I'm happy to have him as part of our outlook.

Siri's E B.

Tucker, editor for Strategic Investor, also the director for Metallica.

Royalty and streaming.

Welcome back.

Thanks for having me too.

Good to see you.

We have a lot of ground to cover here today.

But, you know, when you were on in January when we were on in September, you've been dead on with your gold calls.

You're one of the future to say gold was gonna hit 1500 back in January when people have given up on the metal a cz part of our outlook as we head into 2020.

Where does TV Tucker stand today?

Well, a year ago, when we sat down, gold was 12 33.

So that's had about an 18 and 1/2 percent year.

And I think people still aren't paying any attention, which is good for gold. 00:00:59.150 --> 00:01:5.330 Bucks and Silvers had a similar year about 18% as well And so we think the rally's not even started. 00:01:5.330 --> 00:01:10.110 I mean what you saw this year we predicted is just an indication that it's time to take things seriously.

Well, you had said that there was no serious money coming into golden.

In fact, that has been the case, of course, not counting billionaires like like Ray Dalio, but he be on the other side of the equation.

We have central banks, you know, Russia, adding to their reserves.

We have China.

That's that's that's buying.

We have Poland who wants to repatriate their gold, you know, Shouldn't this be making an impact on the gold price?

Now it will.

There's sister banks buying gold, and then 60% of central banks are easing monetary policy.

You know, when the longest expansion we've ever had, 60% are.

Let's just call it what it is, creating new money and extra money to keep their economies from stalling.

So if they're buying gold with one hand and creating more money with the other hand, what does that tell you you should be doing? 00:01:54.800 --> 00:02:1.290 We can't create more money for ourselves, but we can certainly think I think people reading between the lines see it as well. 00:02:1.290 --> 00:02:7.150 If Russia's adding or news other countries are adding, they're preparing for you know, financial crisis. 00:02:7.630 --> 00:02:10.500 I don't know that gold is as much a crisis antidote is.

People think it's za popular thing, and I get this all the time at dinner parties after they're done laughing at me for being interesting gold, which is a good indication where small groups a good indication that you should be interested in things that people when people disparage you when you say you're interested in them.

I bought a lot of real estate in 2009 and 10 and people laughed at me then as well, they said, Don't you get the newspaper?

And don't you know that there's been a crash?

So when people treat you that way, it's an indication that you're on to something there, comfortable when everyone accepts where things were going.

But when everyone accepts where things were going, usually they're wrong headed off a cliff.

So so anyway, So after that, people then say, Well, yeah, it's only good for a crisis.

It's It's not true.

So if you look back, the Fed's balance sheet was Adir 1,000,000,000 for a long time 2005. 00:02:53.140 --> 00:03:0.210 Then all of a sudden it goes to 2.2 trillion in 2008 and then it goes toe four and 1/2 trillion by 2014. 00:03:0.470 --> 00:03:3.850 I want you to think back to when we set down a year ago what was going on. 00:03:3.850 --> 00:03:4.900 Everyone forgot about this. 00:03:4.900 --> 00:03:10.460 But Powell was considered a blockhead for withdrawing just a tiny bit of money from the U.

S system.

And he was gonna crash the market.

Remember the big decline that we had?

Everyone's panicked about this.

That's all over there now, increasing the balance sheet against you know, we're back over four trillion.

It's never gonna go down.

What are your thoughts on the Fed injecting liquidity into the banking system via repose?

Well, it's It's a way to stave off tension.

So I mean, you have tension, there's problems.

I mean, you can't just endlessly create money and have good times.

You can't have a party for the weekend and your party all week, and you're still partying the next weekend in a month later, and a year later doesn't work that way.

Like at some point, you have to settle down, and that's not gonna be allowed to happen in the U.

S.

People need to understand this, and so what's gonna happen is they're going to stave off any pain.

Politicians.

I need this to happen so that so it's It's a comfortable when there's pain in the mass of society, people very upset. 00:03:59.830 --> 00:04:5.690 So so there's there's, there's complicity, support with the political class and the central banks. 00:04:5.690 --> 00:04:6.920 You never seen this before. 00:04:6.930 --> 00:04:11.460 If you go back 30 years ago, Central Bank wasn't making all these statements and talking everywhere.

It's a new era.

It's never gonna be something that we go away from.

And so people need to realize that gold, it's not about protecting it is not gonna be a market crash.

How could there?

Is that a good thing, in your opinion that you're saying you've never seen this before?

Central banks, being vocal presidents, being vocal about the central bank?

If this is the new trend, is that a positive or negative?

I don't I don't see things that I don't look at things this way in life because if you say something's good implies the other things bad, it's not.

It's not the case, so you just look at what is that's that's what you want to do with your money if you wanna look at what is.

And so what's gonna happen is over.

The next couple years were calling for gold to take out its old high next year.

Okay, so it's 1900 roughly in the spot market, so we think it will take that out, and we feel really confident about that. 00:04:57.160 --> 00:05:4.060 So let's build the story around because a lot of analysts I've spoken to have said, Look, things are just too com now for Golden. 00:05:4.060 --> 00:05:7.170 I know you're saying, Well, it's not so much tied to a fear trade. 00:05:7.340 --> 00:05:11.390 But, you know, there seems to be less tension here between China.

US.

Swing is that everything goes wall.

They would say that when when things were heating up, that's when gold took off.

Less talk of a recession said the economy seemed to be positive.

Stock markets looked back late.

May early June is when gold tipped okay and started taking off what was happening then Gold was anticipating the repo problems.

I don't know how this happens, but it always sniffs out a problem before it happens, and that's what was going on.

You know, you're increasing the size of the monetary base and it's never going to go down.

And so you, when you think about it, when you look back to to what happened in the last 10 years, you know gold is actually lagging gold gold will.

It's not a way to speculate and make a big profit.

It's a way to protect your wealth.

It's wealth insurance. 00:05:57.510 --> 00:06:0.050 You want to maintain standing by having gold. 00:06:0.220 --> 00:06:3.530 You go all the way back into the to the nineties, and the money supply was much smaller. 00:06:3.660 --> 00:06:6.460 It's about kept up with the pace of monitoring. 00:06:6.600 --> 00:06:7.360 So so what? 00:06:7.370 --> 00:06:14.770 You know, if I have to ask you to build the story around gold taking out its old highs next year, you know, what are you seeing?

That lower interest rates?

The stock market crash?

No stock market crash.

You're gonna see lower interest rates in 10 years.

1.8 today.

A year ago it was 2.9 eight's, almost 3%.

Everybody thought it would go higher.

So just not gonna go higher, period.

It's not gonna be allowed to go higher.

So what's gonna happen fast forward 10 years from now, you're gonna look back and what you're gonna know 10 years from now is that the grand plan was to keep nominal GDP growth stable and too slowly erode the power of your purchasing power of your money.

That's the plan.

That's what's gonna happen.

And it's gonna it's going to work and it's in.

And I've heard this from them from It's politically necessary to do this because it keeps people unaware of what's really happening. 00:06:58.190 --> 00:07:0.090 Okay, it's the easier, softer way. 00:07:0.250 --> 00:07:3.100 So do you think that gold is prevented from going higher? 00:07:3.420 --> 00:07:3.980 No, I don't. 00:07:3.980 --> 00:07:5.570 I don't I don't think that's the case. 00:07:5.570 --> 00:07:8.610 And even if it is, then I see this A positive subsidy. 00:07:8.620 --> 00:07:14.290 If Luton purses were held down by 40% we wouldn't be complaining about it.

We were shopping right now you're putting out a blockbuster newsletter this week where you basically, you know, say you're native.

Certain investments 2020 Right?

So give us a sneak peek of what you're liking for 2020.

So obviously gold s s so so.

We like gold.

I think people should give up talking about the crash.

You know, we think people should should step back from just investing in index funds, you know, We think there's some value stocks that air.

They're just amazing deals right now and people they've lagged for 10 years, and we think that that that'll change. 00:07:47.530 --> 00:08:5.820 But the reason why we put this newsletter out because we tell people it's not just about calling a specific price for something you know, tear a card reader, you know what you're trying to do is to find the direction because the real power in the financial markets is understanding where the stream is going and then floating in the stream, right? 00:08:5.820 --> 00:08:12.740 I mean, you don't want a paddle upstream, you know you want to go down the stream with the power of the river, and you could just make a fortune that way.

But most people, they never stop and say where each of these markets headed.

Silvers and silver's a risk free trade.

As far as we're concerned, because you look at the gold silver ratio 86 86 years.

Yeah, I mean, it doesn't make any sense, you know.

That's why we say the rally hasn't even started, you know?

And so but how do you play this like, let's synthesize this for people because you don't want to just say, Oh, great, I'll go out and buy tons of physical gold and then I'll make a fortune.

It's not gonna happen.

All that's gonna happen is you're gonna maintain your wealth buying that the rial trade here is gonna be royalty companies because royalty companies have quietly bought up decades of exposure to gold mines. 00:08:52.620 --> 00:09:2.750 And if you buy that stuff today at $1400 an ounce and then gold runs to $2400 an ounce, you absolutely will not believe how much money you make. 00:09:2.760 --> 00:09:3.300 This is fine. 00:09:3.300 --> 00:09:5.100 That's 101 Will you wear two hats? 00:09:5.100 --> 00:09:5.300 Right? 00:09:5.300 --> 00:09:10.420 So you use letter writer, But your main baby, I guess, is metallic.

It's my largest investment.

Now let me tell you something very important.

The word we talk about Rosie's all the time.

They're thousands of mining exploration companies, and there's only six riel royalty companies.

Okay, there.

Sure, there's a little tiny ones trying to something on account.

There's six Rosie Cos there's thousands of exploration companies.

Okay, so why is that?

But but royalty, Think about the word royalty Royal.

OK, when's the last time you saw one of the British monarchs.

You out working in a field or something?

They don't.

Royalty.

Okay, it's the word Has a lot of meaning that we never talk about.

It's this smarter way to be involved in this business.

You have to decide you want to be a king or doing re a peasant.

I mean the exploration business. 00:09:52.330 --> 00:10:1.700 Everybody thinks I'm gonna make a fortune by finding a gold mine but not finding many gold mines you haven't found a peerless son said you haven't found a 50 million outs deposited 15 years. 00:10:1.740 --> 00:10:8.150 Let me ask you, Why do you think, like, are they out there or are we not doing enough exploration? 00:10:8.640 --> 00:10:11.790 Well, just too much focus on mergers and acquisitions right now.

That's a That's a necessity these companies have got to combine.

And that's why they're combining at no premium mergers.

You know, these aren't bidding wars.

These were these were people finally agreeing to lay down the sword and go combine and people are gonna get fired.

And there's gonna be combining office space.

These air big bureaucracies, these multi $1,000,000,000 companies, these people that work there that barely know they're in the gold business, they just are climbing the internal ladder.

So I know these people, okay?

And and so I think what's happened?

Is there so much waste in the exploration business and so much graft and in bad decision making when gold prices are high and then failure to act when they're low people or six.

You'd be buying mining stocks, not royalty.

Anything else would you buy?

I don't think there's any purpose to it. 00:11:0.140 --> 00:11:1.160 I really don't. 00:11:1.160 --> 00:11:5.320 I mean, I don't think you need to speculate in that world at this time. 00:11:5.320 --> 00:11:10.270 It's too easy to own the royalty that everyone wants to buy that stock that's going to go to 10 cents.

Eight bucks.

Look, some companies okay, look, metallic is I'm very much involved with steering the company.

That stock is up 65% a year.

28 Canadian, three years in a row, 65% every year for three years and pays a dividend.

I don't understand.

Why do I even need to beat that?

Right?

You gotta buy rating from Heywood 33 analysts came two bucks.

You're looking to be listed on the New York Stock Exchange.

Other plans?

Yeah, We've done 16 transactions.

I mean, I I'd be shocked if we were finished.

You bought 45 assets.

We started 03 years ago.

So I mean, if that pace can roughly continue, I think it's very exciting.

And for us, it's great to see the gold price stall in the mid 1400 e b. 00:11:56.510 --> 00:12:1.250 Tucker before I let you go to all our investors clinging to every word of yours. 00:12:1.260 --> 00:12:3.380 Thoughts for 2020. 00:12:4.430 --> 00:12:5.790 Relax and enjoy the ride. 00:12:7.040 --> 00:12:7.570 We'll try. 00:12:8.140 --> 00:12:8.650 We'll try. 00:12:8.870 --> 00:12:11.490 Um, well, it's easy for you to say you live in Florida.

That's a choice.

That's a choice.

Thanks so much for flying up here and doing this interview.

Thanks for having me.

And thanks for watching our outlook.

Siri's.

We will have many more fan favorites and experts coming on the show, so be sure to stay tuned to kick oh dot com.