If you have seen The Big Short, you're going to love our next guest. He was in the movie and the book by Michael Lewis.

We have Danny Moses on the show. He is a fantastic, legendary investor. I had a blast sitting down with him.

We talked about the gold trade, silver, what asset prices are going to do this year, where he sees the biggest opportunities in the market that no one else is paying attention to and what the next big short could look like. This is a fantastic conversation and I think you're

going to love it. Danny, it is so good to have you on the show. You have such nuanced

and usually contrarian views on the market. I want to get your thoughts on what is happening with silver and gold right now. We've had this sort of metals melt up. And I think you can help us wrap our heads around this. Well, Phil, first, congratulations on the show. It's fantastic. It's an honor to be here. You're jumping right into the most volatile asset class in the world. It's great. So let's start with gold because there are two different animals, gold and silver. I've been on the gold trade for many years since the great financial

crisis kind of and when quantitative easing iterations one and two and so forth. And the thought then

was that if you keep printing money over time, you'll have inflation. That was kind of the gold thesis for years used as a quote, you know, inflation hedge.

And I think we've gone beyond that at this point, as we've seen when we have periods of

inflation coming down a little bit, gold's still working and why is that?

I think it's because just fiat currencies in general and the ability to print money in any

global central bank, what is your kind of hedge against that and devaluing the currency? So the quantitative easing and the printing of money in Japan and the U.S. and around the globe worked for a period of time to keep asset prices higher, but at some point, you know, it's going to matter. And so I think that's kind of the overriding gold thesis. The thing that's happened in the last few years in gold is that the physical demand for gold by central banks themselves, you just look at China, you know, how much they bought is what really is moving the markets. And that's what's different this time. Before it was an expression of a trade, of a hedge, you know, time now it's actually the physical demand. And I moved to silver real quick because the

same thing's happening. And I was later to the silver trade, really didn't really focus on it to last

summer. So I kind of missed the first 100 percent, right, what was going on. And I wasn't really keen or

aware of how much the metal was being used in EVs and solar. But then the real kick was AI, data centers.

These huge data centers use millions and millions of ounces of silver, excuse me.

And so if you're out there procuring a data center and you're literally getting concrete and

wiring, you're like, oh, I need silver, okay, I'll go get it.

That to me was what tip the scales, I think, not just for me to pay

attention to, but in general in the market and the mismatch. And so silver, just from a supply

demand perspective, it's different than gold. Yes, it can be used as a hedge against currencies,

but also has industrial applications. And you just can't switch off silver once you've embedded

them into EVs and into solar and into AI data centers, it's not that easy just to switch. The architecture has been created. And so you could argue all copper, you know, you can switch to copper. Sure, you can switch, but it takes, it'll take years. And the other thing I think people misunderstand about silver, if you don't really mine for silver, silver is a byproduct of other metals. So you're mining for copper, you get silver as a byproduct.

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