On the Gold Price Opportunity .....
okay so just the four questions I'll30:08just finish off for a second on kind of30:11white gold because I'm not really known30:14as a gold bag I've never been a fanatic30:17about gold or or even for that matter30:19silver is a very firm believer in cycles30:23this is a cyclical business Rin in the30:26commodity business gold is no exception30:28just like copper and nickel and silver30:30and all these metals and quite frankly30:33oil and gas cycles happen for all sorts30:38of reasons but they're real and30:40really well being a kind of a contrarian30:44investor starting panamerican when30:48silver was four bucks an ounce for five30:50bucks an ounce and building an asset30:53base that really transformed itself in30:56terms of value as the silver price went30:57up start in a copper business in 200231:01and the copper place was 70 cents an31:02ounce31:04we bought ten deposits not a single one31:07of those had any value real value at 7031:09cents an ounce but I made about two31:11billion dollars from those when we sold31:13them over the next ten years as a31:15carburetor oohs so it was a pretty good31:17trade I'm thinking the same right know31:20about gold we're not exactly the start31:22of a bull market were about the third31:24inning to use a baseball analogy because31:28gold really bombed in 2016 in January31:31and it had a nice little run for the31:33first six months and it's kind of31:34bounced around a little bit but just31:36recently it's had this nice little lift31:38to 13:30 from 12 1250 or 2031:43it has great legs right now it's poised31:47to go higher I wouldn't see be surprised31:50at all to see this particularly or this31:53particular bull run exceed the last hype31:56that it hit in 2011 of $1,800 an ounce32:00there's supply reasons for this there's32:02demand reasons for this I could talk a32:05long time about how I know why I believe32:08gold is is going to do well but I think32:12everybody in this room has their own32:13opinions or you wouldn't be R and right32:16I just think at the end of the day it's32:18just a gut feeling it's a gut feeling32:20that's worked well for me I do believe I32:24understand these cycles pretty well of32:26course I don't know how it'll run I32:28don't know exactly if it's going to32:30perform as I think it will who knows but32:32I just have that gut feeling and in that32:34environment building a gold company32:37that's focused on gold in relatively32:40safe jurisdictions that's building a big32:43company will deliver big returns okay32:47that's all I'm interested in it will be32:48liquid it will be something you can buy32:51you can get in32:51you can get out of without worrying