WEBVTT 00:00:00.000 --> 00:00:02.600 Welcome back to The Deep Dive. Today, we are 00:00:02.600 --> 00:00:04.919 wrestling with, well, a high stakes financial 00:00:04.919 --> 00:00:06.879 mystery that played out just a few days ago. 00:00:07.400 --> 00:00:11.080 The date is November 28th, 2025. And silver prices 00:00:11.080 --> 00:00:14.080 didn't just move, they exploded. We saw the metal 00:00:14.080 --> 00:00:16.600 surge to a nominal record high, settling near 00:00:16.600 --> 00:00:19.579 $55 an ounce after touching peaks around $56. 00:00:20.359 --> 00:00:23.100 But here's the massive, just bizarre context 00:00:23.100 --> 00:00:25.579 for all of this. This record was set at the same 00:00:25.579 --> 00:00:28.379 time as a catastrophic, totally unexpected trading 00:00:28.379 --> 00:00:31.079 halt at the Chicago Mercantile Exchange, the 00:00:31.079 --> 00:00:33.700 CME. It's the perfect market paradox, isn't it? 00:00:33.700 --> 00:00:35.960 Yeah. You have this true decade spanning technical 00:00:35.960 --> 00:00:38.600 breakout happening at the exact moment the infrastructure 00:00:38.600 --> 00:00:41.299 that supports 90 % of global derivatives trading 00:00:41.299 --> 00:00:44.020 just went dark. Yeah. So our mission in this 00:00:44.020 --> 00:00:46.020 deep dive is to look past that dramatic technical 00:00:46.020 --> 00:00:48.079 failure and really figure out what was driving 00:00:48.079 --> 00:00:50.460 the price. I mean, was the CME halt the cause 00:00:50.460 --> 00:00:52.299 of the surge or was it just a distraction from 00:00:52.299 --> 00:00:54.100 these far deeper structural forces that have 00:00:54.100 --> 00:00:56.500 been building for years? Exactly. We're diving 00:00:56.500 --> 00:01:00.659 into a stack of market analysis and some proprietary 00:01:00.659 --> 00:01:02.859 research focused on precious metals, looking 00:01:02.859 --> 00:01:06.159 at everything from technical chart patterns to 00:01:06.159 --> 00:01:09.780 fundamental supply deficits and crucially, historical 00:01:09.780 --> 00:01:13.159 context. And just to set the scene, for you right 00:01:13.159 --> 00:01:16.000 away, we have to talk about the huge disparity 00:01:16.000 --> 00:01:19.180 in global pricing. As spot prices were consolidating 00:01:19.180 --> 00:01:22.780 near $55 here in the U .S., rates in India were 00:01:22.780 --> 00:01:25.400 equivalent to, what, roughly $33 .50 an ounce. 00:01:27.150 --> 00:01:30.129 That represents a 21 % monthly surge in Asia. 00:01:30.189 --> 00:01:32.790 Wow. It tells you immediately that the real action 00:01:32.790 --> 00:01:34.689 is happening in the physical metal, not just 00:01:34.689 --> 00:01:38.329 the paper contracts. That kind of disparity is 00:01:38.329 --> 00:01:40.930 highly unusual. And it's our first big clue. 00:01:41.170 --> 00:01:43.290 So it points to a physical tightness. A real 00:01:43.290 --> 00:01:45.409 strain on available inventory that the paper 00:01:45.409 --> 00:01:47.510 price just isn't fully capturing yet. OK, let's 00:01:47.510 --> 00:01:49.469 start with the drama, the charts, the mechanical 00:01:49.469 --> 00:01:51.590 breakdown. The initial excitement was purely 00:01:51.590 --> 00:01:54.290 technical. Oh, absolutely. Silver broke out above 00:01:54.290 --> 00:01:57.700 its prior all time nominal high. which were sitting 00:01:57.700 --> 00:02:02.000 around $53, $54 an ounce. It jumped over 3 % 00:02:02.000 --> 00:02:04.640 in that session. For chartists, this was the 00:02:04.640 --> 00:02:06.640 moment they'd been waiting for. And what's fascinating 00:02:06.640 --> 00:02:09.400 here is the sheer conviction. I mean, this wasn't 00:02:09.400 --> 00:02:12.860 some weak spike. The price blew past those previous 00:02:12.860 --> 00:02:15.800 highs with really strong backing from its support 00:02:15.800 --> 00:02:18.560 systems. You mean the moving averages? Specifically, 00:02:18.840 --> 00:02:21.439 the 10 -day and 50 -day moving averages were 00:02:21.439 --> 00:02:24.310 trailing right below, providing a floor. That 00:02:24.310 --> 00:02:26.810 suggests the momentum had really deep roots. 00:02:27.110 --> 00:02:29.550 And here's where it gets, I think, really interesting 00:02:29.550 --> 00:02:32.210 for anyone who studies long -term patterns. Our 00:02:32.210 --> 00:02:34.009 source material points out that this breakout 00:02:34.009 --> 00:02:37.490 completed a massive technical formation, a 45 00:02:37.490 --> 00:02:39.969 -year cup and handle pattern. That's right, a 00:02:39.969 --> 00:02:42.289 45 -year formation. Can you just break that down 00:02:42.289 --> 00:02:44.389 for our listeners who aren't traders? 45 years 00:02:44.389 --> 00:02:47.750 sounds insane. It is. So imagine a big U -shaped 00:02:47.750 --> 00:02:50.750 curve on a chart. That's the cup. It represents 00:02:50.750 --> 00:02:53.580 this long period of decline, followed by a full 00:02:53.580 --> 00:02:55.840 recovery back to the original peak. And then 00:02:55.840 --> 00:02:58.419 the handle is just a small consolidation zone 00:02:58.419 --> 00:03:02.120 right before the breakout. 45 years to form that 00:03:02.120 --> 00:03:04.979 kind of structure suggests we're seeing a permanent 00:03:04.979 --> 00:03:08.000 historical shift in the market's valuation, not 00:03:08.000 --> 00:03:10.240 just some temporary spike. And if we needed more 00:03:10.240 --> 00:03:13.340 confirmation, the gold -silver ratio fell decisively 00:03:13.340 --> 00:03:16.819 below 77 to 1 during this rally. And a ratio 00:03:16.819 --> 00:03:20.060 falling below 77 is a massive signal. It means 00:03:20.060 --> 00:03:23.039 it takes fewer than 77 ounces of silver to buy 00:03:23.039 --> 00:03:26.080 one ounce of gold. Historically, whenever silver 00:03:26.080 --> 00:03:28.560 starts closing that gap aggressively, it means 00:03:28.560 --> 00:03:30.860 silver is gaining its own independent strength. 00:03:30.960 --> 00:03:33.020 It's confirming its own bull market. Exactly. 00:03:33.439 --> 00:03:35.580 Ahead of gold. OK, so you have this elegant technical 00:03:35.580 --> 00:03:37.379 picture. Now let's contrast that with the real 00:03:37.379 --> 00:03:40.740 time mess. The failure at the CME. It wasn't 00:03:40.740 --> 00:03:43.379 a cyber attack. It wasn't manipulation. It was 00:03:43.379 --> 00:03:46.039 a literal cooling failure. That's the official 00:03:46.039 --> 00:03:48.580 story. And it is a bit embarrassing for an institution 00:03:48.580 --> 00:03:52.159 that big. The halt struck at 9 .44 p .m. Eastern 00:03:52.159 --> 00:03:55.199 on November 27th. The failure was at the Cyrusone 00:03:55.199 --> 00:03:57.740 data center in Illinois, which hosts the Globex 00:03:57.740 --> 00:04:00.080 platform. And the reason? Overheating servers. 00:04:00.599 --> 00:04:02.900 Overheating. Because a facility designed for 00:04:02.900 --> 00:04:06.979 2015 data loads just couldn't handle 2025 processing 00:04:06.979 --> 00:04:09.870 demands. It almost sounds like a metaphor for 00:04:09.870 --> 00:04:11.949 our infrastructure in general, honestly. It really 00:04:11.949 --> 00:04:14.909 does. So this cooling failure caused a complete 00:04:14.909 --> 00:04:18.470 halt of 90 % of global derivatives trading. And 00:04:18.470 --> 00:04:19.889 while traders are just sitting there staring 00:04:19.889 --> 00:04:22.009 at blank screens, wondering if this is a financial 00:04:22.009 --> 00:04:24.829 crisis, the market kept moving. Oh, wait, hold 00:04:24.829 --> 00:04:28.350 on. If 90 % of derivatives trading was halted, 00:04:28.449 --> 00:04:31.129 couldn't you argue the price surge was just some 00:04:31.129 --> 00:04:34.810 low -volume frenzy that the CME normally buffers 00:04:34.810 --> 00:04:36.879 out? That's a really important question. It gets 00:04:36.879 --> 00:04:39.000 to market psychology. But the evidence is pretty 00:04:39.000 --> 00:04:41.240 definitive because of the global nature of metals 00:04:41.240 --> 00:04:43.959 trading. During the time the CME was paused, 00:04:44.519 --> 00:04:46.360 markets like Shanghai and the over -the -counter 00:04:46.360 --> 00:04:50.360 OTC market, they kept going. And crucially, Silver 00:04:50.360 --> 00:04:54.220 hit its absolute peak of $56 .41, specifically 00:04:54.220 --> 00:04:56.459 in that OTC and Shanghai trading. So while the 00:04:56.459 --> 00:04:58.379 paper market was literally crashing, the price 00:04:58.379 --> 00:05:01.540 was still surging in physical locations. Precisely. 00:05:02.240 --> 00:05:04.199 The halt was like a perfect stress test for the 00:05:04.199 --> 00:05:06.420 price momentum. It proved the underlying will 00:05:06.420 --> 00:05:08.899 to buy was global and structural, and it wasn't 00:05:08.899 --> 00:05:11.680 dependent on one broken exchange. So if the surge 00:05:11.680 --> 00:05:14.259 wasn't a fluke, then we have to shift gears and 00:05:14.259 --> 00:05:17.730 talk fundamentals. The real why behind all this 00:05:17.730 --> 00:05:20.269 we talk a lot about silver as a monetary metal, 00:05:20.290 --> 00:05:23.329 but its foundation today is industrial Absolutely. 00:05:23.790 --> 00:05:25.910 We have to remember that industrial applications 00:05:25.910 --> 00:05:29.069 are now about 50 % of all silver consumption 00:05:29.069 --> 00:05:32.209 This isn't just a shiny metal anymore. It's a 00:05:32.209 --> 00:05:34.550 critical component in the biggest growth sectors 00:05:34.550 --> 00:05:37.279 of the global economy Let's break that down. 00:05:37.579 --> 00:05:40.000 What specific non -negotiable applications are 00:05:40.000 --> 00:05:42.699 driving that 50 %? Well, the list is growing, 00:05:43.100 --> 00:05:45.600 but the big hitters are solar photovoltaics, 00:05:46.000 --> 00:05:47.759 advanced electronics, electric vehicles, the 00:05:47.759 --> 00:05:51.120 EVs, and increasingly complex medical devices. 00:05:51.379 --> 00:05:53.980 Let's talk about solar for a second. Sure. Silver 00:05:53.980 --> 00:05:56.060 is the most conductive and reflective material 00:05:56.060 --> 00:05:58.560 known to man. So when you need to capture and 00:05:58.560 --> 00:06:01.079 transfer electricity in a solar panel for say 00:06:01.079 --> 00:06:04.180 two decades, you can't just swap it out for copper 00:06:04.180 --> 00:06:06.500 or aluminum without a huge loss of efficiency. 00:06:06.839 --> 00:06:09.720 So that demand is inelastic. Completely. The 00:06:09.720 --> 00:06:12.839 global push to transition to clean energy means 00:06:12.839 --> 00:06:15.860 we need astronomical amounts of silver. And that's 00:06:15.860 --> 00:06:17.660 just the industrial side. We know investment 00:06:17.660 --> 00:06:20.420 demand is adding fuel to the fire. It is. We've 00:06:20.420 --> 00:06:22.800 seen exchange -traded product, the ETP inflows, 00:06:22.839 --> 00:06:25.399 that's metal hold by funds, reach 95 million 00:06:25.399 --> 00:06:27.740 ounces recently. That reflects some safe haven 00:06:27.740 --> 00:06:30.920 demand, but the investment volume is really just 00:06:30.920 --> 00:06:33.050 reacting to the structural problem. And what 00:06:33.050 --> 00:06:35.430 is that core structural problem? The supply deficit. 00:06:35.949 --> 00:06:37.949 And stress the word deficit. This isn't a single 00:06:37.949 --> 00:06:40.689 year shortage. We are now in a multi -year deficit 00:06:40.689 --> 00:06:43.589 situation that is persistent. It's long running, 00:06:44.170 --> 00:06:46.370 exceeding seven years now by some counts. We're 00:06:46.370 --> 00:06:48.129 just consuming more than we're pulling out of 00:06:48.129 --> 00:06:50.230 the ground. That's the bottom line. Yeah. And 00:06:50.230 --> 00:06:52.350 on the supply side, the constraints are severe. 00:06:52.850 --> 00:06:55.050 Mine production is flat, maybe even declining 00:06:55.050 --> 00:06:58.230 because of high operating costs. And recycling 00:06:58.230 --> 00:07:00.970 efforts, you know, taking silver from old electronics. 00:07:01.680 --> 00:07:04.300 They just can't fill the gap. So you have this 00:07:04.300 --> 00:07:07.839 high tech inelastic demand paired with stagnant 00:07:07.839 --> 00:07:10.399 costly supply. That sounds like a fundamental 00:07:10.399 --> 00:07:13.480 crisis. And you can see that crisis when you 00:07:13.480 --> 00:07:15.860 look at the stockpiles. Inventory levels on the 00:07:15.860 --> 00:07:19.199 major exchanges, ComEx and London, they're sounding 00:07:19.199 --> 00:07:22.220 alarms. They've hit historical lows. And that's 00:07:22.220 --> 00:07:24.139 what's driving those physical premiums in Asia. 00:07:24.459 --> 00:07:27.920 Exactly. It underscores the huge disparity between 00:07:27.920 --> 00:07:30.899 the paper price and the actual metal available 00:07:30.899 --> 00:07:33.600 for delivery. The physical market is undeniably 00:07:33.600 --> 00:07:36.199 tight. It sounds less like a temporary bubble 00:07:36.199 --> 00:07:38.839 and more like the market is finally waking up 00:07:38.839 --> 00:07:42.620 to a severe multi -year physical imbalance. That 00:07:42.620 --> 00:07:44.480 is the essential conclusion from the data. Yes. 00:07:44.639 --> 00:07:46.480 OK, let's unpack some history because this whole 00:07:46.480 --> 00:07:49.379 situation feels. intensely familiar. This isn't 00:07:49.379 --> 00:07:51.699 the first time Silver has had a dramatic late 00:07:51.699 --> 00:07:54.060 year breakout. We have to compare this to the 00:07:54.060 --> 00:07:57.699 infamous Silver mania from what, nearly 46 years 00:07:57.699 --> 00:08:00.000 ago. The echoes are striking. In late November 00:08:00.000 --> 00:08:03.800 1979, Silver had this massive surge going from 00:08:03.800 --> 00:08:07.399 about $6 to $17 .50 an ounce. It aligns perfectly 00:08:07.399 --> 00:08:09.199 with the timing of this current breakout. And 00:08:09.199 --> 00:08:11.920 that 1979 surge was the one that ultimately peaked 00:08:11.920 --> 00:08:15.110 at $50 in January of 1980. That's the one. And 00:08:15.110 --> 00:08:16.949 the response from the exchanges back then was 00:08:16.949 --> 00:08:19.129 immediate panic. They started raising margins. 00:08:19.350 --> 00:08:21.269 Repeatedly. They implemented position limits, 00:08:21.629 --> 00:08:24.629 used liquidation -only rules, anything to stop 00:08:24.629 --> 00:08:26.490 the runaway market. And we're seeing the same 00:08:26.490 --> 00:08:29.329 playbook now. CME has raised silver and gold 00:08:29.329 --> 00:08:32.169 futures margins by five to nine percent multiple 00:08:32.169 --> 00:08:34.820 times since September. But if we want a true 00:08:34.820 --> 00:08:38.279 honest perspective on how big this $56 high actually 00:08:38.279 --> 00:08:41.139 is, we have to talk about what that $50 peak 00:08:41.139 --> 00:08:44.240 from 1980 means today. This is the aha moment 00:08:44.240 --> 00:08:47.600 for any investor. When we adjust that $50 peak 00:08:47.600 --> 00:08:50.659 from 1980 for the growth in the M2 money supply 00:08:50.659 --> 00:08:54.539 and GDP, that peak equates to over $500 today. 00:08:54.840 --> 00:08:58.120 Over $500? That is a jarring number. For listeners 00:08:58.120 --> 00:09:00.940 who aren't familiar, why is M2 the right metric, 00:09:01.179 --> 00:09:03.830 not just consumer inflation? That's a great question. 00:09:04.289 --> 00:09:07.009 Simple inflation, like CPI, just measures the 00:09:07.009 --> 00:09:09.730 cost of goods. But M2 money supply measures the 00:09:09.730 --> 00:09:11.509 total amount of money available in the economy. 00:09:11.629 --> 00:09:14.090 Cash, deposits, all of it. This is the total 00:09:14.090 --> 00:09:16.750 monetary base. Right. And since 1980, that base 00:09:16.750 --> 00:09:19.750 has expanded massively. Using M2 gives you a 00:09:19.750 --> 00:09:21.870 truer sense of the dollar's relative purchasing 00:09:21.870 --> 00:09:24.659 power. It quantifies the erosion of the fiat 00:09:24.659 --> 00:09:27.299 currency itself. So what you're saying is, despite 00:09:27.299 --> 00:09:31.159 setting a new nominal record at $56, silver isn't 00:09:31.159 --> 00:09:34.080 even close to the real monetary ceiling it hit 00:09:34.080 --> 00:09:36.419 nearly half a century ago. Not even in the same 00:09:36.419 --> 00:09:39.139 ballpark. It confirms that this current run is 00:09:39.139 --> 00:09:42.240 being driven by industrial demand and real shortages, 00:09:42.740 --> 00:09:45.259 not the pure speculative monetary euphoria that 00:09:45.259 --> 00:09:47.620 we saw in 1980. And speaking of that speculation, 00:09:47.860 --> 00:09:49.820 there's a vital difference in market structure 00:09:49.820 --> 00:09:53.159 today, isn't there? Yes. In 1979, the market 00:09:53.159 --> 00:09:55.940 was dominated by concentrated positions, the 00:09:55.940 --> 00:09:58.639 famous Hunt Brothers. That made it easier for 00:09:58.639 --> 00:10:00.600 regulators to step in and break the speculation. 00:10:00.720 --> 00:10:02.960 There was a clear target. A very clear target. 00:10:03.419 --> 00:10:05.879 Today, the market lacks a single dominant player. 00:10:06.080 --> 00:10:09.120 It's fragmented across global exchanges, Shanghai, 00:10:09.399 --> 00:10:12.200 Comex, India. That dilutes the effect of any 00:10:12.200 --> 00:10:14.860 single regulatory action. It makes global momentum 00:10:14.860 --> 00:10:17.179 much, much harder to stop. And the U .S. government 00:10:17.179 --> 00:10:19.519 now designating silver as a critical mineral? 00:10:20.080 --> 00:10:22.080 That adds another layer that didn't exist in 00:10:22.080 --> 00:10:25.500 79. That designation is huge. It signals that 00:10:25.500 --> 00:10:28.039 silver is essential to domestic industry and 00:10:28.039 --> 00:10:30.899 national defense. It shifts its profile from 00:10:30.899 --> 00:10:33.620 just a monetary hedge to a strategic necessity. 00:10:33.789 --> 00:10:36.509 It makes the supply deficit a matter of national 00:10:36.509 --> 00:10:39.429 economic security. It does. So what does this 00:10:39.429 --> 00:10:42.470 all mean in the bigger picture? How are professional 00:10:42.470 --> 00:10:46.230 analysts interpreting this sudden jump? Is it 00:10:46.230 --> 00:10:49.429 inflation fears, an industrial boom, or just 00:10:49.429 --> 00:10:52.009 technical euphoria? Well, if we look at the broader 00:10:52.009 --> 00:10:54.289 context, precious metals are obviously influenced 00:10:54.289 --> 00:10:58.570 by macro factors. Fed policy, inflation, geopolitics. 00:10:59.149 --> 00:11:01.169 A softening dollar supports commodities, and 00:11:01.169 --> 00:11:03.090 that's part of the tailwind we're seeing. And 00:11:03.090 --> 00:11:06.129 what are the specific expert takeaways on this 00:11:06.129 --> 00:11:09.289 November surge? The experts in our sources are 00:11:09.289 --> 00:11:11.309 heavily leaning toward fundamentals over the 00:11:11.309 --> 00:11:14.350 noise. Mike Maloney, for example, he highlighted 00:11:14.350 --> 00:11:16.470 the monetary signals, the long -term currency 00:11:16.470 --> 00:11:19.389 devaluation, and he dismissed the CME glitch 00:11:19.389 --> 00:11:22.480 as just market theater. Right. Similarly, Ben 00:11:22.480 --> 00:11:24.580 Rickert pointed to the trend of fiat erosion, 00:11:25.019 --> 00:11:27.059 which aligns perfectly with those Silver Institute 00:11:27.059 --> 00:11:29.620 deficit forecasts. They're all basically saying 00:11:29.620 --> 00:11:31.580 the fundamentals finally caught up to the charts. 00:11:31.779 --> 00:11:33.700 But we always need a balanced view. What are 00:11:33.700 --> 00:11:35.440 the potential headwinds? What could possibly 00:11:35.440 --> 00:11:38.980 slow this down? There are always risks. First, 00:11:39.259 --> 00:11:41.100 if recycling efforts can become significantly 00:11:41.100 --> 00:11:43.980 more efficient, that could ease some supply pressure 00:11:43.980 --> 00:11:46.620 over time. Hasn't happened yet, but it's possible. 00:11:47.320 --> 00:11:50.230 Okay. Second, and a broughed global economic 00:11:50.230 --> 00:11:53.429 slowdown would curb industrial demand. Fewer 00:11:53.429 --> 00:11:56.769 solar panels, fewer EVs that would remove that 00:11:56.769 --> 00:11:59.909 critical 50 % support base. And from a technical 00:11:59.909 --> 00:12:02.809 trader's perspective, what level are they watching 00:12:02.809 --> 00:12:05.809 to signal a reversal? Any sustained technical 00:12:05.809 --> 00:12:08.350 breakdown below the 50 -day moving average, that 00:12:08.350 --> 00:12:11.009 would be a major red flag. For now, the momentum 00:12:11.009 --> 00:12:13.029 is holding, but traders are watching that level 00:12:13.029 --> 00:12:16.669 obsessively. So this deep dive shows pretty definitively 00:12:16.669 --> 00:12:19.009 that the record high wasn't caused by the CME 00:12:19.009 --> 00:12:21.570 failure. The failure actually proved the underlying 00:12:21.570 --> 00:12:24.279 strength. The surge was driven by fundamental 00:12:24.279 --> 00:12:26.820 supply deficits projected for a fifth straight 00:12:26.820 --> 00:12:29.419 year now and this incredible industrial demand 00:12:29.419 --> 00:12:32.059 from solar and EVs. The CME halt was a major 00:12:32.059 --> 00:12:34.080 disruption, but it just confirmed the momentum 00:12:34.080 --> 00:12:36.659 was global. It wasn't confined to one paper exchange. 00:12:37.039 --> 00:12:40.299 It confirmed the structural drivers are now overriding 00:12:40.299 --> 00:12:42.480 the volatility we usually see from paper trading. 00:12:42.679 --> 00:12:45.080 The price is finally reflecting a true physical 00:12:45.080 --> 00:12:47.940 shortage. And that leads us to a final provocative 00:12:47.940 --> 00:12:50.610 thought. The source materials clearly show the 00:12:50.610 --> 00:12:53.950 1980 silver peak is equivalent to over $500 today. 00:12:54.769 --> 00:12:56.649 So considering that context, and the fact we 00:12:56.649 --> 00:12:59.710 now have a globally fragmented market with persistent 00:12:59.710 --> 00:13:02.830 structural deficits and silver is a critical 00:13:02.830 --> 00:13:05.830 industrial mineral, are regulatory margin adjustments, 00:13:05.950 --> 00:13:09.129 these small 5 % to 9 % hikes, are they truly 00:13:09.129 --> 00:13:11.029 enough to contain the momentum at this time? 00:13:11.370 --> 00:13:13.429 When you have a critical industrial necessity 00:13:13.429 --> 00:13:16.129 that is also a monetary metal and the physical 00:13:16.129 --> 00:13:18.590 supply is dwindling, you create a perfect storm. 00:13:18.809 --> 00:13:21.809 The question really is, what does that dual roll 00:13:21.809 --> 00:13:24.269 of silver mean for its long -term volatility 00:13:24.269 --> 00:13:26.950 and its eventual price ceiling in a world that 00:13:26.950 --> 00:13:29.409 is starved for supply? Something for you to mull 00:13:29.409 --> 00:13:31.590 over as you watch the charts and the news over 00:13:31.590 --> 00:13:33.190 the coming weeks. Thank you for joining us for 00:13:33.190 --> 00:13:33.730 the deep dive.