen to the PODCAST on 🎧 Spotify: https://open.spotify.com/show/1My4WgtF0ZhUnxkxDLoJof 🎧 Apple Podcasts: https://podcasts.apple.com/us/podcast/kitco-news/id1842889233 🎧 All podcast episodes available here → https://kitconews.buzzsprout.com Visit: https://Kitco.com/ for live gold, silver, and crypto prices, the latest mining news, and macroeconomic insights.   Live gold price and chart: https://www.kitco.com/charts/gold Live silver price and chart: https://www.kitco.com/charts/silver Live crypto market data: https://www.kitco.com/price/crypto Learn more about Kitco News: https://www.kitco.com/news/about/  For more information on advertising, sponsorship and marketing promotions – please visit our online media kit at: https://www.kitco.com/advertising   Disclaimer: The videos are not intended to provide trading advice, and the views expressed do not necessarily reflect those of Kitco Metals Inc. Kitco News, its anchors, producers, and reporters are not responsible in any way for the performance or actions of any sponsor, advertiser or affiliate of Kitco News. In no event will Kitco and its employees be held liable for any indirect, special, incidental, or consequential damages arising out of the use of the content in this video.

Bitcoin is struggling to find a firm floor after a sharp pullback that has pushed prices back into the $75,000 to $78,000 range and shifted sentiment toward extreme fear. While some traders warn the move could signal a deeper breakdown, Randi Hipper, also known as  @MissTeenCrypto , says the volatility fits Bitcoin’s historical pattern and does not change its long-term outlook. Speaking with Kitco News, Hipper described the selloff as typical for Bitcoin and framed the asset as a generational investment rather than a short-term trade. “Overall, it’s a roadmap to $1 million Bitcoin,” she said, adding, “I believe this is just creating a nice firm foundation for Bitcoin.” Hipper also pointed to Bitcoin’s finite supply and its independence from centralized governments as key strengths at a time when confidence in fiat currencies is under pressure. She said younger investors are being squeezed by inflation and limited opportunity, pushing Gen Z to look beyond traditional finance for assets that offer access, neutrality, and long-term financial resilience. Recorded February 3, 2026. 00:33 - Interview With Miss Teen Crypto Randi Hipper 01:21 - Bitcoin Price Action, Volatility, and Long-Term Outlook 04:15 - Ethereum, Altcoins, and Institutional Market Shifts 05:22 - Tokenization, DeFi, and the Future of Crypto Infrastructure 08:46 - Crypto Regulation, Stablecoins, and the Genius Act 12:06 - Final Thoughts on Bitcoin, Risk, and Long-Term Conviction Special thanks to our sponsor, Swan Bitcoin, the real Bitcoin company, for making this coverage possible 👉 To learn more, get started at https://swan.com/kitco Follow Jeremy Szafron on X: @JeremySzafron (https://x.com/JeremySzafron) Follow Kitco News on X: @KitcoNewsNOW (https://x.com/KitcoNewsNOW) Follow Randi Hipper on X: @missteencrypto (https://x.com/missteencrypto) #Bitcoin #Crypto #BitcoinPrice #BitcoinVolatility #DigitalAssets __________________________________________________________________ FOLLOW US:   X: https://x.com/kitconewsnow   Instagram: https://www.instagram.com/kitconews   Facebook: https://www.facebook.com/KitcoNews   LinkedIn: https://www.linkedin.com/company/kitconews Listen to the PODCAST on 🎧 Spotify: https://open.spotify.com/show/1My4WgtF0ZhUnxkxDLoJof 🎧 Apple Podcasts: https://podcasts.apple.com/us/podcast/kitco-news/id1842889233 🎧 All podcast episodes available here → https://kitconews.buzzsprout.com Visit: https://Kitco.com/ for live gold, silver, and crypto prices, the latest mining news, and macroeconomic insights.   Live gold price and chart: https://www.kitco.com/charts/gold Live silver price and chart: https://www.kitco.com/charts/silver Live crypto market data: https://www.kitco.com/price/crypto Learn more about Kitco News: https://www.kitco.com/news/about/  For more information on advertising, sponsorship and marketing promotions – please visit our online media kit at: https://www.kitco.com/advertising   Disclaimer: The videos are not intended to provide trading advice, and the views expressed do not necessarily reflect those of Kitco Metals Inc. Kitco News, its anchors, producers, and reporters are not responsible in any way for the performance or actions of any sponsor, advertiser or affiliate of Kitco News. In no event will Kitco and its employees be held liable for any indirect, special, incidental, or consequential damages arising out of the use of the content in this video.

Gold and silver just suffered their first major volatility shock of the year, with gold swinging nearly $500 in a single session and silver whipsawing violently. While some see a breakdown, Danielle DiMartino Booth says the move looks less like a top and more like a liquidity flush clearing leverage from the system. Speaking with Kitco News, the CEO and Chief Strategist of QI Research said markets that move parabolically “need healthy breathers,” warning that margin calls can spread quickly as stress rises across equities, credit, and commodities. She said the turbulence is coinciding with renewed credit stress, noting “we’re certainly seeing a resumption of the bankruptcy cycle,” with private credit emerging as a key fault line. Booth also pushed back on the Fed’s stabilizing narrative, arguing Chair Powell is “leaning disproportionately on the unemployment rate” even as layoffs rise and financial conditions tighten beneath the surface. Recorded January 29, 2026. 00:35 - Fed Policy, Market Volatility, and Liquidity Stress 01:24 - Danielle DiMartino Booth on Credit and Market Fragility 01:41 - Gold’s Volatility and a Liquidity Flush, Not a Top 04:22 - Labor Market Signals vs Corporate Layoffs 05:39 - Consumer Strain and Buy Now Pay Later for Essentials 06:28 - Banking Sector Stress and Credit Risk Beneath the Surface 08:42 - Regulation, Treasury Issuance, and Bond Market Stability 11:13 - Final Thoughts on Volatility, Risk, and Market Sentiment Follow Jeremy Szafron on X: @JeremySzafron (https://x.com/JeremySzafron) Follow Kitco News on X: @KitcoNewsNOW (https://x.com/KitcoNewsNOW) Follow Danielle DiMartino Booth on X: @DiMartinoBooth (https://x.com/DiMartinoBooth) #FederalReserve #Recession #Gold #CreditCrisis Like, share, and subscribe to Kitco News—and turn on alerts to stay current with expert interviews, market insights, and breaking news coverage.  FOLLOW US:   X: https://x.com/kitconewsnow   Instagram: https://www.instagram.com/kitconews   Facebook: https://www.facebook.com/KitcoNews   LinkedIn: https://www.linkedin.com/company/kitconews Visit: https://Kitco.com/ for live gold, silver, and crypto prices, the latest mining news, and macroeconomic insights.   Live gold price and chart: https://www.kitco.com/charts/gold Live silver price and chart: https://www.kitco.com/charts/silver Live crypto market data: https://www.kitco.com/price/crypto Learn more about Kitco News: https://www.kitco.com/news/about/  For more information on advertising, sponsorship and marketing promotions – please visit our online media kit at: https://www.kitco.com/advertising   Disclaimer:   The videos are not intended to provide trading advice, and the views expressed do not necessarily reflect those of Kitco Metals Inc. Kitco News, its anchors, producers, and reporters are not responsible in any way for the performance or actions of any sponsor, advertiser or affiliate of Kitco News. In no event will Kitco and its employees be held liable for any indirect, special, incidental, or consequential damages arising out of the use of the content in this video. Disclaimer: The videos are not intended to provide trading advice, and the views expressed do not necessarily reflect those of Kitco Metals Inc. Kitco News, its anchors, producers, and reporters are not responsible in any way for the performance or actions of any sponsor, advertiser or affiliate of Kitco News. In no event will Kitco and its employees be held liable for any indirect, special, incidental, or consequential damages arising out of the use of the content in this video.

Gold is at a new record level, and silver has seen extreme intraday moves, forcing a long-standing question back to the surface for mining investors. Speaking with Kitco News at VRIC 2026 in Vancouver, Ross Beaty and Bob Quartermain discuss whether this price action can finally drive a sustained rerating across mining equities or repeat a familiar cycle where metals surge and miners lag. Beaty, Chairman of Equinox Gold, draws a clear distinction between gold and silver. He calls the silver market “very frothy, very bubbly,” and “overblown” in a market that is “about 10% the size of the gold market,” where small capital flows can drive outsized swings. By contrast, he says gold is being driven by “this giant move of money from treasuries, US dollars into an alternative source of money, which is gold,” supported by central bank demand rather than short-term speculation. Both speakers stress cycle awareness. Beaty says the sector is “in the sun right now,” but warns that bull markets can turn abruptly and painfully if companies are unprepared. Quartermain adds that higher prices are reopening the financing window for juniors and developers, but building mines remains a long, capital-intensive process that requires discipline through both good times and bad. The panel also discusses jurisdictional risk, the return of a Canada premium, and why new mine supply takes years to materialize in a sector constrained by permitting timelines and long project cycles. Recorded January 26, 2026. Follow Jeremy Szafron on X: @JeremySzafron (https://x.com/JeremySzafron)  Follow Kitco News on X: @KitcoNewsNOW (https://x.com/KitcoNewsNOW)  Follow Equinox Gold on X: @EquinoxGoldCorp (https://x.com/EquinoxGoldCorp) Follow Dakota Gold on X: @DakotaGoldCorp (https://x.com/DakotaGoldCorp) Special thanks to our sponsor, Discovery Silver. Visit https://discoverysilver.com/ to learn more about the company, its latest news, and investor materials. 01:05 - Current Market Dynamics in Gold and Silver 03:02 - What Record Prices Mean for Mining Companies 07:11 - Jurisdictional Risk and Where to Build Mines 12:37 - Long-Term Planning and Market Cycles 14:06 - Cash Flow, Debt Reduction, and Capital Discipline 16:09 - Navigating the Bull Market as an Investor 16:43 - Why Mining Is a Cyclical Business 18:08 - Poland Copper Project and Long-Term Development 20:00 - AI, Copper Demand, and Resource Nationalism 22:55 - Canada’s Mining Landscape and Government Support 25:14 - Philanthropy, Communities, and Legacy in Mining 28:39 - Advice for Junior Miners and Industry Lessons 30:10 - Final Thoughts on This Cycle and What Comes Next #Gold #Silver #Mining #Copper #PreciousMetals #MiningStocks #ResourceInvesting #KitcoNews __________________________________________________________________ FOLLOW US:   X: https://x.com/kitconewsnow   Instagram: https://www.instagram.com/kitconews   Facebook: https://www.facebook.com/KitcoNews   LinkedIn: https://www.linkedin.com/company/kitconews Learn more about Kitco News: https://www.kitco.com/news/about/  For more information on advertising, sponsorship and marketing promotions – please visit our online media kit at: https://www.kitco.com/advertising   Disclaimer: The videos are not intended to provide trading advice, and the views expressed do not necessarily reflect those of Kitco Metals Inc. Kitco News, its anchors, producers, and reporters are not responsible in any way for the performance or actions of any sponsor, advertiser or affiliate of Kitco News. In no event will Kitco and its employees be held liable for any indirect, special, incidental, or consequential damages arising out of the use of the content in this video.

Gold and silver are not just hitting records, Robert Kiyosaki says they’re revealing a deeper shift in how money, debt, and trust are being repriced. Speaking with Kitco News at VRIC 2026, the Rich Dad Poor Dad author weighed in as gold trades above $5,000 and silver holds triple digits. Kiyosaki argued that silver’s move reflects structural pressure, not speculation, calling it “the information age’s metal” and the backbone of modern technology as AI demand accelerates. He warned that silver supply is constrained and difficult to expand, adding, “You can’t find it. That’s the big news.” Kiyosaki also pointed to the significance of gold and silver rising together, saying that historically this alignment signals stress in fiat systems as capital moves toward hard assets. He highlighted silver’s growing strategic importance, noting its role in technology and defense at a time when governments are reassessing critical materials. Addressing rumors that he sold his silver to buy Bitcoin, Kiyosaki said he has not sold any silver and rejected the idea of trading hard assets for paper money, which he described as “toilet paper.” Recorded January 26, 2026. Special thanks to our sponsor, Discovery Silver. Visit https://discoverysilver.com/ to learn more about the company, its latest news, and investor materials. Follow Jeremy Szafron on X: @JeremySzafron (https://x.com/JeremySzafron)  Follow Kitco News on X: @KitcoNewsNOW (https://x.com/KitcoNewsNOW)  Follow Robert Kiyosaki on X: @theRealKiyosaki (https://x.com/theRealKiyosaki) 01:16 - Why Silver Matters in the Information Age 03:05 - Debt, Fiat Currency, and Global Economic Stress 06:10 - Did Robert Kiyosaki Sell His Silver? 08:15 - AI, Technology, and Economic Disruption 09:23 - Why Kiyosaki Favors Stable Money Over Fiat 10:33 - Marxism, Central Banks, and Monetary Control 12:23 - Vietnam, Veterans, and Lessons From History 14:45 - Why Capital Is Shifting Toward Hard Assets 16:49 - Mining, Capitalism, and Investing in Real Assets 19:34 - Final Thoughts and Book Recommendations #Gold #Silver #PreciousMetals #FiatCurrency #SilverSupply #HardAssets #Mining #MarketCycles #RobertKiyosaki __________________________________________________________________ FOLLOW US:   X: https://x.com/kitconewsnow   Instagram: https://www.instagram.com/kitconews   Facebook: https://www.facebook.com/KitcoNews   LinkedIn: https://www.linkedin.com/company/kitconews Listen to the PODCAST on 🎧 Spotify: https://open.spotify.com/show/1My4WgtF0ZhUnxkxDLoJof 🎧 Apple Podcasts: https://podcasts.apple.com/us/podcast/kitco-news/id1842889233 🎧 All podcast episodes available here → https://kitconews.buzzsprout.com Visit: https://Kitco.com/ for live gold, silver, and crypto prices, the latest mining news, and macroeconomic insights.   Live gold price and chart: https://www.kitco.com/charts/gold Live silver price and chart: https://www.kitco.com/charts/silver Live crypto market data: https://www.kitco.com/price/crypto Learn more about Kitco News: https://www.kitco.com/news/about/  For more information on advertising, sponsorship and marketing promotions – please visit our online media kit at: https://www.kitco.com/advertising   Disclaimer: The videos are not intended to provide trading advice, and the views expressed do not necessarily reflect those of Kitco Metals Inc. Kitco News, its anchors, producers, and reporters are not responsible in any way for the performance or actions of any sponsor, advertiser or affiliate of Kitco News. In no event will Kitco and its employees be held liable for any indirect, special, incidental, or consequential damages arising out of the use of the content in this video.

Silver and gold are no longer flirting with historic levels. They are holding them. And Keith Neumeyer says that matters far more than the numbers on the screen. Speaking with Kitco News at VRIC 2026 in Vancouver, the First Majestic Silver CEO says the market has crossed into “a new pricing paradigm,” after decades shaped by paper-driven trading. He argues the shift is being driven by physical tightness and demand that are now overpowering traditional paper pricing. Neumeyer points to years of underinvestment and flatlined mine supply. For the first time in his career, he says, “the physical market is actually taking over the paper market.” He adds that big institutional money remains on the sidelines, while permitting timelines and massive capital requirements limit how quickly new supply can respond. Recorded January 26, 2026. Special thanks to our sponsor, Discovery Silver. Visit https://discoverysilver.com/ to learn more about the company, its latest news, and investor materials. 00:58 - Silver and Gold Hold New Levels 01:49 - Mining Constraints and Supply Pressures 03:00 - First Majestic Strategy in a High-Price Market 04:48 - Mint Operations and Supply Chain Issues 07:38 - Permitting, Governments, and Jurisdiction Risk 10:38 - Why Institutions Still Avoid Mining Stocks 11:51 - First Mining Gold and Long-Term Development 17:57 - Final Thoughts on Silver and Mining Cycles Follow Jeremy Szafron on X: @JeremySzafron (https://x.com/JeremySzafron)  Follow Kitco News on X: @KitcoNewsNOW (https://x.com/KitcoNewsNOW)  Follow Keith Neumeyer on X: @keith_neumeyer (https://x.com/keith_neumeyer) #Silver #MiningStocks #KeithNeumeyer #FirstMajestic #Gold #MergersAndAcquisitions #KitcoNews __________________________________________________________________ FOLLOW US:   X: https://x.com/kitconewsnow   Instagram: https://www.instagram.com/kitconews   Facebook: https://www.facebook.com/KitcoNews   LinkedIn: https://www.linkedin.com/company/kitconews Listen to the PODCAST on 🎧 Spotify: https://open.spotify.com/show/1My4WgtF0ZhUnxkxDLoJof 🎧 Apple Podcasts: https://podcasts.apple.com/us/podcast/kitco-news/id1842889233 🎧 All podcast episodes available here → https://kitconews.buzzsprout.com Visit: https://Kitco.com/ for live gold, silver, and crypto prices, the latest mining news, and macroeconomic insights.   Live gold price and chart: https://www.kitco.com/charts/gold Live silver price and chart: https://www.kitco.com/charts/silver Live crypto market data: https://www.kitco.com/price/crypto Learn more about Kitco News: https://www.kitco.com/news/about/  For more information on advertising, sponsorship and marketing promotions – please visit our online media kit at: https://www.kitco.com/advertising   Disclaimer:   The videos are not intended to provide trading advice, and the views expressed do not necessarily reflect those of Kitco Metals Inc. Kitco News, its anchors, producers, and reporters are not responsible in any way for the performance or actions of any sponsor, advertiser or affiliate of Kitco News. In no event will Kitco and its employees be held liable for any indirect, special, incidental, or consequential damages arising out of the use of the content in this video. Disclaimer: The videos are not intended to provide trading advice, and the views expressed do not necessarily reflect those of Kitco Metals Inc. Kitco News, its anchors, producers, and reporters are not responsible in any way for the performance or actions of any sponsor, advertiser or affiliate of Kitco News. In no event will Kitco and its employees be held liable for any indirect, special, incidental, or consequential damages arising out of the use of the content in this video.

Gold has surged to new highs while Bitcoin has pulled back, and Mark Moss says the divergence is not a contradiction. It is the signal. Speaking with Kitco News at VRIC 2026 in Vancouver, Moss, host of The Mark Moss Show and Partner at the Bitcoin Opportunity Fund, challenges the idea that gold’s rally is simply an inflation or debasement trade. He points out that “from 2020 to 2024, the gold price didn’t go anywhere at all,” despite unprecedented money printing, asking, “if it’s really about inflation, and if it’s really about debasement, then why didn’t it move off of that?” Moss says the move reflects a deeper shift. Central banks continue accumulating gold, while individuals increasingly turn to Bitcoin. When Bitcoin is priced in gold, he said, “you see a different picture,” adding, “we don’t know bottoms or tops until we look backwards, but we know when it’s cheap.” He also warns that banks are resisting yield-bearing stablecoins because “they don’t want stablecoins that can pay a yield,” highlighting growing pressure on the traditional banking system. Recorded January 25, 2026. Follow Jeremy Szafron on X: @JeremySzafron (https://x.com/JeremySzafron) Follow Kitco News on X: @KitcoNewsNOW (https://x.com/KitcoNewsNOW) Follow Mark Moss on X: @1MarkMoss (https://x.com/1MarkMoss) Special thanks to our sponsor, Discovery Silver. Visit https://discoverysilver.com/ to learn more about the company, its latest news, and investor materials. 00:36 - Mark Moss origin story: from gold bug to Bitcoin 01:41 - Gold vs Bitcoin: why they don’t move together 04:28 - Trust breaks down: why gold is surging now 05:49 - Bitcoin cycles: what the 4-year pattern signals 09:12 - Stablecoins vs banks: the yield battle 14:05 - Bitcoin strategic reserves: political headwinds 15:04 - MicroStrategy: 709,000 BTC and the “NAV” debate 16:23 - Bitcoin priced in gold: “You see a different picture.” 17:22 - Three investor archetypes: stack, hedge, or trade 18:45 - Momentum vs fundamentals in gold and Bitcoin 21:22 - Regulation tailwinds: GENIUS, CLARITY, and macro setup #Gold #Bitcoin #GoldVsBitcoin #SoundMoney #MonetaryTrust #CentralBanks #Stablecoins #FiatCurrency #MarkMoss __________________________________________________________________ FOLLOW US:   X: https://x.com/kitconewsnow   Instagram: https://www.instagram.com/kitconews   Facebook: https://www.facebook.com/KitcoNews   LinkedIn: https://www.linkedin.com/company/kitconews Listen to the PODCAST on 🎧 Spotify: https://open.spotify.com/show/1My4WgtF0ZhUnxkxDLoJof 🎧 Apple Podcasts: https://podcasts.apple.com/us/podcast/kitco-news/id1842889233 🎧 All podcast episodes available here → https://kitconews.buzzsprout.com Visit: https://Kitco.com/ for live gold, silver, and crypto prices, the latest mining news, and macroeconomic insights.   Live gold price and chart: https://www.kitco.com/charts/gold Live silver price and chart: https://www.kitco.com/charts/silver Live crypto market data: https://www.kitco.com/price/crypto Learn more about Kitco News: https://www.kitco.com/news/about/  For more information on advertising, sponsorship and marketing promotions – please visit our online media kit at: https://www.kitco.com/advertising   Disclaimer: The videos are not intended to provide trading advice, and the views expressed do not necessarily reflect those of Kitco Metals Inc. Kitco News, its anchors, producers, and reporters are not responsible in any way for the performance or actions of any sponsor, advertiser or affiliate of Kitco News. In no event will Kitco and its employees be held liable for any indirect, special, incidental, or consequential damages arising out of the use of the content in this video.

“We are so far from a top.” Adrian Day says the gold market has not reached a speculative peak, pointing to investor positioning and participation rather than price action. Speaking with Kitco News at VRIC 2026, the chairman and CEO of Adrian Day Asset Management argued that market behavior still reflects caution, not euphoria. Day said the absence of broad public involvement remains the clearest signal. “The generalist investor simply isn’t in this market yet,” he said, noting continued withdrawals from major gold mining ETFs. Without widespread participation, Day said, markets rarely form lasting tops. He also drew a clear distinction between gold and silver, saying that “gold and silver are really different in terms of sentiment” and that silver carries risks gold does not. While he remains constructive on silver, Day said gold offers a stronger risk-reward profile, supported by central bank demand and long-term allocation trends. He added that portfolio decisions should be shaped by risk tolerance rather than short-term moves, emphasizing that “volatility is different from risk,” while years of underinvestment across commodities and historically low valuations in non-US markets continue to shape longer-term opportunities. Recorded January 26, 2026. Special thanks to our sponsor, Discovery Silver. Visit https://discoverysilver.com/ to learn more about the company, its latest news, and investor materials. 00:33 – Market Sentiment and Cycle Timing 02:21 – Gold vs. Silver: Sentiment and Risk Differences 08:35 – Copper and Commodity Investment Cycles 11:13 – Oil and Gas: Underinvestment and Market Mispricing 13:11 – Gold Investing: Juniors vs Big-Cap Miners 14:46 – Why People Matter More Than Projects 15:12 – Management Quality and Industry Discipline 16:28 – Balance Sheets, Cash Flow, and Raising Capital 17:20 – M&A and Industry Consolidation Ahead 20:53 – Global Markets Outside the US 28:50 – Portfolio Strategy and Investor Advice Follow Jeremy Szafron on X: @JeremySzafron (https://x.com/JeremySzafron) Follow Kitco News on X: @KitcoNewsNOW (https://x.com/KitcoNewsNOW) #Gold #Silver #Mining #PreciousMetals #Commodities #GoldMining #Copper #OilAndGas #MiningStocks __________________________________________________________________ FOLLOW US:   X: https://x.com/kitconewsnow   Instagram: https://www.instagram.com/kitconews   Facebook: https://www.facebook.com/KitcoNews   LinkedIn: https://www.linkedin.com/company/kitconews Listen to the PODCAST on 🎧 Spotify: https://open.spotify.com/show/1My4WgtF0ZhUnxkxDLoJof 🎧 Apple Podcasts: https://podcasts.apple.com/us/podcast/kitco-news/id1842889233 🎧 All podcast episodes available here → https://kitconews.buzzsprout.com Visit: https://Kitco.com/ for live gold, silver, and crypto prices, the latest mining news, and macroeconomic insights.   Live gold price and chart: https://www.kitco.com/charts/gold Live silver price and chart: https://www.kitco.com/charts/silver Live crypto market data: https://www.kitco.com/price/crypto Learn more about Kitco News: https://www.kitco.com/news/about/  For more information on advertising, sponsorship and marketing promotions – please visit our online media kit at: https://www.kitco.com/advertising   Disclaimer: The videos are not intended to provide trading advice, and the views expressed do not necessarily reflect those of Kitco Metals Inc. Kitco News, its anchors, producers, and reporters are not responsible in any way for the performance or actions of any sponsor, advertiser or affiliate of Kitco News. In no event will Kitco and its employees be held liable for any indirect, special, incidental, or consequential damages arising out of the use of the content in this video.

Gold and silver are commanding attention, but Dr. Nomi Prins says the more important shift underway is structural, not cyclical. Rising debt stress, institutional friction, and supply constraints, she argues, are reshaping how capital moves through the global financial system. Speaking with Kitco News at VRIC 2026, the geo-macro economist and Prinsights Global founder said, “we are really in the beginning of a major super cycle in commodities,” driven not only by uncertainty but by shortages that “you can’t just snap your fingers and have them go away.” She said metals such as silver, copper, and platinum face long development timelines that limit how quickly supply can respond. Prins also pointed to central banks reducing reliance on sovereign debt and prioritizing gold, while banks and institutions increase exposure to physically backed markets. During periods of political and financial stress, she said capital moves toward assets that cannot be diluted or controlled, noting that “the physical market is actually taking over the paper market.” While volatility remains part of the cycle, Prins said the forces supporting hard assets and select miners remain firmly in place. Recorded January 26, 2026. Special thanks to our sponsor, Discovery Silver. Visit https://discoverysilver.com/ to learn more about the company, its latest news, and investor materials. 00:39 – Gold and Silver Market Dynamics 02:55 – Institutional Friction, Lawsuits, and Market Uncertainty 05:13 – Central Banks, Sovereign Funds, and Hard Asset Rotation 08:47 – Mining Supply Constraints and Sector Insights 11:04 – Forecasts, Volatility, and Investment Strategy 14:07 – Government Involvement and Strategic Commodities 16:42 – Energy, Oil, and Other Commodity Outlooks Follow Jeremy Szafron on X: @JeremySzafron (https://x.com/JeremySzafron) Follow Kitco News on X: @KitcoNewsNOW (https://x.com/KitcoNewsNOW) Follow Dr. Nomi Prins on X: @NomiPrins (https://x.com/NomiPrins) #Gold #Silver #Commodities #HardAssets #MiningStocks #SupplyConstraints #CentralBanks #Debt #MonetaryPolicy #NomiPrins #VRIC2026 #KitcoNews __________________________________________________________________ FOLLOW US:   X: https://x.com/kitconewsnow   Instagram: https://www.instagram.com/kitconews   Facebook: https://www.facebook.com/KitcoNews   LinkedIn: https://www.linkedin.com/company/kitconews Listen to the PODCAST on 🎧 Spotify: https://open.spotify.com/show/1My4WgtF0ZhUnxkxDLoJof 🎧 Apple Podcasts: https://podcasts.apple.com/us/podcast/kitco-news/id1842889233 🎧 All podcast episodes available here → https://kitconews.buzzsprout.com Visit: https://Kitco.com/ for live gold, silver, and crypto prices, the latest mining news, and macroeconomic insights.   Live gold price and chart: https://www.kitco.com/charts/gold Live silver price and chart: https://www.kitco.com/charts/silver Live crypto market data: https://www.kitco.com/price/crypto Learn more about Kitco News: https://www.kitco.com/news/about/  For more information on advertising, sponsorship and marketing promotions – please visit our online media kit at: https://www.kitco.com/advertising   Disclaimer: The videos are not intended to provide trading advice, and the views expressed do not necessarily reflect those of Kitco Metals Inc. Kitco News, its anchors, producers, and reporters are not responsible in any way for the performance or actions of any sponsor, advertiser or affiliate of Kitco News. In no event will Kitco and its employees be held liable for any indirect, special, incidental, or consequential damages arising out of the use of the content in this video.

Is the paper gold market finally breaking? Frank Giustra, CEO of the Fiore Group, joins Anchor Jeremy Szafron to break down the recent market volatility, calling the flash crash a calculated "take down" and a "liquidity event." Giustra argues that after 50 years of dominance, the paper market is "losing its efficacy" as pricing power shifts to physical delivery in Asia. In this deep dive, Giustra warns that the US is living on "borrowed time" as the national debt spirals, predicting that the "end of the time of fiat" is inevitable. He analyzes the White House's new "Project Vault," declares that "globalization is as dead as the dodo bird," and questions the "mystery" of Fort Knox—asking why the US refuses to audit its reserves while China covertly accumulates bullion. Plus, Giustra issues a stark warning on Bitcoin, stating it is "running out of buyers" and facing a "great unraveling." Recorded on February 3, 2026 Follow Jeremy Szafron on X: @JeremySzafron (https://twitter.com/JeremySzafron) Follow Kitco News on X: @KitcoNewsNOW (https://twitter.com/kitconewsnow) Follow Frank Giustra on X: @Frank_Giustra (https://twitter.com/Frank_Giustra) Timestamps:  00:00 Introduction and Market Overview  01:23 Flash Crash Analysis: Was it a "Take Down"?  03:57 Paper Gold vs. Physical Gold: The Shift in Power  07:03 Government Initiatives: Project Vault & Global Competition  12:15 US Debt: Living on "Borrowed Time"  18:02 Global Gold Accumulation: Who is Buying?  20:54 China's Gold Strategy: A "Sanctions-Free" Trade Channel  23:39 The Future of Digital Currencies & CBDCs  25:33 Synthetic Foreign Demand for US Debt  25:53 The Growing US Deficit and Interest Rates  27:31 Stablecoins and Dollar Dominance  28:04 Concerns Over State Surveillance  29:20 The Mystery of Fort Knox: "Something Fishy"  33:15 The Volatile Mining Market: "Early Days"  37:15 The Risks of Bitcoin: "Running Out of Buyers"  42:13 The Future of Gold and Copper  47:07 Conclusion and Final Thoughts Guest Bio: Frank Giustra is the CEO of the Fiore Group, a private firm managing a broad portfolio of private equity investments and companies, specializing in food and lifestyle, art and entertainment, and natural resources. He is a renowned philanthropist and a long-time expert in the mining and finance sectors. #Gold #Silver #FrankGiustra #Economy #Investing #Bitcoin #Mining #China #USDebt #KitcoNews __________________________________________________________________ Like, share, and subscribe to Kitco News—and turn on alerts to stay current with expert interviews, market insights, and breaking news coverage.  FOLLOW US:   X: https://x.com/kitconewsnow   Instagram: https://www.instagram.com/kitconews   Facebook: https://www.facebook.com/KitcoNews   LinkedIn: https://www.linkedin.com/company/kitconews Live gold price and chart: https://www.kitco.com/charts/gold Live silver price and chart: https://www.kitco.com/charts/silver Live crypto market data: https://www.kitco.com/price/crypto Learn more about Kitco News: https://www.kitco.com/news/about/  For more information on advertising, sponsorship and marketing promotions – please visit our online media kit at: https://www.kitco.com/advertising   Disclaimer: The videos are not intended to provide trading advice, and the views expressed do not necessarily reflect those of Kitco Metals Inc. Kitco News, its anchors, producers, and reporters are not responsible in any way for the performance or actions of any sponsor, advertiser or affiliate of Kitco News. In no event will Kitco and its employees be held liable for any indirect, special, incidental, or consequential damages arising out of the use of the content in this video.

Gold has surged past $5,000 and silver is extending its move beyond $100, but Matthew Piepenburg says the real story is not metal prices. It is the accelerating breakdown of trust across global bond and currency markets. Speaking with Kitco News at VRIC 2026 in Vancouver, Piepenburg, Partner at Von Greyerz, points to rising yields in Japan, the US, and Europe as a clear warning sign. “The bond market is the thing you have to understand,” he said. “Yields are the cost of debt.” When yields rise even as central banks step in, Piepenburg argues it shows sovereign IOUs are being repriced and the so-called risk-free asset has become “return-free risk.” Piepenburg says gold’s move is not speculative excess, but the logical outcome of decades of debt expansion and deliberate currency debasement. “What should shock you is how bad fiat money has gotten,” he said. As governments rely on negative real rates to manage debt, Piepenburg argues gold is being repositioned by central banks as a neutral settlement asset in global trade, not something you spend, but something you trust when paper systems falter. Recorded January 25, 2026. Follow Jeremy Szafron on X: @JeremySzafron (https://twitter.com/JeremySzafron)  Follow Kitco News on X: @KitcoNewsNOW (https://twitter.com/kitconewsnow)  Special thanks to our sponsor, Discovery Silver. Visit https://discoverysilver.com/ to learn more about the company, its latest news, and investor materials. 00:13 – Market Volatility, Rising Yields, and Central Bank Stress 01:12 – Japanese Yen Surge and Global Bond Market Dysfunction 03:48 – Trust Breakdown in Sovereign Debt and Fiat Currencies 06:53 – Debt, Politics, and the Limits of Monetary Policy 13:30 – Gold as a Global Settlement and Collateral Asset 16:17 – The US Dollar’s Role in Global Trade and Reserve Systems 18:15 – COMEX, Paper Markets, and Physical Supply Constraints 19:31 – Gold and Silver Price Moves as Warning Signals 21:03 – Historical Parallels in Currency and Debt Crises 23:32 – East vs West Markets and Global Price Discovery 28:15 – Measuring Trust in Modern Financial Systems 32:21 – Wealth Preservation vs Speculation in Volatile Markets 34:28 – Final Thoughts on Gold, Trust, and Systemic Risk #Gold #Silver #PreciousMetals #BondMarket #CurrencyCrisis #CentralBanks #DebtCrisis #GoldAsMoney #KitcoNews __________________________________________________________________ Like, share, and subscribe to Kitco News—and turn on alerts to stay current with expert interviews, market insights, and breaking news coverage.  FOLLOW US:   X: https://x.com/kitconewsnow   Instagram: https://www.instagram.com/kitconews   Facebook: https://www.facebook.com/KitcoNews   LinkedIn: https://www.linkedin.com/company/kitconews Listen to the PODCAST on 🎧 Spotify: https://open.spotify.com/show/1My4WgtF0ZhUnxkxDLoJof 🎧 Apple Podcasts: https://podcasts.apple.com/us/podcast/kitco-news/id1842889233 🎧 All podcast episodes available here → https://kitconews.buzzsprout.com Disclaimer: The videos are not intended to provide trading advice, and the views expressed do not necessarily reflect those of Kitco Metals Inc. Kitco News, its anchors, producers, and reporters are not responsible in any way for the performance or actions of any sponsor, advertiser or affiliate of Kitco News. In no event will Kitco and its employees be held liable for any indirect, special, incidental, or consequential damages arising out of the use of the content in this video.

Silver has crossed $100, and longtime mining executive Phil Baker says the move signals a structural break in the market. Speaking with Kitco News anchor Jeremy Szafron at VRIC 2026 in Vancouver, Baker, former CEO of Hecla Mining and former chairman of the Silver Institute, said the surge is being driven by physical demand, not speculation. “Physical is king,” Baker said, as exchanges, manufacturers, governments, and investors prioritize inventory and access to real metal over paper claims. Baker said global silver production peaked in 2016 and is unlikely to exceed that level before at least 2030, leaving supply unable to respond quickly to higher prices. Recycling and substitution offer limited relief, he said, due to refining constraints and long mine development timelines. Baker also pointed to rising strategic demand, noting that silver is now classified as a critical mineral in the United States and that stockpiling is becoming a priority across the system- he confirmed joining the board of Dateline Resources. Recorded January 25, 2026. Special thanks to our sponsor, Discovery Silver. Visit https://discoverysilver.com/ to learn more about the company, its latest news, and investor materials. #Silver #Gold #PreciousMetals #Mining #SilverPrice #PhysicalSilver #Commodities #Inflation #CriticalMinerals #StrategicMetals #KitcoNews #VRIC2026 00:42 - Phil Baker on $100 Silver and Physical Supply 02:20 - Physical Silver Demand, Inventory Stress, and “Physical Is King” 05:55 - Industrial Silver Demand, Substitution Limits, and Recycling Constraints 08:50 - Silver Miners, Margins, and Investment Opportunities at Triple-Digit Prices 14:06 - Peak Silver Until 2030 and the Long-Term Outlook for Supply __________________________________________________________________ Like, share, and subscribe to Kitco News—and turn on alerts to stay current with expert interviews, market insights, and breaking news coverage.  FOLLOW US:   X: https://x.com/kitconewsnow   Instagram: https://www.instagram.com/kitconews   Facebook: https://www.facebook.com/KitcoNews   LinkedIn: https://www.linkedin.com/company/kitconews Listen to the PODCAST on 🎧 Spotify: https://open.spotify.com/show/1My4WgtF0ZhUnxkxDLoJof 🎧 Apple Podcasts: https://podcasts.apple.com/us/podcast/kitco-news/id1842889233 🎧 All podcast episodes available here → https://kitconews.buzzsprout.com Visit: https://Kitco.com/ for live gold, silver, and crypto prices, the latest mining news, and macroeconomic insights.   Live gold price and chart: https://www.kitco.com/charts/gold Live silver price and chart: https://www.kitco.com/charts/silver Live crypto market data: https://www.kitco.com/price/crypto Learn more about Kitco News: https://www.kitco.com/news/about/  For more information on advertising, sponsorship and marketing promotions – please visit our online media kit at: https://www.kitco.com/advertising   Disclaimer: The videos are not intended to provide trading advice, and the views expressed do not necessarily reflect those of Kitco Metals Inc. Kitco News, its anchors, producers, and reporters are not responsible in any way for the performance or actions of any sponsor, advertiser or affiliate of Kitco News. In no event will Kitco and its employees be held liable for any indirect, special, incidental, or consequential damages arising out of the use of the content in this video.

Wheaton Precious Metals is trading at record highs, and CEO Randy Smallwood says the company is positioned to extend that performance as rising costs pressure traditional miners. Speaking with Kitco News anchor Jeremy Szafron at VRIC 2026 in Vancouver, Smallwood explains why the streaming model is designed to outperform in a high-price environment. “We take the cost risk outta the investment,” he said, noting that fixed streaming contracts protect Wheaton from inflation and dilution as operators are forced to mine lower-grade material and issue equity to fund growth. Smallwood also discusses Wheaton’s newly secured Helo gold stream, calling the asset “a Canadian legend,” and explains why streaming pays full net asset value while preserving shareholder upside. Looking ahead, he says Wheaton expects more than $3 billion in cash flow in 2026, giving the company flexibility to fund new gold, silver, and copper streams as development activity accelerates. He adds that gold is no longer trading like a commodity. “It’s really a currency,” Smallwood said, pointing to sustained central bank demand reshaping the market. Recorded January 25, 2026. Follow Jeremy Szafron on X: @JeremySzafron (https://twitter.com/JeremySzafron)  Follow Kitco News on X: @KitcoNewsNOW (https://twitter.com/kitconewsnow)  Follow Wheaton Precious Metals on X: @Wheaton_PM (https://x.com/Wheaton_PM) Special thanks to our sponsor, Discovery Silver. Visit https://discoverysilver.com/ to learn more about the company, its latest news, and investor materials. 00:07 - Wheaton at Record Highs as Streaming Outperforms Miners 00:48 - Randy Smallwood on Wheaton’s Strategy and Market Position 01:55 - Why Streaming Removes Cost Risk in a High-Price Market 03:27 - Inside the Helo Gold Stream and Wheaton’s Partner Model 07:56 - Sustainability, Jurisdictional Risk, and Deal Discipline 10:05 - Gold as Currency, Silver as Critical, and the 2026 Outlook 22:25 - Growth, Cash Flow, and Capital Deployment __________________________________________________________________ Like, share, and subscribe to Kitco News—and turn on alerts to stay current with expert interviews, market insights, and breaking news coverage.  FOLLOW US:   X: https://x.com/kitconewsnow   Instagram: https://www.instagram.com/kitconews   Facebook: https://www.facebook.com/KitcoNews   LinkedIn: https://www.linkedin.com/company/kitconews Listen to the PODCAST on 🎧 Spotify: https://open.spotify.com/show/1My4WgtF0ZhUnxkxDLoJof 🎧 Apple Podcasts: https://podcasts.apple.com/us/podcast/kitco-news/id1842889233 🎧 All podcast episodes available here → https://kitconews.buzzsprout.com Visit: https://Kitco.com/ for live gold, silver, and crypto prices, the latest mining news, and macroeconomic insights.   Live gold price and chart: https://www.kitco.com/charts/gold Live silver price and chart: https://www.kitco.com/charts/silver Live crypto market data: https://www.kitco.com/price/crypto Learn more about Kitco News: https://www.kitco.com/news/about/  For more information on advertising, sponsorship and marketing promotions – please visit our online media kit at: https://www.kitco.com/advertising   Disclaimer: The videos are not intended to provide trading advice, and the views expressed do not necessarily reflect those of Kitco Metals Inc. Kitco News, its anchors, producers, and reporters are not responsible in any way for the performance or actions of any sponsor, advertiser or affiliate of Kitco News. In no event will Kitco and its employees be held liable for any indirect, special, incidental, or consequential damages arising out of the use of the content in this video.