Glenn Jessome 5.0 4 ideas

"The US came out and they said wow we're making silver for the first time ever a critical mineral... for the economic protection of the United States and for the strategic defense." plus "They don't care about the input [cost] because they're building something this big." Demand for silver is becoming price-inelastic. Tech giants (AI/EVs) and the Defense sector (missiles) require silver regardless of price. If supply is shrinking (mines closing) and demand is strategic/mandatory, the price floor moves significantly higher. Long Physical Silver via ETFs. Industrial recession reducing tech demand; substitution of silver in solar panels.

Mentions "Pan-American" as a big producer and notes "Orla's permit... in 2019" was the last surface mine approved before Silver Tiger. He notes peers trade at "1 times NPV." In an $83 silver environment, established producers like Pan American Silver (PAAS) are generating massive free cash flow immediately, without the construction risk of a developer. Orla (ORLA) serves as a precedent for successful permitting in the region. These are the "safe" ways to play the thesis. Long major producers with exposure to Mexico. Mexican government policy changes (taxation/nationalization); labor disputes.

"JP Morgan put $8 billion... into a joint venture... and they're going to build that smelter in Tennessee." This is a "follow the smart money" signal. If JPM is partnering with the Department of Defense to build domestic refining capacity, they anticipate a long-term structural shift in silver/critical mineral logistics away from China. This validates the macro thesis for the sector. Watch JPM for increased involvement in physical commodities trading and infrastructure. Regulatory hurdles for new industrial projects in the US.