 Today, I have the pleasure of speaking with Byron King. How are you? I'm doing great. It's so nice to see you here at PDAC, Tracy. Old-time friend, of course, of investor Intel. I'm going to just hit you with the question, coronavirus, what's it doing to our markets? Give me some feedback, please. Well, on a scale of one to 10, you should be about a two or two and a half worried about getting sick, but at the same time, it's March and it's the end of the flu season. I really do think that this bug is going to just sort of burn itself out over the next few weeks and go away. I think, though, that you have a much higher chance of getting sick from the hit to the global economy, the hit to the stock market and the dislocations that we're going to see coming out of it. China basically shut itself down in terms of its economy. I mean, people say, well, there was the two-week Lunar New Year holiday and all that. But the factories aren't coming back. From the purchasing manager indexes that you see coming out of China, the things that people have to buy to make the factories work to get back up to speed, that's not happening. So we're looking for a long period of readjustment. I don't think that some things are ever going to go back to normal. We were talking before we came on air, for example, that if you look at the airline flights in and out of China seven or eight weeks ago, on any given day, there were about 3,500 international flights into China, between about 850 city pairs. Today, as we speak, there are around 700 international flights in and out of China, between about 200 city pairs. So we're looking at 80 to 90% reductions in the number of flights. Most of the international flights in and out of China are cargo flights. They're not people flights, and the people flights have lots of empty seats. So just that aspect alone of business in China has completely cratered. You're not going to just bring it back by snapping your fingers and saying, oh, it's over. We can all get back to normal business. No, it doesn't work that way. When you collapse a complex system, you don't just pump it back up with some Fed money or some interest rate cuts or something like that. It doesn't work that way. So the point of the question, don't worry that much about getting sick. I mean, obviously wash your hands and do all those other good things, but it's much more important to get some cash. Be aware of just diving into the markets when you think you see a bargain, because if it's a bargain now, it might be a bigger bargain a couple of weeks from now. Well, PDAC, I've been telling everyone, it's like the canary in the coal mine for the market. So everyone should be here. So I'm going to go through a list. If you don't mind of metals, I'd like to kind of give me either a thumbs up or a thumbs down on what you think you're hearing here at PDAC. Let's start with gold. Gold is in great shape. There was a sell-down recently in gold. I really thought, I thought when it happened and I'm looking back on it in a retrospective way, it was margin calls, people selling, not really gold. They weren't selling physical gold. Nobody took a bar of gold and gave it to somebody and said, here, cover my margin call, here's a bar of gold. They were selling paper gold, and that highlights really the disconnect between the paper market and the physical market. Gold is making a comeback. I think that in a world filled with literally dozens of trillions of dollars worth of debt, hundreds of trillions of dollars worth of debt, when you add it all up, how does that debt get serviced? It only gets serviced with cash flow, and a lot of cash flow is tightened up. It's really just choking right now. So I think it's bad for currencies. It's bad for the dollar, bad for the euro, bad for the yen, bad for the Chinese yuan. It's bad for all the major currencies, which means that it's good for gold. And looking ahead, I think you'll be a lot further ahead if you own real gold than if you own fake dollars. All right, so I need fast answers. So thumbs up or thumbs down on the following. Uranium. Oh, sorry. OK. How about the magnetic materials, the rare earths? Oh, I love them. Two thumbs up, mags. I know you want to comment. OK, go ahead, comment. Rare earths come from, 85% come from China. What's going on in China right now? The place is shut down. Will that affect the metal producers, the magnetic metal producers in China? Well, we have yet to know the exact scope. But the answer is yes, because even if they just hauled people out of their houses at the point of a gun and a bayonet and said, get down there and go to work, they'd go to work and maybe the chemicals they need aren't there. Maybe the packaging materials they need aren't there. The truck that they need to haul these things away, it's not there. The container they need to put it in isn't there. The ship that's going to haul the container to the other side of the world, the ship isn't there. Magnetic materials, rare earths, are in really good shape. Well, they're not in good shape supply-wise. They're in good shape price-wise. And it's going to reflect well on potential exploration, development, production plays outside of China. Well, Byron, we're going to have to do an interview here with Jack Lifton and you on Rare Earths. Thank you so much for joining us today. But one more, copper. The billionaires are saying buy copper. I'm a copper guy. I think that what is built into the supply-demand situation right now, aside from the virus and all those issues, I just think there's not enough out there for the demand that's coming down the line. Thank you so much for joining us. It's great to see you. It is a pleasure to be with you. Thank you.