Shaun Newman Podcast - #985 - Vince Lanci

Episode Date: January 19, 2026

Vince Lanci started his career over two decades ago as a marketmaker on the floors of the NYMEX, COMEX, and NYBOT exchanges, where he specialized in trading commodities with a particular focus on energy options. In 2007, he founded Echobay Partners, a venture capital group dedicated to Exchange Vertical Investments. Currently, he holds the position of Managing Partner at Echobay Partners LLC, overseeing the strategic direction in trading and investment. Tickets to Cornerstone Forum 26’: https://www.showpass.com/cornerstone26/Tickets to the Mashspiel:https://www.showpass.com/mashspiel/Silver Gold Bull Links:Website: https://silvergoldbull.ca/Email: [e-mail] Grahame: [phone]Bow Valley Credit UnionBitcoin: www.bowvalleycu.com/en/personal/investing-wealth/bitcoin-gatewayEmail: [e-mail] Prophet River Links:Website: store.prophetriver.com/Email: [e-mail] the code “SNP” on all ordersGet your voice heard: Text Shaun 587-217-8500

This is Viva Fry. I'm Dr. Peter McCulloch. This is Tom Lomago. This is Chuck Pradnik. This is Alex Krenner. Hey, this is Brad Wall. This is J.P. Sears. Hi, this is Frank Paredi.

This is Tammy Peterson. This is Danielle Smith. This is James Lindsay. Hey, this is Brett Kessel and you're listening to the Sean Newman podcast. Welcome to the podcast, folks. How's everybody doing today? Happy Monday to all the people who came out and supported the Mash Spiel. My hat's off here.

We had a fun day on Saturday. As I'm sitting here, I'm getting still texts of people reaching out saying how much fun they had. Here's Shannon. She said, good morning, guys. Thank you for putting on such a fantastic event. I loved my team. We had so much fun and laughed so hard every game. The fact we made it to the semifinals was a miraculous.

I put together Eva Chippeke with three ladies. I thought they'd have fun, and they did. Anyways, we did some great trash. talking. Yes, they did. One of the highlights we had our third game, everybody on the tournament got to go under the, we blacked out the ice and it was neon and it was, the music was pumping. And Sheila Gunn-Reed, Lee's Merle, Aavid Chippeach made it price of admission there with the dancing and everything else. What was cool about the Mashbiel, at the start of the day, we brought everybody downstairs to the lobby right in front of where the curling,

or the surface was the surface. As how many people, you know, were first-time curlers or basically hadn't curled in the last decade. And I would say it was like half, half, if not more of the hands went up. You're like, holy crap, this is going to be cool because, you know, like my hat's off to everybody courageous enough to come out

and, you know, like literally try something new and have a bit of fun. Shout out to Tews for, yes, you were right. It was a good idea, Tews. It was a good idea. It was a solid idea. And lots of fun had. Brymire Electric for sponsoring the event and taken the bull by the horns.

Tyler and Crystal showed it to you guys for putting on and helping facilitate an excellent event. And then, like, I don't know how to put it this way. The team that won it, four ladies showed up to Carrie Ann and her group of gals. They had them. They played together as kids. and it had been a decade since they'd all come together and played, and so they won it all. So that was a cool story, and they faced off against.

Everybody, Chuck Proudna couldn't make it. So the kid who filled in was a 13-year-old kid, and let me tell you, that kid's going to places because, man, everybody was calling him Chuck, but he was an excellent curler. There was a bunch of excellent teenage slash kid curlers there all the way up. I don't know what we should have got who was the oldest there, but there was quite the age spectrum of people who turned up for the mashup, a mash spiel, that is.

And just to show to tell you, it was a fun, fun weekend, and I can't thank you enough for coming out and supporting it. And probably the big news that everybody wants to know. Yes, I beat twos. All right, we had a head-to-head. He had his chance. He had his chance. I'm going to talk about it on the mash-up with him.

He didn't want to talk about it too much. It was a 2-1 game. He has the final. rock all he's got to do is put it on the button it's a tie game right but no twos doesn't want a tie he wants to win and he whips one through the house and uh we win four one so hey what are you get into do twos that's that's tough now how about we talk a little golden silver and to all i should point out to all the sponsors to all the people who donated prizes our prize table was insane silver gold bowl bowl bowl valley credit union among others all donated and when it comes to physical golden silver in

your registered account, silver gold bowl can help unlock the potential of your RRS, TFSA, RIF, kids RISP, by adding physical gold and silver to your account. The deadline this year, March 2nd. But once any contribution is made, you can invest into physical precious metals at any time, and they have all their in-house solutions, whether buying, selling, or storing precious metals. All you got to do is text Graham down in the show notes for details on this or for any feature silver deals exclusively offered for the SMP listener. Just go to Boa Valley. I'm reading the next line, folks. Silvergoldbill.ca.

Bow Valley Credit Union. They're opening, well, I guess it's today, right? They've got their new spot coming here in Red Deer. They're opening a lending advice center in Red Deer as they work towards opening a full-service branch. It's all about lending deposits and real financial advice. You can open accounts, talk through lending options and get help with banking, all in a space designed for conversations, not transactions. For more information, Bow Valley, CU.com.

Profit River. Well, when it comes to firearms folks and all the things the liberal government is certainly doing to firearms owners, you want a company that is looking out for your best interest and knows all the ins and outs of everything, not to mention has an amazing lineup, whether you're stopping in store or going online, giving them a call. You can reach out to Joel, the primary contact for all you listeners at SMP at profitriver.com. You can also just go online at profitriver.com. You can stop in store. You can give them a call. They are the major retailer of firearms, optics, and accessories. They serve all of Canada and just make sure to use SMP on the coupon code

when you're checking out gets put in for monthly draws. Windsor plywood builders of the podcast studio table for everything wood. These are the guys. And, you know, the sun was shining today. And I just, you know, spring is in the air. I know, I know, I know, I know. We got dog days of winter coming in February for certain. But, you know, the days are getting longer.

And when you're thinking about maybe some projects, you want some character. wood, don't you? Whether we're talking mantles, decks, windows, doors, sheds, podcast studios, podcast studio tables. Stop into Windsor Plywood here in Lloyd Mincer and say hello to Carly and team, tell them I sent you. You know, the Cornerstone Forum was all the talk on the weekend, minus if, I should say, whether we're going to put on a mash bill 2.0 in, you know, next year. We'll get to that in the coming days or weeks or months. I'm sure me and twos will be discussing as we move along. But the Cornerstone Forum, March 28th, is coming soon. the people who attended the mash bill said as they were leaving i'll see you at the cornerstone which

is super cool and if you haven't got your tickets yet it's march 28th at the westing calgary airport the news last week was neil oliver the news the week before roughly premier daniel smith alongside martin armstrong tom loongo alex craner vince lanchi mad erred chad prater karen katoosk sam cooper tom bodrovics twos will be in a role as well it's going to be a fun day and uh a fun weekend, who am I kidding? And I hope if you're on the fence, get off the fence, buy a ticket, and we'll hopefully see you on March 28th.

If you're listening or watching on Apple, Spotify, YouTube, Rumble, X, Facebook, substack, well, subscribe, leave a review. If you're enjoying the show, share with a friend, and if you're thinking about supporting independent media, consider becoming a paid subscriber on

Substack. It helps me, and you get some behind the scenes footage. And we're working on a project. Jericho from cornerstone he does all the filming of it we've got a we've got a little project coming out here in the next couple weeks and substack you're getting the first sneak preview of that which uh i think you'll be well i think i think he did a really good job but i'll get your feedback and and uh see what you find folks thanks all right let's get on to that tale of the tape today's guests of the founder of Echo Bay Partners, a venture capital group dedicated to exchange vertical investments. I'm

talking about Vince Lanchie. So buckle up. Here we go. Welcome to the Sean Newman podcast. Today I'm joined by Vince Lance Lance. First off, thanks for hopping on. Thanks for having me. Fun stuff. Now for my audience, they're probably staring out. Where's Sean right now? I'm sitting at the Weston and Calgar where we're going to be having the Cornerstone Forum. Vince, you're going to be here for that. Yeah, looking forward to having you're here in. Canada and Alberta and more specifically in Calgary. You know, I've been, you know, having a title sponsor, Silver Gold Bull, you know, I've stared at the price of gold and silver now more than I probably ever have in my life.

And then certainly talking to people such as yourself, but like a whole host of different guys, just had Luke Gromond on last week. So that was interesting. Silver right now. Like I'm like, who in, you know, I'm going through my thing. and my list of people and Nick was like, you just have Vince on. I'm like, that's a great idea. So here you are.

Well, thank you. Walk me through silver. Walk me through Vince's mind on what's happening here with silver. Well, it's kind of crazy because silver is supposed to be, you know, silver is like the other metal, you know, the other white metal. Silver has become probably the most interesting commodity on earth. And we're probably in the most interesting commodity markets in my career, which has been, you know, pretty long in the tooth of all time.

Meaning the silver market has benefited from a convergence of geopolitical things, global things that have worked their way down to like a domestic problem. So meaning the world is split in two. Everyone knows that. The world is split in two. But I'm just adjusting my picture here. Let's start with the price action. The price action in silver kind of radically changed going into when we broke $50. Right.

So if you pull a chart up, maybe you'll insert one later. I don't know. But if you pull a chart up, what you'll see is that the market kind of vacillated. for almost two months between $44 and $50. And then it cracked 50 meaningfully in the beginning of December. And then it just took off. And I understand why that happened now, in retrospect, first of all, we're going to walk through why we did what we did.

The market hit 50 and stopped because, hey, it was an all-time high. But at that moment, a lot of producers were hedging. They're like, oh, we've never been here before. hedge, hedge, hedge. And that kept the market cap for a while. And then when that hedging got done, there were some producers that wanted to hedge there. When that got done, the market started bizarrely taking off. I mean, technicians will say, well, it wasn't bizarre.

We broke a triple top and all these other things. And you know what? And they're right. But I'm just saying the behavior was bizarre for me because it kept running, getting overbought, stopping, running, getting overbought, stopping. Not getting overbought, selling. off just getting overbought and stopping. And it ran up to $80 the day after Christmas. Right. And then of course it just got very volatile for a couple of days in that timeframe.

And I said, all right, we're done. I said, we're done. That's it. End of the year. You know, whatever is happening is over. This is against the this is this is what's changed. What's changed is First of all, all that big picture stuff that you and I and other people talk about, it's coming into focus at the policy level now. So the bricks are de-dollarizing. They have been for a long time. And they've bought gold as much as they want to, at least right now, at least at the speculative end or the marginal end.

And now they're buying silver. Now, I believe that the bricks are buying silver for multiple reasons. And they all come down to de-dollarization. They're buying silver because I think they're going to use it a collateral in their new regime. So you'll be able to use your silver as collateral. Now, what's my proof of that? There's no outward proof yet, but India just changed their rules so Indians can pledge their

silver and not sell it and get loans for it. So now it's already being used as collateral in India. That's bullish. Second thing, reliable sources, there are at least one. probably as many as three tokenized silver products being launched in the bricks. So that will be a very bullish phenomenon. And I think they're buying silver to that extent. So if you have a tokenized silver product, well, now you can buy an ounce, a gram,

you know, whatever, whatever the denomination would be appropriate for silver. Gold, it's grams out there. Silver, maybe it's gram, maybe it's 10 grams. Who knows? But the point is you're kind of democratizing the ability to own it. So those two drivers I knew about. And then in the West, we've got a world, or let's just say, half a world that's now very familiar with and very aware and very scared of inflation and is aware that the other half of the world is the dollarizing. And so they start buying silver. All that stuff I know. Like, I'm like, okay, that's not a surprise. So why did it keep going after

December and and the price went from the December high of 82 and change it broke it on January 12th and never looked back the market has run up from $82.50 to right today right now when we're doing this it's $91 in change and it's it's $91 and change. And it's It makes sense in the bigger picture, but what were the catalysts that got us to go like this right now? And the answer is, we are in a bidding war with China. It really comes down to what's the date that you said, January 3rd? January 3rd, yeah, is when they went in and got Maduro. Right.

So a couple things happened before January 3rd that I was watching. And this is a little Colombo stuff here. About two weeks before January 3rd, the United States. States put out, it's this NSS document, which essentially was the Monroe document, that doctrine being restated. Essentially, it's the North and South and Latin America hands off. Basically, the Gads then don't tread on me flag, but in Spanish, you know? And the effect of that was once we declared that, I'm not going to say it's quib pro quo, but this happened almost immediately after. Within a week's time, China released a policy paper.

And their policy paper was how they wanted to cement their relationships in Latin America. And I'm like, how do these two things coexist? Well, they don't coexist. See, the United States is trying to corner the market on Latin American strategic minerals, right? You've got lithium down there. You've got natural gas. And natural gas we're not worried about. Lithium in Argentina, lithium in Colombia, lithium in.

probably in Peru, silver, copper, gold. You know, it's, it's, they've got more gold than Africa, Latin America, you know. And so I think that the United States finally really woke up and realized the difficulty that we're going to have unless we have our supply chains resemented, you know, rebuilt, onshore, French shored. And so, poof, we go into Venezuela. And in one fell stroke or foul stroke, I don't know how you say it. What do we do?

We go in there. We throw Maduro out, used all kinds of crazy and aggressive weapons that are just rupturing people's kidneys I heard about, which is fascinating to me. We get rid of Maduro. And in one week's time, we remove Venezuela and oil output going to China. That's what we did. That oil that's supposed to go to China is not going to China, pending. negotiation that's the first thing we did second thing we did we we stopped started stopping russian

tankers so we're dividing russia and china right now russia can't get the oil to china and we're stopping russian tankers this is a big deal so what else does venezuela have well they don't have a lot of silver but they have a lot of gold now that's what happened on january 3rd and then since then i'll tell you i'm look i have a chart right here From January 3rd, from the low of January 3rd of 71.25, which is a ridiculous price to begin with, if you're as old as I am. From January 3rd to January 14th yesterday, we went from 71, call it 71 5th, call it 72. We went from 72 to 9350. We went up 12% in two weeks, essentially.

roughly. That's crazy. But it makes sense. We're at war. Everything about this is war. And silver, while it's not the most important thing in the world, is the most sensitive. It kind of, you know, gets bent out of joint a lot quickly and a lot quicker than oil say. So I would say that the price action is a direct result of all that other stuff we talked about, the dollarization. And quite literally, a geoeconomic war where we're keeping the east out of the west as long as they're not giving us their materials in the east and so forgive me vince there's the chart although this is canadian dollars as i sit in canada and i always put it in canadian dollars you're talking u.s dollars there's from january third to today in silver oh perfect perfect right you see the trough on

january third right is that january third or january fifth uh right in the middle is January 5th. Right, right. So the third we were closed, I think. I think it was January. No, no, no, forgive me. That is January 5th, rate at the start. The trough is over January 7th, 8th, and then it comes back up on the 9th.

Okay, okay. So we started the left, not at the trough, not at the first, second trough. Yeah, so, I mean, look at that chart. That chart, the market with a pause, January 7th and 8th, hasn't looked back. And we're looking at it. We're looking at a market that's manifesting the world's problems, even though it's a small market. I'm not going to say it's unimportant, but it's certainly not crude oil. You have a market that's manifesting the world's problems.

We're at war with China for Latin American resources. Now, if I can, I want to dial in some other information that proves this. It's not just a story. Remember after Thanksgiving? We might have actually talked about it. After Thanksgiving, when J.P. Morgan pulled metal out of the vault, didn't make it available. Then it physically pulled out of it. But they made metal. They had metal that was available for delivery, and they made it unavailable for delivery. As I like to say, they threw a sheet over it,

and they covered it up. But when they did that, that caused a panic in China. Somebody freaked out in China, and they started covering shorts out there. And then I find out less than two weeks after that, that all that Latin America, American, this is silver, right? So we need to talk about concentrate, right? Um, can I do that? Sure. Uh, if before you go, I'm going to write concentrate down.

I just had one thing in my brain that I wanted to bring up. Sure. Because I'm like, you talk about January, uh, like it's never looked back. And I just, I just pulled it up. I've been talking about this is from November 1st roughly till today. When I think of not looking back, I see this and I go, they never look. look back. Like it just has been, we've been talking about it almost every day on the podcast about how it just continues to grow. And I was just curious your thoughts on this. Because like,

uh, I know you've been staring at charts for, you know, decades now. You call it long in the tooth. I chuckle about that, Vince. I just like as a, as a guy who normally didn't enter into this realm, certainly five years ago. And now as I talk to a whole bunch of you, I'm like, every day, it just seems like it was growing by percent or more. Um, and like, when I think it doesn't look back, you point to January and I'm like, I point like to last year where it just seemed like as we inch closer to if we're going to put the Monroe Doctrine or whatever part of that story you want on there. Right.

It felt like it was it was trending and then it hit and it just keeps going up and up and up. Yeah. I mean, my take on that is really kind of to just basically agree with you and to put it in context. The run up in silver began when it broke out technically, but the news coinciding with that was once, here's what I noticed, and I think your viewers will notice it as well, once gold stabilized at a certain price, the gold miners started to rally. They were up like 100% last year, but they didn't run at first. They ran starting, let's say, in August of 25, you know, April, May, June, July, August. April to August is when they started to percolate. Gold flatline, but gold

didn't drop. Now, the reason I bring up gold miners is because gold miners are kind of like silver. Gold goes up. It stabilizes and everyone says, okay, can we buy the miners now? And they buy the miners. And then they also say, can we buy silver now? And they start buying silver. Now, what I think personally, to put a little tin foil on it, is that between when gold started to run again in, in, uh, September, August 26 is when it started. When Gold started the run from September through December, Silver caught fire because I think, I think, that it was already decided that silver,

look, in August, silver was designated a critical mineral in August. That's when this all started. And it started to catch momentum. Now as things are getting worse, you're seeing that parabolic or exponential move there. But I think... When you say Vince, sorry, when it designated a critical mineral, you're talking about the government designated a critical mineral? Yes. Yes, we did.

We did. Yeah. We did that. We covered that on gold fixed. And what happened was the U.S. releases every year, it's a list of critical minerals. And usually it's the same minerals as it always is, right? But, you know, five years ago, they added lithium. Five years ago, they added uranium.

And those were, and those things over five years, they tripled in price. And so when they came out with the report this year, they added copper and they added silver. Now, I'm simplifying it. There's like two layers. One is like, one is a critical mineral. One is a military mineral. You know, like there's all these kinds of things. But they basically, when you look down the list, that was like in August or maybe September,

when you look down the list, every metal is a critical mineral now. Like, you know, aluminum, bauxite, whatever. It's all there. It's all there. It's not just rare earths. It's everything. Now, the critical mineral thing matters a lot because once our government, the U.S., list a medal as critical, then that gives them license to subsidize it, to spend money on it,

to hoard it, to put in price floors. These are things that normally you can't get done when you need a referendum or, you know, but you can't get them done in the U.S. either unless you put out a proclamation. And that's what we did. And so since then, silver ran up. Copper started running up. People talk about tariffs, tariff this, tariff this, tariff. Yeah, tariffs are a real risk, but that's not the point.

The point is we need the metals. You don't tariff what you need. You buy what you need. I believe, starting in August, the smartest money out there, macro-discretionary funds, started to cover, started to get long. And when they started to get long, the Boolean banks, I know this, started to cover the shorts. And right around the NSS, when the Monroe Doctrine thing came out, J.P. Morgan flipped from short to long.

flipped. You can flip overnight when you're JPM because you're the biggest player. You can do that because you can do it because it's a, not because you're big, but because it's a quiet market and you can do things before people know about it. So I think your chart that you had up there shows the leakage of information. And since January 3rd, it shows the explosiveness of awareness. Let me look at the slopes. that's that's a market that's waking up and that people are just in denial about but they can't be

in denial about it anymore you just can't be so does that does that work as an explanation yes it does you know you were talking about concentrate yeah oh concentrate yeah simply put uh you pull you pull you pull metal out of the ground in concentrate form which basically means it's a bag of rocks with a high concentration of metal in it and then you take it to a smelter and the smelter, you have to buy the concentrate, right? And you take it to a smelter and you burn off all the impurities, right? Chemical burn, but it's a burn. And then what's left is the metal, and then you take the metal and you make it into the bars,

you know, dora bars and, you know, specific bars. Well, for the years, for a decade, legitimately, for a decade, we have been not pulling in concentrate because we don't even have a smelter. We haven't built a smelter in 50 years. 50 years. Now, I want to put this in your... The United States hasn't built a smelter in 50 years?

Yep. Okay. But we are now. But we are now, as of two weeks ago, we announced we're building a smelter. And who's paying for it? JP Morgan, the U.S. government's going to own 40% of it. And two weeks ago, right around, actually right before the, the invasion, one of my sources said, hey, all that concentrate that used to go to China,

it's not going there anymore. It's coming to us. We're pulling all of the scrap, you want to call it scrap, concentrate metal out of Latin America, and it's sitting here for us to use now. So you're looking at the war of metals. The world split into two. There's no metal. All this metal had been going to China. This concentrator, straight form because they had the smelters. They were buying the bags of rocks, shipping them over to China and pulling the silver out of them. And then redistributing the pure form.

Yeah, exactly, exactly. Using it industrially or what have you, you know, but it wasn't hitting the Comax. See, the U.S. Comex is the finished metal. So what the producers would do, generally speaking, is they'd hedge production, they pull it out of the they'd refine it and they'd send it up to they'd hedge it on the Comax and it would sit in the Comax vault or metaphorically sometimes well the producer stopped hedging a couple years ago why well that's because China was buying it before it was even finished China was doing

off take directly from the mines and now we're doing off taken so now there's a there's a bidding war for all the unfinished silver and it's manifesting in the physical price on the outside. How long that will last? I don't know. Meaning any day now that that raw silver could be processed and then maybe they hedge it. Who knows? We could cut a deal with China.

We say, okay, we're friends now. Who knows? But this price action is a direct manifestation of U.S. and China policy front-running each other to get core materials and natural resources. to make sure that if the world splits into, which it already has, everyone will be able to survive. That's what's going on. It's a manifestation of mercantilism, de-globalization, de-dollarization, and basically, this part of the world is my part of the world. That part of the world is your part of the world.

And never the twain shall meet. And that's where we are. You know, you said right at the start, Vince, something on the lines, everybody's knowing that we're two halves of a world. We've been split for a long time. I, you might have known that and a whole bunch of the people you talked to might have known that. But it was, to me, I don't know if I ever thought of the world that way. Right. Until the U.S. started talking about the Monroe Doctrine.

And I'd read about the Monroe Doctrine a while back, but I, you know, I'd never heard it in public before. You know, it was almost in tinfoil hack conversations. I'm like, you know, it's almost like an antiquated. It's almost like an antique, you know. Right. And now they brought it back and everybody's talking about it. Yeah. And, you know, you go into Venezuela and you're like, okay.

And then they start talking about Greenland. You're like, all right. Now we're talking about Mexico. And I keep laughing to all my Canadian friends. I'm like, you know who's underneath the Monroe doctrine? Us. Like, we're sitting there. I'm like, at what point does he start talking about the Monroe Doctrine in Canada?

Right. And meanwhile, what's Canada doing talking to China about EVs? That's not good. You know, like that just makes Trump even more annoyed. You know, not that we want to, not that we're pushing. footing around him but but that's a real deal you know the whole arctic circle i mean it's a different topic but the whole arctic circle if you were to look at the world from the top down you would see that it's canada greenland russia and you know alaska which is part of canada really

a let yeah canada russia greenland in the middle and on the other side is uh i don't know what's on the other side probably more russia but um right russia probably wraps all the way around And then you've got Canada here and you've got Greenland down there. And that's it. You got like the Arctic, the Arctic ice has melted. It's no longer just a Northwest Passage. You're going to be able to ship there. You go from one side of the world to the other, almost like it's in a time, like in a time machine.

And we don't have access there anymore, you know? And Canada does. And I think China wants Canada's access to the Arctic Circle. And the U.S. wants it. So everybody wants Greenland and Canada. It's like, you know, the cold places are where you want to be now. So, but anyway, your, your, your, your comment about, you don't think a lot of people looked at the world the way I'm describing it as, as separated. You know what?

I'm going to include myself in your group because I didn't look at the world that way. Now, I'll give a specific story without going too long-winded on it to tell you what I mean. When I was studying how Gold's behavior was changing in 2023, 2022, 23, I noticed that certain correlations were breaking. You know, the dollar would get stronger, the U.S. dollar would get stronger, and gold is supposed to go down. And it wasn't. And I started to see that these tethers were breaking.

And these tethers that break are symptomatic of globalization, breaking. See, if everyone uses dollars, well, if the dollar goes up, gold goes down. But as parts of the world stopped using dollars, most notably Russia, because of the Ukraine war, the dollar will go up and gold will go up too. And I'm like, well, Jesus, why is that happening? And that's de-globalization. The correlation breaking, you know, it's like, I mean, you're Canadian. You can see that you, Americans don't look at the FX market. Canadians do. It's like, yeah, well, look at that. Gold's going up with the dollar.

So the Canadian dollar is getting crushed against the dollar and gold. That sucks. Like, I understand that, you know. Americans just, we don't get it. USA people don't get it. You know, Canadians do. We're not very, cause of politics. When bringing up Russia and what's gone over there,

I guess when I look back on it, I would say I started to notice a split in the world around bricks trying to get out from the dollar. That was something that you notice, you're like, oh, this is interesting, right? Like, where does that lead the world if everybody starts moving away from what the U.S. has and has become?

And you've seen a concentrated effort to do that. So I guess in that sense, I would say I started to notice the world is splitting in two. I don't know if I ever framed it that way, but once the Monroe Doctrine came in, I'm like, this is basically stating there's two sides of this.

thing and stay off our half. I know. It's not hinting at it. It's not saying we'll talk about it. It's like, you know what? We're getting a divorce. This isn't a separation. We're done. We're done. But the humorous part of what you're saying is is what happened to me. So let me, let me say that because I agree with you. When the bricks started their currency stuff, you're like, we're all thinking, we're all thinking, well, well, most of us, most of us, I don't mean you and me. Most of us said, ah, screw it. That's not, that's nothing. The dollar is king. You know, the, the milkshake concept. The dollar is king. Who cares? You know, they've tried it before. It never worked. And you know what? That has happened before. And it hasn't worked. So everyone dismisses it. But people like you and me say, well, what if it happens? And we're watching gold. You watch gold. You watch, you're a Bitcoin person. You are watching Bitcoin. If it wasn't for Bitcoin, people won't be talking about gold right now. now in my opinion because it's like the whole world is like oh shit look at bitcoin it went up i guess the dollar sucks what else goes up when the dollar sucks oh let's buy gold like it's almost like

bitcoin was it was an entry drug for young people to learn about gold i mean all the old people already buying gold you know that's funny i so i don't know what i consider myself i can't you know but i was telling you i was on with ben parin uh btc sessions here just a couple days ago and he was call me a gold. His entire show is calling me a gold buck. Now I'm a Bitcoin guy and I'm like, I guess I'm just, I enjoy all of it. I enjoy the sound theory from all these things. So I'm an all of it kind of guy. John, the Zen master. You're the Zen master. When I, when I hang out with my Bitcoin buddies, they need me to be a gold guy. It makes them feel better. And when I'm talking to Vince, the silver bug that he is, he feels good to calling me a Bitcoin guy. You're the Zen master,

Sean. What are you going to do? What are you going to do? I guess, I guess that's what I become you're well balanced or or if i want to be derisive about it you're a jack of all trades but a master of none you know i have some bitcoin i have some gold it's like you know anyway yeah i'm with you uh but but here's the funny thing is while you and i are watching the brixie dollarization stuff and we're going well maybe that could happen see i was lucky enough a year ago i had a client, a billion dollar hedge fund. I was managing money for him. And I called him up one day to get him on the phone. It was like, you know, that's good because you're picking someone's brain. And I said, I'm not going to say his name. I'll just say his name is Bob. It's not Bob,

but I'll say, hey, Bob. Hey, how you doing, Vince? You know, you're all very, this is like basically your employer, so you're very respectful, you know, hey Bob, you know what I've noticed. This is me in 20, 2021. I've noticed that since COVID, the world is kind of getting like a little bit of mercantilistic. That's the first time I said the word. And he said to me, Vince, it never stopped being mercantilistic. I got to go. Click. And I went, he's right. Basically, what he was saying to me is it's still all about, it's still all about who controls the resources, just that we were getting along in the sandbox before. And I talked to him again afterwards. And so he was basically saying the world in 2021 after COVID, he was saying the world is going to split into.

And that's why I plugged into it because of that guy. And that's why when the bricks said, we're going to create a new currency, I was like, wait a minute. It really could happen. So that's it. To go back to your Jack of all trades master of none. I'll just ask to that. I don't know. I'm one of those people.

But here's the thing. Jack of all trades, master of none, though oftentimes better than master of one. So is that the whole phrase? That's the whole, that's the whole phrase. Oh, that's awesome. I never do that. Yeah, as soon as you break it up, I'm like, but there's an extended part to that. I just got to remember it.

I just looked it up quick because. That's awesome. Yeah. So like you, you're trying to be, you know, like tease me. And I'm like, yeah, but actually the full quote leans back into a more positive light on what I do. I'm happy to be wrong about that. Tusha, that's great. Jack of all trades, Master of Munn,

what did you say? Oftentimes better than one? Though oftentimes better than Master of One. Absolutely. Yeah. You got to do that. Well, it's funny because if you look at Silver, right? I talked about it with Nick,

and there was lots of things he brought up. I'm like, oh, man, that's interesting. But if you keep going down the conversation, you add you into it, I'm like, there's just so much going on in regards to just silver, let alone any of the other critical minerals, Vince. I know. You have to take a step back and see the big picture of it. And you know, the bricks thing, how many years ago is that where we're all sitting there?

Certainly, I was sitting there listening to all you talk about. I'm like, this is wild. Like, can this actually get to a point where they do enough removal walking back the dollar use that it can have a bigger impact? And now you walk in and you like, well, the world's splitting two because the Monroe doctor literally lays it out. Like, stay off our turf. And then you brought up the fact that China releases a policy on Latin America and Taiwan. You're like, oh, man, we're coming to a head. Or maybe we've already hit it.

No, no, no. You're right. But I think that's the flashpoint, Sean. Like here's what I mean. The Chinese document, they call it a policy paper. It's like the fifth policy paper of the blah, blah, blah. And it says, we intend to strengthen our Latin American relationships. And I have a student of China policy when it comes to how they interact with other UN countries.

But we're not going to get into that except to say this. China says, we seek to strengthen our relationships in Latin America. And I'm like, yeah, well, no shit you do because you want all the resources. And then in the same paper, it says, and we will defend Taiwan. I mean, usually it's like, and we love Taiwan. Taiwan's ours. It's like it's in the bottom of the paper. This year was up top.

This is the paper about Latin America that starts with, if you fuck with Taiwan, we will kill you. Basically, it started with that. And I went, how does Taiwan have anything to do with Latin America this year? And I went, oh, and then what do we do? We go in and we knock Maduro out, which gives them an excuse to say, well, I guess we'll just knock out the leader of Taiwan.

Why can't we do that? And so the flashpoint is our, whoever the Chinese version of Monroe is, you know, the Chinese Monroe doctrine, for lack of a better word, the Benoit, you know, that's basically out there. And they're going to invade Taiwan and say, well, it's good for the U.S. It's good for Russia. It's good for Israel. Why not for us? And that's our flashpoint.

That's the kinetic war. And people have been forgetting about that. that but Taiwan is a line in the sand that China will not bend over. And for the U.S., it could become a line in the sand for human rights. Taiwan doesn't want to be CCP. They don't. And Japan will shit themselves if that happens. Why would Japan, forgive me, why would Japan shit themselves if they invaded Taiwan?

Oh, yeah. Because, well, the first reason is Japan, and China are still fighting their Cold War. They don't talk about it. It's smoldering, but Japan's war crimes, for lack of a better word, you know, during World War II, Japan did to China and Korea

in the Chinese mind what the Germans did to Europe and the Jews in Europe. And so you know, I used to date a Korean girl years ago and she said that in Asia, the Korea

Koreans were called the Jews of Asia. Was that anti-Semitic? She goes, no, we were just fucking slaughtered. The Koreans were slaughtered during World War II. And anyway, there's a lot of bad blood between Japan and China that doesn't really need much to come to the forefront. But the current event that triggers, that makes me say that, is because if the U.S. is not willing to defend Taiwan against the CCP,

be, then Japan has to realize they're on their own. Because that means Taiwan becomes Chinese. And once Taiwan's Chinese, it's just Japan. And by the way, Taiwan is actually Japanese land that was given to the Taiwanese. Do you know that? Say that one more time for me? When China split, you have to, I mean, I'll have all the details on this. So when China split and the ruling party left during the communist revolution, they went to Taiwan.

Apparently the Taiwan area was like a protectorate or a land zone that was controlled by Japan. So there you have it. Taiwan isn't Taiwan people may be Chinese, but that Taiwan land, it's been given to them, you know. So Japan's not going to be, look, if we go out there and we say, you know what, Taiwan, you can go over there, you could be a part of China. We're okay with that. And China takes Taiwan and it goes, okay, we're that much closer with our missiles now. Japan's going to shit themselves. Japan's going to look like an aircraft carrier that they want to sink if they get Taiwan back. That's my opinion. And Japan doesn't have a military force,

you know, at least not a good one. So that's my story. If I come back to Silver. Yeah. One of the things we'd written down at the start was drivers. Different, you talked about ETF buying, de-dollarization, physical bidding warrant. You had listed off a couple other things. Vince, did you want to talk about that?

Oh, I didn't get to that. We just went right to geopolitics, didn't we? Yeah. We went right to geopolitics. Right, right. So the normal drivers, in fact, do you have that charinghead? Do you have there? Does you bring it up again?

of silver yeah that's perfect that's perfect the run-up from August to November was moving with gold you don't have to go back that far I just wanted to get it off the plate now we're starting in November on your chart right we are starting in November yes so the run-up from November to December was a combination of things and some of them were at the macroeconomic level not the big picture secular, you know, visionary level. At the macroeconomic level, everyone started buying ETFs. You started seeing banks say Morgan Stanley, 60, 2020, gold, bonds. I mean, sorry, stocks, gold and bonds, not 60, 40, 60, 20, 20.

Well, if you're telling people to buy gold, you're telling them it's okay to own silver. And so the ETF demand came in. And so you had the London crisis in October, right? London didn't have any metal. Let's not forget that. London doesn't have any metal and they're supposed to be the warehouse for the world. Let's not forget that. And the reason London doesn't have any metal anymore aside from their own shenanigans and how they

run their house over there is because the world started buying silver and ETF for them. And they took the silver. SLV, PSLV, whatever the ETF saw in China. Actually, it's not an ETF, but it's worse. So you have pulling of silver by the West because, hey, it's okay to own silver now. By the East, we don't want dollars, right? And you've got signs that silver is being depleted to the point where there's no more above ground stocks to take it. And so that run up from August through November was investment demand.

It's still not at its peak, but it's where, put it this way. SLV-E-T-F longs, which are investors, were at a peak during COVID. We're not even up to that peak yet. The reason that's significant is because silver was $30 during COVID. It's $90 now, and no one is selling it. investors, they may not be adding a lot. They are adding a lot, actually, but they may not be adding out because of the high price,

but no one is selling it. They're just, there's no, there's no sellers. So the normal drivers are just being, actually, actually Goldman put out a document, a report like last month about gold, and it's the same thing for silver. They said central banks have been buying gold forever for last three years. But now ETFs are competing with,

central banks to buy gold. And so it's all ratcheting higher. Same thing's happening with silver. Are central banks buying silver? Not that we know of, but the answer is yes, they are. Saudi Arabian central bank is buying silver. Sovereign funds that I don't know, but they are buying silver. And Russia said their central bank is buying silver. So silver is now a critical asset or central bank asset in every country in the world. And so ETFs are buying it while they're buying it and it's just a price war. Hmm. Okay. Then I go, what do you see coming, Vince? You know, like, if you're looking into the future, what are you watching for? What do you, what are you paying attention to?

Everything and nothing, I seems at the same time, you know, I'm pulling my head off. Um, well, today's a good day to talk about that because today, it's all about fishing. school decisions now. Today, we talk about the critical mineral thing. Apparently, not apparently, the United States was supposed to give a ruling on the critical mineral status, meaning silver is a critical mineral, will you tariff it yes or no? Copper is a critical mineral, will you tariff it yes or no, right? And they're not going to tariff those, at least I don't think so. But they were supposed to give an announcement if they were going to tariff it this week. And that announcement came out yesterday.

And the announcement wasn't. This is key. This is bleeding edge information. I mean, this is like what's going on in the world now. U.S. made an announcement. They made a presidential proclamation. I think I gave you what that picture looks like. Right.

So the headline is adjusting imports of process critical minerals and their derivative products into the United States. Okay. that's a presidential proclamation, which is like the critical mineral thing. Basically, it's part two of the critical minerals. We said, we're not going to tariff these minerals, not yet, but we reserve the right to just buy the shit out of them. We want to rebuild our supply chains overseas. We want to create price floors if we have to, and we want to tariff them if we have to as well.

But we're going to put a 180-day window on that. Now, this news came out two days after Silver Rally $6. You know, so that's the market figuring it out. So this is what to look forward to. Today was what to look forward to. You and I talked about this. We thought it would come out over the weekend. It came out yesterday, which is great.

We can talk about it now. So moving forward, what do we look for going forward? Well, what we look for is signs that either on the bullish side for the commodities, the U.S. is moving down the road to buy more. And you'll see that with regulations and rules and rhetoric. Trump will start dissing China openly, whatever. Or you look for signs of communication. China and the U.S. are going to sit down and talk, and they're going to talk about lithium and oil. Silver's not even going to be part of the conversation.

that silver implicitly inspired the conversation. You want oil from Venezuela? We want your lithium. This is what Trump has pretty much said what I'm about to say. Lithium is a thing you get out of the ground. You may have more than us now, but in two years, we'll have all the lithium we want. Do you really want to mess with us that way? And that's the truth.

China needs oil. We have oil. They're going to need it from us. They need Venezuelan oil, which is energy rich. It's dense. So what to look forward to? Over the next 180 days, you have to keep your powder dry. You have to be light with your positioning if you're a trader.

If you're an investor, you just say, as long as, as long as we don't have a hugging moment, then you just want to be long everything. And I think it's getting worse, not better. I don't think there's, China wouldn't be panicking to buy silver. China's trying China's panicking to buy silver right now. And if they're pataking to buy silver right now, that's because they don't want to give up their lithium.

Everyone is emptying the shelves like there's a blackout or or COVID hoarding. Everyone's going for the toilet paper. Bad analogy. Silver's not toilet paper. You get my point. I get your point. Right. Exactly.

Jack of all trades, I am. But master of none. All right. So that's it. Hopefully that helped. If I can hold you just on that thought, just for one second, Vince. One last kind of final thought.

You talked about what you should be looking for. Right. Is does the U.S. come together with China? Right. A hugging it out moment. Right. And if you're China, honestly, obviously I'm not trying. But if I was China, I'd be trying to position myself in a better bargaining position, which would mean I want to find all the silver I can or whatever I need so that I don't have to rely on giving the United States a better deal.

Am I right in thinking that? Right? You're going to oil. That's why I say it's a war. You're completely right. Look, if we're going to have a war, if we're, let's use Russia as an example. Russia and Ukraine have been threatening to have a conversation for months. And every time they threaten to have a conversation, Russia takes more land.

Right. So every time we threaten to have a conversation with China about natural resources, they take more silver. They take more oil. They do what they have to. I agree with you. That's the behavior of some. of someone who's at war who wants to have a stronger bargaining position at the table when he finally sits down.

You can spot on. That's what's going on right now. The question is, when will they talk? 180 days from now? Three days from now? You remember the tariff. The last time we talked about this was the, what do we call it, the liberation day, tariff, liberate, whatever is.

That's crazy. You were talking about the chocolates, I think, from Ontario. Yeah. Yeah. The toffee. McIntosh. McIntosh. Yeah.

Yeah. So that's it. I mean, like you're right. It's all about bargaining positions. And by the way, that's why we're throwing down. We're doing the same thing they're doing. We're like say, okay, you know what? You can't be in Latin America anymore.

And that's our bargaining position. We drew a line of the sands. That's our Taiwan if you want to look at that way. So yeah, I agree with you. That's a solid point. And one I think people should pay attention to. attention to. There is this to a negotiation. The question is how bad? When is it? When is it and how bad will it be? And how do we prepare for the negotiation? That's what both sides are doing right now.

Vince, appreciate you coming on. Looking forward to having you here in Calgary, March 28th. If people haven't bought tickets to that, they still can. There's still a little bit of room and time lapse, showpass.com backslash cornerstone 4. Cornerstone 26, sorry. It's down the show notes as well. Vince, I don't know if you knew this or not, but Premier Daniel Smith is going to be speaking at it alongside, you know, along with a bunch of people, you know, Tom Longo, Alex Craneer. You know, there's a whole list. Neil Oliver just got confirmed this week as well. So we're going to have a lot of fun and looking forward to finally meeting you in person.

I'm excited for that. Yeah, and as I am for you and I appreciate you working with me last year. And I'm happy to be re-invited back this year. well i don't know if you know this you got you got you got a a lofty uh stage to to to hold because everybody talked the group that i'd brought in talked the day after last what you have come here who'd you have come here and the resounding name was vince lantry so we're excited to see what what vince brings to the table this year yeah very excited oh great now i have to figure out now i have to be clever you have to say something smart oh boy

Boy, thank you, Sean. Again, thank you so much. And by the way, when you have this out, when you put this out, let me know so I can give people a link to the event in my place as well. Absolutely. Thanks, Vince. We'll talk to you next time. Thank you.