David Morgan – Platinum, Palladium, or Rhodium

David Morgan of the Morgan Report sits downs with Maurice Jackson of Proven and Probable to discuss anomalies currently in the Precious Metals sector.  Specifically, we will be discussing Platinum, Palladium, and Rhodium.  David will uncover the supply and demand fundamentals on mining, cost of production, utility, and ratios.  Speculators will find some unique opportunities that these anomalies are creating.  In addition, Mr. Morgan will address his thoughts on crypto-currencies.  Are they the future or just another doomed currency?  Find out in this comprehensive interview by one of the most respected names in the Natural Resource Space.

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Maurice Jackson:

Welcome to Proven and Probable, where we focus on metals, mining and more. I’m your host, Maurice Jackson. Joining us for a conversation, is one of the world’s most respected names in the natural resource space, David Morgan, of The Morgan Report. Mr. Morgan, welcome to the show.

David Morgan:

Maurice, thanks for having me. It’s always to fun to have a conversation with you. Thanks for inviting me.

Maurice Jackson:

David, you and I were discussing offline, some very interesting anomalies that are occurring at the moment in precious metals. Interestingly, these anomalies are going on beyond gold and silver, and are in platinum, palladium and rhodium. Let’s begin with platinum and palladium. Put this into some type of perspective for listeners. How rare are these metals, compared to gold and silver?

David Morgan:

Well, both platinum and palladium basically have the same mining profile, which means there is, on any annual basis, there’s about an equal amount of platinum and palladium dug up out of the ground. That, I was mistaken, if you look at the internet only, there’s a lot of misinformation, so of course I went out and bought the best studies on the PGMs, both Johnson Matthey and CPM. And looking at the mining data, they’re basically mined at about the same level. And that level is 15 times rarer than gold. So it’s not 10% of the gold market, it’s not one-tenth, it’s 15 times rarer. So they’re very, very rare metals.

 

You know, you often hear about the gold market and all the above-ground gold, which fit into this magic cube, or three Olympic-sized swimming pools. All the world’s platinum would fit into your living room. That’s how rare it is.

Maurice Jackson:

You know, I often share with subscribers that just because something is rare, doesn’t mean that it is valuable. You must consider utility. Can you share the utility these metals provide?

David Morgan:

Yes. First I’ll back up and read into your question slightly, that if you look at platinum and palladium from a classic monetary perspective, being fungible, being divisible, being rare, being scarce, and all those things, they do qualify as money. But they aren’t treated as such. And this comes to your question, what’s the utility value?

 

Really, the utility value of both those metals is in industry only. I mean, there’s some jewelry demand in platinum, very slight jewelry demand in palladium, but mostly it’s catalytic converters, catalysts for the automobile industry, for both those metals, and some other industrial uses that are very slight. So basically, it’s auto catalysts and jewelry. And that pertains mostly to platinum over palladium.

 

So if there is a switch to EVs, for example, electronic vehicles, the demand for getting pollution out of the internal combustion engine cycle, by using platinum and palladium … and by the way, palladium is used in gas engines and platinum is used in diesel engines, and that’s one of the reasons you’re seeing this run more on palladium than you are on platinum.

 

But regardless, if we did a thought experiment and went three years out or 10 years out … I don’t care, it’s just a though experiment … 10 years out, and we see the EV market is 60% of the market, and the other 40% are internal combustion engines, you would have a lot less demand for both those metals.

Maurice Jackson:

Which ties into my next question, how about the supply and demand fundamentals?

David Morgan:

Well right now they’re both kind of on the edge, meaning that there is some above-ground supply, it’s very tight, extremely small markets, but basically, again, the demand is by industry, and then there’s the margin, the speculators.

 

So if the speculators see that there is a tightness in the market, fund managers, family offices, whatever, can see a momentum play or whatever, do their own analytical work and determine that it looks like palladium is the way to go, there’s a great spread trade going on, let’s short platinum, let’s go long palladium, and let’s see how far we can go, those kind of scenarios. And of course there are ETFs that are physical, so that can be played as well.

 

Those kind of scenarios are just kind of first in, first out, which means that if you’re doing that game at such a small market, you want to be the guy that’s in fairly early, and the guy that’s out fairly early, because you don’t want to wait too long, because the market’s so thin, that you don’t want to be the last one buying, and then there’s no one to sell to. And there’s a kind of a good analogy for how these markets actually work.

Maurice Jackson:

Now David, what is the cost of production for platinum, and where is it mined?

David Morgan:

First of all, these are PGM, platinum group metals. So they basically come in not a platinum mine or a palladium mine or a rhodium mine or iridium mine, these are platinum group metals. So for instance, over in the Stillwater mine in Montana, a couple states over from me, I mean, if you dig out and refine it, what you get is PGMs. You get platinum group metals. So you get platinum, you get palladium, you get iridium. So that’s how it plays.

 

Now if you look at South Africa, which where primarily, the platinum comes from, you’re in a location that’s got political uncertainty, and almost more so by the day. And there’s not many place that you can mine it. So primarily, the platinum comes from South Africa, and from Russia. The Norilsk nickel mine is a very good PGM producer. So those are basically your two. Both jurisdictions pose some problems, relative to the West, and that’s a fact.

 

I think you had another question in there, but that’s the gist of it. If I didn’t answer it fully, just re-ask the question.

Maurice Jackson:

Sure. Well I was just concerned about the cost of production. I believe last time I checked, platinum was 1,700, or has that number changed?

David Morgan:

No, that’s right. No, it’s still around that number. I mean, you can tweak the numbers because of labor costs and on and on, but I mean, for round number, rule of thumb, platinum is selling under the cost of production right now. Of course, that’s a problem, because the platinum mines in South Africa are extremely deep, it’s very unreasonable conditions. It’s just nature, but there’s huge fans going, you got a big air conditioning bill to worry about, you can only work the workers like a half hour at a time, or else they’re gonna exhaust. It’s a really tough, tough business for these South African mines.

 

And yeah, 1,700 is roughly a good rule of thumb. Someone could come in and look at Anglo Plats or somebody, and say, “Well David, it’s $1,527.26 or something,” I don’t care. The idea is that we’re actually under the cost. If you want to be a platinum miner, the best way to do it is to buy physical platinum right now and store it, because you’re actually doing better than all the problems that are entailed when you mine anywhere in the world, let alone South Africa.

Maurice Jackson:

Now is this also germane to palladium? What’s the cost of production there?

David Morgan:

Well, they’re pretty much tied together, as they’re again … I mean there are mines like Montana’s primarily a palladium mine. The PGMs come out, but you’re getting more palladium per scoop than you are platinum. But I’d say roughly the same. I haven’t done the analysis to break it down, so I’ll just have to rely on the fact that they’re mined together in most places, and that it’s probably a bit less, because most of the palladium is outside of South Africa. A lot comes from South Africa.

 

What I’m trying to say is between Norilsk and Stillwater, you’re probably getting a fairly significant amount of palladium, whereas not as much platinum. So dominance is in South Africa and Russia for platinum. Dominance is probably between Russia and the US for palladium.

Maurice Jackson:

Now is there any reason in particular, that The Morgan Report has identified, why palladium is priced higher than platinum.

David Morgan:

Well they did a white paper several years ago. We looked at it, and I didn’t do a spread trade, but I was very bullish palladium over platinum. And one was that it was a cheaper metal at the time, and yet served the same utility. So if you can hire a maid to clean your house, and the one that you have currently is costing you $25 an hour, and you can find one that’s just as good for $15 an hour, I think you’re gonna make the switch. And we saw that. So this is what took place in the auto catalyst market.

 

And then, there’s always that little bit of what else can it do. Are there gonna be new uses, new utility values found, especially with the rare earth element situation, meaning that with all these exotics that are used in cell phones as one example, there’s always the potential for these elements to be utilized at small quantities in high volume.

 

So we looked at that, and said we really favor palladium over platinum. And that, of course, has come true. And many members of The Morgan Report, I put them in contact with the physical dealer that I actually use for my palladium purchases. I use a couple, but one in particular, and a fair amount of members decided they wanted to have a palladium position. This is certainly the top tier. In other words, I would never recommend anybody buy any palladium or platinum, unless they’ve already got a good base in gold and silver. And for most people, that’s all they need. But if you want to go out in exotics, those are two that you can, and sometimes it makes sense.

 

So we basically called that one early. But I’d rather be early than late, and certainly, full disclosure, I actually have sold off, very recently, part of my palladium position.

Maurice Jackson:

That was gonna be a question I was gonna ask here coming up, but let me ask you this as well then. Currently, the ratio is nearly one-to-one with platinum and palladium, but what has it been historically?

David Morgan:

It Palladium, as we just mentioned, sells above the cost of platinum, so it’s gone from roughly ten-to-one to one-to-one. The average would be about five-to-one. I haven’t done an arithmetic mean, to do the mean average, what it would be. But if I just did it in my head, looking at the charts, it’s probably about three-to-one.

 

So obviously, a good long-term trade might be … I’m not gonna say it is, it could be to do the reverse, go long platinum and short palladium. I don’t think you’ll see this discrepancy forever, but who knows? I mean, the markets know more than anyone. I’m very glad I had an extremely modest platinum position, and a rather aggressive palladium position. I’ll tell you that.

Maurice Jackson:

Well I have to share with you as well, and for all of our listeners, we are subscribers to The Morgan Report, and I can recall yourself and David Smith referring to the merits of palladium years ago. So thank you.

David Morgan:

You’re welcome.

Maurice Jackson:

Now switching onto an even smaller market, let’s discuss rhodium. How big is the market, compared to platinum and palladium?

David Morgan:

Well I’ll compare it to gold. The rhodium market is so teeny, it’s about 1% of the gold market. So if platinum and palladium are 15 times rarer than gold, if it was 10%, and it’s even less than that … looking at extremely small market stuff, we go back to the all the platinum that’s ever been mined in the world would fit, in one cube, not bars stacked against each other, in one physical cube, would probably fit in your living room, the amount of rhodium would fit in the corner. I mean, it’s really, really rare.

Maurice Jackson:

Now can you share the utility that rhodium provides?

David Morgan:

Yeah, again, it’s industrial, primarily. You’re looking also at auto catalysts, and you’re looking at LCDs, liquid crystal displays, and other glass products that are used with rhodium. So that’s the primary purposes of that metal. There are others, but those aren’t really worth mentioning. Those are the two primary purposes.

Maurice Jackson:

And what about the cost of production, and where is it mined? I know we’ve kind of covered that the PGMs come together, but where is it predominantly coming from?

David Morgan:

I don’t know, I really don’t know predominantly. I mean, predominantly, probably from the biggest PGM mine in the world, I mean Norilsk, Stillwater and South Africa again. Which one of those places is it more prevalent in the PGM mix? I don’t know, but that’s where it comes from.

 

As far as the cost production, it’s used as a credit. It’s such a small thing. I mean, I could probably work backwards and figure out what the actual cost is, I’m not gonna bother. It’s like silver, for example, although many people might get upset by hearing this. But most people listen to your show, Maurice, or me, understand this.

 

But let’s take a large conglomerate like Rio Tinto. They’ve got a massive silver production, but compared to what they get in lead, silver is just a by-product that they use as a credit. So they might mine … I don’t know, I’m gonna make up a number, but 200 million worth of lead, and only one-fifteenth of that, let’s say, in silver. They don’t even look at the cost of silver, they just look at it as a lead by-product, and take that to the balance sheet and subtract it. Same thing happens to rhodium.

 

So that’s the way it’s done. As far as what’s the cost, I really don’t know. I mean, I could stab at it, but I don’t need some troll to tell me I’m wrong. If someone figures it out, they can put it in the comments section.

Maurice Jackson:

Certainly. Now rhodium is up 50% in the last 60 days, if I’m not mistaken. Is there a supply crunch, or some huge demand that just came out on the market that we don’t know about?

David Morgan:

None to my knowledge. If it’s there, I don’t know about it either. What I’d say is that usually these momentum plays in these small markets, there are small hedge funds, and they play the momentum game. If they see palladium moving, they might be first in on rhodium, and then call their buddies, or have some of their friends write a positive article on why rhodium’s going back to 10,000, blah, blah, blah, blah, and ride that wave.

 

I mean, if you listen to Jim Cramer, I mean he talked about when he was running a fund … and especially do it on the short side, these guys are notorious for putting out what I’ll call fake news on different companies, to get the stock price down. It works both directions, but primarily on the short side. So that’s my guess. I think it’s a good guess from my experience. But it doesn’t guarantee I’m right. If there is a new use or something, I’m not aware of it.

Maurice Jackson:

Now you mentioned $10,000. Rhodium was $10,000 less than 10 years ago. Do you see rhodium cooling off, or remaining on this path?

David Morgan:

I think it’s gonna go right along with the other PGMs, I think it’s gonna cool off. I think the thousand-dollar print that we saw on palladium a while back, I mean just a few days ago, pretty close to where I offed some, could be it. Could be wrong, maybe it’s going to 2,000, I don’t know. If I’m wrong, I’m not upset by saying I’m wrong, and getting right back in and riding it for another thousand dollars, but I don’t think that’s the case.

 

I don’t like the way the COTs are looking on the gold side especially right now, and I don’t like the market action, so I think that we’re probably more likely to go sideways to down, than we are to go up right now. And since the PGMs do go to their own drummer somewhat, I mean I was very happy to have a palladium position while gold and silver were kind of just aimlessly floating sideways to down, and with a nice year in 2016 that sold off toward the end of the year. Regardless, it’s nice to hold something in the precious metals group that continued to make gains.

 

But I think we’re about there for now. I don’t think we’re going a lot higher.

Maurice Jackson:

Alright. Now David, off the subject of precious metals, can you give us your thoughts on crypto-currencies?

David Morgan:

Well again, I’m still neutral. I think from a philosophical perspective, they’re very important. I mean, if you go back to the late, great Michael Ruppert, and I’ve quoted him before, and I don’t think he really gets enough attention, but that’s my personal view. But he says, “Unless we change the way money works, we haven’t changed anything.”

 

The thing about the cryptos is it’s an attempt to change the way money works. Instead of being centralized power by the banking elite that controls governments through the money power, you now have a free market money in the true sense of the word, and an alternative that’s outside the banking system, per se.

 

Now where I have a hangup, and haven’t studied it enough, I’m gonna comment basically on opinion, not on fact, is I’m not convinced, to this day, that these cryptos are truly outside of the system. And even if they are, I have some concern that they could be usurped by the government authorities. But what we really do want, is what Michael Ruppert said, we want money that works differently than it has in the past. Which means that you take the money power away from the banking elite that control basically everything from the top down, through the power of money. Which means governments in and of themselves, and the governments control the military.

 

So banks are controlling basically industry, and that controls basically the government, at all levels, I’m talking about on a global basis, and then you’ve got everything down from there, and you’ve got the citizenry looking up to their authoritarian situation, being a quote unquote democracy or a dictatorship or what have you, doesn’t really matter, the bankers don’t care, they’ve said so publicly, doesn’t matter to them, as long as they have control of the currency.

 

So we gotta change that. Does the blockchain enable to that to place? And is it’s a yes, in theory, it does. In practicality, have we or have we not remains, in my view, to be determined. But I’m certainly very, very much in line with the philosophy of it. Again, my concern being that, can we really establish that, and if we establish it, will we be able to maintain it. Does that make sense?

Maurice Jackson:

It certainly does. Now Bitcoin is the most discussed and lauded cryptocurrency. Do you think it’s overvalued right now?

David Morgan:

I don’t know. I mean, when I gave that speech on it at the writer’s conference up in Vancouver, and it already had done a very strong parabolic move, based on the volume, I said it still had a lot longer to go. I’m gonna stab at numbers, you can look it up, again, trolls can hit me up hard, I’m not gonna bother right now looking it up, I’ve got too much on my desktop, but I think it might have been around 2,000 or so, and we’ve already hit five. So that’s like two and a half times. And I don’t know how high it’s gonna go.

 

Is it overvalued or not? I’d say the market knows more than me on that. You’ve seen these wild projections, 25,000 or even a million. I don’t know, I really don’t. Again, it depends on the market. I think that as this market starts to mature, which it’s still just beyond infancy, I mean the idea is there, and it’s starting to be acknowledged by some of the general public, it’s just barely touching the fringes of the general public’s awareness.

 

There will be some competitors that are as good as, or perhaps even better. So that may take some of the power away from Bitcoin, but I don’t know. If I look at it on a technical basis only, on that speech I gave months ago, and from what I know of markets, I’d say 10,000 is certainly not out of the question. And could it go up from there? Of course it can, but I just don’t have anything more to offer than that, Maurice.

Maurice Jackson:

Well you know, the virtues I like about cryptocurrencies, although I don’t own any of them, is that they are decentralized. But here’s a question I have for you. Due to the fact that they are currencies, and not money, do you believe that history will repeat itself, and cryptocurrencies will go to a value of zero?

David Morgan:

Wow, that’s a great question. Boy … that’s a good one to throw at me, because one of the basic tenets that I’ve used for years, is that all unbacked currencies eventually find their intrinsic value of zero, or near zero. I mean, they don’t always go to absolute zero, but they get to a point where the market rejects them. I mean that’s happened in Zimbabwe, and it’s happened to many others. It’s in our book, The Silver Manifesto goes into … I think there’s like 30 of them since 1990.

 

But most people aren’t aware of them, and you don’t even hear it on the mainstream financial press, no one really gets on MSNBC or FOX or The Business Channel and says, “Oh, by the way, another currency failure, because it’s unbacked, took place today in blah, blah, blah land.” You don’t hear that. But it does, it happens.

 

Will it happen in the cryptos? I’m stalling. I’m trying to think as I speak. I’d say philosophically, yes. I mean some of these are just basically scams or frauds, so they’re definitely going to go there. On its own merit, I don’t know, I’m gonna reserve judgment on that, I’m gonna waffle a bit and dance around a bit. I don’t know. I’m gonna say to be determined.

 

As we’ve talked about on, I think the show before, maybe the one before that, there’s two basic ideas of money. I mean, you can have hundreds, but the basic two ideas are one, it’s specie, it’s something tangible, of intrinsic value. And people say, “Well, gold doesn’t have intrinsic value.” Yes it does. It takes labor and energy to dig it, find it, refine it, and stamp it into a coin. That’s labor and energy, so it has intrinsic value. Now you might not agree with the price, but you can’t argue it doesn’t have intrinsic value. That’s ridiculous.

 

So you have specie money, or you have a legal fiction, that some authority figure tells you is money, or a contractual basis that enough people say, you know, I don’t like government money, we’re gonna have Bitcoin instead. And people vote, and say, “Yep, that’s the money of choice.” And that’s fine, I’m all for that. So basically, they compete against each other over time, and one wins out. And what’s happened in all of recorded history so far, is the one that’s a legal fiction dies, and the one that’s intrinsic value re-manifests as the money of choice.

 

Of course there’s a possibility of blending them this time, which some are for and some are against. I’m actually for it, myself, but that’s my opinion. The market will determine whether or not it’s a good idea.

Maurice Jackson:

Fair enough answer. Alright. We’ve referenced your work, but can you please share with us, what is The Morgan Report?

David Morgan:

Well, we look at … I used to have the stub set, money, mining and metals. And that’s a good analysis of kind of a top view. I mean, we look at all the elements. So if you want to know how to invest in cobalt, how to invest in lithium, how to invest in vanadium, how to invest in palladium, all those type of things. You know, the rare earth elements, the energy metals, the battery metals, that type of thing. The Morgan Report covers all of that. The only thing we really don’t touch on very often is the energy sector, like oil, gas and coal, although we look at coal from time to time.

So anything to do with a mineral, we cover it. And most of the time, a lot of these situations, the best way to get exposure is through the stock market. I mean, to invest in cobalt or lithium, for an example, is pretty hard. There’s no real lithium dealer on your street corner, you can go down and buy physical lithium from. So the problem with those type of situations that there is a lot of situations that are really of very low value or merit. In fact, in my view, there’s probably one, maybe two lithium companies worth investing in. Same thing with cobalt. So we save people a lot of time and energy.

 

Now, you know people, the trolls will come and say, “I bought X, Y, Z lithium, and it went from five cents to 50 cents, and I made a ten bagger, and Morgan doesn’t know what he’s talking about.” Well I’m not gonna argue a fact. If you made a ten bagger on a lithium company that has no lithium in any way, shape or form, good for you. But that’s not the way how I analyze markets. I analyze markets from a truthful standpoint.

 

Remember, one of the sayings I’ve started to use more and more is, there’s nothing more powerful than the truth. And the truth is that there’s a very small amount of viable companies in the mining sector. And there’s a whole lot of penny stocks. Remember, cheap stocks are cheap for a reason. I’m not saying that all cheap stocks are bad deals. I have one in our portfolio, and you’re well aware of it. In fact, more than one.

 

But those are speculations. We say, you bet money on those stocks, you can only afford to lose. So I play the game right, but mostly powerful money goes into powerful companies, that you’re almost guaranteed of doing well, if you pick the right one. So that’s kind of how we look at the markets.

 

I want to look at it from a longer term viewpoint, where we’re really looking for value, we’re not looking for the latest, greatest phase or fad. We’re looking more for a long-term investor perspective, that you can buy this. And some cases, in some of these royalty companies, that we were early on, I mean these are legacy stocks, these stocks you can probably pass on through a trust to your family, for a very long time. That’s investing.

 

Speculating is something else, and of course we do both. And that’s why I do the videos, Maurice, as you know, because when you’re looking at something as volatile as say, the palladium market, you want to be a little bit more careful of how you play that market, versus what you might do with let’s say, a well established gold or precious metals royalty company. So they’re different animals, and you have to treat them that way, differently.

Maurice Jackson:

I know, for someone listening right now, they want to know about these legacy companies. So how do they become a subscriber?

David Morgan:

Well, I think the best way is a two-step process. Just go to themorganreport.com, they’ll get a free email, get on a free email list. They’ll get good information from me every week, on the weekend. And then we do some advertising to just keep us paying everybody. But The Morgan Report itself, there’s a subscribe now button on the main website, and you have nothing to lose.

 

I mean, basically you can take a subscription, look at everything, it’s way too much to describe. You’ve seen the inside of the website, we have all these special reports that we’ve done, and of course all the back issues and the videos that I do, two or three a month. Regardless, all that information, you can try it out for like 30 days by law, we extend that to two months. And if it’s not to your liking, let us know, full refund. So you have nothing to lose.

 

It’s above and beyond what most do in this industry. Most focus on these cheap stocks, again, that are cheap for a reason, and tout the fact that if you buy this 12-cent stock, it’s going to the moon, you’re gonna get rich. And that game has been played for the 40 years I’ve been in the industry.

 

I mean, the whole industry is basically based upon that idea that if you buy this penny stock, it’s gonna go to the moon, and junior mining’s the way to go, and junior, junior, junior, junior, junior. There are some junior stocks that go. It’s about one in 4,000. I have a better track record than anybody in the industry for picking juniors that actually became minds, and I’m not a geologist, so how did I do that?

 

So there’s a lot to consider. But if you want to play the gambling game, certainly almost every newsletter out there, with the exception of a few, deal in that realm. There’s one gentleman that does analysis similar to mine, but his subscription price is three times the cost of ours, and they only do about 10 stocks, whereas we do many more than that in the form of portfolio … we do about 10/10/10, 10 in the top tier, 10 in the mid tier, and 10 in the speculations, so you have 30, instead of just 10.

 

And then we do what we call honorable mentions, which we’ve just done a great analysis on 19 silver companies. So anyone that was in the silver space that wants to know how their company stacks up, could get that report and look, and they see what the enterprise value is, what the projections are, what the sensitivity analysis is. “How sensitive is my stock to the silver price? Oh my goodness, my stock is much less sensitive than these other five companies.”

 

You might decide, “You know, I think I’d rather sell this stock that I love, that heard this and this about from this other guy, and buy one of these, because it’s far more leveraged to the price of silver than the company I’m currently holding.” I mean, that’s the kind of information that you want if you’re serious. And that’s the kind of information we provide for serious investors in the resource sector.

 

And I say resource sector, because The Morgan Report covers just about anything in the resource sector. Although we spend most of our time in the precious metals side, we certainly look at everything. I mean, I was the first to recommend cobalt, back at Formation Minerals, before it changed its name with Mari-Ann Green. I was first on the rare earth elements space, before that became the greatest thing to do, and that lasted for a few years, and then of course it’s cooled off considerably.

 

Anyway, we stay on top of the resource sector.

Maurice Jackson:

And for our subscribers, we have been proud subscribers to The Morgan Report since 2010, 2009. The information, as you just alluded to, David, is just value-rich. Now, speaking of value-rich, you, along with Chris Marchese, wrote a must-have book for our subscribers, entitled, The Silver Manifesto. Give us a brief narrative.

David Morgan:

Well I think you can go to Amazon and look at the reviews and read those. I think that’d be a better sales pitch than me telling you it’s great, since Chris and I wrote it. I would go to amazon.com, look up The Silver Manifesto, and read. I’d also say that, for those that are do-it-yourselfers, what I just outlined about how to pick a mining company, we gave you a whole chapter on how to do it.

 

Like I said, nothing more powerful than the truth. We truthfully teach you, in that book, how to do the analysis that we do. And certainly there’s some young, and not so young, bright individuals, male and female, out there, that probably could take that chapter and teach themselves how to do it, and save themselves the cost of The Morgan Report.

 

Others will look at that and say, “Oh my goodness, I had no idea it was this involved, I think I need The Morgan Report.” But it’s there, and it’s probably the best $30. If you’re really interested in this sector, for $30, you’re looking at nine months worth of my work and Chris’s work, going back and forth, and the editing alone cost me almost $4,000 on that book. I had it professionally edited and all that stuff.

 

So that’s where the value is. I mean, if you want to spend the money on The Morgan Report, certainly we’ll accept your money, and we’ll try to do our best to keep you a pleased member of The Morgan Report. But if you just want to get something that’s kind of a classic, and will continue to provide timeless information for you, get the book, $30, that’s really a bargain.

Maurice Jackson:

And for our listeners, I want to emphasize, this is a must-have book. And you will find the link to The Silver Manifesto under our educ

ation tab. Now sir, before we leave here, everyone wants to know, where will you be presenting next?

David Morgan:

Well, I’ll be at the gold show in New Orleans, and that will be the 24th, 25th, 26th of October. So next week, I’ll be in New Orleans. And then I leave for Australia on the 4th of November, I’ll be at the precious metals investment symposium in Melbourne, Australia, as a keynote. And I will be attending the Melbourne Cup, which is kind of the Kentucky Derby of Australia. And then I come back and rest for about a week, and I’ll be at the gold and silver summit in San Francisco, California on the 19th and 20th of November.

 

And then after that, I’ve kind of run out of pages on my calendar, but I know that one of the best shows is always in January, in Vancouver, British Columbia, and that’s sponsored by Cambridge House.

Maurice Jackson:

Well it looks like I’ll be following you. I’ll be actually, finally have the opportunity to meet you at the New Orleans investment conference, here next week. And then I’ll also be in Australia at the same time, conducting a site visit. So unbeknownst to me, you were going to Australia. But last question for you here, what did I forget to ask?

David Morgan:

I don’t think you forgot anything. Maybe, you know, I am a bit philosophical, and some love it, and some hate it, but it’s you asked me for the interview. I just say put money in the proper context. Certainly the money powers have been there for a very long time. But people are questioning a lot of things these days, as they should. “What’s it all about? I made a bunch of money, I’m not any happier.”

 

I think, you put money in the proper perspective of someone’s life. And if you don’t have enough, I understand that. That’s not a great place to be. I mean, I want everyone to be comfortable. I would like to see a more equitable system available for everybody, worldwide, but that’s not our reality. But I also think those that are well enough off ought to look at what they can give back, rather than adding more.

 

And I would say, again, just take a balanced approach to life. I mean, whenever you’re too set in any one direction, usually life has a way of kind of whacking you alongside the head and saying, “Hey wake up. You need to re-evaluate.” Someone that’s, for example, a workaholic, and neglects their kids, I’ll use Steve Jobs as an example, certainly we all admire him, myself included, but you got the pancreatic cancer situation, you look back, you go, “I really didn’t get to spend as much time with my kids as I might have or could have or should have.”

 

That’s something that I would suggest that you consider, what’s important. And really, when you get down to it, you’ve got two major emotions in the human experience, love and fear. And most of us are running on fear almost daily, because, “I don’t have enough money. I’ve got so much, what am I gonna do with it? Am I losing it?” Or in the other realm, “I’m not healthy enough,” or, “I’m too healthy, I’m being fanatical about it,” or on and on. You get these extremes.

 

And what we really need to do is live more in the love, and what I can give, and what I can contribute, and what I can do to make a difference. And of course, as Gandhi said, “Let the change begin with yourself.” So if you look at yourself, and you’re calm and peaceful on the inside, and you can emanate that in your daily life in the presence of others, always and everywhere, wherever you find your circumstances, certainly you are contributing to the betterment of all those around you, believe it or not.

 

So I’ll leave on that philosophical statement, and I’ll let the trolls hit me on that one as hard as they like.

Maurice Jackson:

Well David, I’m smiling from ear to ear. Those are priceless words of wisdom. Last question for you. Can you give us your website one more time?

David Morgan:

Sure. There’s two really. I think if you’re really interested in the resource sector, you should go to my domain, it’s called richesinresources.com, that’s richesinresources.com, and get the 11-page report. And if you’re just focusing on the silver market, go to themorganreport.com and get the silver price forecast for the year, 2017. And I wrote that several months ago, wouldn’t change a word in it. I think it’s gonna prove very accurate for this year.

Maurice Jackson:

And last, but not least, please visit our website, www.provenandprobable.com, where we interview the most respected names in the natural resource space. You may reach us at [email protected] David Morgan, of The Morgan Report, thank you for joining us today, on Proven and Probable.

Proven & Probable

Maurice Jackson

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