We devote today's podcast to discussing ongoing developments in gold and silver markets and why we are now witnessing precisely what we stated would happen when the West is effectively drained of gold and silver. This however doesn't yet mean that it is definitively game over for the Western paper markets. The next few months will determine if that is indeed the case, but this is a clear indication of what will eventually morph into a situation whereby true price discovery in the Western spot and futures markets will prevail. Given this is a single subject there will be no timestamps today.