Our gold companies earning a lot of money right now. Absolutely. The margins are as fantastic as I've ever seen in my career. Is that a warning sign that the price is too high and maybe costs will catch up or are prices of gold still too low and they'll go higher from here...

Gold has preserved its purchasing power for some items... So I think you've got to look at these different metrics to decide where the price is itself... but actually the trend is probably your friend in this environment... If we are going in this trend, then where could it go to from here? It could go a lot higher if we're actually repricing paper currency relative to real assets...

I'm actually excited by the profitability of the underlying companies... these companies are earning enormous margins... They've never been cheaper than they are right now... prices are now starting to be upgraded... long-term pricing should be 2800-3000... a massive discount to the forward curve...

I think what's happening is bigger than a cycle... since the 1950s, the overprinting of paper currency and growing social volatility... Eventually these things get to tipping points and when you get to a tipping point, things change...