ADRIAN DAY – PART 2 of 2
I had the pleasure to sit down with Adrian Day – owner of Adrian Day Asset Management and discuss all things gold, silver, uranium, resource stocks.
Adrian is the Founder and CEO of Adrian Day Asset Management – an asset management firm that believes in the merits of long-term, global, value investing and that gold should serve as an integral part of a risk-averse approach. He is a native of London and has spent many years as a financial investment writer, having authored 2 books on global investing. Adrian is a recognized authority on both global and resource investing and is frequently interviewed by the press, both domestically and abroad.
In Part 2 of this interview, Adrian and I speak on:
– Direction of US Dollar and Gold
– How Resource Bull Markets form and whether Adrian sees one forming now.
– Oil and mining company expense structures and profitability
– Oil in 2024
– Do you see an increase in M&A activity coming?
– Gold discoveries arer down- the impact
– Avg gold ownership is down to less than 1/2 of 1% from an average of 2-4% over previous 4+ decades. What propels it back to average?
– Questions on the Adrian Day Gold Account allocations in senior producers, royalty companies, explorers, silver companies and juniors
– How Adrian currently views uranium and the metal itself vs the miners
– Constructing a portfolio today vs previous 40 years
– and so much MORE!
This interview has been broken out into 2 parts. This is Part 2 of the interview with Adrian. To view Part 1, click here: https://youtu.be/EPre3P-JzAc
This is a don’t miss interview series with Adrian Day!
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*This video was recorded on February 13th, 2024
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Uh you know in the current environment if you’re looking ahead you know five years let’s say I asked you know I yes yes is a short answer but I asked what asset do you want to own um you know and if I were giving an asset to my
Grandchild um would it be gold would it be us bonds would it be uh Nidia I mean no I think gold would be the the safest bed so in the current environment yeah I mean I I I think the Holdings and gold should be high do you see the dollar weakening in
The months and years ahead and if you do what do you think um is going to be the cause of that yeah um that’s that’s a big question there’s a lot there um I mean first of all just looking at the last little bit of history as you say
The Dollar’s been strong the Gold’s been strong again just look at who’s been buying and why if you’re the Central Bank of Russia and your assets are already been confiscated by the US you’re not going to be buying treasuries you’re going to be buying something and holding it somewhere that the US can’t
Control and it’s insurance and if you’re buying an asset for insurance you’re much less uh sensitive to price just as if if my home insurance runs out I don’t say well I think I’ll wait a few months till prices come down you buy your insurance and and and and so that’s why
We’ve seen that disconnect as well between the dollar and gold typically obviously what other things been equal it’s a it’s a truism other things been equal when the price of dollar goes down the dollar price of gold goes up it should be noted of course that in the
Last couple of years the price of gold in non-dollar terms in many currencies has actually been a record highs um and certainly is is is looking much much stronger in other currencies and gold um yeah I you know and we know why the dollar has been strong and is strong
It’s at Old you know cleaner shirt in the dirty laundry hamper syndrome um and I think that’s probably going to continue for a little while but it’s probably going to become the dis the the the differential between the Us and other economies in terms of the economy in
Terms of the stability of the country and in terms of the interest rate differentials which are all three things that led people to the US I think is going to start moving away the differential is going to start um moving away in interest rates when the FED starts cutting um we’ll see that
Differential move away the other banks will probably lag the us in coming down the stability of the US I mean you know who knows what’s going to happen between now and November or between now and the seating of a new president but the possibility of um well one doesn’t have to go to
Extremes just a possibility if some pretty ugly um scenarios in the US is very real and when foreigners look at that I mean if if I mean I don’t think Biden’s going to be the nominee in November but they’re certainly going to to find someone else to run he’s not just going
To step down and cirris become president you know if you’re sitting in Switzerland that would not be a good look um any kind of violence in the streets surrounding the election will not be a good look and I I I I’ll get off that track and back so
Anyway but but the things that have led people to the US I think are going to are going to move away and so again as we mentioned earlier when there’s a safe haven crisis Russia’s not going to say oh well let’s go to the dollar nor is China and
A lot of investors around the world are going to be less aggressive or a little bit more cautious in putting too much money into places where the US you know that the US controls very interesting very interesting um I wanted to ask you about the resource sector in general and
Bull Run how does a bull run in your in in your analysis in the resource sector usually form and play out is it one resource at a time popping up like popcorn do you usually see a rising tide raises all boats for the resources during a bull run how do you usually see
It playing out and how long do they typically last sure well you can you can have both scenarios of course and and more typically I mean unless you have specific unless you have specific factors affecting you know one one one one resource like lithium and lithium batteries unless you have something like
That um in more Niche uh uh uh resources typically the environment is an environment that is broadly speaking positive or negative for for all Commodities of particularly all resources not the agriculturals necessarily at the same time when people talk about super cycle which is a a an
Extended period when the prices of all resources go up meaningfully a super cycle is caused when you generally when you have a new source of demand so we saw a super cycle for example from 1830 to 1850 when the Industrial Revolution in Britain dramatically increased the demand for
Commodities across the board we saw another Super Cycle in 1880 to 1910 when first Germany and then um and then America industrialized and the demand for Commodities zoomed we saw another one after the war with Japan another one in the 60s with the little with the tigers um you know Korea and
Taiwan um and of course we saw another huge one in the early 2000s with China and so the commodity boom which was a super cycle from 2000 to 2010 was driven primarily by the increase in in demand from China and and that’s a super cycle what so when people say we’re entering
Another Super Cycle maybe it’s just semantic but I don’t think we’re entering a super cycle now there’s India there’s Brazil there’s Indonesia there’s there’s various countries with large ations that are sort of on that cusp but I I don’t think that any of those three are about to enter that rapid
Industrialization phase uh which we’ll see that kind of Boom in in Commodities but and and and and on a shorter term basis where I am right now you know the monetary there’s several things that can make commodity prices go up in a broad macro sense um the monetary
Factors to me are going to be very very very positive and and but the the global economic Outlook perhaps certainly uncertain we can say uncertain right yeah now if you have in in that environment gold and silver but monetary metals are going to do very very well but the other Commodities that
Depend on a stronger economy for demand maybe they’re going to do less well so I’m much more certain much more certain on the monetary Metals than I am on the other metals now in this environment there’s always obviously there’s always you’ve got to have demand and Supply the price uh demand and
Supply yeah but the the price is going to be determined by by demand and Supply obviously um um and and so you have to look at both sides of that equation but right now I am focusing much much more on Commodities where the supply is in question or vulnerable so a
A a a resource a metal like copper for example has a supply picture but I think is incredibly bullish and so even if you have a weak global economy not a global depression but a weaker global economy and even if you have a Slowdown in the rush towards the electrification because I think
Everybody knows by now that electrification doesn’t really do much for the environment because the the the use of metals goes up dramatically um but anyway that’s a different subject um even if the rush for electrification slows down and there’s signs that’s happening uh you know countries putting back their
Targets for for zero emissions because they’re simp like Britain because they’re simply impractical they simply won’t happen but even if those two things happen the lack of Supply means that the copper price is is going to have to move up uh to for supply and demand to match but not
Necessarily true of say nickel or iron or or or several other other metals yeah it’s a great Point um I want to shift over our conversation to the mining companies a few questions there uh but I want to start with actually with oil in 2022 oil prices went up and
It really impacted the equity values of the mining companies and it showed how important oil’s price is to the profitability you know the expense structure what do you see for oil in 24 and for the mining company expense structures uh and their profitability yeah well I’ll answer the second part first if I
May um yes you’re absolutely right I mean energy is the number one cost input for Mining and the second largest cost input is um the price of the local currency in which your mine is operating you’re a Canadian company but your mine is in Australia what is the Australian
Dollar doing because that affects um you know all sorts of things from labor but also to all sorts of purchases local purchases that you make for the mine so energy first and commodity currency second and if you look back to 2011 you see that we are nowhere near
Nowhere near near where we were back in 2011 201112 oil was at $140 a barrel we’re half of that today a little over half but we’re half of that today look at the commodity currencies the Canadian dollar the Australian dollar were both trading at 203% premiums back in um uh
20112 and they’re now at 203% discounts so we are no so despite whatever increases we’ve seen in the last six months or the last year the cost structure is still on those two major points is still very very favorable frankly and I don’t think as a tangent I
I don’t think gold mining companies are doing any favors to the whole industry by constantly underestimating the general cost inputs from inflation and you know so at every quarterly Conference of pretty much every company the head line is costs going up um instead of looking at where
The costs are today with where the costs were back in 2011 anyway so so what’s the outlook for those things um I’ve been a little bit surprised I have to say that the oil price is not higher than it is especially with everything that’s happening in the Middle East um
We can look at certain things like um uh uh uh China obviously has had low low demand for oil and other commodities for most of the last year or certainly the second half of last year which is why the copper price uh was weak and and
And iron or prices came down and so on and that’s because the the demand from China which is the largest importer of most of those Commodities including oil and copper um their demand went down I think there’s signs that the Chinese economy has stabilized at a lower level
Number one inflation in China is beginning to move up but at the same time the government in China is increasing its stimulus we’re not going to get aggressive broad-based stimulus in China but we’re going to get targeted stimulus targeted on particular sectors and areas that are that are doing badly
So I think there’s reasons for a little bit of optimism about China particularly as it pertains to their importation of resources and we’re seeing all the indications I won’t go into all the details but the indications of Chinese demand for copper for example have began to improve um and so if the Chinese
Demand if the Chinese economy starts to grow a little bit and the change’s demand for oil you know picks up you know that’s obviously going to be a positive uh for oil um at the same time there’s no question that there’s there’s a lot of you know there’s a fair amount let’s say
Of excess capacity uh in in many countries around the world so I’m not looking for the oil price to run away anytime soon um but you know that’s to get back to your question that’s a positive that’s a positive for the mining companies yeah that’s great um so
The mining companies have had uh long-term underinvestment you know the the for all the reasons that we spoke about earlier uh the issues at the end of the last cycle with their buying spree the ESG and carbon neutral policies and and the mag s um pulling pulling investment
Dollars over there can you speak into the the impact that this long-term underinvestment in mining companies can Poss possibly have both on the companies and on production yeah no that’s an excellent point um I think I think your point is is is less true of the gold
Companies more true of the base metal mining companies we’ve had significant underinvestment for really 12 years now for 10 years and it’s an important point because um when you look at you know base metal projects uh they are very long-term projects so look at Copper for example it can take from the
Time from the time that you after not even from the time you make a discovery but by the time you have a project but you say is ready to go into production it can be a minimum of five years before it actually starts producing you have to raise two three four billion dollars
Billion dollars to put that into production but they last for 40 50 60 70 in some cases years and so the mining companies you know the they tend to put mines into production um it’s much less about the current price and what your forecast for the next 12 months that doesn’t really
Factor into the equation um but what’s really critical is as you say the capital investment cycle and that’s why you sometimes see you know you can see a large increase in production when the economy is weak because you know it’s already been planned it’s already in the works it’s
Five years you know and now they’ve got the permit and they’ve raised the money and they’re building um and and who knows what the economy is going to look like in five years time so when a company pulls a trigger they’re pulling a trigger because they have confidence over the
Next 20 30 40 years not because they know what’s going to happen when the first poor is going to happen and so the capital investment cycle is so much more critical so I think that that that that leads to or suggest some optimism but over the next several years we’re going
To see you know increased production in in many areas but again you look at something like copper and as I say you have a 5e minimum from um a decision to go ahead to when it starts it starts to produce and so you know as an industry we have a
Very good visibility on what future production is going to look like and the plain fact is that if you look ahead five years and you make make optimistic assumptions about which mines are going to be in production and which expansions are going to happen and so on optimistic
Assumptions um we simply don’t have enough copper in five years time to meet the projected demand for copper um and that assumes everything goes well and as we know as we know from you know recent events uh cadelo the largest copper Mining Company in the world they said they’re going to reduce production
Next year riotinto uh reduce their their estimate for copper production next year and things things never go as well as you expect any surprises in the next two three four years are going to be on the downside right not on the upside right it’s I think we can see with almost certainty
But in 5 years time there is not going to be a copper mine producing in of any significance but we don’t already know is going to be producing you know there’s not going to be things come out of nowhere um and and so with the copper cycle with the copper in particular
Because of those the long length of Mines the huge capital and the long time uh to get them into production um we can be very we can be pretty certain that absent a global recession you know the cover price is going to move up yeah yeah I appreciate
All of that Insight on that I have one final gold question before we move on um so it’s recently been reported that 80% of the people don’t own any gold at all and that institutions and the everyday investor on average hold about one half or less than one half of
1% of their Assets in gold and that the long-term average for four five decade average has been somewhere between two and 4% and so that’s a substantial distance it’s also uh last year in an interview Ray Delio had said that he believes that everybody including institution should
Have a gold overlay on their portfolio of 10 to 15% that is substantially different than 80% of the population not owning any and on the average less than one half of 1% do you agree with Ray doio on his 10 to 15% gold overlay uh you know in the current
Environment if you’re looking ahead you know five years let’s say I ask you know I yes yes is a short answer but I asked what asset do you want to own um you know and if I were giving an asset to my grandchild um would it be gold would it be us bonds
Would it be uh Nidia I mean no I think gold would be the the safest bed so in the current environment yeah I mean I I I think the Holdings in Gold should be higher now when we talk about Holdings in gold course you know we’ve got the insurance
Aspect and then you’ve got the investment aspect so I always think people should have their insurance their defensive position in gold and and look at that totally separately they look at the investment aspect and that might be 5% it could be as high as
10% um but but yeah I mean I I think when you put the two together 10 to 15% is not at all unreasonable so moving on to um your prospectuses I was looking through them um and your gold account the senior producers made up 28% the royalty companies made up 16 and
So that made a lot of sense there uh that the larger companies in the fund you know the least risky made up 44% um there was some silver exposure of uh 14% can you can you speak on that are you liking the silver companies um I know that they uh don’t only produce
Silver so yeah so can you speak on that yeah well you’ve answered the question um first of all I just need to say what you’re looking at um are for as sep mened accounts I I just need to make that clear that is not the same necessarily as the gold fund that we
Managed for your Pacific gold fund okay and and we’re not allowed to disclose what we’re doing other than what’s been publicly disclosed you know in fings um but yeah so we we have a high waiting or relatively High waiting to Silver but but as you just said you know most
There’s most of the large silver companies like panamerican silver or Fortuna Silver produce far more gold than they do silver and in fact in in both cases of the two companies I just mentioned the the allocation the production of of gold is actually going up in both cases relative to
Silver um but I put them in that silver category because a lot of people still think of them as silver companies and more importantly when silver really begins to take off and people go to their broker and say I want a silver mining company for broker says oh let’s buy panamerican that’s a
Good Silver Company that’s the largest you know us silver producer there is the truth is there’s very very few primary Silver Mines around the world other than Mexico Bolivia and Russia um and we know we can’t go to Russia and most people don’t want to go
To Bolivia so there aren’t a lot of no offense to any bolivians so um uh there’s very few primary silver silver mines around the world and if you look at the uh Global Production of silver whereas 40 years ago about 70 70% came from primary Silver Mines today less than
25% comes from primary over mines and that incidentally has a very very significant uh uh um uh effect on on production uh because because silver production does not respond to changes in the silver price the way say gold production or copper production changes to uh changes in the price changes
Slowly but it still changes but if you’re a tin Miner in Bolivia or a lead zinc producer in Peru um you know the price of Sil and and you’ve got a byproduct silver of 14% the price of silver can go up but you don’t increase your production of
Zinc because the price of silver went up and so the silver production on the upside and the downside incidentally does not does not adjust to changes in in the price of silver um so yeah so so we have we have that high high allocation to to Silver
Yeah and so the junior producers make up I I what I remember on the spec sheet it said 8% um so are the Juniors just too risky and that’s why you keep a lower uh portfolio allocation or is there something else there yeah what you’re looking at is what we call our
Allocation sheet which is it’s not really a wish of where we would like to be it’s where we actually are and the truth is I’m just not seeing on awful lot of those Junior producers that I think are really attractive right now um remember one thing about Junior producer can cover a
Lot of things it can cover a B2 gold which has you know five mines in five different jurisdictions or it can it and is a major produ you know produces a lot of gold or it can it can include you know the 100 100,000 oun single mine
Producer and when you’re looking at a small mine there’s an old saying that anything anything that can go wrong with a big mine can also go wrong with a small mine and if you’re a single producer at a small mine you just don’t have the cushion and flexibility when
Something goes wrong but a major Miner does if you look at barck or or or ago you know every quarter some mines are doing better than others and some Minds better than their history and some Minds have problems that happens every single single quarter and if you’re if you’re a
Barrack and you have a problem with one mine it doesn’t really affect the overall company it’s certainly doesn’t put the overall company at risk the way it does for a single mine a small single mine producer yeah yeah so I’m I’m interested in in navigating over to uranium for a
Moment um when reviewing the spec sheet I did notice that you were in invested in the Sprat physical uranium trust um there’s a lot on of the viewers who are paying attention that have been very heavily invested in the uranium bull market over the last few years um how do
You view the uranium miners versus the uranium metal itself are you seeing the uranium metal because of the supply demand situation um as more of a sure thing than yeah that’s absolutely no I’m a I’m a I’m a very strong pool on uranium in the longer term in the shorter term I
Think it’s had I think it’s had too much of a runup In Too Short a period um doesn’t mean I think it’s going to correct it just means it is vulnerable to a correction and there’s a big distinction and people need to understand it as an investor you’re not
Placing bets on what you think is going to happen you’re looking at what the risk and reward is so there’s a there’s a risk of a correction um after such a big runup um I I have to I have to say that we got out of most of our uranium
Far too early uh so I’m not trying to in any way pet myself on the back here and I’ll also say that I don’t pretend to be a uranium expert you know the way someone like loo Tigra who follows it very very closely um is is um but I
Think if you look at the Uranian I mean if you look at the nuclear industry nuclear is the cleanest the cheapest and the safest despite what people think form of reliable energy because you know there’s some reliable so if you look at those four factors uranium is Far and Away Far
And Away of the the the the best form of of energy and so when when you have a when you have a UR when you have a nuclear power plant the C maybe $30 billion to put into production uh you know to build once you have spent $30
Billion of borrowed money building it you don’t really care whether your uranium is 50 Cents or $150 or 250 you’re going to buy it you’re going to buy it at that point because the cost of repaying your capex is a far greater expense than the current price of of of
Uranium and so what that means is that as we see and as as we will see if the world has any sense as we see a uranium a nuclear Renaissance around the world um over the next decade two decades uh the the price of uranium is going to go up
Significantly you know in the nearer term we we’ve owned some of the uranium stocks um I think there’s a tendency among some people to say oh well this one hasn’t moved yet let me buy that and there’s normally a reason that the thing you’re looking at in a bull market that
We’ve just had if it hasn’t moved there’s a reason it hasn’t moved and it might actually be because they’re never going to produce any uranium um and you just want to keep away in my view so for me particularly now after the big run up in prices I
Would stick with I would stick with the um with the physical uh if we get a a bit of a correction I would I would go into the majors like Cho um but I would be very reluctant to go too far down the food chain frankly yeah yeah yeah I appreciate your
Viewpoints on uranium um so before we wrap up here and I ask Adrian the final question I want to remind everyone that we have a substack it’s medals and miners dos substack do.com head on over there it’s a free subscription we have lots of uh free content going up every
Single week on the economy on the consumer Metals Miners and some other things there’s a It’s All Digital it’s all in one place all to be top of mind and you can go back and refer to it and kind of make sense of what’s going on here there’s
Also premium content there uh we call it the Nugget notes it’s a summary recap of our discussions you’ll find the one from uh with Adrian there there’s some premium interview content that’s there there’s we have a critical report library and some other things uh if you’ve enjoyed the conversation with
Adrien as much as I have would you would you please um let him know by hitting the like button and the Subscribe button and the bell icon button and leaving a comment below all right um Adrian in wrapping up our disc let just say you
Know if any of your subcribe any of your subscribers subscribers look at your content and they can understand what’s going on could they please explain it to me right well I I so appreciate you coming on and sharing your viewpoints and your analysis because um you know we think we
Think the world of you and we think that you know yeah yeah we think we think you have an idea of what’s Happening Here um so I have a two-part uh question for you um in today’s investing world with our retirements our nest eggs it seems like
We can no longer have those nest eggs in that traditional 60/40 portfolio 60% spread across five mutual funds um you know the the growth the international Etc uh and 40% in Bonds in a set it and forget it type environment it seems like we need a more active management style
Um and that we also critically need to minimize downside risk um it seems like after 40 Years of a certain uh uh you know Paradigm way of investing it seems like it’s changed can you speak into what you believe the right portfolio mix is for managing our nest eggs today and
Secondarily what haven’t we spoke about on today’s call here that you want the viewers to know or consider for 2024 yeah okay um you know the first thing obviously the answer to that question will depend it’ll be different for every every r view it’ll be different depending on their own circumstances
Their age their net worth their obligations um you know to children and grandchildren and and whether they’re still earning money and so on and so forth as well as their risk tolerance their tolerance for risk which if I may is a very very important thing that people sometimes Overlook you know of a
Traditional financial plan you know or planner you look at as I say your income your network birth do you own the house what’s the mortgage are have the kids going to college and blah blah blah blah blah and it spits something out but what it doesn’t do is is answer the question
As to whether that individual has a tolerance for risk and when we say risk what we what we often mean is volatility which is something completely different um volatility and risk are two different concepts so you know some something that goes from $1 to $10 but goes to 50 cents
In the meantime is pretty volatile but it’s not risky someone that goes from a dollar to zero is or even a dollar to 50 cents is is risky so people need to really examine how comfortable are they with volatility because some people are and some people plain aren’t
And if you’re if you have a low tolerance for vol ility and for risk you need to really really minimize the amount of money that you have in areas where High volatility or risk such as gold mining uh is is a possibility or is is is is is is important so with that
Sort of disclosure or whatever you want to say yeah I mean first of all I would put zero in long-term bonds bonds move in long-term Cycles you mentioned for 40-year Paradigm or something but remember Bonds hit their low back in 1980 when Paul buker was was um CH fed
Chairman and they’ve basically been in a bull market until last year 40-year bull market and if you look at the bare Market a bare Market I mean no bull market bull market and if you look at the bare Market before that that was basically 35 to 40 years Bond markets
Bond bonds tend to move in very very long Cycles we don’t have time to into why that is but I think you know I think we’ve entered we’ve entered a new cycle a new turn and it’s quite likely we’ll see a 30-year bare Market in bonds going
Ahead and so what we’re getting right now as I said less than 5% on a 30-year treasury just is not rewarding you uh for that so I would have zero in long-term bonds right now right now I mean we have quite a bit uh especially for more conservative uh uh clients we
Have quite a bit right now in short-term treasuries and I don’t think there’s any need to go more than six months most of ours is one month two month and three months um and it’s it’s a way of holding cash it’s not a great investment but
It’s a way of holding cash and a relatively safe way of holding cash I think you need to be very cautious of what I’ll call the broad stock market in developed economies not just us but other you know G7 countries where the valuations are high and again
When one says the valuations are high you’re not making a prediction about what’s going to happen you’re looking at the risk and probability of something happening so when valuations are high yes we all know valuations can stay high for a long period of time but the risk
Is there um uh of of of a decline that’s the important thing so so we would have I mean we would have right now we would have um you know this is high but for a lot of our not even highrisk clients but mid risk and higher risk clients we have as
Much as 25% in Gold assets right now and we have another 10% on top of that in other gold and silver and then another 10% on top of that in other resources a lot of people say that’s very high but that’s where I think the best the the
Best values are and the best risk reward for the next year or two we’re very cautious of the developed markets there’s always exceptions of course we’re looking for the smaller markets not necessarily you know tiny Emerging Markets but smaller markets um for value and that might be Singapore for example
Very solid and some very great you know some some very solid companies there and then we’re also looking at a few you know some L more risky markets but um so that’s basically where we’re invested right now okay and um is there something you want the viewers to know um that we
Haven’t discussed today for 2024 that they should be thinking about yeah um well I guess yeah I I I guess it’s um you know as was it w grety you know skate to the park it’s going to be yeah um things always I think it’s sort of
Advice if you like things always take longer to play out than you think they’re going to and so the important thing is that if you’re positioned of course you have to reexamine your premises all the time and I don’t mean that you should be stubborn certainly not facts and circumstances
Change but if you if you reexamine your premises and you are convinced that you are in the right position you you really need to have patience to hold on because even in this fast moving World things always take longer to to come to fruition than you expect him to but the
Coroller of that frankly as r r says just because it’s inevitable doesn’t mean it’s imminent he probably said that on your interview I wouldn’t be surprised um but it’s it’s it’s a good point but the rery of that is that when something is inevitable whether it’s the
Collapse of a dollar or or gold moving up when something is inevitable when it starts to develop then it can often move a lot lot faster than than you think so you just need a bit of patience um to hold on that’s some great wisdom it really is I appreciate that Adrian thank
You so much for being so generous with your time and your analysis and your ideas and for coming on to medals and miners it’s been wonderful to spend this time with you uh yeah yeah would you would you tell everyone where they could find your work and how they can connect
With you yeah yeah the best place to go is is our website www Adrian day.com and then you can swipe left for the newsletter and swipe right for the money management wonderful all right Adrian thank you so much it’s been wonderful thank you very much and good good day to everyone
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Thank you!