 Hi, how are you doing today? This is Rich here on behalf of Rich TV Live with our very special guest. It is Keith Neumeyer, the president and CEO of First Majestic Silver Corp. How are you doing today, Keith? Not too bad. Rich, nice meeting you for the first time. My pleasure. Now, we're really excited to speak to you today. First Majestic Silver has been doing quite well recently and since the March lows of 11.99 an ounce, Silver has been nothing short of amazing. Its price is up more than 100% and still hasn't made any mainstream media headlines at all. What is the primary catalyst for the surge in the price and what do you think could happen next? You know, quite honestly, I wouldn't call the move amazing. It's long, has been long anticipated and I'm a triple digit Silver guy and I coined that phrase years ago and I call Silver a very strategic metal. It is precious, of course, but it's required in everything that we do, including this Zoom call, could not be done without Silver. So I think that the silver price at around 25, 26 bucks an ounce, which we're currently seeing today is still dirty. It should be much, much higher and the ratio around 70 to 175 to 1 is more traditional ratio for it. Silver lagged up until really just recently. We had the Silver Ratio spike all the way north of 100 to 1 in March as you just pointed out when Silver collapsed with the financial markets and oil prices of course collapsed as well. So a lot of things were getting sold and most everything is rebounded. Gold's back up to its normal levels and Tesla's at new highs and the stock market at S&P and everything seems to be at new highs. So the view out there is that we're back to normal and the economy is improving itself and Silver is being looked at as a very key metal for all the things that we need to do as a human race to electrify the planet in the ways that we need to do it. And finally it's getting bit up, which is great to see. Now, what sort of, you touched on this a little bit, but what sort of gold Silver ratio could we see before we term the precious metals bull market as matured and towards its end? Well, calling a beginning or an end of any bull market is kind of a fool's game. You know, myself I'd love to have a crystal ball and be able to know when to trade a stock or trade a commodity, hitting its eyes and nose, who actually knows, right? Sorry about that. But this bull market started I think in early 2016 and we had Silver get down to the $13 range in early 2016 and it rallied into about the $21 range and took a pause throughout 2017-2018 as the trade really was the US equity markets. And I look at this as very similar to what happened in 2000-2001 where we saw very low battle prices and then major markets were rolling over and I'm not going to be foolish enough to call for a top in the US stock market, but maybe gold can go up at the same time. Time will tell, but traditionally what happens is these bull markets and metals normally are happen or get underway as a result of the topping of the major equity markets around the world. And we've seen glimmers of that, which have been very supportive for gold, but this time around it looks like it's a little bit different because we're being driven really by low interest rates more than anything and as long as the governments around the world are going to keep printing money, that's very good for the stock market and it's very good for the gold price. So we could be going into a pretty interesting environment where we have everything going up at the same time, including gold prices, including commodities, including stocks, and that's what it's really looking like. And that's a little bit different than the last bull market because the last bull market, which started in 2012 and ended, or probably 2002 and ended up roughly in 2012, ended with gold and silver collapsing and the US market taking off. So this time around we're having the metal prices moving, copper breaking through three bucks the other day, first time in a couple of years, lensing prices are moving, all of course is recovered a lot. So we're seeing this inflation trade now coming into the market and who knows when that could end. It could go three, four, five years. But to go to the ratio, because you started the question off of that, from a mining perspective, we're mining for every one ounce of gold worldwide, we're only mining eight ounces of silver. So that's a pretty shocking statistic when you look at, we're trading at about 80 or 75 to one, do the math or do changes every day of course. But when you're trading 75 to one and mining eight to one, that's a pretty shocking ratio. Absolutely. Now gold has risen also which you touched on to new all-time highs. Bank of America is projecting 2,300 by mid-2021, Goldman Sachs says 3,000. There's definitely the potential for a historical bull market. How weak is the dollar in the world seeing right now? Well, it has been pretty weak. We saw on the major US dollar index that everyone follows. We were up around 101, 102 just six months ago. It's now around 92, 93. It's up big today. Gold's down today and then silver's down today and then the dollar's up today. But I think as long as the Fed continues to debase its currency by printing money, more money put in circulation in theory, the value of that money, that currency should go down. And I'm expecting the US dollar to continue its bear market for the next few years. And that would be very supportive for stock prices and also for gold prices. Absolutely. Now you founded your company close to two decades ago and now it's the purest silver miner in the world. How many mines do you operate? Back in 2017, we had seven mines operating. We're all in Mexico. All our operations are in the country of Mexico. Mexico is the largest producer of silver in the world and then we're one of the top producers of silver in the country. And today we only operate three mines, elections I only, but we operate three mines. They're all pretty big world-class operations and we're happy to have pared down our portfolio slightly over the last few years. And then we produce only two metals. We produce silver and gold. 60% of our revenues are from silver and 40% of our revenues are from gold. And we've got 5,000 employees and always looking for ways to go to business. That's great. Now, can you compare the company to 2016? Back then its share price was $24 Canadian. Right now you're around $15 Canadian. Yet silver spot price was lower and to my knowledge the company produced less silver at a higher cost. What is better, first majestic in 2016 or 2020 and how? Well probably as a shareholder you'd probably say 2016 because you know that the share price is actually higher. But there is definitely, the miners are definitely underperforming the metals. Since when gold broke through $1,500 an ounce and then silver was still in the $15-16 range, our stock was higher than it is today. It was silver at $25, $26 and gold around $2,000 and it doesn't really make a lot of sense. These markets do not always correlate 100%. You have times where the metals will outperform the stocks and you have times when the stocks will outperform the metals. You can never know for certain when that's going to happen and explaining it's not that simple because it's all to do with money flows. The big hedge funds, the big institutions, they come in and out of these markets quite quickly and the mining sector is quite small. So you have a group of pension funds or hedge funds coming into a particular stock. They could do some crazy things on either one side or the other side of the market. If you look at the size of the silver industry, we produce about 800 million ounces of silver annually, the miner, not first and just, but the mining sector as a whole. So at 25 bucks an ounce silver, that's a $23 billion industry. So one industry, $23 billion and how many times did that industry fit into Apple? I think Apple just went through $2 trillion. The other day someone told me, so $2 trillion divided by $23 billion. I can't do the numbers that quickly. 100 times. Almost 100 times, you're right. So Apple could buy the entire silver sector almost 100 times over. It's pretty shocking. So these stocks, first and just, that we're talking about, can go up and down very quickly as a result of just the flow of capital. And all we can do as a management team is continually do the right thing and reduce costs and produce more metal and innovate. And I'm very proud of a lot of things that we do. And when the market wakes up and looks at this bull market and says, hey, gold prices are here to stay, silver prices are here to stay, and they're going higher, then maybe people start rushing into the mining stocks again. But I think there is a view out there that this whole silver or gold price move was very COVID related. And quite frankly, I don't think it's got anything to do with COVID. It's all due to money printing and interest rates. And the Federal Reserve came out within minutes just today. And it was quite clear that Powell is not going to be changing interest rates or increasing interest rates anytime soon. It's quite clear that this low industry environment could be with us for years and years to come into the future, which is going to be great for gold prices. That's great. Well, you know what? Our entire community will be watching your story and the success of First Majestic Silver Corp. In detail, we wish you all the best of luck in your future endeavors. I'm very bullish on gold and silver. And for anyone that's watching, take a look at First Majestic Silver Corp. Very, very thankful to have you here on our show today with Keith Neumeier, the president and CEO. Thank you for joining us today, Keith. Yeah, I would suggest to your listeners to go to our website. We didn't really talk a lot today about the company, but there is a corporate presentation on the home page of the website, which people should look at. And if they do have questions, feel free to call us. At any time, we have a 1-800 number. And I'm also on Twitter, Keith under store Neumeier. Please follow me on Twitter if you care to catch up on the most recent news of the companies I'm involved in. That's great. Well, thank you so much for your time again, Keith. Keep up the great work and we'll talk to you soon. Okay, thanks, Rich. Have a great day.