Major Banks Now LONG Gold – 'Everything is Pointing to Higher Prices'
Summary
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Market Outlook: The podcast discusses a secular trend in the gold market, driven by factors such as Fed rate cuts, central bank buying, and geopolitical tensions, suggesting a long-term increase in gold prices.
Investment Strategy: Major banks are now recommending increased portfolio allocations to gold, with some advocating for a 60/20/20 split between stocks, bonds, and gold, reflecting a shift in institutional sentiment towards gold as a hedge.
Tokenization and Blockchain: The rise of tokenized gold and blockchain technology is highlighted as a significant trend, with companies like Tether and Streamax advancing the use of digital assets and stable coins in the gold market.
Company Focus: Dryen Gold, an exploration company, is actively drilling and expanding its projects, with significant institutional backing from major shareholders like Alamos Gold and Centa Gold.
Exploration and Development: Dryen Gold's 2026 drill program aims to explore property-wide discoveries, focusing on high-grade gold mineralization and potential bulk tonnage targets, supported by recent successful financing rounds.
Geopolitical and Economic Factors: The podcast highlights the impact of geopolitical unrest, de-dollarization, and US debt issues on the gold market, reinforcing the view of gold as a stable investment in uncertain times.
Institutional Shifts: The change in stance by US banks, from shorting gold to recommending it, indicates a broader acceptance of gold's role in diversified investment portfolios.
Future Outlook: The discussion emphasizes the ongoing and future potential of gold as a key asset, driven by both traditional and emerging market forces, with no immediate signs of a market top.
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Transcript
Hello everybody and welcome into commodity culture where our goal is to make you a better investor in the commodity sector. My name is Jesse Day. Before we dive in, standard disclaimer, nothing here is investment advice. Do your own due diligence. And today's guest is the CEO of Dryen Gold, an exploration company focused on the discovery of high-grade gold mineralization. Trey Waser, it is great to have you back on the show for another conversation. We're going to dive into a lot today, so I'm very excited. >> Yeah, me too. But, uh, uh, you know, it's it's just an incredible market out there and, uh, everybody's excited. So, I'm I'm anxious to get started here. Well, last time I had you on the show, which was just a couple months ago, we talked about several fundamental changes that were fueling the current rise in gold prices. You talked about Fed rate cuts potentially having a meaningful impact. We did see a 25 basis point cut with more rate cuts looking like they're going to be ahead. We talked about crypto companies entering the gold space, Basil 3 and bank implications for gold as well as the recent M&A activity in gold stocks. So, a lot of activity across all these fronts to discuss. And given that gold has already broken to new all-time highs and the gold sector in terms of the mining stocks is soaring. Let's revisit. Gold and silver are now some of the best performing assets in 2025. uh vastly outperforming the broad market yet not a lot of people talking about this in the mainstream press. Um is it time to be taking cyclical profits here or do you see a long-term secular trend because some technical analysts will point out for example that gold is overbought by quite a lot at these levels by RSI and some other indicators. What are your thoughts there? Well, I think you've hit the nail on the head and you know, this is a a theme that uh I've been starting to work on and it really, you know, if if you look back and and you know, was hard to explain where a lot of the fundamental historical fundamental uh drivers for the gold price and certainly, you know, interest rates being being a key one was why was gold going up um you know, the last two years as much as it was when interest rates were actually going up or you know certainly not going down. Um and so you know with everything that's going on I really think that that looking at this as a a cyclical u commodity type of move is is is just not right. I think we are in a secular trend that there are many things going on and I've got a list here. I don't know I don't know if we can cover them all really but you know the the traditional cyclical things the central bank buying of course and we hear that and you know you get the numbers and you know the interest rates certainly always going to be a key and whether you know we're in inflation deflation stagflation uh I I one thing I like by I I listened to your Jim Richards uh interview the other day and he likes the the everything hedge uh example of gold and and you know that probably fits the best into into my secular theme. But when you look at the secular things, I mean, another thing that you guys you talk about a lot with your on your show with guests is the bricks, the ddollarization. Um, the geopolitics that's involved with bricks and you know, of course, um, it's that that that's and and that's something that's that's secular. That's not just something that's going away. It's a trend that's going to continue. I'm not saying the dollar is going to, you know, crash. uh but gd dollarization in caused by geopolitics and trade issues now with with Trump is very real and long-term uh you know we talked about before with the the changes with beasel 3 and now the US banks getting very involved in the uh in the gold market for the first time and some of these banks you know that were the bullion banks that were shorting gold uh of course we have the, you know, the the crypto thing and the tokenization that we're starting to see of not just, you know, of assets in general. And I think this is a big again secular theme. This is something that's going to go on and we're going to see the way that securities and assets are traded. Uh it's it's going to go on the blockchain. I mean, most of us don't understand how blockchain works and what what it does, but uh it's coming and it's very real. um you know we we have this de that debt and you know some talk about the US debt as the you know the spiraling debt crisis and it it certainly is and it it doesn't seem like there's any uh any real interest in the US of changing you know the spending habits uh you know poor Elon Musk I mean for he he exposes uh some you know incredible wasted in in the government and you know he's he's attacked and his cars are bombed and his dealerships just it it it's crazy you know out there and and that I guess that's that's the other secular thing is we're looking at at so much geopolitical unrest talk about it relating to the bricks but also you know it's very civil it's at home here now in the US very very much so you know uh Trump going into you know the national guard going in and cleaning up some of these cities and some of them not even wanting help. And of course, you know, that they they compare it to some, you know, make some horrible comparisons. You know, it ends up in with a a true American hero in Charlie Kirk being assassinated. And, you know, again, this is something that is more secular. I don't think this is something that's that's just going away uh and and going to be solved quickly. So, a lot a lot of things and every one of those things is pointing towards higher gold prices. >> Yeah, that's a lot to unpack, but I want to start with the Fed and the banks because it seems like the Fed and Trump are really at odds. The Supreme Court now getting involved. Of course, Trump very outspoken about rates being too high, making up his nickname for Powell of too late, constantly pressuring him on social media to lower rates. We don't even know what's going on behind the scenes as well. Plus, weak labor markets are fueling the fire for the Fed to continue lowering rates. How do you see this all playing out ahead? And what could its implications be for the gold market? >> Well, look, ultimately, you mean Trump, there's just no question he's the disruptor chief. Uh, you know, you can I just agree and disagree on on some of the things and his methods. I mean, he's certainly going to get his way because, uh, he replaces pal at the first of the year anyway. So, uh, you know, but in the meanwhile, uh, you know, he is putting pressure on. It's not like he's the first president who's ever pressured the Fed and, you know, meddling with the Fed. I'm not sure the Fed actually does a very good job. Again, responsible for for managing just a a huge debt load here that they've laid on the country. You would think they would want lower interest rates just because of the interest cost and the impact that it's having on, you know, on the balance sheets and and and on the treasury, but uh you know, you meddling with the Fed, you know, is uh pro probably warranted. I mean, they don't they they're following data that that obviously is flawed and bad data that they're getting on the labor markets for sure. And of course what is you know Trump had enough of that so he fired the people who were you know putting out the bad data. I think the inflation they their mandate is to follow two things. The labor market and they say they're data driven but the data they get for labor and have gotten for the last four years from the Biden administration was clearly false. I mean, you know, all been revi all those jobs have been revised away. Uh, and inflation data, you say what you will about it, but I mean, I think we all know that the their numbers don't really reflect what it costs to, you know, run a household. U, so I think that me that meddling is is is something we're just just going to, you know, continue to see. He'll get his way and they may lower rates. Uh, I I don't know. I I don't know how much I don't know, you know, I'm not making economic uh predictions here for the US, but uh but I think it's uh it it's it's certainly entertaining. >> Yeah, that's for sure. Now, the banks are also raising their price targets for gold with some very bold predictions and recommending much larger portfolio allocations to gold. You know, there's talk out there now of the 60 2020 portfolio, 60% stocks, 20% bonds, and 20% gold. I forget which financial institution said that. Maybe you could bring us up to speed on that. But, um, US banks taking such a bullish position on gold. This is very interesting because several of these same banks, as you pointed out at the beginning of the discussion, were recently known to be shorting gold. So, help us make sense of this whole situation. And it seems like when it comes to institutional investment and the mainstream Wall Street professionals, things are starting to turn in favor of actually recommending gold. Is that how you see things playing out? >> Well, exactly. I I think you know and and and certainly I I I think that there maybe has been a bit of front running but you know we uh last year we thought that Bank of America when they I think gold was at 3,000 or just below 3,000 and they put out a target of 4,000 uh and everybody thought that was you know a very bold target and here we're you know just just finish up the third quarter and they're having to raise that to 4500 and of course the I think Goldman's at 5,000 and and as you pointed out I mean across the board and many of these are so I mean one thing that tells me is that uh certainly with with putting out these targets and and and and now raising them and the number of banks I think you're seeing I I I think they've been squeezed out and I think part of this rise in gold has been a short squeeze out of those paper contracts and and and and a settling in the books. We haven't seen that on their financials yet, but you know, maybe this quarter I I I wouldn't surprise me if this quarter we did start to see some some write downs uh you know or losses attributed to uh uh to metals trading. The uh you pointed out the huge news there. It was from Mike Wilson, who's a a widely respected analyst at Morgan Stanley, coming out and and and changing the age-old adage of 60 stocks, 40 bonds, which you know, uh to 60 stocks, 20 bonds, and and 20 gold. and and when if you read the the article uh it you know he's he's pretty negative on the bond side you know of this that they're they're not providing the kind of hedge that you need longer term as you know the the purchasing power of the dollar is dropping so the interest rate you're getting whether it's rates are higher I mean even if you have six 7% that you're making on bonds they're not keeping pace and and meanwhile you know I think if you look gold. Um I I want to say even the last 5 to 10 years uh on a 5year basis and a 10-year basis, it's right around between 10 and 11% a year uh has been the return. So um again, I I think that's huge news. Another thing that I'll bring up too that that is is that some of the banks have now announced this in the past couple weeks that they're now accepting gold uh for margin accounts as collateral. Uh that's very big. Hedge funds that would normally, you know, be rotating out of their gold positions to to get into other u uh assets no longer have to do that. if they want to move to oil or or or stocks or whatever uh they can they can use their gold. So you know all in all I think you know with the with the allocation you can't we don't have any evidence yet of the if the Basil 3 uh which you know made gold not just a tier one asset but a a liquid tier one asset so that it could be um used in their reserves along with their treasury bonds for their reserve requirements at the Fed. We don't I don't have any evidence yet that they've done that. But I mean, I don't see how the bank like Morgan Stanley can be recommending a 20% allocation to gold and not be putting, you know, using it in their own reserve account uh alongside the bonds. I mean, look, if if you look at what he's just recommended, he's saying take half of your bond money and put it into gold. Uh if they did that, that's about hundred billion dollars worth of gold have to be bought. So, uh, again, one of those secular things that, you know, it's it's not going away next year. You know, it it's fool's errand, I think, to be even making projections for how high you think gold could go. >> Well, last time you also predicted we'd see increased activity in the move crypto companies are making into the gold space. We now have Elemental Atlas merging with EMX to form a larger gold focused royalty company all backed by Tether. We had also spoke about the future of tokenized gold and one of the leaders in that field stream has recently entered into a letter of intent with simplify asset management to quote advance regulated ETFs incorporating tokenized assets beginning with our yieldbearing tokenized gold. Your thoughts on how blockchain and tokenized assets will affect the gold market moving forward. >> Probably the most powerful part of my secular uh thesis is this tokenization. I mean assets that the way that we trade all assets is changing and while you know I'll be the first to admit I don't understand how the blockchain works. It works and it's uh it's a it's a big market. You know, we when you look at the stable coin market, for example, now up to 300 billion, supposed to grow to a trillion uh by 2030. And that market, you know, is it's not me. I don't need a stable coin. I have a credit card. I pay it off every month. I I I actually I make money on their float, you know, the uh on their money. that the uh um you know I I have a checking account and you know I I don't need to put my money in stable coins unless I want to send it to some somebody over in Africa who doesn't have a bank account but most of the users of the stable coins and of tokenized assets like that are uh in Latin America and Africa and Asia places where they are unbanked and and they need that. Uh so if you look at the number of people it's over 500 million people worldwide now that are using digital assets of some type or another. Uh you know some of us by being invested in Bitcoin uh but you know the bulk of it is being you know traded on a daily basis for making payments uh uh through stable coins. So, you know, Tether, uh, I ran into the guys, uh, some of the Tether guys at, uh, Beaver Creek a couple weeks ago and just very excited about this whole royalty model, you know, like it, uh, like they just discovered it or something. So, I I think that u, again, I I think there's much bigger things ahead. Streamax is the same thing. Of course, it's backed by now Frank Gustra and Sean Rosen, some, you know, stalwart investors in the and and pretty smart guys in the gold space. Um, you know, that their tokenized asset and they're that they're paying interest on. I mean, it it has to do with them actually leasing out the gold. So, I'm not sure that qualifies as having the physical gold if you're delivering if you're leasing it out to a third party and taking taking that third party risk. So, I I'm not sure how that'll fly, but I think with if you look at what Tether does, I mean, they they have $150 billion in their stable coin. They get to invest it all into um US treasuries or have to. Uh, so they make about four plus or minus 4% interest on $150 billion with basically no overhead. It's like the perfect float. It's like having $150 billion checking account that you don't pay interest on but get to invest that money. So it, you know, we're just going to see more of it. And if you look, like I said, looking at those numbers of 500 million people using uh digital assets and tokenization, more of that I think is going to go to gold. I don't think Tether is is amassing uh gold, physical gold that they're putting into a a vault in Switzerland. They've got their own vault, I I believe, and um and and buying up royalties and streams uh with the idea that uh they're not going to sometimes at some point tokenize those those streams and and royalties. uh of course they are uh how it's going to happen and I mean or or you know could they overnight convert all all or part of their uh because they do have a stable coin backed by gold as well. It's called XAT and it's only about a billion dollar market cap right now compared to their US dollar stable coin which is 150 billion. Uh, but they could move people from one to the other. I think, you know, I don't think the people in Africa care if if if they're in a goldbacked stable coin or a a US dollar back stable coin as long as it's backed by something real and maybe the gold is even more real. So, um, it's it's coming, Jesse. It's coming and and I think it's going to be big. And if you look at the size of the markets there, u the the daily trading in the gold market is seven times the the size of all crypto trading today. So, you know, you start to apply the 500 million users in in to a market that uh you know, there's much more trading in. Uh going to it it it's going to get very interesting. >> Yeah, I think so as well. Not a lot of people are talking about it. Yourself and Peter Schiff is the only other guest recently that comes to mind that has spoken about tokenized gold and the potential future for that. Um definitely a development to keep following. And another development of course we're following is Dryen Gold. So what is the latest news coming out of the company right now year to date that investors should be focused on? >> Well, uh we've just in August completed a $7.8 million financing. Uh in fact just yesterday we finished the last drill hole on our 2025 drill uh campaign which was 15 totaled right about 15,000 uh meters and uh so we're we're we're you know we've got a very uh uh robust strategy for exploring our property which is as you know very large. It's a 70,000 hectares. It's a district scale play. We've focused uh 50% and the majority of our efforts so far on the Gold Rock camp which is the Archan load gold system very high grades. But we're also spreading our you know doing some work over on our Hinman project which is a lower grade bulk tonnage target but but very large potential and down at Sheridan which is also would be a bulk tonnage target. So, uh, we've got a lot going on. We've with with the funding we did in August, we've got our, uh, about a 23,000 meter program, uh, plan for 2026, which will actually start next month. Uh, we always start our program, you know, the 2025 program actually starting fall of 24. So, um, and of the 25 program, we've probably got about 67,000 meters of that 15,000 are still either in the lab or in the yard and being cut and and and getting got get to the lab. Um, and so we've got a lot of news yet to come out of that program. And now we're fully funded to just keep drilling. And of course, we can drill year round up there. So other than maybe taking a a bit of a break around December, uh Christmas time, which we usually do, uh you know, we'll just keep those drill rigs turning. I want to dive into the details of your 2026 drill program uh in just a moment here, but first I want to talk about some of the shareholders, the significant major shareholders in Dryden, including Sprat Asset Management, Eric Spratu personally, and two other gold companies, Centa Gold and Alamos Gold, having particularly large stakes in Dryen. So talk to us about the importance of this high level shareholder base and are there plans to attract more institutional investment into the company moving forward? >> Well, you look I I think the answer to the the last part of your question there is uh we pretty much are, you know, probably about 80% between management and institutional ownership at this point. If you consider Eric Sprat, uh Rob Mchuan and Bob Quartermain, you know, as institutions, which uh they are in their own right, but uh you know, we are very proud of our shareholder list. I mean, our largest shareholder, you know, outside of of uh Cantara and Alamos. Alamos, our largest shareholder, a little over 12%. Cantara is maintaining a 9.9% position, but then Delbrook Capital is now up to about nine uh percent. Uh Peter Shhiff's Europac Gold Fund has a about a 6% position. And uh so you know we we and we have a lot of other you know institutions involved in the company. US Frank Holmes's US Global Fund is involved. So, you know, we've done a very good job of attracting those funds. Uh, I think, you know, our our goal for next year will be to to do more marketing in the US and and start to add some of the US funds. And, you know, we're really starting to see some interest down here in the in the US from the family offices and stuff in the in the gold space. And you know, I'll point out that, you know, I I I'm often asked why uh by people when I go to especially these retail gold shows. We're just at the Metals Investment Forum in Vancouver this last week. And you know, I'll have people come up to me and ask, you know, they're looking around the room at 40 different companies and I say, you know, how do you how do I tell the difference here? And I said, 'Well, one, you know, one thing you can look at very quickly is what does the shareholder list look like? Who who has put money into the the company? And, you know, that's one thing with Dryen. From the very beginning, we focused on on not just being able to raise money, but who we raise that money from. Uh, you know, there's a phenomena going on in the gold stocks. And you know, it again it it it maybe adds to the on the on my back to my secular theme of something that's different this time is, you know, the major and mid-tier gold producers uh who who typically would start doing some really dumb stuff when gold prices would go up this much. Instead, they're doing all the right things. you know, they're, you know, Pneumont and and Bareric just sold Beric just sold him low and and u the uh you know, Pneumont shedding uh their their non-core assets and focusing their capital allocation, you know, very wisely, I think, to their biggest longestterm pro uh tier one mines that will so that their costs will actually go down over the years. pneumont laying off executives at 4,000, you know, at $3,800 gold. Uh things that that didn't didn't happen before. So, these companies are going to be making a lot of money. One thing that they have not that they've done in the in the down cycle in in the tough years is is they got rid of a lot of their early stage exploration, not only the uh uh the projects, the properties, but the teams. So, they're a little long in the tooth on the exploration side. They and and you know you look at the companies that say Santara has invested in besides Dryen uh uh the Zack Floods uh Canorand uh some of the sharpest young younger geologists in the field uh Caleb Strauss uh headwater down in Nevada again a a much younger group uh and so Cantara is focused you know not only on what they think are very good projects projects, but good young teams because they don't have that talent. And I'll tell you that I think I think Dryen probably has the youngest geological team in the industry. I I I challenge anybody to to come up uh Morocco because her president who runs she's the senior there at 40 years old. Uh I think our average age probably is in the low30s and it's a lot of smart young people actually mostly smart young women who are uh you know for the first time uh being given a chance to to really build something and do things their way in a environment where their ideas mean something. You know, a lot of these young people have, you know, we we hired a new expiration geologist from Elorado and I think there he he was much more stifled by the older older geologists who told him how to think and how should look and how to write it up and you know uh didn't didn't give him the autonomy that uh that is really making him blossom now at at Dryen. So, uh, that strategic investment from Santara and and the fact that Alamos is is a large shareholder and and watching us very closely and giving us input. We've, you know, made the final payment to them this year. So we now uh own the property 100% um and and they're you know they're still very much interested in in following what we're doing as well as as several other companies uh major and mid-tiers that are uh have met with us have been to site and and and that are following what we're doing. So, you know, it's that strategic investment and and the fact that it's it's really given us uh a u you know validation of the project and the team. >> Well, let's dive into the 2026 drill program and what your plans are for that. You've mentioned that your 2026 program will be based on results from the fall of this year and will be focused on propertywide discovery. So, give us some insights into what the exploration program will look like. Well, look, that's if if you look at what we have really is is three uh major three projects that we're working on. Uh our our flagship and our initial focus is in the Gold Rock camp. Gold Rock Camp is 20 kilometers of strike on the uh Manitude to Noric deformation zone where we've been focused and and most of the historic drilling and historic mining was done in what we call the Gold Rock target area there which is around our our patented claims. This is where the uh previous operator drilled 53,000 gram per ton uh over half a meter and and you know we've followed that up with with some very good discoveries. What's been a breakthrough there for us is we are now seeing we've always made the comparison to Gold Rock and and Red Lake. And the more work we do there, the more it it it looks like Red Lake. same rocks, same uh mineral uh types of mineral deposits. Uh and the uh uh big thing for us this year is after we got the permits and could really start drilling up on the allora trend there in that gold rock target area, we started hitting these stack structures. At first, we thought it was just the hanging wall, but then when we stepped out, we hit another one and then another one. And so we finally went all the way across and we drilled our most recent press release was what we call the gap hole because it filled in. We drilled from the big master system to the east all the way across to the Allora system which is about 700 meters apart and to see just how many of these stack structures were in there and we found nine structures across there. So where we started with three veins, well the big master at one and two vein and the allora which is more of a shear structure, you know, we now have instead of three, we have nine. Uh so and and we're hitting very high grade in these stack structures. Uh 300 gram per ton over 3.9 m. And uh you know and so we're continued to expand this. This is about a 1 kilometer square area and and so 50% of our efforts will will remain there uh to really kind of unwrap this find out how we we think uh and and we're we're drilling now to show we're going to drill a gap hole up further to the about halfway between uh a kil half a kilometer to the north and then then we'll run all the way up. But we're we're filling in and and uh you know going to show that uh uh these structures these structures we have all these structures running through here and and that's what really opened up Red Lake. You know they were mined down 300 meters before they started hitting these sack structures and they they hit 10 of them I think it was total uh that had no surface expression. You know, you don't this is it shows you how what a huge event this uh Manitude to Norwick deformation event was tatonically in that it you know some of these things came to surface but most of what's going on down there has no surface expression. So that's very exciting. Uh on top of that like I said in Gold Rock we have 20 km of strike. So, we've already drilled some holes 2 km to the north at what we call Mud Lake to show we have another one of these areas up there. And then we have a pipeline of of targets that we're working on in the Gold Rock camp that'll show that we've got, you know, uh a dozen different targets that look like this one kilometer square area. Uh then, uh in in parallel with that, we're working on two regional projects. One is is down at Sheridan. That's down to the south of the property. Uh very good road access to both of these regional targets. In fact, you can drive a Toyota Camry into the drill rig u at at Sheridan and at Henman for that matter. But at Sheridan, we've made a first pass drilling. Uh we should have results out on that over the next couple weeks. Uh, and you know, while I don't have all the details yet, I can tell you they're planning another drill program down there. So, um, I I think that the res the results are positive that we we're trying to be careful with the market here and and make sure that they realize we're doing something very regional here. This is a completely different deposit style. This is an ultramaic contact zone. uh it it will likely be a a a lower grade bulk tonnage kind of target. Uh although we are seeing, you know, we have seen historically some some high-grade uh ground samples there and and and some high-grade drill samples, but we think for the most part it's going to be a big bulk tonage target. And then over at Henman, we've been doing channel sampling this year and we've done that through a third party. So it we, you know, didn't do that work ourselves. Uh but that's also a very big different deposit style. This is granite diorite with quartz stock uh work uh veinlets in it. Uh very similar to the Goldland deposit up at uh that Nex Gold has about it's about 10 km to the north. It's a much bigger footprint. Goldland has about a million ounces in it in a footprint that's uh about 150 m by 600 m. uh the pit there that they've outlined and uh at Henman we've got uh instead of 600 meters we've got five or six kilometers uh so something that could get very very big the channel samples are just coming in so that'll probably be our next press release uh and and again uh you know it's uh we'll likely we'll likely be putting uh from from from what I've initially heard about the the samples coming and uh that uh we're we're talking about uh peeling out some budget for some drilling this fall at Henman. So, two very exciting regional targets. Again, different uh the market needs to know when we put out Henman or or Sheridan results. Don't be looking for 300 gram per ton over 3.9 meters. Uh but those wide, you know, intercepts that that would outline bulk tonnage. Well, no shortage of catalysts and exciting news flow coming up for the company. As always, I'll end by opening the floor to you. Is there anything top of mind at the moment? Anything we didn't cover you think is important to emphasize about Dry and Gold to potential shareholders? >> Well, look, I I think with Dry and Gold, we just uh a lot of news coming out. We're fully funded, so we'll be drilling uh well into next year. Uh we do have 38 million warrants from the RTO that are now in the money. So we're working to get those exercised. That would increase the treasury by about another $13 million. So we'd be well well funded with that without without further uh dilution. So, we're uh you know, we we've got a we've got a lot of news not a lot of news flow coming and it's a it's a very exciting uh uh area that we're working in and u you know I I think people are going to be very very happy who who are invested in in our stock and and then you know I'll just also say on the gold market is this is secular baby uh you know it Uh I I'm not I'm not calling for a a top in this market for uh for the for foreseeable future. That's for sure. >> I completely agree with you there. I'm going to put a link in the description to the Dry and Gold website as well as social media so people can follow along with the company. As always, Trey, greatly enjoyed the conversation. You shared some awesome insights today. >> Thanks, Jesse. >> Commodity Culture is a series on commodities and natural resources. If you would like to see more, be sure to subscribe and hit the bell notification so you're always up todate with the latest episodes.
Major Banks Now LONG Gold – 'Everything is Pointing to Higher Prices'
Summary
```html- Market Outlook: The podcast discusses a secular trend in the gold market, driven by factors such as Fed rate cuts, central bank buying, and geopolitical tensions, suggesting a long-term increase in gold prices.
- Investment Strategy: Major banks are now recommending increased portfolio allocations to gold, with some advocating for a 60/20/20 split between stocks, bonds, and gold, reflecting a shift in institutional sentiment towards gold as a hedge.
- Tokenization and Blockchain: The rise of tokenized gold and blockchain technology is highlighted as a significant trend, with companies like Tether and Streamax advancing the use of digital assets and stable coins in the gold market.
- Company Focus: Dryen Gold, an exploration company, is actively drilling and expanding its projects, with significant institutional backing from major shareholders like Alamos Gold and Centa Gold.
- Exploration and Development: Dryen Gold's 2026 drill program aims to explore property-wide discoveries, focusing on high-grade gold mineralization and potential bulk tonnage targets, supported by recent successful financing rounds.
- Geopolitical and Economic Factors: The podcast highlights the impact of geopolitical unrest, de-dollarization, and US debt issues on the gold market, reinforcing the view of gold as a stable investment in uncertain times.
- Institutional Shifts: The change in stance by US banks, from shorting gold to recommending it, indicates a broader acceptance of gold's role in diversified investment portfolios.
- Future Outlook: The discussion emphasizes the ongoing and future potential of gold as a key asset, driven by both traditional and emerging market forces, with no immediate signs of a market top.
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Hello everybody and welcome into commodity culture where our goal is to make you a better investor in the commodity sector. My name is Jesse Day. Before we dive in, standard disclaimer, nothing here is investment advice. Do your own due diligence. And today's guest is the CEO of Dryen Gold, an exploration company focused on the discovery of high-grade gold mineralization. Trey Waser, it is great to have you back on the show for another conversation. We're going to dive into a lot today, so I'm very excited. >> Yeah, me too. But, uh, uh, you know, it's it's just an incredible market out there and, uh, everybody's excited. So, I'm I'm anxious to get started here. Well, last time I had you on the show, which was just a couple months ago, we talked about several fundamental changes that were fueling the current rise in gold prices. You talked about Fed rate cuts potentially having a meaningful impact. We did see a 25 basis point cut with more rate cuts looking like they're going to be ahead. We talked about crypto companies entering the gold space, Basil 3 and bank implications for gold as well as the recent M&A activity in gold stocks. So, a lot of activity across all these fronts to discuss. And given that gold has already broken to new all-time highs and the gold sector in terms of the mining stocks is soaring. Let's revisit. Gold and silver are now some of the best performing assets in 2025. uh vastly outperforming the broad market yet not a lot of people talking about this in the mainstream press. Um is it time to be taking cyclical profits here or do you see a long-term secular trend because some technical analysts will point out for example that gold is overbought by quite a lot at these levels by RSI and some other indicators. What are your thoughts there? Well, I think you've hit the nail on the head and you know, this is a a theme that uh I've been starting to work on and it really, you know, if if you look back and and you know, was hard to explain where a lot of the fundamental historical fundamental uh drivers for the gold price and certainly, you know, interest rates being being a key one was why was gold going up um you know, the last two years as much as it was when interest rates were actually going up or you know certainly not going down. Um and so you know with everything that's going on I really think that that looking at this as a a cyclical u commodity type of move is is is just not right. I think we are in a secular trend that there are many things going on and I've got a list here. I don't know I don't know if we can cover them all really but you know the the traditional cyclical things the central bank buying of course and we hear that and you know you get the numbers and you know the interest rates certainly always going to be a key and whether you know we're in inflation deflation stagflation uh I I one thing I like by I I listened to your Jim Richards uh interview the other day and he likes the the everything hedge uh example of gold and and you know that probably fits the best into into my secular theme. But when you look at the secular things, I mean, another thing that you guys you talk about a lot with your on your show with guests is the bricks, the ddollarization. Um, the geopolitics that's involved with bricks and you know, of course, um, it's that that that's and and that's something that's that's secular. That's not just something that's going away. It's a trend that's going to continue. I'm not saying the dollar is going to, you know, crash. uh but gd dollarization in caused by geopolitics and trade issues now with with Trump is very real and long-term uh you know we talked about before with the the changes with beasel 3 and now the US banks getting very involved in the uh in the gold market for the first time and some of these banks you know that were the bullion banks that were shorting gold uh of course we have the, you know, the the crypto thing and the tokenization that we're starting to see of not just, you know, of assets in general. And I think this is a big again secular theme. This is something that's going to go on and we're going to see the way that securities and assets are traded. Uh it's it's going to go on the blockchain. I mean, most of us don't understand how blockchain works and what what it does, but uh it's coming and it's very real. um you know we we have this de that debt and you know some talk about the US debt as the you know the spiraling debt crisis and it it certainly is and it it doesn't seem like there's any uh any real interest in the US of changing you know the spending habits uh you know poor Elon Musk I mean for he he exposes uh some you know incredible wasted in in the government and you know he's he's attacked and his cars are bombed and his dealerships just it it it's crazy you know out there and and that I guess that's that's the other secular thing is we're looking at at so much geopolitical unrest talk about it relating to the bricks but also you know it's very civil it's at home here now in the US very very much so you know uh Trump going into you know the national guard going in and cleaning up some of these cities and some of them not even wanting help. And of course, you know, that they they compare it to some, you know, make some horrible comparisons. You know, it ends up in with a a true American hero in Charlie Kirk being assassinated. And, you know, again, this is something that is more secular. I don't think this is something that's that's just going away uh and and going to be solved quickly. So, a lot a lot of things and every one of those things is pointing towards higher gold prices. >> Yeah, that's a lot to unpack, but I want to start with the Fed and the banks because it seems like the Fed and Trump are really at odds. The Supreme Court now getting involved. Of course, Trump very outspoken about rates being too high, making up his nickname for Powell of too late, constantly pressuring him on social media to lower rates. We don't even know what's going on behind the scenes as well. Plus, weak labor markets are fueling the fire for the Fed to continue lowering rates. How do you see this all playing out ahead? And what could its implications be for the gold market? >> Well, look, ultimately, you mean Trump, there's just no question he's the disruptor chief. Uh, you know, you can I just agree and disagree on on some of the things and his methods. I mean, he's certainly going to get his way because, uh, he replaces pal at the first of the year anyway. So, uh, you know, but in the meanwhile, uh, you know, he is putting pressure on. It's not like he's the first president who's ever pressured the Fed and, you know, meddling with the Fed. I'm not sure the Fed actually does a very good job. Again, responsible for for managing just a a huge debt load here that they've laid on the country. You would think they would want lower interest rates just because of the interest cost and the impact that it's having on, you know, on the balance sheets and and and on the treasury, but uh you know, you meddling with the Fed, you know, is uh pro probably warranted. I mean, they don't they they're following data that that obviously is flawed and bad data that they're getting on the labor markets for sure. And of course what is you know Trump had enough of that so he fired the people who were you know putting out the bad data. I think the inflation they their mandate is to follow two things. The labor market and they say they're data driven but the data they get for labor and have gotten for the last four years from the Biden administration was clearly false. I mean, you know, all been revi all those jobs have been revised away. Uh, and inflation data, you say what you will about it, but I mean, I think we all know that the their numbers don't really reflect what it costs to, you know, run a household. U, so I think that me that meddling is is is something we're just just going to, you know, continue to see. He'll get his way and they may lower rates. Uh, I I don't know. I I don't know how much I don't know, you know, I'm not making economic uh predictions here for the US, but uh but I think it's uh it it's it's certainly entertaining. >> Yeah, that's for sure. Now, the banks are also raising their price targets for gold with some very bold predictions and recommending much larger portfolio allocations to gold. You know, there's talk out there now of the 60 2020 portfolio, 60% stocks, 20% bonds, and 20% gold. I forget which financial institution said that. Maybe you could bring us up to speed on that. But, um, US banks taking such a bullish position on gold. This is very interesting because several of these same banks, as you pointed out at the beginning of the discussion, were recently known to be shorting gold. So, help us make sense of this whole situation. And it seems like when it comes to institutional investment and the mainstream Wall Street professionals, things are starting to turn in favor of actually recommending gold. Is that how you see things playing out? >> Well, exactly. I I think you know and and and certainly I I I think that there maybe has been a bit of front running but you know we uh last year we thought that Bank of America when they I think gold was at 3,000 or just below 3,000 and they put out a target of 4,000 uh and everybody thought that was you know a very bold target and here we're you know just just finish up the third quarter and they're having to raise that to 4500 and of course the I think Goldman's at 5,000 and and as you pointed out I mean across the board and many of these are so I mean one thing that tells me is that uh certainly with with putting out these targets and and and and now raising them and the number of banks I think you're seeing I I I think they've been squeezed out and I think part of this rise in gold has been a short squeeze out of those paper contracts and and and and a settling in the books. We haven't seen that on their financials yet, but you know, maybe this quarter I I I wouldn't surprise me if this quarter we did start to see some some write downs uh you know or losses attributed to uh uh to metals trading. The uh you pointed out the huge news there. It was from Mike Wilson, who's a a widely respected analyst at Morgan Stanley, coming out and and and changing the age-old adage of 60 stocks, 40 bonds, which you know, uh to 60 stocks, 20 bonds, and and 20 gold. and and when if you read the the article uh it you know he's he's pretty negative on the bond side you know of this that they're they're not providing the kind of hedge that you need longer term as you know the the purchasing power of the dollar is dropping so the interest rate you're getting whether it's rates are higher I mean even if you have six 7% that you're making on bonds they're not keeping pace and and meanwhile you know I think if you look gold. Um I I want to say even the last 5 to 10 years uh on a 5year basis and a 10-year basis, it's right around between 10 and 11% a year uh has been the return. So um again, I I think that's huge news. Another thing that I'll bring up too that that is is that some of the banks have now announced this in the past couple weeks that they're now accepting gold uh for margin accounts as collateral. Uh that's very big. Hedge funds that would normally, you know, be rotating out of their gold positions to to get into other u uh assets no longer have to do that. if they want to move to oil or or or stocks or whatever uh they can they can use their gold. So you know all in all I think you know with the with the allocation you can't we don't have any evidence yet of the if the Basil 3 uh which you know made gold not just a tier one asset but a a liquid tier one asset so that it could be um used in their reserves along with their treasury bonds for their reserve requirements at the Fed. We don't I don't have any evidence yet that they've done that. But I mean, I don't see how the bank like Morgan Stanley can be recommending a 20% allocation to gold and not be putting, you know, using it in their own reserve account uh alongside the bonds. I mean, look, if if you look at what he's just recommended, he's saying take half of your bond money and put it into gold. Uh if they did that, that's about hundred billion dollars worth of gold have to be bought. So, uh, again, one of those secular things that, you know, it's it's not going away next year. You know, it it's fool's errand, I think, to be even making projections for how high you think gold could go. >> Well, last time you also predicted we'd see increased activity in the move crypto companies are making into the gold space. We now have Elemental Atlas merging with EMX to form a larger gold focused royalty company all backed by Tether. We had also spoke about the future of tokenized gold and one of the leaders in that field stream has recently entered into a letter of intent with simplify asset management to quote advance regulated ETFs incorporating tokenized assets beginning with our yieldbearing tokenized gold. Your thoughts on how blockchain and tokenized assets will affect the gold market moving forward. >> Probably the most powerful part of my secular uh thesis is this tokenization. I mean assets that the way that we trade all assets is changing and while you know I'll be the first to admit I don't understand how the blockchain works. It works and it's uh it's a it's a big market. You know, we when you look at the stable coin market, for example, now up to 300 billion, supposed to grow to a trillion uh by 2030. And that market, you know, is it's not me. I don't need a stable coin. I have a credit card. I pay it off every month. I I I actually I make money on their float, you know, the uh on their money. that the uh um you know I I have a checking account and you know I I don't need to put my money in stable coins unless I want to send it to some somebody over in Africa who doesn't have a bank account but most of the users of the stable coins and of tokenized assets like that are uh in Latin America and Africa and Asia places where they are unbanked and and they need that. Uh so if you look at the number of people it's over 500 million people worldwide now that are using digital assets of some type or another. Uh you know some of us by being invested in Bitcoin uh but you know the bulk of it is being you know traded on a daily basis for making payments uh uh through stable coins. So, you know, Tether, uh, I ran into the guys, uh, some of the Tether guys at, uh, Beaver Creek a couple weeks ago and just very excited about this whole royalty model, you know, like it, uh, like they just discovered it or something. So, I I think that u, again, I I think there's much bigger things ahead. Streamax is the same thing. Of course, it's backed by now Frank Gustra and Sean Rosen, some, you know, stalwart investors in the and and pretty smart guys in the gold space. Um, you know, that their tokenized asset and they're that they're paying interest on. I mean, it it has to do with them actually leasing out the gold. So, I'm not sure that qualifies as having the physical gold if you're delivering if you're leasing it out to a third party and taking taking that third party risk. So, I I'm not sure how that'll fly, but I think with if you look at what Tether does, I mean, they they have $150 billion in their stable coin. They get to invest it all into um US treasuries or have to. Uh, so they make about four plus or minus 4% interest on $150 billion with basically no overhead. It's like the perfect float. It's like having $150 billion checking account that you don't pay interest on but get to invest that money. So it, you know, we're just going to see more of it. And if you look, like I said, looking at those numbers of 500 million people using uh digital assets and tokenization, more of that I think is going to go to gold. I don't think Tether is is amassing uh gold, physical gold that they're putting into a a vault in Switzerland. They've got their own vault, I I believe, and um and and buying up royalties and streams uh with the idea that uh they're not going to sometimes at some point tokenize those those streams and and royalties. uh of course they are uh how it's going to happen and I mean or or you know could they overnight convert all all or part of their uh because they do have a stable coin backed by gold as well. It's called XAT and it's only about a billion dollar market cap right now compared to their US dollar stable coin which is 150 billion. Uh, but they could move people from one to the other. I think, you know, I don't think the people in Africa care if if if they're in a goldbacked stable coin or a a US dollar back stable coin as long as it's backed by something real and maybe the gold is even more real. So, um, it's it's coming, Jesse. It's coming and and I think it's going to be big. And if you look at the size of the markets there, u the the daily trading in the gold market is seven times the the size of all crypto trading today. So, you know, you start to apply the 500 million users in in to a market that uh you know, there's much more trading in. Uh going to it it it's going to get very interesting. >> Yeah, I think so as well. Not a lot of people are talking about it. Yourself and Peter Schiff is the only other guest recently that comes to mind that has spoken about tokenized gold and the potential future for that. Um definitely a development to keep following. And another development of course we're following is Dryen Gold. So what is the latest news coming out of the company right now year to date that investors should be focused on? >> Well, uh we've just in August completed a $7.8 million financing. Uh in fact just yesterday we finished the last drill hole on our 2025 drill uh campaign which was 15 totaled right about 15,000 uh meters and uh so we're we're we're you know we've got a very uh uh robust strategy for exploring our property which is as you know very large. It's a 70,000 hectares. It's a district scale play. We've focused uh 50% and the majority of our efforts so far on the Gold Rock camp which is the Archan load gold system very high grades. But we're also spreading our you know doing some work over on our Hinman project which is a lower grade bulk tonnage target but but very large potential and down at Sheridan which is also would be a bulk tonnage target. So, uh, we've got a lot going on. We've with with the funding we did in August, we've got our, uh, about a 23,000 meter program, uh, plan for 2026, which will actually start next month. Uh, we always start our program, you know, the 2025 program actually starting fall of 24. So, um, and of the 25 program, we've probably got about 67,000 meters of that 15,000 are still either in the lab or in the yard and being cut and and and getting got get to the lab. Um, and so we've got a lot of news yet to come out of that program. And now we're fully funded to just keep drilling. And of course, we can drill year round up there. So other than maybe taking a a bit of a break around December, uh Christmas time, which we usually do, uh you know, we'll just keep those drill rigs turning. I want to dive into the details of your 2026 drill program uh in just a moment here, but first I want to talk about some of the shareholders, the significant major shareholders in Dryden, including Sprat Asset Management, Eric Spratu personally, and two other gold companies, Centa Gold and Alamos Gold, having particularly large stakes in Dryen. So talk to us about the importance of this high level shareholder base and are there plans to attract more institutional investment into the company moving forward? >> Well, you look I I think the answer to the the last part of your question there is uh we pretty much are, you know, probably about 80% between management and institutional ownership at this point. If you consider Eric Sprat, uh Rob Mchuan and Bob Quartermain, you know, as institutions, which uh they are in their own right, but uh you know, we are very proud of our shareholder list. I mean, our largest shareholder, you know, outside of of uh Cantara and Alamos. Alamos, our largest shareholder, a little over 12%. Cantara is maintaining a 9.9% position, but then Delbrook Capital is now up to about nine uh percent. Uh Peter Shhiff's Europac Gold Fund has a about a 6% position. And uh so you know we we and we have a lot of other you know institutions involved in the company. US Frank Holmes's US Global Fund is involved. So, you know, we've done a very good job of attracting those funds. Uh, I think, you know, our our goal for next year will be to to do more marketing in the US and and start to add some of the US funds. And, you know, we're really starting to see some interest down here in the in the US from the family offices and stuff in the in the gold space. And you know, I'll point out that, you know, I I I'm often asked why uh by people when I go to especially these retail gold shows. We're just at the Metals Investment Forum in Vancouver this last week. And you know, I'll have people come up to me and ask, you know, they're looking around the room at 40 different companies and I say, you know, how do you how do I tell the difference here? And I said, 'Well, one, you know, one thing you can look at very quickly is what does the shareholder list look like? Who who has put money into the the company? And, you know, that's one thing with Dryen. From the very beginning, we focused on on not just being able to raise money, but who we raise that money from. Uh, you know, there's a phenomena going on in the gold stocks. And you know, it again it it it maybe adds to the on the on my back to my secular theme of something that's different this time is, you know, the major and mid-tier gold producers uh who who typically would start doing some really dumb stuff when gold prices would go up this much. Instead, they're doing all the right things. you know, they're, you know, Pneumont and and Bareric just sold Beric just sold him low and and u the uh you know, Pneumont shedding uh their their non-core assets and focusing their capital allocation, you know, very wisely, I think, to their biggest longestterm pro uh tier one mines that will so that their costs will actually go down over the years. pneumont laying off executives at 4,000, you know, at $3,800 gold. Uh things that that didn't didn't happen before. So, these companies are going to be making a lot of money. One thing that they have not that they've done in the in the down cycle in in the tough years is is they got rid of a lot of their early stage exploration, not only the uh uh the projects, the properties, but the teams. So, they're a little long in the tooth on the exploration side. They and and you know you look at the companies that say Santara has invested in besides Dryen uh uh the Zack Floods uh Canorand uh some of the sharpest young younger geologists in the field uh Caleb Strauss uh headwater down in Nevada again a a much younger group uh and so Cantara is focused you know not only on what they think are very good projects projects, but good young teams because they don't have that talent. And I'll tell you that I think I think Dryen probably has the youngest geological team in the industry. I I I challenge anybody to to come up uh Morocco because her president who runs she's the senior there at 40 years old. Uh I think our average age probably is in the low30s and it's a lot of smart young people actually mostly smart young women who are uh you know for the first time uh being given a chance to to really build something and do things their way in a environment where their ideas mean something. You know, a lot of these young people have, you know, we we hired a new expiration geologist from Elorado and I think there he he was much more stifled by the older older geologists who told him how to think and how should look and how to write it up and you know uh didn't didn't give him the autonomy that uh that is really making him blossom now at at Dryen. So, uh, that strategic investment from Santara and and the fact that Alamos is is a large shareholder and and watching us very closely and giving us input. We've, you know, made the final payment to them this year. So we now uh own the property 100% um and and they're you know they're still very much interested in in following what we're doing as well as as several other companies uh major and mid-tiers that are uh have met with us have been to site and and and that are following what we're doing. So, you know, it's that strategic investment and and the fact that it's it's really given us uh a u you know validation of the project and the team. >> Well, let's dive into the 2026 drill program and what your plans are for that. You've mentioned that your 2026 program will be based on results from the fall of this year and will be focused on propertywide discovery. So, give us some insights into what the exploration program will look like. Well, look, that's if if you look at what we have really is is three uh major three projects that we're working on. Uh our our flagship and our initial focus is in the Gold Rock camp. Gold Rock Camp is 20 kilometers of strike on the uh Manitude to Noric deformation zone where we've been focused and and most of the historic drilling and historic mining was done in what we call the Gold Rock target area there which is around our our patented claims. This is where the uh previous operator drilled 53,000 gram per ton uh over half a meter and and you know we've followed that up with with some very good discoveries. What's been a breakthrough there for us is we are now seeing we've always made the comparison to Gold Rock and and Red Lake. And the more work we do there, the more it it it looks like Red Lake. same rocks, same uh mineral uh types of mineral deposits. Uh and the uh uh big thing for us this year is after we got the permits and could really start drilling up on the allora trend there in that gold rock target area, we started hitting these stack structures. At first, we thought it was just the hanging wall, but then when we stepped out, we hit another one and then another one. And so we finally went all the way across and we drilled our most recent press release was what we call the gap hole because it filled in. We drilled from the big master system to the east all the way across to the Allora system which is about 700 meters apart and to see just how many of these stack structures were in there and we found nine structures across there. So where we started with three veins, well the big master at one and two vein and the allora which is more of a shear structure, you know, we now have instead of three, we have nine. Uh so and and we're hitting very high grade in these stack structures. Uh 300 gram per ton over 3.9 m. And uh you know and so we're continued to expand this. This is about a 1 kilometer square area and and so 50% of our efforts will will remain there uh to really kind of unwrap this find out how we we think uh and and we're we're drilling now to show we're going to drill a gap hole up further to the about halfway between uh a kil half a kilometer to the north and then then we'll run all the way up. But we're we're filling in and and uh you know going to show that uh uh these structures these structures we have all these structures running through here and and that's what really opened up Red Lake. You know they were mined down 300 meters before they started hitting these sack structures and they they hit 10 of them I think it was total uh that had no surface expression. You know, you don't this is it shows you how what a huge event this uh Manitude to Norwick deformation event was tatonically in that it you know some of these things came to surface but most of what's going on down there has no surface expression. So that's very exciting. Uh on top of that like I said in Gold Rock we have 20 km of strike. So, we've already drilled some holes 2 km to the north at what we call Mud Lake to show we have another one of these areas up there. And then we have a pipeline of of targets that we're working on in the Gold Rock camp that'll show that we've got, you know, uh a dozen different targets that look like this one kilometer square area. Uh then, uh in in parallel with that, we're working on two regional projects. One is is down at Sheridan. That's down to the south of the property. Uh very good road access to both of these regional targets. In fact, you can drive a Toyota Camry into the drill rig u at at Sheridan and at Henman for that matter. But at Sheridan, we've made a first pass drilling. Uh we should have results out on that over the next couple weeks. Uh, and you know, while I don't have all the details yet, I can tell you they're planning another drill program down there. So, um, I I think that the res the results are positive that we we're trying to be careful with the market here and and make sure that they realize we're doing something very regional here. This is a completely different deposit style. This is an ultramaic contact zone. uh it it will likely be a a a lower grade bulk tonnage kind of target. Uh although we are seeing, you know, we have seen historically some some high-grade uh ground samples there and and and some high-grade drill samples, but we think for the most part it's going to be a big bulk tonage target. And then over at Henman, we've been doing channel sampling this year and we've done that through a third party. So it we, you know, didn't do that work ourselves. Uh but that's also a very big different deposit style. This is granite diorite with quartz stock uh work uh veinlets in it. Uh very similar to the Goldland deposit up at uh that Nex Gold has about it's about 10 km to the north. It's a much bigger footprint. Goldland has about a million ounces in it in a footprint that's uh about 150 m by 600 m. uh the pit there that they've outlined and uh at Henman we've got uh instead of 600 meters we've got five or six kilometers uh so something that could get very very big the channel samples are just coming in so that'll probably be our next press release uh and and again uh you know it's uh we'll likely we'll likely be putting uh from from from what I've initially heard about the the samples coming and uh that uh we're we're talking about uh peeling out some budget for some drilling this fall at Henman. So, two very exciting regional targets. Again, different uh the market needs to know when we put out Henman or or Sheridan results. Don't be looking for 300 gram per ton over 3.9 meters. Uh but those wide, you know, intercepts that that would outline bulk tonnage. Well, no shortage of catalysts and exciting news flow coming up for the company. As always, I'll end by opening the floor to you. Is there anything top of mind at the moment? Anything we didn't cover you think is important to emphasize about Dry and Gold to potential shareholders? >> Well, look, I I think with Dry and Gold, we just uh a lot of news coming out. We're fully funded, so we'll be drilling uh well into next year. Uh we do have 38 million warrants from the RTO that are now in the money. So we're working to get those exercised. That would increase the treasury by about another $13 million. So we'd be well well funded with that without without further uh dilution. So, we're uh you know, we we've got a we've got a lot of news not a lot of news flow coming and it's a it's a very exciting uh uh area that we're working in and u you know I I think people are going to be very very happy who who are invested in in our stock and and then you know I'll just also say on the gold market is this is secular baby uh you know it Uh I I'm not I'm not calling for a a top in this market for uh for the for foreseeable future. That's for sure. >> I completely agree with you there. I'm going to put a link in the description to the Dry and Gold website as well as social media so people can follow along with the company. As always, Trey, greatly enjoyed the conversation. You shared some awesome insights today. >> Thanks, Jesse. >> Commodity Culture is a series on commodities and natural resources. If you would like to see more, be sure to subscribe and hit the bell notification so you're always up todate with the latest episodes.