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I recently sat down to discuss Hycroft’s latest drill results at Vortex, including one of the most remarkable intercepts we’ve seen to date — 2,890 g/t silver and 33.70 g/t gold in a single interval. What makes this especially meaningful is not just the grade, but the consistency and... show more
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![Former BlackRock fund manager Ed Dowd: "Everybody under the sun thinks a new monetary system is coming... [And] every commercial bank in the U.S. is now accumulating physical gold because they made it tier-one capital... So gold, gold, gold... [But] if we see a parabolic move in gold and silver soon that would really scare me. That means... something's really gone off the wheels behind the scenes in the global banking system." This clip of Dowd (Edward Dowd), a former BlackRock fund manager and co-founder of Phinance Technologies, is taken from an interview with Jesse Day (Jesse Day) posted to the Commodity Culture YouTube channel on February 28, 2026. ----------------Partial transcription of clip--------------- "Everybody under the sun thinks a new monetary system is coming at some point and watch what they do, not what they say. And every central bank is accumulating gold. Every commercial bank in the US is now accumulating physical gold because they made it tier-one capital. "China's accumulating gold because they have to depreciate their currency to keep selling into the global markets. India keeps buying gold. So gold, gold, gold. "And also, we all know there's a global sovereign debt problem and people as we roll through time and the deficits get bigger and the demographics get worse, more and more people want an asset that's not someone else's liability, which is gold. "So gold is I think got long-term fundamentals that are great, that's strategic, tactical, it's a little more problematic. So you know, if you look at the charts of gold and silver they had, they've had tremendous moves going up into this part of the cycle, much like gold did going into the great financial crisis. "I don't want to predict what gold's going to do but if there is a you know, a general risk-off trade, gold and silver may participate in that because as people unwind leveraged bets and have to sell what they can not what they can not what they want to, it might take a hit like it did in the financial crisis. "But I want people to understand in the great financial crisis, gold went down quite a bit in the Lehman event and again we're not calling one, it did recover and go to new all time highs more quickly than the US stock market. "So I suspect if there is a pullback in gold or silver, it's a good buying opportunity. My best guess is that we consolidate sideways for a little bit and then that's what I'd like to see. That's a, that would be a healthy thing technically to see some consolidation and then another run-up. "If we see a parabolic move in gold and silver soon that would really scare me. That means something, something's really gone off the wheels behind the scenes in the, in, in the global banking system. And then usually a parabolic blow-off top means you don't want to be chasing it if it happens. "But long-term I love gold and silver, and I'd love to see it consolidate for a year or so. And if there's any kind of major sell off, I would accumulate some on dips—physical that is not the ETF."](https://image.24vids.com/tw-2028569179792773322/amplify_video_thumb/2028567552893612032/img/ZaoFZHEJpKs1l4FU.jpg)
![Former BlackRock fund manager Ed Dowd: "The metals are telling you that there's uncertainty out there and a lack of trust... [and] that gold and silver are going to be part of the new monetary system... [so] gold and silver are the trade and not Bitcoin so much." This clip of Dowd (Edward Dowd), who is also the founder of Phinance Technologies, is taken from a discussion with Michael Farris (Michael Farris) posted to YouTube on January 13, 2026. ---------------Partial transcription of clip--------------- "The metals are telling you that there's uncertainty out there and a lack of trust. I think the big, the moves in gold and silver are really discounting a lack of trust and fear of what is coming and what it's going to look like. And, and also it's also telling you that gold and silver are going to be part of the new monetary system. "And Bitcoin, interestingly enough, has stalled out. It's down 20% since October, the high in October and Bitcoin is barely up today. So, you know, there was always this thesis around Bitcoin that when when there's a new monetary system comes, it's going to, it's going to be protection against, you know, any of that kind of uncertainty. It's increasing. It's becoming increasingly obvious to me that gold and silver are the trade and not Bitcoin so much. "And Bitcoin, unfortunately, is very highly correlated to the Nasdaq and it's disconnected from the Nasdaq. The Nasdaq and Bitcoin have disconnected temporarily. Generally speaking, they're highly correlated. So what does that say? Does that say Nasdaq is going to catch up down to Bitcoin or is Bitcoin going to rally back up? I think that the Nasdaq is going to go down to bitcoin. So that's where we are."](https://image.24vids.com/tw-2013319480366223786/amplify_video_thumb/2013318316014641153/img/t_DW33gWSVbZYVMr.jpg)
