‘Global Monetary Order Is Changing’: Investor Explains The Selloff And What’s Next | Darrell Thomas
Summary
Gold Thesis: Guest is strongly bullish on gold as sound money amid de-dollarization, rising deficits, and central bank accumulation, expecting higher prices over the medium term.
Gold Miners: Prefers leveraging upside through miners and royalty/streaming models while treating physical gold as a long-term monetary hedge, with selling decisions tied to relative valuation ratios.
Oil Royalties: Positions into oil royalty and land-lease plays for lower-risk energy exposure during geopolitical instability, citing companies like Franco-Nevada (FNV), Viper Energy (VNOM), and Texas Pacific Land (TPL).
Exchanges as Toll Roads: Adds financial exchange operators to portfolio (e.g., Intercontinental Exchange (ICE)) as “toll booth” businesses benefiting from trading activity across assets.
Macro Backdrop: Highlights U.S.–Iran tensions, potential for $200 oil, and a possible 1970s-like stagflation setup with job losses and elevated energy prices.
De-dollarization: Emphasizes central bank gold buying since 2022 as a signal of shifting global monetary order and reduced reliance on the U.S. dollar.
Risk Management: Maintains liquidity in short-duration Treasuries to stay nimble amid high volatility and uncertain market direction.
Valuation and Timing: Acknowledges frothy moves and pullback risks in gold but favors disciplined accumulation over trying to time tops and bottoms.
Transcript
This is the reality of what we're seeing a K-shaped economy close to a,000 bucks in a month. That's not common for gold. We are getting some speculation in in this space. I just kind of wrote it off as like a anomaly. >> Now, what are the reasons that somebody would be holding gold or even buying more today? >> So, 2026, I mean, the biggest thing to understand is that >> it's my pleasure to welcome to the show Daryl Thomas, host of the VR Media YouTube channel. He's got a great show of his own. Check it out. Link down below. He's also invited me uh as a guest on his show. So, I can put the link down there if you want to hear what I have to say during an interview. But today, it's not about me. It's about Daryl getting Daryl's thoughts as an investor. He's an investor just like you and he's trying to navigate these difficult, volatile times, probably just like you. So, we're going to get Daryl's insights as to what he's doing with his money and hopefully we can learn from him. Um, as well as I'll be sharing some of my thoughts as well. Thank you very much, Darl, for coming on the show. It's good to see you. >> Yes, good to see you. good to recognize you on virtually today. You know, obviously at the VR, uh David had come up to me and said, "Hey, Darl, how you doing?" And and David and I, we've talked before and engaged before, but I did not recognize him at night. And sometimes a couple of uh adult beverages would do that to me. But I'm I'm h I'm happy to be here. >> I am uh fascinated by stories and articles like the one I'm sharing on my screen right now. This is from oilpric.com and there's a contributor who wrote a piece called six stocks that could sore in an era of regional instability. Now, as you'll probably guess given that it is from an oil site, the first one is an oil company, accidental petroleum. Number two, Realoys. Uh, number three, Loheed Martin. Okay, well that's gone up a lot. CF Industries. Number five, MP Materials. Number six, uh, Palanteer. Now we are not going to the purpose of this conversation is not to discuss these thoughts is to get your take if you were to write a similar article. So what are your picks your top picks for regional instability which seems to be the theme duour of March. >> Yeah regional instability I mean my top pick is gold. uh you know I think uh you know with the amount of ddollarization that's still happening I I believe that this uh conflict that has escalated with the US and Iran will continue to drive uh central banks out of the dollar and such and so that's my top pick is uh physical gold and then obviously you know I I'm also into the gold related equities I think that the um the gold price is not reflecting uh this uh geopolitical uh crisis it did run up uh to front front front run it, but obviously it's it's been it sold off a little bit and it's been leveling out. So, that's my top pick. You know, I'm always going to advocate for sound money. Always advocate for uh money that the governments can't print. And so, that's my top pick. Uh when it comes to comes to oil, I'm obviously looking at what are some of the plays uh that are not getting a lot of love. I mean, obviously, we see the stocks on that on that particular list. uh many of those stocks have uh made significant highs and such. Uh we see the the big major producers Exxon and such they they have uh you know run up uh since these since this conflict and so I'm looking at some of the oil royalties and such. So I have a little bit of exposure to oil through Franco Nevada which is obviously a gold you know majority gold and silver royalty company but they have some oil royalties and then also uh Viper Energy. That's something that that I'm investing in as well. So, oil royalty company. Also have some uh uh land royalty companies that that pretty much lease land to some of these oil oil companies such as uh Texas Pacific Land and as well as Landbridge. So, uh those are some of the companies that that I've kind of uh dove into because you know they have a lot less risk than some of the other companies that we see on this list. And so, uh those are some ways that I'm playing this conflict. >> How do the land leasing companies work? How do they make money? >> Well, yeah, pretty much. I mean, they buy land, they have the infrastructure, and uh the oil companies that do the drilling and such, they have to lease the land. So, you're pretty much uh paying the uh the landlord uh to to uh operate as a business. And so, that's the same thing that I kind of use with u even some of the I've been buying the exchange stocks, you know, such as the exchanges that own the New York Stock Exchange and such. Um because when you think about it, a lot of people think about uh the stocks themselves or the cryptocurrencies themselves and they don't really think about um the companies that operate to where you could trade those cryptocurrencies or stocks. And so, and I got this analogy from my my friend Benjamin Demazi, uh, where he talks about think about it as owning the roads and the toll booths, toll booths, uh, rather than owning the cars that are driving on the roads in the toll booth. And so, that's kind of been something I've been adding to my investment uh, philosophy and such uh, as of recent months. >> Uh, I want to talk about gold first. So, you have a sizable allocation of gold. First of all, since when have you been invested in the precious metal? >> I see. I bought started buying gold in 2020. That was uh at the the height of the pandemic, everything shutting down and everything. And that was when I started learning about it too uh at the same time. And so, as soon as I learned about gold, I picked up the thesis very quick. I picked up uh the history very quick. It was simple, you know, all I had to do was make a purchase and buy the physical gold and store it. And so that was the easiest way for me to get started. And so I've been buying since 2020. I'm actually still buying today because I think the gold price is going a lot higher than than where it is today considering the amount of debt deficits. Uh we we've had uh you know, I'm I'm a United States citizen, so we've had uh Doge come in and and absolutely fail. Um, well, I mean, they canceled some future contracts or whatnot, so I guess they saved Americans money or whatnot, but uh, I knew they weren't going to be able to cut 2 trillion. And so, uh, that's, I mean, that's another, you know, bullish reason for why I'm owning gold because the deficits are going to continue to rise. President Trump said he's adding another 500 billion uh, to the military budget. I think he wants it at 1.5 trillion and such. Uh, we're still paying a significant amount of interest on the debt and such. And so I just don't see no way out of this. And so for me, it's all about becoming my own central bank. >> Think back to the moment in 2020 that persuaded you to buy gold. Just remember that moment. Tell us what it is. And I'm going somewhere with this. >> Yeah. So um you know, I started by reading Rich Dad Poor Dad and uh then I started going down the journey of >> Yes. Yes. Robert Kiyosaki. And I started going down the journey of watching his YouTube channel where he was bringing on some of the guests that we interview, the Lynn Aldens, George Gammons and such and and they pretty much would lay out the the case for gold. And so then I began um reading the book the power of gold as well. And so those were just it was a collective of moments that really brought to my mind like okay well one thing is it's something that's outside of the financial system and which we know that the financial system is controlled by elites you know politicians that serve their own interest especially thinking about during co you know when um when uh you know they're bailing out the airlines and and these big corporations which is anti- capitalist and so for me it was like okay let me go ahead and and buy something that's outside of the system that's hard money that's been around for thousands of years. I mean, gold is mentioned in the Bible. It's mentioned in multiple historical books and such. And so, uh, and it stood the test of time. So, that was that was the reason why I decided to park some of my capital and save gold. >> Before we continue with the video, let me tell you about gold's performance relative to the rest of the markets. Now, gold's up about 80% over the past 12 months, while the S&P 500, for example, is up only about 16% in the same period. Now, that's not a small gap. That's a huge difference. So, if your retirement account is concentrated in equities or any one particular asset class, well, that difference directly impacts your long-term trajectory. Because when gold dramatically outperforms during volatile equities markets, it often signals capital rotation, not noise. Right now, that rotation is visible. Major banks are already outlining gold scenarios in the $6,000 to $6,300 range. And this isn't about abandoning stocks. It's about whether your IRA or 401k has exposure to the asset that's actually gaining momentum right now or if you're fully dependent on equities or any one particular asset going higher. Today's sponsor, Priority Gold, created a free precious metals playbook, explaining exactly how physical gold or silver can be added to your IRA or 401k tax and penaltyree. They handle the rollover paperwork and with qualifying purchases, they're offering up to $10,000 in free silver. To get your precious metals playbook, call 866476456 now or text David D-av to24999. Scan the QR code here or use the link in the description down below. The reason I ask you this question is I want to think about I want you to think about right now. So, you bought gold in 2020. And anybody who's bought gold in 2020 is up, let me just see, 240% in the last 5 years, assuming, well, actually, that's that's the high of 2020. If you had bought in the beginning of the year, that's 250%. Anyway, you were up a lot, assuming you didn't sell. Now, what are the reasons that somebody would be holding gold or even buying more today? Because those reasons you talked about were 2020's reasons. What about 2026, Darl? >> So 2026, I mean, the biggest thing to understand is that u the global monetary or order is changing significantly and Ray Dio talks about this a lot. Uh and he's been on the in the world economic forum and many of these places where he's trying to educate people on this. And so when we think about these uh systems, you know, when uh when Breton Woods was was agreed upon to Nixon taking a dollar off the gold standard, these are huge events. And right now, when you see central banks around the world that have the most capital buying tons of gold, right? That has to be a signal. You know, they they are doing this for a reason. So, I think that often times the average people do not um get this information until it's like too late or or the gold price moves up significantly. So, I've been following, you know, central banks buying gold since 2022, you know, and so so for those that haven't been following that, you know, they they may see the gold price, oh well, it's moved up 200%. Well, the thing is is like you got to view gold as money, money itself, right? and in and fiat currencies as currencies. And so that's that's how I view that. >> How high does gold have to go before you start taking profits or say enough's enough? I just got a chart up here for reference. >> Yeah. Yeah. So uh one thing is I don't really look at the price of gold uh as far as physical gold. Uh I look at the miners. So that's that's where I want to maximize my fiat uh savings in in the gold miners. And so, uh, that's the way I look at it. >> Sorry. What does that mean? You you you don't look at the price of gold. So, you don't you don't care if it goes to 6,000 or 7,000. You're holding either way. >> Like, you're never going to sell. >> I'm never going to sell unless I mean gold if gold in uh let's say if the Dow to gold ratio goes to one, I may I may sell some gold for the Dow. Uh if the S&P to gold ratio, you know, significantly declines, I may sell some gold for the S&P. So, it just kind of depends on what other assets do in relation to where gold is cuz gold does have these these times where, you know, it gets very uh frothy. Uh we saw that back in in January at V-Rick, right, when uh folks were like, you know, silver's at $117. And then, you know, a couple weeks later, you know, we >> Let's start a conversation about this. Uh you know, I'm not just full disclosure, I'm not invested in any of the public companies. I don't hold gold myself. you know, I've been pretty public about the fact that I don't hold um uh metals. Uh and that's because I'm personally investing in my own business. So, that's that's my investment. But the other thing is right now, this is in, you know, feel free to debate me. Right now, I wouldn't buy any gold at current levels. >> Um that's just me. I'm not saying that there's not going to be a chance for it to go higher in the long term, but I'm waiting for a pullback. Uh if you look at the charts here in 2011 uh gold has done exactly what it's doing now which is double top fall by the order of 20 16 20% go back up a little bit right and then fall another 50% and stay low. Uh it did that in 1980 as well. Right. You've got this double top went down 50% went up and then it went down another 70 60 something% and stayed at the bottom. So it's become less and less volatile over the past couple cycles. But look what happened in the last couple of months. So top then it went down 20% in the beginning of February when I first saw you at V VIC and then >> now it's now it's you know it's climbing back up which is the same pattern that it was exhibiting um in late 2011. So, I'm looking at this and it's done the exact same thing it's done in the last two two bull cycles and I'm thinking to myself, well, history doesn't repeat, but it might rhyme. And uh and and I'm waiting for that pullback before I get in on get in on some more. So, that's my theory. Um what do you think? Feel free to disagree. Well, uh I think I think I think some people uh waited for a pull back when it was at 3,000 and 4,000 and many people were saying like, "Oh, it's going to pull back. It's going to pull back." And so at what point does someone, you know, think that, okay, cuz the thing is like you can't time tops or bottoms, right? It's I mean, no one's no one's perfect at that. I think those who have claimed to do that may have gotten lucky or they're lying. But um you know the thing is it's like okay even if I have a sell off you know for me you know it's like okay I'm continuing saving my money in real money. I'm trading fiat for real money. And so that's that's how I view this. And longer term, you know, we could see, you know, with the amount of debt and deficits, right? Um, you got the offbalance sheet liabilities of many nations, but the US in particular, I mean, you got over 100 trillion in offbalance sheet liabilities. Uh, so, you know, me looking at that and looking down the line, it's like, okay, well, I want to make sure I'm out of these fiat currencies because we know that the fiat currency is going to lose value over time. And so for me, I made it a habit of buying gold. And so obviously my cost per ounce continues to increase at these levels. >> And I'll buy more when when it does fall. But I think that, you know, people that have said, "Oh, gold's at 3,000." You know, I'm I'm going to wait for it to sell off before I get in. Then then it hit 4,000. I'm going to wait for it to sell off to get in. And so now I mean people are repeating that same thing. Um, and they have to consider, okay, well, what's what's the price point you're going to get in and what is the reason you're getting in, you know, and so you could even buy a little bit and still hold some liquidity and then if we do get a sell off, you know, load up the boat even more. So, I think that there's multiple ways to think about that. The common argument against Bitcoin as a savings asset or a store of value is that it's very volatile intraday and over the period of let's say a rolling average of let's say a couple of weeks to couple months. Okay, that means that it moves up and down a lot in layman terms. So the argument for holding gold is that it doesn't do that. However, >> we just saw it do that this year. It went down 20% in one day. Not that it's a common occurrence, but when it reached the top of $5,500, it went down 20% um the day after. Now, Darl, when you see an event like that, does that kind of change your sentiment on holding gold longterm or not so much? >> No, it doesn't. um not so much because you know I mean when you look at any other any other metric you see that you know that average retail investors are are coming into the space but they're it's not exuberant to that degree um I mean because the miners are still still you know relatively cheap you know when you look at their all-in sustainment cost uh compared to what they are selling uh every gold ounce that they produce for now and so um when we saw January Right? You you could see that gold moved up over what was like close to a,000 bucks in a month. That's not that's not common for gold, you know? So, when you look historically on how gold moves, uh you would see like, okay, it it doesn't typically move up $1,000 in a month. And so, for me, when I was watching that, I I saw, yeah, this this is getting way too frothy. We are getting some speculation in in this space and such. And so, I just kind of wrote it off as like a anomaly. I mean, $1,000 in a month for gold, you know, that's a lot. >> Fair enough. And uh how what type of investor would you consider yourself >> if you were to characterize uh your investing style? >> Yeah, so I'm probably conservative/risisky. I mean, uh there's a there's a component of me that, you know, wants to compound over time, which I I believe is important. Um, also I know that you know when you look at the riskrewards uh I mean I'm invested in some of these junior expiration companies right and those are some of the riskiest companies but also >> time horizon >> time horizon on that uh I think you know probably I'm willing to hold for the next three three years you know to see see what happens so I'm kind of always watching the markets you know so I think three years we we'll see many investors come into the old mining stock space and so that's kind of my time horizon for those. >> Okay. So when you buy mining companies, let's talk about maybe the junior space. Are are you are you banking on a a a takeout? Are you banking on them, you know, just finding more deposits? Are you are you betting on them eventually heading into production? Like what's your what's your thesis for buying juniors here? >> Yeah. Yeah. So I mean obviously you know you have some developers, some exploration companies. The way I kind of approach it is I follow the big money. So I'm I'm looking at what what is Fiori Group doing? What is Frank Destro doing? What is Rick Ru doing? What is Eric Sprout doing? You know, so I'm I'm always kind of looking at the big money and and seeing which companies have big money that are backing them. So that's that's like one piece where I'm always looking at the percentage of shareholdership uh shareholders, you know, with uh institutions and such. And so I'm looking at the big money and then I'm also, you know, obviously looking at, okay, what's the project? Is it a safe mining jurisdiction? Is it um, you know, does the CEO have a certain degree of success? What's the track record of the CEO and such? And so, you know, when I'm, you know, at V-Rick, you know, I was on stage with Ross Bey and Bob Quartermain who have had significant success. So, it's like, okay, well, those are some CEOs right there that I'm willing to, you know, bet on, you know? So you have to like for me you know it's really looking at okay who's running the company where's the company located and also who's backing the company and so th those are kind of ways that that I look at it but I'm also mostly in the royalty and streaming space because it's a lot less risky than than some of these uh junior aspiration companies and such and I have more exposure there. >> The notion that fiat currency is going to continue losing value which is what you said earlier. Why do you think that is? >> Yeah. >> Why do you think inflation can't stabilize? >> Well, I think that uh politicians always want to print. They always want to overpromise. And right now, we're experiencing uh the triumph of politics. If I were to quote uh David Stockman's book where politicians are they have to serve their constituents, right? And their constituents want free stuff essentially. They don't want higher taxes, you know, and such. So, uh, to try to come in and be, you know, to drain the swamp, you know, instead of adding swamp creatures to the swamp, uh, and then try to balance budget, you know, to cut entitlements and things like that. That's political suicide. And no, no politician that wants to be successful is going to um going to do that. >> We're both living in Canada. Uh, last week the jobs numbers in the US, 90,000 jobs lost, wasn't looking great. And people often talk about how the Canadian economy and the US economies are slowing down. Do you feel any of that personally I'm going to tell you personally that um I was just out east in Montreal, made a trip there. I was living in Montreal for 14 years. I'm currently based in Vancouver. Um haven't been back to Montreal since last April. So it's been a year now. A lot of my favorite restaurants, bars, cafes, small businesses, a lot of them were closed. In fact, I was just shocked at how many stores got closed and had, you know, big planks of boards over their over the front. And I was talking to some people there who know the economy better than I do. First of all, it's very seasonal out east when there's a winter season. Um, people go out less. People were recovering from it's March, people are just recovering from their winter holiday spendings. And it's also spring break, so a lot of people are away. But business doesn't close just because these factors, they've they've closed because business has been good for several months. I was out on a Friday night at a popular bar and that bar would have been impossible to even get in or book on a Friday night. I walked in, it was half empty. Again, spring break, but I I've been out spring break. It wasn't that quiet. That's just my personal assessment. I I just noticed that people were spending less money on discretionary items. And if I were investing in the market right now, I rotate into um consumer staples. I rotate into let's say things that haven't gone up as much as gold. Let's say the small caps, Russell 2000 and the midcaps. Um so that's my observation. What do you think is going on in the economy based on what you've observed in your personal life, Darl? >> Yeah. Uh so you know obviously uh I live in the US so it's it's a little you know we we kind of have uh similar circumstances but they they are they are different in some ways but you know I have some friends who you know who are struggling you know to make ends meet you know I was um good friend of mine uh that I've known since he was a since he was a kid um you know been in and out jail struggling to get a job you know stuff and then he finally got a job at uh pretty much the fast food restaurant and such. And so yeah, I I definitely see see the the pain, you know, on the streets that average investors are or average people are experiencing with higher cost of living and such. Uh wages not keeping up with inflation and things of that nature. And so when you when you think about it on the macro scale, um you know, we we uh hollowed out our industrial base. You know, we've um printed money. We've bailed out banks and such. We've uh devalued the currency significantly. And this this is the this is the reality of what we're seeing, a K-shaped economy. And so, you know, often times when uh I see these kind of arguments with, you know, the boomers, they hold majority of the wealth and and such. And and I, you know, and I I see people comment things like, "Oh, well, they were able to do it. You could do it, too." Right? And I think about it. I said, "Well, if you if you look at the macro and the the uh the situation that many of the boomers experienced, they grew up in in America that that had uh way less inflation. The dollar had way more value and such. I mean, home home values were significantly cheaper. Government debt and deficits were a lot lower uh and such. And so they grew up in an era where um they benefited, you know, and so now now you you getting kids coming out of college who can barely find a job or can barely find a job within their field or or find a job that can pay the bills. And so um yeah, it's definitely a problem. >> So you host a show VR Media. You've had a lot of really smart guests on. What's a common message you've been hearing the last two months? >> The last two months. Um, one thing I I didn't really pay attention to, but it was mentioned a few times in some of the um conversations I had was about the um the Iran conflict. You know, uh some some really good geopolitical analysts that we've had on have been have been calling for this. And so that was something that, you know, kind of made sense to me later was like, "Oh, this is what they were talking about." Um other consistent themes is obviously uh ddollarization uh and how the world is shifting uh back to sound money and we see that in the data. Uh so um and I'm I'm looking forward to the conversations I'm going to have with uh silver institute and um a representative from the world gold council on that. And so we see that in the data right and so uh that those are the common messages. Are you are you um looking for specific indicators that may tilt your investment style or strategy one way or another? In other words, what are you asking guests uh these days that would benefit you as an investor? >> I'm looking for the hated assets. And so um you and I we're friends with Rick Rule. Rick Rule is a a mentor of mine and he's been talking about oil being a hated asset uh for a long time, right? uh for months, you know, and so uh you know, I'd pay attention to that uh when when someone of his caliber, you know, says something of that nature. And so uh when he said that, you know, and then now what we're experiencing, we're seeing like, oh, this hated asset turns out to be uh one of the global cornerstones, you know, of one of the cornerstones of of the globe, you know, as far as economically. and and we could probably see, you know, $200 a barrel of oil in this in this conflict and such. I mean, even the Iranian um uh the Iranian uh army uh military person came out and said the world needs to prepare for 200 $200 barrel oil. And so, um yeah, I mean it's it's something that I think is is serious. And and in the macro landscape of that, I'm looking at the 70s. Okay, what happened in the 70s? You had job losses and you had high oil prices. And so, um, you know, we could see a stagflationary environment. And so, I'm just looking at how to position myself in a way that that could even, uh, benefit from that. But there is a lot of uncertainty right now. And you got to be nimble. So, I'm I'm holding a, you know, I'm holding more cash nowadays, uh, in T bills, short duration treasuries, uh, so I can earn a yield and just see what the market does cuz right now there's a lot of volatility and I'm just trying to see, okay, what direction is the market taking? >> You live in the US, so tell us, Darl, what do you think the government should be spending money on that could help regular citizens? government should be investing in our infrastructure, you know, uh our grids, you know, things of that nature. Um also investing in mining, the stuff that we need. Uh obviously, if we are um if we are, you know, relying on China who refineses about 90% of the world's rare earths and these are these are critical minerals to to the livelihoods and and global militaries. You know, we need to be investing in that. Um, you know, that's one thing that I can, you know, give credit to President Trump for, even though, you know, I'm not, um, a guy that's very fond of politicians. Um, you know, for him to even bring that in the conversation and have those conversations. Now, do I agree with the trade policies? You know, not necessarily. But, you know, I do think that uh we need we need that in infrastructure and we need that investment back into those jobs to where where people can, you know, people used to be able could could work a job and take care of the whole family and and afford a home and such, you know, when these jobs were were here in the US. But as far as reassuring, I mean, I just think that it's going to take trillions of dollars. So, you know, there's going to be a lot of money printing that's needed for that. >> I'm going to finish off in a loaded question. How is it that 50 years ago the average American household could have been supported by one person working and they could have had multiple cars and people could have bought a house straight out of college? And I had a guest on Steve Hanky uh professor of applied economics John Hank Johns Hawkins who my audience may be familiar with and he told a story of how when he graduated from university uh he was able to save up the money from just working three jobs during college to buy not just one apartment but an entire apartment complex. right after university out of his college savings. You know, that's an extreme example and I'm sure he worked hard. But then similar stories could be told in the 60s and 70s as well when people bought homes at a much younger age. People were able to start families at a much younger age. And now because of the unaffordability crisis, uh we have people actually delaying family formation because they're not able to afford a home and even start a family. How did this happen, Darl? if you had to sum it up. >> Yeah. Yeah. Well, obviously you had uh globalization that contributed to it. Uh and many jobs were sent overseas and in that same token, you know, uh wages have not kept up with inflation and the loss of the purchasing power of the dollar. And so, you know, you have all those dynamics and and currently, you know, we have some different situations where people are living longer. Uh so uh the wealth you know that the baby boomer gen generation has you know uh we keep hearing about the word uh wealth transfer but you know when you think about it okay well now people are living to their 90 80 90 right and so um you know so that wealth is still you know tied up in a lot of ways and so you know those are some of the things that I think are are are happening and how it compares to now >> I wonder if we're ever going to go back to those days I don't know comment below what do you think is going to happen to the future of uh American society. And always as always, thank you for watching. Where can we follow you, Darl? >> Yes, you can follow me on X at Money Levels Plural Show. Money Level Show and then also you can check us out on YouTube at Vick Media, V R I C Media, and that's where we're doing interviews such as interviewing uh you yourself, David Lynn. So, I hope to have you back on the show, too. >> Right. All right. Thank you very much. Appreciate it. Daryl was a lot of fun. And thank you for watching. Don't forget to like, subscribe, follow Daryl. Comments down in the description down below.
‘Global Monetary Order Is Changing’: Investor Explains The Selloff And What’s Next | Darrell Thomas
Summary
Transcript
This is the reality of what we're seeing a K-shaped economy close to a,000 bucks in a month. That's not common for gold. We are getting some speculation in in this space. I just kind of wrote it off as like a anomaly. >> Now, what are the reasons that somebody would be holding gold or even buying more today? >> So, 2026, I mean, the biggest thing to understand is that >> it's my pleasure to welcome to the show Daryl Thomas, host of the VR Media YouTube channel. He's got a great show of his own. Check it out. Link down below. He's also invited me uh as a guest on his show. So, I can put the link down there if you want to hear what I have to say during an interview. But today, it's not about me. It's about Daryl getting Daryl's thoughts as an investor. He's an investor just like you and he's trying to navigate these difficult, volatile times, probably just like you. So, we're going to get Daryl's insights as to what he's doing with his money and hopefully we can learn from him. Um, as well as I'll be sharing some of my thoughts as well. Thank you very much, Darl, for coming on the show. It's good to see you. >> Yes, good to see you. good to recognize you on virtually today. You know, obviously at the VR, uh David had come up to me and said, "Hey, Darl, how you doing?" And and David and I, we've talked before and engaged before, but I did not recognize him at night. And sometimes a couple of uh adult beverages would do that to me. But I'm I'm h I'm happy to be here. >> I am uh fascinated by stories and articles like the one I'm sharing on my screen right now. This is from oilpric.com and there's a contributor who wrote a piece called six stocks that could sore in an era of regional instability. Now, as you'll probably guess given that it is from an oil site, the first one is an oil company, accidental petroleum. Number two, Realoys. Uh, number three, Loheed Martin. Okay, well that's gone up a lot. CF Industries. Number five, MP Materials. Number six, uh, Palanteer. Now we are not going to the purpose of this conversation is not to discuss these thoughts is to get your take if you were to write a similar article. So what are your picks your top picks for regional instability which seems to be the theme duour of March. >> Yeah regional instability I mean my top pick is gold. uh you know I think uh you know with the amount of ddollarization that's still happening I I believe that this uh conflict that has escalated with the US and Iran will continue to drive uh central banks out of the dollar and such and so that's my top pick is uh physical gold and then obviously you know I I'm also into the gold related equities I think that the um the gold price is not reflecting uh this uh geopolitical uh crisis it did run up uh to front front front run it, but obviously it's it's been it sold off a little bit and it's been leveling out. So, that's my top pick. You know, I'm always going to advocate for sound money. Always advocate for uh money that the governments can't print. And so, that's my top pick. Uh when it comes to comes to oil, I'm obviously looking at what are some of the plays uh that are not getting a lot of love. I mean, obviously, we see the stocks on that on that particular list. uh many of those stocks have uh made significant highs and such. Uh we see the the big major producers Exxon and such they they have uh you know run up uh since these since this conflict and so I'm looking at some of the oil royalties and such. So I have a little bit of exposure to oil through Franco Nevada which is obviously a gold you know majority gold and silver royalty company but they have some oil royalties and then also uh Viper Energy. That's something that that I'm investing in as well. So, oil royalty company. Also have some uh uh land royalty companies that that pretty much lease land to some of these oil oil companies such as uh Texas Pacific Land and as well as Landbridge. So, uh those are some of the companies that that I've kind of uh dove into because you know they have a lot less risk than some of the other companies that we see on this list. And so, uh those are some ways that I'm playing this conflict. >> How do the land leasing companies work? How do they make money? >> Well, yeah, pretty much. I mean, they buy land, they have the infrastructure, and uh the oil companies that do the drilling and such, they have to lease the land. So, you're pretty much uh paying the uh the landlord uh to to uh operate as a business. And so, that's the same thing that I kind of use with u even some of the I've been buying the exchange stocks, you know, such as the exchanges that own the New York Stock Exchange and such. Um because when you think about it, a lot of people think about uh the stocks themselves or the cryptocurrencies themselves and they don't really think about um the companies that operate to where you could trade those cryptocurrencies or stocks. And so, and I got this analogy from my my friend Benjamin Demazi, uh, where he talks about think about it as owning the roads and the toll booths, toll booths, uh, rather than owning the cars that are driving on the roads in the toll booth. And so, that's kind of been something I've been adding to my investment uh, philosophy and such uh, as of recent months. >> Uh, I want to talk about gold first. So, you have a sizable allocation of gold. First of all, since when have you been invested in the precious metal? >> I see. I bought started buying gold in 2020. That was uh at the the height of the pandemic, everything shutting down and everything. And that was when I started learning about it too uh at the same time. And so, as soon as I learned about gold, I picked up the thesis very quick. I picked up uh the history very quick. It was simple, you know, all I had to do was make a purchase and buy the physical gold and store it. And so that was the easiest way for me to get started. And so I've been buying since 2020. I'm actually still buying today because I think the gold price is going a lot higher than than where it is today considering the amount of debt deficits. Uh we we've had uh you know, I'm I'm a United States citizen, so we've had uh Doge come in and and absolutely fail. Um, well, I mean, they canceled some future contracts or whatnot, so I guess they saved Americans money or whatnot, but uh, I knew they weren't going to be able to cut 2 trillion. And so, uh, that's, I mean, that's another, you know, bullish reason for why I'm owning gold because the deficits are going to continue to rise. President Trump said he's adding another 500 billion uh, to the military budget. I think he wants it at 1.5 trillion and such. Uh, we're still paying a significant amount of interest on the debt and such. And so I just don't see no way out of this. And so for me, it's all about becoming my own central bank. >> Think back to the moment in 2020 that persuaded you to buy gold. Just remember that moment. Tell us what it is. And I'm going somewhere with this. >> Yeah. So um you know, I started by reading Rich Dad Poor Dad and uh then I started going down the journey of >> Yes. Yes. Robert Kiyosaki. And I started going down the journey of watching his YouTube channel where he was bringing on some of the guests that we interview, the Lynn Aldens, George Gammons and such and and they pretty much would lay out the the case for gold. And so then I began um reading the book the power of gold as well. And so those were just it was a collective of moments that really brought to my mind like okay well one thing is it's something that's outside of the financial system and which we know that the financial system is controlled by elites you know politicians that serve their own interest especially thinking about during co you know when um when uh you know they're bailing out the airlines and and these big corporations which is anti- capitalist and so for me it was like okay let me go ahead and and buy something that's outside of the system that's hard money that's been around for thousands of years. I mean, gold is mentioned in the Bible. It's mentioned in multiple historical books and such. And so, uh, and it stood the test of time. So, that was that was the reason why I decided to park some of my capital and save gold. >> Before we continue with the video, let me tell you about gold's performance relative to the rest of the markets. Now, gold's up about 80% over the past 12 months, while the S&P 500, for example, is up only about 16% in the same period. Now, that's not a small gap. That's a huge difference. So, if your retirement account is concentrated in equities or any one particular asset class, well, that difference directly impacts your long-term trajectory. Because when gold dramatically outperforms during volatile equities markets, it often signals capital rotation, not noise. Right now, that rotation is visible. Major banks are already outlining gold scenarios in the $6,000 to $6,300 range. And this isn't about abandoning stocks. It's about whether your IRA or 401k has exposure to the asset that's actually gaining momentum right now or if you're fully dependent on equities or any one particular asset going higher. Today's sponsor, Priority Gold, created a free precious metals playbook, explaining exactly how physical gold or silver can be added to your IRA or 401k tax and penaltyree. They handle the rollover paperwork and with qualifying purchases, they're offering up to $10,000 in free silver. To get your precious metals playbook, call 866476456 now or text David D-av to24999. Scan the QR code here or use the link in the description down below. The reason I ask you this question is I want to think about I want you to think about right now. So, you bought gold in 2020. And anybody who's bought gold in 2020 is up, let me just see, 240% in the last 5 years, assuming, well, actually, that's that's the high of 2020. If you had bought in the beginning of the year, that's 250%. Anyway, you were up a lot, assuming you didn't sell. Now, what are the reasons that somebody would be holding gold or even buying more today? Because those reasons you talked about were 2020's reasons. What about 2026, Darl? >> So 2026, I mean, the biggest thing to understand is that u the global monetary or order is changing significantly and Ray Dio talks about this a lot. Uh and he's been on the in the world economic forum and many of these places where he's trying to educate people on this. And so when we think about these uh systems, you know, when uh when Breton Woods was was agreed upon to Nixon taking a dollar off the gold standard, these are huge events. And right now, when you see central banks around the world that have the most capital buying tons of gold, right? That has to be a signal. You know, they they are doing this for a reason. So, I think that often times the average people do not um get this information until it's like too late or or the gold price moves up significantly. So, I've been following, you know, central banks buying gold since 2022, you know, and so so for those that haven't been following that, you know, they they may see the gold price, oh well, it's moved up 200%. Well, the thing is is like you got to view gold as money, money itself, right? and in and fiat currencies as currencies. And so that's that's how I view that. >> How high does gold have to go before you start taking profits or say enough's enough? I just got a chart up here for reference. >> Yeah. Yeah. So uh one thing is I don't really look at the price of gold uh as far as physical gold. Uh I look at the miners. So that's that's where I want to maximize my fiat uh savings in in the gold miners. And so, uh, that's the way I look at it. >> Sorry. What does that mean? You you you don't look at the price of gold. So, you don't you don't care if it goes to 6,000 or 7,000. You're holding either way. >> Like, you're never going to sell. >> I'm never going to sell unless I mean gold if gold in uh let's say if the Dow to gold ratio goes to one, I may I may sell some gold for the Dow. Uh if the S&P to gold ratio, you know, significantly declines, I may sell some gold for the S&P. So, it just kind of depends on what other assets do in relation to where gold is cuz gold does have these these times where, you know, it gets very uh frothy. Uh we saw that back in in January at V-Rick, right, when uh folks were like, you know, silver's at $117. And then, you know, a couple weeks later, you know, we >> Let's start a conversation about this. Uh you know, I'm not just full disclosure, I'm not invested in any of the public companies. I don't hold gold myself. you know, I've been pretty public about the fact that I don't hold um uh metals. Uh and that's because I'm personally investing in my own business. So, that's that's my investment. But the other thing is right now, this is in, you know, feel free to debate me. Right now, I wouldn't buy any gold at current levels. >> Um that's just me. I'm not saying that there's not going to be a chance for it to go higher in the long term, but I'm waiting for a pullback. Uh if you look at the charts here in 2011 uh gold has done exactly what it's doing now which is double top fall by the order of 20 16 20% go back up a little bit right and then fall another 50% and stay low. Uh it did that in 1980 as well. Right. You've got this double top went down 50% went up and then it went down another 70 60 something% and stayed at the bottom. So it's become less and less volatile over the past couple cycles. But look what happened in the last couple of months. So top then it went down 20% in the beginning of February when I first saw you at V VIC and then >> now it's now it's you know it's climbing back up which is the same pattern that it was exhibiting um in late 2011. So, I'm looking at this and it's done the exact same thing it's done in the last two two bull cycles and I'm thinking to myself, well, history doesn't repeat, but it might rhyme. And uh and and I'm waiting for that pullback before I get in on get in on some more. So, that's my theory. Um what do you think? Feel free to disagree. Well, uh I think I think I think some people uh waited for a pull back when it was at 3,000 and 4,000 and many people were saying like, "Oh, it's going to pull back. It's going to pull back." And so at what point does someone, you know, think that, okay, cuz the thing is like you can't time tops or bottoms, right? It's I mean, no one's no one's perfect at that. I think those who have claimed to do that may have gotten lucky or they're lying. But um you know the thing is it's like okay even if I have a sell off you know for me you know it's like okay I'm continuing saving my money in real money. I'm trading fiat for real money. And so that's that's how I view this. And longer term, you know, we could see, you know, with the amount of debt and deficits, right? Um, you got the offbalance sheet liabilities of many nations, but the US in particular, I mean, you got over 100 trillion in offbalance sheet liabilities. Uh, so, you know, me looking at that and looking down the line, it's like, okay, well, I want to make sure I'm out of these fiat currencies because we know that the fiat currency is going to lose value over time. And so for me, I made it a habit of buying gold. And so obviously my cost per ounce continues to increase at these levels. >> And I'll buy more when when it does fall. But I think that, you know, people that have said, "Oh, gold's at 3,000." You know, I'm I'm going to wait for it to sell off before I get in. Then then it hit 4,000. I'm going to wait for it to sell off to get in. And so now I mean people are repeating that same thing. Um, and they have to consider, okay, well, what's what's the price point you're going to get in and what is the reason you're getting in, you know, and so you could even buy a little bit and still hold some liquidity and then if we do get a sell off, you know, load up the boat even more. So, I think that there's multiple ways to think about that. The common argument against Bitcoin as a savings asset or a store of value is that it's very volatile intraday and over the period of let's say a rolling average of let's say a couple of weeks to couple months. Okay, that means that it moves up and down a lot in layman terms. So the argument for holding gold is that it doesn't do that. However, >> we just saw it do that this year. It went down 20% in one day. Not that it's a common occurrence, but when it reached the top of $5,500, it went down 20% um the day after. Now, Darl, when you see an event like that, does that kind of change your sentiment on holding gold longterm or not so much? >> No, it doesn't. um not so much because you know I mean when you look at any other any other metric you see that you know that average retail investors are are coming into the space but they're it's not exuberant to that degree um I mean because the miners are still still you know relatively cheap you know when you look at their all-in sustainment cost uh compared to what they are selling uh every gold ounce that they produce for now and so um when we saw January Right? You you could see that gold moved up over what was like close to a,000 bucks in a month. That's not that's not common for gold, you know? So, when you look historically on how gold moves, uh you would see like, okay, it it doesn't typically move up $1,000 in a month. And so, for me, when I was watching that, I I saw, yeah, this this is getting way too frothy. We are getting some speculation in in this space and such. And so, I just kind of wrote it off as like a anomaly. I mean, $1,000 in a month for gold, you know, that's a lot. >> Fair enough. And uh how what type of investor would you consider yourself >> if you were to characterize uh your investing style? >> Yeah, so I'm probably conservative/risisky. I mean, uh there's a there's a component of me that, you know, wants to compound over time, which I I believe is important. Um, also I know that you know when you look at the riskrewards uh I mean I'm invested in some of these junior expiration companies right and those are some of the riskiest companies but also >> time horizon >> time horizon on that uh I think you know probably I'm willing to hold for the next three three years you know to see see what happens so I'm kind of always watching the markets you know so I think three years we we'll see many investors come into the old mining stock space and so that's kind of my time horizon for those. >> Okay. So when you buy mining companies, let's talk about maybe the junior space. Are are you are you banking on a a a takeout? Are you banking on them, you know, just finding more deposits? Are you are you betting on them eventually heading into production? Like what's your what's your thesis for buying juniors here? >> Yeah. Yeah. So I mean obviously you know you have some developers, some exploration companies. The way I kind of approach it is I follow the big money. So I'm I'm looking at what what is Fiori Group doing? What is Frank Destro doing? What is Rick Ru doing? What is Eric Sprout doing? You know, so I'm I'm always kind of looking at the big money and and seeing which companies have big money that are backing them. So that's that's like one piece where I'm always looking at the percentage of shareholdership uh shareholders, you know, with uh institutions and such. And so I'm looking at the big money and then I'm also, you know, obviously looking at, okay, what's the project? Is it a safe mining jurisdiction? Is it um, you know, does the CEO have a certain degree of success? What's the track record of the CEO and such? And so, you know, when I'm, you know, at V-Rick, you know, I was on stage with Ross Bey and Bob Quartermain who have had significant success. So, it's like, okay, well, those are some CEOs right there that I'm willing to, you know, bet on, you know? So you have to like for me you know it's really looking at okay who's running the company where's the company located and also who's backing the company and so th those are kind of ways that that I look at it but I'm also mostly in the royalty and streaming space because it's a lot less risky than than some of these uh junior aspiration companies and such and I have more exposure there. >> The notion that fiat currency is going to continue losing value which is what you said earlier. Why do you think that is? >> Yeah. >> Why do you think inflation can't stabilize? >> Well, I think that uh politicians always want to print. They always want to overpromise. And right now, we're experiencing uh the triumph of politics. If I were to quote uh David Stockman's book where politicians are they have to serve their constituents, right? And their constituents want free stuff essentially. They don't want higher taxes, you know, and such. So, uh, to try to come in and be, you know, to drain the swamp, you know, instead of adding swamp creatures to the swamp, uh, and then try to balance budget, you know, to cut entitlements and things like that. That's political suicide. And no, no politician that wants to be successful is going to um going to do that. >> We're both living in Canada. Uh, last week the jobs numbers in the US, 90,000 jobs lost, wasn't looking great. And people often talk about how the Canadian economy and the US economies are slowing down. Do you feel any of that personally I'm going to tell you personally that um I was just out east in Montreal, made a trip there. I was living in Montreal for 14 years. I'm currently based in Vancouver. Um haven't been back to Montreal since last April. So it's been a year now. A lot of my favorite restaurants, bars, cafes, small businesses, a lot of them were closed. In fact, I was just shocked at how many stores got closed and had, you know, big planks of boards over their over the front. And I was talking to some people there who know the economy better than I do. First of all, it's very seasonal out east when there's a winter season. Um, people go out less. People were recovering from it's March, people are just recovering from their winter holiday spendings. And it's also spring break, so a lot of people are away. But business doesn't close just because these factors, they've they've closed because business has been good for several months. I was out on a Friday night at a popular bar and that bar would have been impossible to even get in or book on a Friday night. I walked in, it was half empty. Again, spring break, but I I've been out spring break. It wasn't that quiet. That's just my personal assessment. I I just noticed that people were spending less money on discretionary items. And if I were investing in the market right now, I rotate into um consumer staples. I rotate into let's say things that haven't gone up as much as gold. Let's say the small caps, Russell 2000 and the midcaps. Um so that's my observation. What do you think is going on in the economy based on what you've observed in your personal life, Darl? >> Yeah. Uh so you know obviously uh I live in the US so it's it's a little you know we we kind of have uh similar circumstances but they they are they are different in some ways but you know I have some friends who you know who are struggling you know to make ends meet you know I was um good friend of mine uh that I've known since he was a since he was a kid um you know been in and out jail struggling to get a job you know stuff and then he finally got a job at uh pretty much the fast food restaurant and such. And so yeah, I I definitely see see the the pain, you know, on the streets that average investors are or average people are experiencing with higher cost of living and such. Uh wages not keeping up with inflation and things of that nature. And so when you when you think about it on the macro scale, um you know, we we uh hollowed out our industrial base. You know, we've um printed money. We've bailed out banks and such. We've uh devalued the currency significantly. And this this is the this is the reality of what we're seeing, a K-shaped economy. And so, you know, often times when uh I see these kind of arguments with, you know, the boomers, they hold majority of the wealth and and such. And and I, you know, and I I see people comment things like, "Oh, well, they were able to do it. You could do it, too." Right? And I think about it. I said, "Well, if you if you look at the macro and the the uh the situation that many of the boomers experienced, they grew up in in America that that had uh way less inflation. The dollar had way more value and such. I mean, home home values were significantly cheaper. Government debt and deficits were a lot lower uh and such. And so they grew up in an era where um they benefited, you know, and so now now you you getting kids coming out of college who can barely find a job or can barely find a job within their field or or find a job that can pay the bills. And so um yeah, it's definitely a problem. >> So you host a show VR Media. You've had a lot of really smart guests on. What's a common message you've been hearing the last two months? >> The last two months. Um, one thing I I didn't really pay attention to, but it was mentioned a few times in some of the um conversations I had was about the um the Iran conflict. You know, uh some some really good geopolitical analysts that we've had on have been have been calling for this. And so that was something that, you know, kind of made sense to me later was like, "Oh, this is what they were talking about." Um other consistent themes is obviously uh ddollarization uh and how the world is shifting uh back to sound money and we see that in the data. Uh so um and I'm I'm looking forward to the conversations I'm going to have with uh silver institute and um a representative from the world gold council on that. And so we see that in the data right and so uh that those are the common messages. Are you are you um looking for specific indicators that may tilt your investment style or strategy one way or another? In other words, what are you asking guests uh these days that would benefit you as an investor? >> I'm looking for the hated assets. And so um you and I we're friends with Rick Rule. Rick Rule is a a mentor of mine and he's been talking about oil being a hated asset uh for a long time, right? uh for months, you know, and so uh you know, I'd pay attention to that uh when when someone of his caliber, you know, says something of that nature. And so uh when he said that, you know, and then now what we're experiencing, we're seeing like, oh, this hated asset turns out to be uh one of the global cornerstones, you know, of one of the cornerstones of of the globe, you know, as far as economically. and and we could probably see, you know, $200 a barrel of oil in this in this conflict and such. I mean, even the Iranian um uh the Iranian uh army uh military person came out and said the world needs to prepare for 200 $200 barrel oil. And so, um yeah, I mean it's it's something that I think is is serious. And and in the macro landscape of that, I'm looking at the 70s. Okay, what happened in the 70s? You had job losses and you had high oil prices. And so, um, you know, we could see a stagflationary environment. And so, I'm just looking at how to position myself in a way that that could even, uh, benefit from that. But there is a lot of uncertainty right now. And you got to be nimble. So, I'm I'm holding a, you know, I'm holding more cash nowadays, uh, in T bills, short duration treasuries, uh, so I can earn a yield and just see what the market does cuz right now there's a lot of volatility and I'm just trying to see, okay, what direction is the market taking? >> You live in the US, so tell us, Darl, what do you think the government should be spending money on that could help regular citizens? government should be investing in our infrastructure, you know, uh our grids, you know, things of that nature. Um also investing in mining, the stuff that we need. Uh obviously, if we are um if we are, you know, relying on China who refineses about 90% of the world's rare earths and these are these are critical minerals to to the livelihoods and and global militaries. You know, we need to be investing in that. Um, you know, that's one thing that I can, you know, give credit to President Trump for, even though, you know, I'm not, um, a guy that's very fond of politicians. Um, you know, for him to even bring that in the conversation and have those conversations. Now, do I agree with the trade policies? You know, not necessarily. But, you know, I do think that uh we need we need that in infrastructure and we need that investment back into those jobs to where where people can, you know, people used to be able could could work a job and take care of the whole family and and afford a home and such, you know, when these jobs were were here in the US. But as far as reassuring, I mean, I just think that it's going to take trillions of dollars. So, you know, there's going to be a lot of money printing that's needed for that. >> I'm going to finish off in a loaded question. How is it that 50 years ago the average American household could have been supported by one person working and they could have had multiple cars and people could have bought a house straight out of college? And I had a guest on Steve Hanky uh professor of applied economics John Hank Johns Hawkins who my audience may be familiar with and he told a story of how when he graduated from university uh he was able to save up the money from just working three jobs during college to buy not just one apartment but an entire apartment complex. right after university out of his college savings. You know, that's an extreme example and I'm sure he worked hard. But then similar stories could be told in the 60s and 70s as well when people bought homes at a much younger age. People were able to start families at a much younger age. And now because of the unaffordability crisis, uh we have people actually delaying family formation because they're not able to afford a home and even start a family. How did this happen, Darl? if you had to sum it up. >> Yeah. Yeah. Well, obviously you had uh globalization that contributed to it. Uh and many jobs were sent overseas and in that same token, you know, uh wages have not kept up with inflation and the loss of the purchasing power of the dollar. And so, you know, you have all those dynamics and and currently, you know, we have some different situations where people are living longer. Uh so uh the wealth you know that the baby boomer gen generation has you know uh we keep hearing about the word uh wealth transfer but you know when you think about it okay well now people are living to their 90 80 90 right and so um you know so that wealth is still you know tied up in a lot of ways and so you know those are some of the things that I think are are are happening and how it compares to now >> I wonder if we're ever going to go back to those days I don't know comment below what do you think is going to happen to the future of uh American society. And always as always, thank you for watching. Where can we follow you, Darl? >> Yes, you can follow me on X at Money Levels Plural Show. Money Level Show and then also you can check us out on YouTube at Vick Media, V R I C Media, and that's where we're doing interviews such as interviewing uh you yourself, David Lynn. So, I hope to have you back on the show, too. >> Right. All right. Thank you very much. Appreciate it. Daryl was a lot of fun. And thank you for watching. Don't forget to like, subscribe, follow Daryl. Comments down in the description down below.