Is the biggest opportunity in natural resources still ahead? In this high-conviction interview, John Waldie, Senior Portfolio Manager at SCP Resource Finance, joins Trey Reik to explain why we’re still early in the resource bull market—and where the smart money is moving now. From silver’s breakout potential to rare earths, uranium, and early-stage gold exploration, Waldie outlines why SCP is seeing 3x gains and why investors should pay close attention.
Waldie also reveals how SCP’s team moves faster than big banks: getting boots on the ground, spotting major discoveries, and financing them before the rest of the market catches on. He explains how deals like a $400M U.S. Department of Defense investment into MP Materials are reshaping the future of resource supply chains, and why silver could soon leave gold in the dust.
Key insights:
- Why silver could break through $40, and go much higher
- How SCP identifies early-stage deals before anyone else
- Why U.S. national security is driving rare earth and uranium investments
- The SCP private client model: Access to private placements & asymmetric upside
- What central banks, BRICS, and de-dollarization mean for gold’s future
- Why generalist investors haven’t arrived, and why that’s bullish
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John Waldie 0:00
So in under six months, it’s up 3x we’re still in the second or third inning of a nine inning match. That’s got to change if there, if the US is going to secure their supply chain. You saw a huge deal, obviously, by the DoD investing in MP materials and totally transforming that overnight little teaser out to your audience, that number is going to take your draft
Trey Reik 0:31
away. Greetings and welcome to our wealthion show. My name is Trey Reich, and we’re here today with one of our partners from SCP resource finance in Toronto, Mr. John Walde. John is a Senior Portfolio Manager for SCP and heads up the firm’s private client business. Having done this for about a quarter century, John’s developed significant expertise in managing natural resource portfolios for individual investors and family offices. And I have to mention that our conversation with John today is especially well timed, because, as we have mentioned before, wealthion and SCP resource finance are launching an exciting joint venture, a broker dealer in the US to give the US investors the opportunity to invest in SCP deals. So we look forward to sharing more details as soon as we receive all of the appropriate FINRA registrations. So John, thanks very much for joining us today.
John Waldie 1:39
Thank you, Trey, looking forward to this Good to see you.
Trey Reik 1:43
So I thought we would start, if you wouldn’t mind, with a brief overview. For wealthion viewers who may not be familiar with SCP resource finance as a firm, you know, what are your major business lines and your core competencies.
John Waldie 2:02
So it’s important for your viewers to understand where SCP originated. So SCP stands, or used to stand for Sprott Capital Partners. So SCP resource finance was a management led buyout from Sprott, and it was the buyout of the entire Canadian broker dealer, and that occurred two years ago, and that was led by the former CEO of Sprott, Peter gross. So when he stepped down from the Big Chair and a new person took over, he decided there was a great opportunity to take the entire broker dealer and let a management buy it. So that indeed occurred, and the entire team representing the 3032, professionals, we left at that time literally moved down the block and didn’t miss a beat and continued off where we started.
Trey Reik 3:07
Terrific. So can you talk a bit about the team and its history? You’ve mentioned the Sprott, but give us an overview of who the leading professionals are,
John Waldie 3:18
sure. So we are a broker dealer, so that means we do investment banking, institutional sales. We have a very robust research team, which is critical, and then I head up the private client edition. And in addition, of course, we have back office compliance operations. So the engine here, really is our investment bankers and our research team. And so what we’ve been doing when we were under the umbrella of Sprott and again, now as SCP resource finance is cultivating relationships with issuers in the mining hemisphere, that’s all that we do. We are specialists. We’re a boutique and what we want to do is source out gold, silver, copper, base metal deals, critical minerals, uranium, and develop relationships with those issuers that we believe have got a discovery under their belt, that need financing, that needs support that we can invest in, for institutional clients and for our private client, our private wealth clients, and get behind those at the early stage and and help them develop, become the next mine, and help our investors also realize the very significant gains that can be realized when you get in early on a name, and help to support them. When they’re they’re growing rapidly, and that’s what we do when we are under the mothership, and that’s what we did, continuing to do ever since we’ve done SCT.
Trey Reik 4:52
Terrific. So can you give us sort of a recent example, without naming a name, of how this. Team works together and how it works out to the benefit of clients,
John Waldie 5:04
sure. So we’ve got a very interesting group of senior partners. We have David Borgo, who was our CEO. I believe you’ve interviewed him previously, when he was talking at the rare earths and experience in that hemisphere. So in addition to being our CEO and chief banker, he’s also an engineer. So you’ll find that our intellectual capital here SCP is quite diverse. Everyone who sits in one of the main chairs is not just a banker, they are also an expert in another field. And you have our chairman, Peter grohskopf, who’s had multiple decades in the industry, and he was brought on by Eric Sprott to lead Sprott, and indeed, change and transition Sprott from a, you know, from a sub billing market cap to where it is today. And so you’ve got a lot of that stewardship which is unparalleled. So the reason I mentioned that is the relationships run deep. And a good example of a deal that we did recently, which was an extraordinary good deal, was one that Peter grosskoff orchestrated with a long term partner of his in the gold mining sector, and he and that CEO, I don’t want to mention the name, just because it could be perceived as a recommendation, but we put together A deal led by us where we raised a significant capital, close to $400 million and it transformed that company from a primary silver company to overnight into a producing gold company and Significant production and the market immediately picked that up, and now that particular company is part of the TSX index. So you can imagine that that means that all the institutions have to own it is, in the end, in the various different indexes, and so that that particular recommendation is done extremely well. And that’s obviously a cherry picking, but that’s been a recent deal that has been significant for us and for our clients, and it’s been a wonderful, wonderful experience for both us and the issuer, and so that we still continue to see a significant upside with that particular name. Many of
Trey Reik 7:38
our interviews delve into investments you can only achieve by being an accredited investor. By signing up to our accredited investor list through the link in the description below, you’ll get our 15 full length Rick Rule symposium interviews for free, plus our free reports on investing in rare earths, uranium and copper, some of the hottest metals right now. So, and I wouldn’t suggest that this would be the range for all deals, but just to give viewers understanding of sort of the leverage in an emerging producer, what type of multiple has the deal accomplished in a short period of Time?
John Waldie 8:18
So in under six months is up 3x
Trey Reik 8:22
right? So, and again, obviously, you know, that’s at the very high end of what anyone could expect. But the reason that I put you on the spot there is, I do think viewers need to understand that properly sourced and financed resource companies with very high class, world class assets and a good management team, the potential for doubles and triples is much higher than in most sectors of the market. Would you agree?
John Waldie 8:54
I totally agree, and that’s exactly where we’re at within the market right now, if I had to say where we’re at within the overall game structure. I think we’re still in the second or third inning of a nine inning match, and so this is the time where we can get those type of returns. Obviously, not all returns are like that, so you’re going to have a miss or two, but certainly over the last couple of years, the those very strong leveraged returns are are becoming more prevalent, that is for sure.
Trey Reik 9:30
So skipping ahead, because I was going to ask you this question a little bit closer to the end, but since you gave me the lead in as recently as the fourth quarter of 2023 capital markets in the natural resource sector were, we’ll just call it some ambulance. There wasn’t a lot of interest in financing anything that had to do with building an asset or a mine, because inflationary costs were sort of higher. People had expected for a couple of years, and people were very worried about interest rates and the future of financing, you know, a mine, which can lead to up to 1,000,000,002 billion, multiple billions, sometimes in investment of CapEx. How would you describe as you started to just do the current environment and how capital markets and the natural resource sector have opened up.
John Waldie 10:28
It’s been dramatic. So if you go back to as 2022 even 2023 you know those deals were, you know, thin and and seldom at best. And to put into context, where we’re at today, it’s been even in the even in, supposedly, the dog days of summer, which are now July and August. We’ve been super busy in dealing with deal flow. As recently as two weeks ago, there was a deal literally every day of the week that we were participating in, and that means that we’ve gone and looked at it, and we said, thumbs up, and we’re we want to be in on those now. Those were interesting enough, primarily on the ASX, the Australian Stock Exchange, in gold and in the silver space, and we were very active on those that meant lower CO lead on those financing. So just gives you an idea that instead of having that one deal a quarter or one deal every two months, that I’d be participating for my clients, I was kept very busy. So it’s a good thing. But so look when the sun shines,
Trey Reik 11:45
looking forward. How, how can, how do you know what the when the music is going to stop? I mean, are there any signs we should look for
John Waldie 11:54
Absolutely. I thought there was a very interesting comment by by records down at rules conference back in Boca, Raton in the first week of July, and he sort of said what you need to do is look back in history and try and figure out when you see returns go asymptotable. In other words, you see them going exponential, and you see that the end of all sort of cycles. You know, a very clear example that would have been the.com boom and then bust. So I remember back then, in 99 when you’re seeing IPOs coming out and like doubling when they when they hit the first day of trading, and that literally was the peak when you saw these crazy, crazy returns. We’re getting solid returns now, but we aren’t having those crazy exponential returns. And I thought that was a very prudent and insightful comment that he made. So when we start seeing those huge returns and media attention and all the contrarian indicators that are warning signs in the media and elsewhere about you have to buy this. You need to own this. Those are signs. Those are red flags that the cycle has hit its peak, and I think we’re probably five to 10 years away from that. Wow,
Trey Reik 13:23
interesting. Sounds like a very pregnant period. Just looking at SCP generally, are, is the team agnostic about which metal or sectors of the metals and mining sector, or is it fair to say SCP has a precious metal focus?
John Waldie 13:46
We do have a precious metal focus. However, we are agnostic as to most of the other metals. Mean, we’ve been dealing with gold and silver companies since inception. But I think the important distinction is we are agnostic as to and let’s just deal with precious novels. We are agnostic as to where we go to find those companies, and where we go means jurisdiction, whether we’re dealing in Africa, whether we’re dealing in North America or tier one jurisdiction or Australia, or even in Asia, we’re agnostic that way. What we are not agnostic in is looking for the best management team and hopefully those teams that have done it before that we know well, that we can trust, and then following where most of those, those companies that are early days have the best opportunity to be shovel ready and into production within the same mining cycle. So, long story. Short, whereas we may have been looking initially only in in the Americas for gold and silver, we have certainly branched out and found that West Africa is is an area that can be extremely rewarding if you choose the right jurisdiction, the right management team
Trey Reik 15:21
understood geographically on a metals basis, and again, without naming names, from my experience, I believe that SCP has had some good results in uranium and rarer So can you just talk A little bit generally about the expertise in those
John Waldie 15:42
sectors, absolutely. So the beauty, again, about our firm is the people that work here are exceptional, and their backgrounds are exceptional. So talking about rare earths, we are. We’ve been a bull on rare earths now for about a year and a half, and now that bullishness is looking to pay off. And we saw a huge deal, obviously, by the DoD investing in MP materials and totally transforming that overnight by pumping in 400 billion into that company and also putting a floor price into the price of those rare elements. And that was led because we had an insight through our CEO day, Wargo head, that previous interview with saying, this is an area we believe is so oversold and the prices were so low, and the prices were artificially being suppressed by the Chinese that eventually it’s not sustainable, and those prices will come back. So that’s an example of a sector that we were here. We’ve been championing now for a while, and we also are very bullish in copper and the nickel market, unfortunately, has been artificially oversupplied through Indonesian nickel, and that’s hurt nickel, and unfortunately, I think it’s going to take a considerably longer period of time for that supply and demand imbalance to sell out. And uranium is also another sector we spent a considerable amount of time over the last two, three years, and we’re actively involved there. And our our Global Head of Research, Justin Chan, has been deep, deeply involved in following all those uranium names, and indeed, our firm has been advising on several issuers and doing M and A work, as well as doing finances
Trey Reik 17:46
excellent and you’ve mentioned the sectors of the metals and mining space. I want to ask you a question from a bit of a different perspective, which is in the life cycle of an evolving mining project, which used to take five or seven years, but now can be 20 years, where you go from discovery to definition to pre fees to fees to production, and then senior what, what part of the Food Chain, if you will, does SCP focus on?
John Waldie 18:22
So we are very clear that our bread and butter is post discovery, but still exploration. So we are not looking for a complete speculation. We’re looking for something that our analysts have found that is a quite a remarkable achievement on some early stage drilling, and they think that there could be some legs there. And so there have been examples here in northern Canada, again, without mentioning names that are one of our analysts, that this is a significant drill success, and we need to be looking at this now and start to follow it. And as I thought, we did, and then we spent considerable time with the issuer and on site. So that is something that we do, and it’s really important that, because we’re small in a boutique, we are able to get our analysts on site and with the issuer really quickly, and we can do that faster, and I think honestly, better than a big bank and some of our competitors that are magnitudes larger than us. And that was also an example of our CEO, de Wargo, being able to immediately when he saw some drill results in the rare earth hemisphere, going back two years ago, he was able to hop on a plane, go to site, meet the management team, immediately identify that this was a significant find, like a world class transition. Asset, and we got right behind it and raised the money, literally over the weekend, on a Sunday. But that’s what you got to be able to do. So that is our bread and butter, is finding the young companies we think that can build a resource, move that into Measured and Indicated and to proven and get a reserve and get an inventory, and then put it through into a DFS and become a mine. And that’s that’s what we want to be able to identify so early stage, but not a complete crapshoot.
Trey Reik 20:35
So I’m going to restate what you said and what I’ve observed in my two years of association with the team at SCP, and that is, I have to mention Brandon Gaspar, who is a phenomenal analyst and really knows mining incredibly deeply. And so my putting what you just said into words would be, I believe SCPs true talent is determining whether a mine is going to work does is that a way to simplify it?
John Waldie 21:08
That’s exactly our mandate, and we want and so they’re not just geologists. They’re economic geologists. They want to make sure that the structure can hold together, that the metallurgy works, that they’ve got the right team, the right jurisdiction, the right and, you know, hopefully the right financial backer to make it through so they can be in line. And when you’re talking about Brandon, He’s exceptional, and another example of just like boots on the ground. So we were fortunate enough to be brought in early on this potential find, and it’s in Malaysia, so it’s not only just hop on the subway train. Is this a significant air model traffic. And so he hopped on to look at this potential copper and it, you know, early, early, early stage. But it is, it could be a unicorn in terms of a find. I mean, this outcrop was literally blue, and it was a complete freak of that as as it was discovered. But no one else is aware of this, and it’s just an example of getting out on site and being mobile and being quick. And that company is public. It’s private right now. They’re doing a small raise of 10 million pounds, and it will go on public q4 or q1 26, on the ASX.
Maggie Lake 22:38
If you have any questions about how to navigate the current environment. Wealthion can help connect you with a vetted advisor to get a free portfolio review, just click the link in the description below or head to wealthion.com/free there’s no obligation, and it will just take a few minutes of your time. Again, that’s wealthion.com/free thanks so much for joining us.
Trey Reik 22:58
Excellent and SCP clients can participate in that private placement.
John Waldie 23:02
We are participating as we speak,
Trey Reik 23:05
perfect. So that’s a good segue to my next question, which is to narrow in on what you do, so you can tell us a bit, or can you tell us a bit about how you operate? SCPs, private client business like, what’s the typical number of names in a portfolio, and how do you structure
John Waldie 23:27
them? Right? So it’s important to mention that we do not have an I do not run fonts. I do not run an SMA. All the clients that are with me and the firm are all individual clients, and they have their own individual accounts. So that means each client can have their own investment objective, risk tolerance and time horizon. And what I do is, once I’ve introduced myself, and the client agrees that they want to be part of the firm. We open the account, but I offer a range of different services for them, so they can have an old style, non discretionary advisory commission based account where we discuss the different names that we recommend, and the client can buy them with a phone call. And typically the number of securities that I would like to recommend would be anywhere from eight to 12, and I’ll go back to that in a moment. But the other type of account that we can do is a fully managed account. So you’ve gone from a non discretionary commission style, old style of account, to a fully managed account where the person signs an investment policy statement that outline the parameters of how they want to be invested. And then I go ahead and. Do the investing for that client and report back on a quarterly and yearly basis. Those are the two different styles of account. And if the client wishes to be aggressive, then the number of securities held would be smaller and more aggressively placed. If they want less risk, then obviously we have few more names, but I don’t like to go higher than 15 names, because then you’re, I think you’re, you’re tending to dilute the quality of the name within the portfolio. The other major part of our business is for our credit investors, ultra high net worth and family Office clients, is they want access to our deal flow. They want access to our private placements and financings. And that represents about 55 to 60% of the business that I do on annual, annual basis, and and that is a wonderful way for clients to get exposure on financially beneficial terms. And also they can sometimes get units as opposed to just a straight share. So you know, you should get a share, and you get a half warrant for two years, or a full warrant for three years, etc, which can be very lucrative, should that particular security do well, because that warrant can, can, can be very valuable, so small number of securities, and we’re very flexible on the style of account and then private placement and financing opportunities.
Trey Reik 26:43
And it’s fair to say that none of your portfolios own Nvidia, or your people don’t have to. I
John Waldie 26:54
have to admit, there’s one client that made me buy Nvidia, and it was certainly I said, I’m I said, you’re on your own on this one, good
Trey Reik 27:02
luck. So, but you’re not a generalist. There’s not
John Waldie 27:06
general knowledge generalists. We don’t recommend anything outside of our specialty,
Trey Reik 27:10
perfect, interesting. So now looking forward a bit in terms of your personal views, how would you rate the relative attractiveness? I’ll just pick a few of gold, silver, uranium and rare earths.
John Waldie 27:28
So I think that my sector, that I or sub sector within our hemisphere, that I think has got the biggest upside at this point is silver. I think that silver is it’s the little sister to gold. It always follows gold, typically six to nine months behind it. We’re seeing that now, I mean, gold was right out of the gate, like a big bowl almost hit 3500 and silver lag. It was sitting there and sitting there, sitting there, and then, now, in the last month, it looked like it was going to crack through 40, and it got just south of 40 in today’s just south of 38 an ounce. I think the goal or that silver could punch through that, that 40 barrier. And if it does, it’s going to continue. And as you look historically at how silver performs relative to gold and these types of markets, because it’s a smaller market, it’s more volatile, and when it moves the the returns on silver, release from blow gold away once, once we have these big silver moves, and I think that we’re setting up for just that type of move. So silver is even though I’m still extremely bullish on gold, I think that silver could really, really do well. And I’m going to give a little teaser out to your audience that I’ve been told from powers that be in this firm that Eric Sprott is going to come out with his forecast for silver and
Trey Reik 29:07
at our conference, at the conference in
John Waldie 29:10
October, yes, of our conference in October. And that number is going to take your breath away. And it was interesting. I’ve heard a similar number from a different group that six months ago. So
Trey Reik 29:25
so you’re firmly in the slingshot camp that once silver gets going, it goes, it’s gonna go.
John Waldie 29:33
But it is a double edged sword. When silver goes the other way, it can be brutal, because silver, not too long ago, was 12 an ounce. And so it can be, can be nasty when it comes off
Trey Reik 29:46
Rick Rule and the other has, the other sector Go ahead, sorry,
John Waldie 29:50
the other sector, I think that really is. We’ve already seen some dramatic moves since the DoD investment into empty materials on. The rare earth side, but I think that it’s early days. I think what we’re going to see is the companies that have potential to supply the US demand and heavy rare earths are going to be gobbled up. Because right now, the US doesn’t have supply for heavy rare earths, and they’re going to need that desperately. So I think we’re going to see the best in class do very, very well, and the market needs some education in terms of figuring out which companies have the goods and which don’t. But I think we’re going to see m and a pick up materially in rarer sector.
Trey Reik 30:38
Going back to your silver conference comments. I was going to mention that at the recent brick rule conference which we both attended, he always points out, in referencing silver, that in all of the big bull market runs in which he’s been involved, his silver names have fallen 40% along the way, and sometimes 10 or 15% in a given day, just because a single institution decides, you know, to unload a position in a thin market. So I do think that’s a fitting footnote in talking about silver, is that it is, it is very volatile. And if that’s something that does not fit the risk tolerance of viewers. You have to be aware that that’s just part of the game in the silver market because it’s so small.
John Waldie 31:30
And that’s also pertinent too for exploration gold companies, too. You have to understand that you’re going to get daily or weekly volatility in the price. And if nothing else has changed, other than some noise out there, on, on, on a news clip, you should be looking at those. And don’t waver from your conviction, but you should be looking at those to buy, literally buy the dips, a great example. We saw a significant dip in the silver hemisphere on all names on the ASX earlier in the year, and there was nothing to justify. Nothing had changed. And sure enough, they’ve all come raging back same asset and the fact the resource were growing, and yet the prices came off dramatically. And to your point, that looked at, you know, in hindsight, it was one fund that had to liquidate, because it’s something else blew up on their fund, and they had to sell everything, including the good holdings. So, yes, the state of the stay the course when you got high conviction.
Trey Reik 32:39
So even though there are obvious countervailing fundamentals for silver and gold and copper and rare earths, I think it’s fair to say that the real driving force in metals and mining and the resurgence that we’ve had in the last year or two comes from the gold price. Would you, would you agree
John Waldie 33:02
absolutely in terms of gold and silver, obviously other drivers and critical minerals, so rare earths, uranium, copper, and certainly, the current administration and the White House is really changing that up, and that really is in response to the bifurcation between the East and West. You’ve got very significant macro changes there that the Trump administration is trying to respond to. They want to make sure that they’ve got enough rare earths, they’ve got enough copper, they’ve got enough uranium. These are not easy solutions, and it’s going to take years for them to put those into place, some faster than others, but they’re very rare real concerns, and if you look at the Iranian market as an example, United States is up against it, because 20 to 25% of The US grid is nuclear, and the US only produces 1 million pounds a year right now, or could be slightly up, but they consume 35 million pounds on an annual basis. Where are they going to get that supply? Well, they get a lot of it from Canada. They get a whole whack from Kazakhstan. They get some from Australia, but they don’t produce enough domestically. So that’s got to change if they’re if the US is going to secure their supply chain. And it’s a very real, real concern when, as I said, 20 to 25% of power is nuclear, and you’ve got 94 reactors in the US, but you know, the only ones that are coming on right now are all the old mothball ones like three mile that are coming back on, but actually to build a new reactor in the US with all the regulatory concerns, good luck.
Trey Reik 34:58
Going back to my. Comment that gold is the driver, I think, for general recognition in the space, gold was up 27% in 2024 and this year, it’s up similar amount, 28% or so on a given day. Have you been surprised by gold’s strength, and do you expect it to continue?
John Waldie 35:22
I have been surprised in gold strength, but it makes sense, and I was also surprised that gold didn’t move in prior years. So I think what we’re seeing now is a catch up. I also believe strongly that there was a watershed moment when the US froze Russian reserves and foreign foreign reserves. And that really was the sort of defining moment where you saw accelerated central bank buying by China and by the BRIC nations at the same time the vesture of US Treasuries, because US Treasuries were no longer safe. And so I think that even though that occurred almost a year, a year and a half before gold started to move, I think that we’re sort of making a catch up, because it should have moved back back, then back, you know, starting in 2022 and it took another year, year and a bit for that to start. So I think we’re playing catch up. I think there was certain amount of manipulation by some of the big banks and and I think now we’re seeing it all come to come to a head, and I don’t think it’s going to abate. I don’t think we’re going to see it stagnate. I think gold is going to continue to be strong and continue to move up, but I’m not calling for the type of moves we’ve just had going forward, but I think it’s going to be strong and decent returns, and then silver is going to really outperform
Trey Reik 36:58
another perfect segue to my final question, which is, even though rare earths and uranium hit the front pages, it’s not always a sign that it’s the best time in the cycle to invest. But as far as precious metals are concerned, what would be your advice to viewers about whether this is an appropriate time to get involved in precious metals. Have we missed it? Is it still coming? How do you see the next two years and you’ve sort of narrowed in on it, and you don’t seem like the type of person who wants to talk about a specific gold price target, but what are your general thoughts there.
John Waldie 37:41
So I think we have, I think we still are, got a lot of upside and lot of runway on on precious metals, and in particular in gold and gold equities, and again, that’s going to lead the response in silver. So the question is, how much further does the land price go? And I think it’s going higher. And the thing we haven’t really seen yet is some of the majors, like the barracks and newmonts of the world, they haven’t had the huge returns that some of the smaller cap companies have had, and we’re going to leave Agnico as a as on the side table, because it actually has performed, and it has done what it should have done. But there’s a lot of upside there, because the generalist investor has not embraced the sector yet, and that’s because the new months and the barracks have not performed. Their cost structure is too high. Even though the revenues have been growing, their costs have been growing at the same pace up until now. And I think that we’re going to see over the next 234, quarters is that those profitability Newmont and barrack are going to change dramatically, and the generalists are going to have to get in. That means that those crises go up. And when you get the big boys moving, the whole sector moves up. Usually the playbook is the big guys move first, then the intermediates, then the juniors. That’s typically the playbook. It hasn’t played it, etc. Nico hasn’t played it at all like that in this cycle, but I think it will. And as you get the generalists coming back and buying dividend paying barrack stock and having two to 3% in their portfolio, as opposed to 0.5% in the gold sector, gold equities are going to move significantly, and that means silver, and that means old precious metal market on the equity side. Well,
Trey Reik 39:47
that’s something to look forward to. John, thanks very much for taking the time to visit with us today. It’s been very informative, and we look forward to talking with you intermittently. Over the next five months, as we get ready for the launch of the potential broker dealer in the US between SCP and wealthion, and we’d love to be able to check in with you in the interim to check on your progress.
John Waldie 40:15
I like that very much, and thank you for having me. Terrific.
Trey Reik 40:17
Thanks, John. Thank you, Troy. You
