 Hello. Good evening, everyone. I hope everybody's doing well. My name is Ali Ahmadie with Tick Mill and we're going to be continuing our futures market outlook moving forward as discussed in our last webinar a couple of weeks ago. I hope everybody's done well in this turbulent market as we've been going through this a lot of information to discuss throughout tonight's webinar. I'm going to be focusing this evening on gold futures and what analysts have regarding their outlooks for the remainder of the year and then to 2023. And as mentioned in the last webinar, we have covered what futures are, what their purposes are and how to calculate their value and how to use them, whether you are speculating and or hedging, et cetera, from a technical standpoint of what futures derivatives products or securities are. And moving forward, we're going to be looking at market outlooks sector by sector and security or specific items within each sector, i.e. this evening with gold. We'll jump right in. But before we get started, everybody is well aware. I hope that the Fed hyped interest rates last week 75 basis points, which is creating, let's say, more uncertainty as to how the market's going to continue to react. The market is up today. I'll talk about that a little more as we get further into tonight's webinar just to pull up the market data so far. But with a 75% basis points hike, they were forecasting 50 as high as 75. They went on the high end and the markets have been reacting somewhat positively specifically today. But we'll talk about that in a little more detail later in tonight's discussion. Where we stand right now with the gold spot price at the time of this particular, let me make this a little bit bigger for everyone. At the time of this particular screenshot, the spot price was trading at 1837. Currently right now, gold is at 1838, so it's about the same at the time when I pulled this chart up. This is reflective of where gold is trading currently at the market. If you didn't want to trade futures or if you didn't want to trade futures, this is the spot price. We're going to be looking at two specific futures contracts in this evening's discussion. If you guys can remember, I like to keep things in a conversational informal way from a dialogue perspective so I can hopefully get the message and information across better so that it's just not too technical and monotone. With that being said, we're going to be looking at where the futures contract price is for December of 2022, as well as where the futures contract price is for June of 2023, one year out from today and six months out from today. With the current price trading at 1838 as we speak, and this chart is at 1837, and this next chart here, we can see that this here is the December 2022 futures contract. So you can see that it's priced at 1858 at the time. This chart was earlier today pulled off of trading view and it's trading at 1838 now. So this basically gives us the, with futures, it's not the right, it's the obligation to, if we engage in this particular contract to, during the course of time between now and the end of this year, depending on the price volatility of gold, the value of this contract will either increase or decrease on a daily basis. And at the time of expiry, which is in the third week of every expiry month, whatever the price is, if we're profitable, it will expire and it will be a cash settlement into your account. And vice versa, if it is negative, then there will be a cash settlement taken out of your account. But where the futures price for the December contract is currently trading at the time of this particular screenshot and chart is trading, is priced at 1858. Now if we look at the chart for June of 2023, out a little bit for you, here we go, make this a little bit bigger. Now we can see the price contract for June 2023 is priced at 1900. So with it trading at 1838 plus or minus right now spot price and the December contract trading at 1858 and the June 2023 contract trading at 1900, this is nothing more than let's call it where investors, hedger speculators are seeing the future of where gold based on storage, based on costs involved with mining and or storage and ensuring gold, etc. come all into play within the pricing of these futures contracts. You can see that there is an uptrend in the futures contract pricing. Now in the future slides or the next slides ongoing, I'm going to give you more than several analytical perspectives of different viewpoints from different analysts from different financial firms of where they see gold headed, where they see gold behaving in particular in respect to what's happening with the interest rate hikes and inflation taking place and for the most part moving the geopolitical tension that's taking place still ongoing between Russia and Ukraine. So we look here at analysts, let me get my picture out of the way. All right, so from tradingeconomics.com this is their perspective and at the time of this particular article, this is dated a couple of weeks, but it's still relevant and they are looking for gold is expected to trade at 1830 by the end of this quarter, which end of the quarter is end of this month, June, according to them on macro models and expectations. Looking forward, they estimate gold to trade at 1771 within a 12 month period. So they have a downward or bearish outlook for gold within a year's time. Okay, within trading at 1838, they're looking at 1830 by the end of the quarter, so their plus or minus within this particular range of their expectations, but for the following 12 months, we're looking at a downward trend down to 1771. Now I want to go over several of these forecasts and analysts from these different firms, not because I follow them and I have the opinion that they are correct. I want to give everyone what the market can provide from a bearish perspective, a bullish perspective, and a somewhat in-between perspective so that you can formulate by doing your own research. You can go back, look at charts where technical analysis does have value, important value, at the same time trying to factor in what analysts in the street and from financial firms are looking at how they are using gold if they're using it in their portfolios and or how they are advising their institutional and or private clients on the commodity itself. Now from ABN Amro, ANZ Bank, Scotiabank, and Society General, the projections from a number of these analysts indicate that gold price could decline over the long term. So here we have more analysts giving us more of a bearish long-term outlook with Australian ANZ projecting that gold could fall to the 1600 level by the end of 2023. So now we're looking at 18 months from now and a year, one and a half years, 18 months from now. Their projected level for gold is at 1600 and the reasons behind it, they go into a little more detail as to where their analysis and explanations come from is based on aggressive monetary tightening which is what's happening in the US with what the Fed is doing. Rising yields and a stronger dollar are key drags for the gold prices. Rising inflation failed to impress the market instead raising fears of a more hawkish stance by central banks suggesting the Fed is struggling to contain inflation. So from their analytical perspective is that the Fed is late in raising interest rates to combat inflation. Inflation is out of control. The latest CPI numbers came out at 8.6 percent, a rise from the previous CPI of 8.3 percent and mind you that the consumer price index which is a consumer basket of goods that they price and this is what they use value-wise to say okay is it more expensive or less expensive than the previous month and so forth. If it's more expensive we have inflationary concerns that it's stable then inflation is in check. If it's cheaper then inflation is on the decline but in this case it's still rising. Now who's to say what goods that they use to price that go into this particular basket are the staples that the average individual across the US, everyone is buying. Now there's a variety of goods of a variety of choices for each and every single individual product that they choose. So this is where you come in and this is not conspiracy theory but this is where they come in and say most of the time that this CPI number of 8.6 is manipulated to a certain extent. Now that being said real inflation, the real inflation number is north of 12 percent. It's running between 12.3 to 12.5 percent so there is a discrepancy of 4 percent which is a very big number when we're discussing inflation. Concerns about global economic growth fueled by sustained inflation, heightened geopolitical risks should protect the gold price somewhat and expect gold to remain supported at 1850 an ounce with upside potential of 1950. So here from these other analysts outside of ANZ, you're looking at ABN Ambrose, Grocery Bank and Society Generale, they're looking at 1850 as a support level and the resistance level to the upside of 1950. We're currently trading in 1838 so it's below the support and it obviously could increase another 100 to 112 points from where it is now. So why the discrepancy? Well this is what analysts do and this is how they use their forecasting models depending on what data and they input into their forecasting models gives them in return but this particular forecast and outlook is suggesting due to economic growth which is slowing because sustained inflation is high, heightened geopolitical risk, and at the same time because of this it should protect the value of gold as a a store of value when risk is off because risk at the moment the volatility in the markets when risk is off they call it the flight to safety. You have several choices when it comes to flight to safety amongst them is the risk-free rate of return from the U.S. Treasuries but command the home you've got the volatility due to the fed hiking interest rates in this current calendar year already 125 basis points with the forecast by end of year could end up being 3% plus or minus. So the flight to safety there you're going to invest in something that's paying 1.25% or 1.5% as the fed overnight lending rate window with the risk of it increasing throughout the year well that you're going to lose time value of money and you're going to lose on the pricing decrease of those particular securities if you were to purchase let's say treasuries now versus if interest rates were 3% by year end. So this is where they're saying this is where the store value or the value store of gold will be able to maintain and sustain. This chart here gives the outlook of these particular groups that I just mentioned and AB and AMRO, ANZ Bank, Scotiabank and Society General if we want to focus at this particular column here 2022 this is their year end forecast for 2022. So you have AB and AMRO coming in at 2,000 but they don't give you any quarterly estimates throughout any of their forecasts for the remainder of this year. ANZ and AMRO you can see here where the second quarter, third quarter and fourth quarter goes back to what I was saying up in this particular slide what they were predicting or what their forecast is based on the aggressive monetary tightening and rising yields and strong dollar or drags on gold where you can see here well for the remainder of this year they're holding at 1950, 1925 and 1900. Well end of quarter two end of quarter two is when? Quarter two ends by 10,000,000. Quarter two plus by 10,000 June 30th according to this forecast it's got to increase what? It's got to increase 112 points between now and the next week's trading week in order for them to let's say be accurate or correct in their analysis for end of quarter three it's hovering at 1925 by year end 2022 at 1900 you can see here they have a specific price of 1939 and then you can see the steady decline throughout quarters quarter by quarter into 2023 ending at the 1763 level for gold per ounce. Scotiabank just like AB and AMRO then produce or provide any quarterly analysis they just give year end forecast of 1800 for 2022 and 1700 for 2023 and Société Générale out of France they give us estimates or forecast for the remainder of 2022 quarter by quarter well quarter two ends like I said in 10 days their projected forecast was 2200 per ounce 2100 by end of quarter three and 1900 by end of quarter four year end just a little over 2050 at 2067 per ounce and they didn't give a forecast at all for 2023. So what's the point here? The point here is that if one can see what we have to do, what we have to do, what we have to do with the futures contracts, how are we supposed to trade when we're getting information that is contradictory to each other coming from professional analysis coming from professionals and financial firms and institutions of globally. This comes back to looking at technical analysis, understanding where the market is as a whole not just as gold per se but the market the capital markets in general where the global debt market is the fixed income market is in relation to raising interest rates in America where the largest markets the capital markets with S&P 500 the Dow Jones the Nasdaq the Russell 2000 how they're performing thus far this year in light of everything that's taken place for instance the S&P 500 year to date is down 21% prior to today's trading session. Now today the S&P 500 is up 87 points the Dow Jones is up 516 points so you're having you know what we call an update which could be what they call a bull trap. A bull trap means we're in a downward trend within the market and specific levels are hit where retail investors feel that it's a good buying opportunity even possible institutional investors bigger money feel like it's a good buying opportunity to take positions in specific equities and or fixed income debt opportunities and they go in and they think that okay we bought the dip off of yesterday's trading session well not yesterday the market was closed but Friday's trading session going through the weekend they found that okay you know what it's time for us to take a position props up the market but in reality my opinion this is not advice but in my opinion this is a bull trap and the market is in serious volatility uncharted territory coming off all-time highs over a decade high of a bull run I just don't think personally that it's going to turn around so quickly we could see a turnaround that lasts maybe a month two months three months even more but it will still in my opinion continue in a downward trend for for more pain and bloody market days if we look at other analysis and forecast this is coming out of TD out of Canada they noted that traders are reducing their exposure to gold as they anticipate the price remaining in a downward trend so on what they have done what they're advising and counseling not only for themselves internally with their book but as well as their clients they are shaving exposure to gold because they feel that gold is also in a downward trend now going back to what I said earlier the market being down S&P is down 21% cryptocurrency down what more than from their from January more than 50% or more from their all-time high in January you're looking at 70% decrease maybe even more depending on which cryptocurrencies you're involved in because that's a very active market that's in discussions as well with these markets down bond markets are down due to rising interest rates where the only green asset when I say green that's positive year-to-date is gold thus far okay comparing to the markets now obviously Nuffet oil is up other commodities are up and commodity considering agriculture certain sectors within agriculture are up but I'm looking at in general when the market is down and way down and these firms are coming out with this type of analysis and forecasting that they expect gold to follow the market down it's been pretty stable throughout this particular year and it's still green year-to-date to be exact year-to-date prior to today's trading session it's up almost half percent year-to-date S&P is down 21% prior to today's trading session so that gives you an idea they go on to say speculative length and ETF exchange traded funds positions continue to be sold off in gold with precious metals sentiment becoming increasingly bearish that's why they are anticipating a continuation in the downtrend CTA trend followers have also joined into the liquidation party and with prices now below bull market defining uptrend as we expected a significant liquidation event may now be unfolding if these funds target a large net short position so what they're looking at is basically a flip you know they've been long gold now they're going to sell out of their long positions and and therefore instead of staying in cash waiting for opportunities and dissecting and digesting what's happening in the market they're basically going from a long position to a short position this is from Harriers the trajectory of interest rates appears set for the next few months which we've already discussed on BitLauTlua if inflation continues to be high keeping the Fed behind the curve which currently is the case gold could resume its rally so now here is another analyst providing their viewpoint as to why they feel and think gold can continue its uptrend versus what I've just showed you on the flip side others saying that it will be in a bearish situation gold could resume its rally the price will need to clear its April high of 2000 which that's where the resistance where they are looking for that break of the 2000 level to suggest that there is more to any rally than just a rebound from oversold levels so what they're saying now is if they can if gold can break its support sorry its resistance level of 2000 and when it comes down it doesn't break down through that then that becomes a new technical support level where gold could continue its uptrend rally from Citibank Citibank is bullish and in short-term outlook for gold in 2022 bullish means Kamana and neither looking that gold will continue to increase and rise and continue to trend upwards nominal gold prices may hold a higher range for the balance of 2022 as financial markets grapple with surging headline inflation geopolitical uncertainty and recession tail risks Schumann at the recession tail risks a lot of an analyst now regarding the equity markets are saying okay we're now encroaching recessionary territory where most of Wall Street is saying it's going to be hard to avoid a recession inflation is too high the Fed is too late with their interest rate hikes and due to this the Fed is just behind the curve and when it's behind the curve the markets will be volatile to the downside investors will go flight to safety interest rate related instruments i.e. treasuries in this type of environment or not this the perfect flight to safety in their opinion and this is why they feel gold will continue its upward trend Citibank has a zero to three month forecast so month zero is this month this this information is dated as June of 2022 forecast of 21-25 so i.e. june july august by end of september at any point in time within this time frame they're forecasting gold to get up to 21-25 and expects the price to fall back down to 1900 in the six to 12 month range over the long term so due to this volatility created by Fed interest rate hike when inflation is high coming in officially at 8.6 when real inflation is considerably higher than that the flight to safety risk off they're going to say okay let's get it in gold we will drive the gold prices up from where it is now at let me see where we are right now if it's moved anything significantly off the 18 no it's an 1838 stable it's down to 50 on the day that it will push prices to 21-25 in july the september then badena shambu ulo is that the market would have adjusted to the significant hikes coming in from the Fed because more more rate hikes are forecasted the downward trend and the markets will continue but then they feel and within the six to 12 month range that at some point in time the market should somewhat stabilize and risk will be back on and therefore the flight to safety assets i.e. gold in this example will have a sell-off dropping it back down to 1900 therefore the capital moving back into risk assets risk on from wallet investor they're an algorithmic based investment from shuman at the algorithmic they take all human nature out of the equation algorithmic is AI based artificial intelligence they it's program based based on a specific formula or formulas used that if then scenarios so if gold hits 1875 you purchase more if gold hits 1820 then you sell more it's all algorithmic based on artificial intelligence input based on formulas and their their outlook is bullish in its long-term projections and this is where it gets interesting and it is a shift now you know we've discussed what city bank harris a and z society general scotcher bank td and and maybe one more you know it had a city sabah kina fion and we saw but this one is extremely bullish they're looking at gold price could move to 1940 by the end of 2022 which was seen in other forecasts by analysts in previous slides so you're looking at basically 100 point to the upside from where we are now by the end of the year but continue to rise over the next five years to 2799 basically 2800 per ounce now that's that's a bold move but mutton's a comes in and the market is a long time okay you're talking each year has four quarters you're talking 20 quarters of data 20 20 quarters of analysis and 20 quarters of assimilation as to what's happening and within a five-year time frame we don't know exactly how long if we end up do having an actual recession which is forecasted and predicted by year into early 2023 where the market could be down overall between 40 to 50 maybe even more percent from its all-time highs we're already down 21% year-to-date but you know recovering out of recession it's not very quick where we've seen in recent you know the COVID pandemic where the market went down 35% and then it was just a V shape boom right back up when we ended up plus 23% on the year 2008 financial crisis the market was down 55 56 maybe 57% but then 2009 onwards boom V shape upwards 2000 tech bubble same thing market way down and then boom V shape 2000 1987 the the the market crashed 25% in one day boom V shape they are comparing the situation to where we are now dating all the way back almost 100 years to great depression 1929 to 1933 the market was down 88% then what happened between 1933 and 1936 there was a small uptrend that small uptrend once 1936 came it dropped down another 50% over the course of two years and then the US was dragged or entered however you want to look into it entered World War two and then after World War two the market stabilized and started its call it bull run an upward trend for a significant amount of time starting basically from 1950 but you're looking at in 1929 the 1950 okay that's 21 years no one's saying that this particular recession could turn into a depression in the last 21 years but a lot of what's taking place in the market is reminiscent of what they are comparing to the Great Depression back in the 1920s and 1930s so if we do end up getting a reception recession now no one is anticipating that V shape boom okay we've hit the recession we're down 21 25 30% etc. and we flushed out what needs to be flushed out and now it's time to go in and buy Leish Aishen El Fad is not printing as much money as they were over the last two years okay they they they are tightening interest rates are increasing okay they've stopped buying the mortgage back securities they've start they've stopped buying back bonds so they've they've basically they're they're scaling back and by this summer they will have stopped buying which means putting money in the market for investors or firms etc to reinvest in the market to circulate so once that happens then you're going to see a further downward drag there's no more money coming in stimulated from the Fed the Fed will continue to increase their interest rates and this will have ramifications on the market that will count will contradict and counter a quick V shape turnaround that we've seen with the last three or four crisis this is from gold.org amid opposing forces real rates will likely remain low despite potential rate hikes by some central banks nominal rates nominal rates will remain low from a historical perspective elevated inflation will likely keep real rates depressed this is important for gold since gold short-term and medium-term performance tends to often respond to real rates which combine two important drivers of gold performance opportunity cost and the other one is risk and uncertainty so with low interest rates although they are rising in countries so it's America which is the largest market in the world both nominal and real are shifting investment portfolio more towards risk on assets this in turn increases the need for high liquidity or high quality liquid assets such as gold gold tends to perform well in periods of significant market pullbacks so from gold.org they're laying out that okay yes inflation is out there but the interest rates even though they're increasing they are not going back to the Volcker area where interest rates are in the teens we're still we're talking the overnight rate right now as we sit is at 1.25 the windows at 1.25 to one and a half percent and forecasted to reach possibly as high as 2.75 to 3 percent by year end but what they're trying to get across is even though that is a significant increase if you look at it historically it's still very relatively low and with that being said the volatility in the markets will drive investors to have more liquidity more liquid assets liquidity meaning assets that you can sell there's a larger market behind it money exchanging this is how liquid an asset is you don't want to have an illiquid asset because it's difficult to sell if you need to sell and if you have to sell an illiquid asset or not much depth in their liquidity you might not get a bid or an ask on that particular item or at least where you want it to be so when the market pulls back which is happening gold.org is saying that gold tends to perform better but they don't give any particular specific let's say target or price range for us to analyze in this particular chart this is the performance of gold versus or compared with US treasuries the S&P and S&P 500 during VIX spikes. So here in VIX, VIX is the volatility index of the US dollar. Okay so if you look at the S&P 500 here we go so S&P 500 is in purple gold is in gold the treasuries are in green and the VIX is red so whenever you see the VIX spike okay that means there's more volatility in the market okay when the VIX is not spiking or somewhat contained or stable you can look at the market as somewhat I don't want to say predictable but somewhat formidable and you can follow trends somewhat accurately. If you look here this is Black Monday this goes Black Monday they're referring to 1987 okay the market crash where it dropped down 25% in one day okay the VIX spiked gold was still up S&P dropped and the treasuries held on okay this is LTCM they're talking about the the savings and loans in early 80s the dot-com bubble 2000s this is 9-11 the fateful event the 2002 recession the great recession this is referring to the 2008 2009 era and then as we continue to move forward you can see on the bottom specific dates when volatility and uncertainty with VIX was spiking you can see in red S&P was taking its hit but look at what what gold was doing gold increased the most in a recessionary market okay this is the great recession okay this was a let's say it was a recession but short in time frame this was very short Black Monday V-shape spike V-shape spike V-shape spike also Kamena V-shape spike recession recession now this is sovereign sovereign government debt crisis this is what they're referring to what happened with with Greece and then the eurozone where you know Greece was on the verge or they did end up having to get help from the European Central Bank on conditions that were met which they did take to help but the sovereign debt crisis one sovereign debt crisis two you can see here how gold was performing Brexit you can see very little impact on the particular markets from a volatility perspective the 2018 pullback which was the only negative year 2018 from a market perspective was the only negative year following the 2008 housing bubble crisis and then here's COVID-19 where we had a lot of volatility in a very short amount of time where the market dipped 30-35% between quarters one and quarters two but by the end of the year ended up 23% positive on the year and you can see how gold wasn't really the safe haven at that point in time where gold where if you look at where gold's largest bars were recession recession debt crisis debt crisis debt crisis is looming now there's more paper being printed this is always going to be an issue in this particular era but what I'm eluding to is recessionary talks are becoming bigger and bigger by the day as we get closer and closer to year end 2022 and entering into 2023 so this is central bank commentary and central bank commentary there we go so central bank commentary central bank the biggest central bank obviously the fed out of the united states is signaling more hawkish stance by net uh they're signaling the signaling that they're going to be increasing interest rates more its project projections indicate that the fed expects to hike approximately three times this year but they've already done it twice okay there'll probably be another two times most likely while aiming to reduce the size of its balance sheet which remains that they're not spending money they're not circulating money into the market they're stopped spending there so they're not putting money into the market they they're reigning it in they're tightening it up so while there's a lot of emphasis on the relationship with us interest rates gold is a global market and not all central banks may move as quickly as the fed so there are central banks they're all autonomous each central bank you got to understand is responsible for their own currency and their own sovereignty that they uh work and and the jurisdiction that they are in to keep their economy moving according to their policies so not everybody is in line with the us fed because the us fed's main interest and perspective is only the united states they don't care about anyone else not the us fed's job is to maintain their perspective and their policy specifically related only to the united states and its economy and its market so that goes and applies the same for all other central banks the european central bank has stated that it's very unlikely that interest rates will rise in 2022 despite the recent record inflation prince now at the time i put this together this was dated also earlier june of this year an article came out literally uh yesterday that the european central bank is going to start tightening and the european central bank is also going to start rising interest rates so this is a bit contradictory just within a two-week time period uh while the bank of england increased rates in december it's committed its committee seemed to indicate only modest future rises bank of england is separate of the european central bank brexit but even while prior to brexit the bank of england was always separate in a separate entity from the european central bank in of itself central bank gold demand which were about rebounded in 2021 remains an important source of demand there are good reasons why central banks favor gold as part of their foreign reserves which combined with the low interest rate environment continue to make gold attractive this is also evidenced by the fact to two developed market central banks last year joined the list of buyers which has has been dominated by emerging market banks since 2010 one of these banks that they're referring to now the central banks is india they've been on a buying spree uh with gold acquiring as much as they can and so forth so emerging markets this is an opportunity strength through finance allows emerging markets to develop their countries develop chumaneta develop mishmaneta any having better infrastructure having better taxation having better gdp it's all of the above plus one important factor is defense defense from a military standpoint gives more credibility the stronger the country's military is in dictating foreign policy and as emerging as emerging market countries china has pretty much bumped itself out of that but with india now in competition with the united states in competition with china they are one third of the largest one third of the world's population global population first and foremost they're very bright and they have a very driven driven focus to get india into i don't want to call it superpower but world power impactful power impactful government status one of those things that they can do that through obviously wealth and defense gold and military and this is what india is specifically doing at the moment as an example two key head ones for 2022 higher nominal interest rates we've already discussed and a stronger us dollar which we've already discussed now the negative effect from these two drivers may offset by other supporting factors could include high persistent inflation mojude market volatility linked to covid geopolitics et cetera la la mojude covid supply chain supply chain management disruption baada mojude mainly coming out of china and geopolitics mojude russia nato ukraine et cetera and robust demand from other sectors such as central banks and jubes robust demand for gold coming from central banks i.e. india and other central banks and jubes uh jubes late jubes jubes i mean from a retail perspective same across the world so you don't have to buy it by the ounce in a block or a kilo block et cetera et cetera it comes in many shapes, sizes and forms but when retailers the the average citizen want to protect their money and they don't have any faith in the fiat currency metal home lebanon kiss in wadah but we can't talk about lebanon because wadah home lebanon is something relative to lebanon as a global market but jewellers end up seeing more traffic coming in from retail investors and customers buying any different shape size or form of gold the key takeaways when considering gold predictions for 2022 it's important to keep in mind that the market volatility makes it difficult to give long-term estimates and as a reminder due to this volatility analysts can and do get their predictions wrong now and just based on the previous slides that we went through from the what good seven or eight financial firms and and their forecasts and analysts their predictions i don't want to say we're all over the place but they were definitely contradictory to each other to some to some aspects some were bearish some were bullish um some extremely bullish uh so you know you can't just pick one let's say research channel or option and say you know what mount hot this sounds good i think they're right i'm just going to go with what they say you've really this is the whole purpose of what i was trying to indicate throughout the whole series when all of the leshna and webinar series you have to do your research and that's where the next point is is you've got to do your research and get as much information as you can from both spectrums extreme sides normal sides and anything in between and then be able to use technical analysis historical data where are we now my opinion this is not advice i don't think we're in a v-shaped correction type of market situation at this particular junction and i feel things are different than the tech bubble the 2008 five financial prices uh the covid crisis etc i think this could last a little longer it could you know drop 50 to 60 percent overall from its all-time highs from a market perspective s and p perspective nasdaq etc even further could because it's tech related so that in place with interest rates increasing inflation higher and the the fed tightening and not printing as much they they printed way too much money and the last two and a half years for inflation to almost be a guarantee and it's it's coming to fruition now and this is not a quick fix and in my opinion so you've got to do your research ending on a famous quote the most contrarian thing of all is not to oppose the crap but to thank for yourself so going back to doing your research and this is coming from peter teal he's a german-american billionaire venture capitalist political activist and he's the co-founder of paypal and palantir technologies so this guy's been around the block you know it's not just so easy to say you know what everybody's saying gold is going to go down so but the study oh is uh everybody's saying gold is going to go up so but the bia and just go opposite you know you've got to be able to thank for yourself technology and information is literally available 24 seven at our fingertips you can pick up information on it on a constant uh feed of platforms uh non-stop and for you to come up with what your investment strategy either needs or what you want to do needing meaning what do you currently in with your current portfolio do you need to hedge it you need to de-risk and how are you going to de-risk and or are you going to start building a future portfolio in a time like this in a time of volatility when you've done your research and you are confident and you've got your safety protocols in place this is a prime prime prime opportunity not just to sit back and say you know what the market's bleeding uh and i'm going to wait because you can never time the market there are plenty of great opportunities specifically in this type of environment uh with that being said i'm going to leave it here this evening i'm going to open it up if anybody has any questions please feel free to share and we will uh we'll go from there any questions okay next seminar inshallah next week on tuesday evening we will be discussing copper and its market outlook and how things are happening within uh the copper world until then uh happy trading uh and good luck with everything have a great evening