 Today, I have the pleasure of speaking with David Morgan of the Morgan Report. How are you today, David? Trace, I'm great. Thank you. David, it is a pleasure to have one of the top 25 economists in the planet in our office today, so I want to ask you the big question. Have we actually recovered from 2008 yet? Because it doesn't feel like we have to me. We have it. There's no doubt in my mind, from all the metrics we use, if we look at them unadjusted, we look at the truth, the facts are that we have not really recovered from the 2008 financial crisis. Can you give us more on that? Yeah, I think if you look at it from the financial markets, it's now represented about 40% of what goes through in the United States. It's financially market heavy, and if you would argue against me, you would point out very succinctly that we have these very high numbers in the Dow and the S&P, and you would say, well, David, you're wrong. Look at these numbers. We're making full strength in the financial markets, but what I've discussed for months is that there is really a very little correlation between the physical economy, which is what you asked me about the 2008 financial crisis, and the financial markets. At times, they can be very unadjusted, in other words, one could show something that looks good on paper, the Dow price, for example, versus the physical economy. Now we start to see the S&P roll over. So there is a time, a point in time where they actually mesh, meaning that the financial markets do match what the physical economy is doing. So I think we're starting to bear a market. I think that we're going to see the precious metals, particularly come up and the commodity sector, what we need more than what we want, come to the fore again. So I'm looking for more positive prices across the board, but primarily in the precious metals to lead. All right. Well, let's talk about precious metals then for just a moment. In the last couple years at PDAC, we've had a run-up in gold just before PDAC, and then everybody leaves happy and then it runs down. What should we expect maybe in 2016? You want to put on your better's hat and tell us what we should anticipate? Yeah. It's going to be a PDAC swoon, but a delayed one. I think we have more pressure in the gold market in the upside due to the short positions and what's going on technically, but I think we are going to get a pullback. My take is we've probably got another month, month and a half to go to the upside on gold, and then we will probably get the retail people believing that the new bull market's here. I think it is, but they're going to get in an excited kind of at the peak of this first little, I don't want to say little, this first substantial up move in gold. Then you'll see what we like to see in the commodity sector, a little back and fill so those people will be disappointed for a while. There'll be new buyers coming in. The commitment of traders will subside and it will be off to higher prices and more sustainable prices. Okay, I'm just going to back you up there. You referenced a new retail market. What did you mean by that? I didn't mean new specifically when I meant was new buyers in the retail market and some of the old buyers that maybe have some cash left coming back into the market. Okay, and of course our audience at Investor Intel love, love, they love technology metals and you are the silver expert, the silver gear ruin silver is one of the most prominent technology metals. What should we anticipate with silver, for instance? Great question, if I might digress, I've said many times that silver is the best technology stock you can own because it conducts heat better in any element, it reflects light better in any element and it's using anything electrical or electronic. We can expect, silver has been lagging gold, I think we can expect more high-tech uses of silver. If you go back to the Warren Buffett days and when he bought the 129.7 million ounces of silver, the big rumor was that there was new battery technology, that was all over the internet that Warren Buffett knows of this new battery technology is going to team up with Thelma Blank. I know the company, I won't mention it. Not true, although silver can be used in batteries and they are used in military batteries. Point being is there's always new uses for something like silver and you know what you do is one of the best. And that's looking at all these breakthrough technologies that are at the fore through the rare earth sector and you've done a great job of informing the public about those. Silver is sort of a stalwart that's going to be there forever, although you look at like what graphene can do and certainly there is the possibility that you could actually find something that conducts electricity better than silver. I'm not saying it does yet and of course even if it did, cost is too high at this point in time. But I'm very open-minded about technology and I think that we're a little too dependent on it like technology is a thing that solves problems. It makes our lives better, it might make it speed up, it might make it one thing or the other, but it's not a cure-all for economic problems. But I am very pro-silver for the technology side, as well as the monetary side. So moving from silver as a religion to politics, what's going to happen with the presidential election on our market? Can you, what happens if the Republicans win or the Democrats win? What are you looking at? Yeah, well you're not going to like my answer Tracy, but maybe your viewers will get that laugh. To me it's like changing the captain of this Titanic. I mean we started this great interview with, happened to be, you know, where are we economically? Have we recovered from 2008 or not? You know my answer. So certainly you could get a big change in a White House and we could put it on our hat and say, what happens if Donald Trump gets elected? And would things change? And the answer is the perception would be that things would change and they may change somewhat and could it steer the ship off the iceberg a little bit more perhaps. But I think in a long-term view it's much bigger than politics at this point. I think that most people that are really informed realize how big the global banking establishment really is, how big the corporatocracy is, how big the corporations are relative to the political climate and regardless of what people may do, believe or say that what really runs this world is money and that those that have it or have control of it and their corporate buddies pretty much have a say in what really takes place regardless of what the political rhetoric is. So I'm pretty apolitical. I'm not really on the Democratic side or the Republican side. I'm more of a free thinker but I also think that people that want to certainly can hold on their beliefs but the idea to me is a bit immature that there's someone there, big daddy's out there and he's gonna make everything better. Now, we make better by invention. We make better by starting businesses. We make better by what we can do as human beings and I think that that's something that has to be more instilled in the public education system that it's really, you're more powerful than you think you are to think that there's always someone above you who can do more. I was taught I'm equal to anybody but no better than anyone. That's a perception that I pretty much live with my whole life. Doesn't mean that I can't do something different or something better in a certain terminology meaning maybe be a better analyst in the silver space but that doesn't make me better than anyone. Just makes the fact that being a human I chose something and I put a lot of will, determination and effort into it and we all have that capability. So now I'm not very political. I really don't like what's going on on either side right now. It's a lot of mudslinging like it's always been from the time I was a kid. Well you mentioned big daddy so let's talk about currency. What's happening with the, let's talk about the American dollar. What should we expect over the next year? Great question. It's not my forte but I'll certainly answer it the best of my ability. The dollar is definitely going to be declining in my view and the big thing to watch is the fact that the yuan will be part of these SDR, part of the special drawing rights. I think I see the end of September or the end of October of this year. Once that takes place, what we really want to see is going to compose about 8% of the SDR basket of currencies. I think it has enough influence, especially with China starting their own gold trade that we really want to watch the currency fluctuations between the US dollar and the other currencies but primarily between what the yuan does at each and each of the dollar. Because once that's determined then we'll see probably more interest or less interest in the gold market because gold is the ultimate currency and I've said that many times but it's not in the belief system right now. It's kind of moving up as we talked about but it's not like the go-to place right now. I don't think it will be this year. I think the thing to look to is the US dollar but not as strongly as it's been the past couple years. I think it will wax and wane but mostly wane and that we will see more and more interest in other currencies but the yuan isn't the answer either. Gold is the answer but we have to watch the currencies first. So to summarize, don't get too excited about the price of gold until we get about $1550. I don't see that as happening early in the year. It could happen by the end of this year. Once we get the price of $1550 in the US terms and the confirmation of $26 silver then we know for a fact that we're in the new bull market. Well I'm optimistic about the bull market and the recovery of the overall market but I have to ask you about oil. I mean, what's going on with oil here, David? Wrong. I mean I really felt after the 147 peak and I know it was a peak and we were shorting oil but I thought about it but to see it at these levels in the 30 I really didn't expect that. I expected a pretty substantial pullback but not to this level. I think that there's a lot made about oil because it's energy. Energy runs everything and that means in the current conditions oil. I think that the margin is much less than most people think. Million barrels a day or somewhere around that is not that big of an amount that really justifies $30. So I think that it will come up. I think it could come up rapidly and it probably come up on an anomaly. It'll probably be something that happens in the Middle East which is very tense as we all know and for that fact alone I'm surprised we're at these levels because I think the tension in the Middle East would keep it around the $50 level. That's my view. It isn't a fact. It's a 30 something. So I am still very bullish oil but not for a while. I think it's gonna stay down in these lower levels for a while. I think fracking is toast for a long time. A lot of money, a lot of debt was in the $80 range which is kind of marginal. There's analysts that will tell you differently and I'm not an oil analyst but I study it pretty hard. I think anyone that tells you they can get it for 30 or 40 in fracking without just small exceptional cases but the general rule, no, it's more like 60 to 80 and I think it's gonna be a while before we get back to those levels. So I think there's gonna be a lot of debt that is gonna have to be unwound through the system due to the fracking debt structures that took place when oil was higher. I've been reviewing some of your other interviews here today and it looks like you're involved in a new business. Would you like to tell our viewers a little bit more about what you're up to right now, David? It's LaMaria Royalties and if you want more information you can go to LaMariaRoyalties.com. Just came out of the lawyer's office here in Toronto Tracy and I was not cautioned but it was reaffirmed that I might say less and let the paperwork say more. So I will direct everyone to the website and we will keep informed. Everyone that has interest, there'll be few that will invest probably because it is a private company at this point in time. David, thank you so much for joining us today. My pleasure always. Thank you.