 We're at PDAC 2023, I'm on the floor here with Chris Berle from Mineral Funds. How are you today? I'm well, thank you Tracy. What are mineral funds? We track 114 funds very carefully, 100 gold funds, 101 gold funds, 5 silver equity funds, 2 exploration funds and 6 battery metal funds, the fastest growing sector. The gold funds, 101 gold funds worldwide, that's all the gold funds in the world, managed gold funds. It's a $30 billion in assets under management, $12 billion of that's in the United States, 40% of the market. But why are you tracking gold funds? Tell our audience why. The real reason is there's some inefficiencies in the market that we can capitalize on. Alright, so what kind of inefficiencies and why does an investor want your information on tracking gold funds? I'll give you a couple examples of inefficiencies and then I'll talk about why they would want to track the gold funds, the asset allocations for the gold funds. So one is, Japan has no gold funds. And Japan is a $5 trillion economy, has a debt to GDP of 264%, the biggest monetary experiment on the planet today and no gold funds. So there's a market opportunity, they have no listed gold companies. And there's an example where they raised a tremendous amount of money for gold and gave it to an external asset manager. So there's an opportunity, that type of opportunity. The other thing is that if you look at the investments of these 100 gold funds, 55% of the money goes to Canada. But only 7% of the money is managed in Canada. So there could be some comparative advantage for local knowledge, I mean, PDAC there's literally hundreds of companies that are here that represent exploration plays. And again, only 7% of the money is managed in Canada and yet 55% of the money is invested in Canada. Second biggest jurisdiction is Australia with 15% of the money. No funds, no specialist gold funds. So the reason though, this being the case, the real reason is that portfolio investments made by these gold funds usually carry on in the same companies for two to three years. They have low portfolio turnover, lower portfolio turnover than standard equity portfolios. Because the investment managers running the gold funds, they become familiar with management teams, they like them, they invest in them, they support them over the longer term. It takes them two to three years to execute on their business strategy. But the disclosure requirements of the funds are governed by the laws of mutual funds and SICAVs in Luxembourg. So they report their full asset allocations semi-annually in the United States and Canada and with semi-annual and annual reports and in SICAVs in Luxembourg also, semi-annually and annually. So and in 13F, the hundred funds and 13F requirements greater than a hundred million dollars require monthly disclosure for their full asset allocations. Today five gold funds report their full asset allocations on a monthly basis. And yet their hold periods are much longer than standard equity portfolios. So you can get some significant comparative advantage by looking at the holdings of these funds and in particular new names in a rallying gold market. Okay, so if I have this right, your gold fund report basically monitors who's got what in what gold fund. Is that correct? Yes. Okay. And how do I subscribe to this? Because this sounds like a fascinating, I get the intel here. How do I get and how do I become a member so that I can receive your gold fund updates? Well we're doing that online through mental funds and we're researching and publishing the asset allocations and then analyzing them. Well clearly we at Investor Intel are very interested in this particular update. For instance, I mean why does Japan not have any gold funds? So we're definitely going to do some follow-ups here with you. But right now, today at this moment in time, can you give us one or two really interesting things that you're seeing, the trends that you are watching with your mental funds with gold? Okay, so the new names, Van Neck picked up on a new name for us about four months ago. We looked into it, we got a cheaper entry price in Van Neck which was the first fund. It's G2, which is a successor to Guyana Goldfields. Van Neck was the first fund investor and we looked at it the month after they made the investment, we got it at a cheaper price point. None of the other funds have picked up on it yet, but it's a fantastic company run by Pat Sheridan who had great success in Guyana. So we understood and we're capitalizing on the best knowledge in the business. The investor and Imaru Kazanova have seen two, three gold cycles. They have fantastic depths of knowledge. In every instance in these gold funds, they have a great deal of knowledge of the gold sector. So we're getting that information by looking at their asset allocation. Another great example would be Steve Calhoun for Fidelity Fund. He picked up on the Cisco development first and new Pacific Minerals. It was immediately evident, we look at that portfolio on a monthly basis. Okay, but are you seeing an increase in interest in gold or decrease? Can you tell that by looking at the asset allocation? Well, there is an increase in interest in gold. You see central bank buying. You see lots of evidence of interest in the gold sector and a significant inflation problem that's coming. That's here now and coming and is manifesting itself. The reality is gold ounces in the ground are cheapest in gold equities and the gold equities ultimately reflect much stronger performance than gold bullion itself in a rallying gold market. So you're going to want to be looking at these portfolios and their asset allocations to capitalize on the knowledge of those 100 fund managers that really have a great deal of depth of knowledge of the gold sector. Well, we certainly want to capitalize on opportunities like this. So Chris, thank you so much for joining us from Mineral Funds today. Thank you, Tracy.