"El oro la inversión del año: es el gran ganador de los aranceles de Trump". López Milán
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[{'start': '0.040', 'end': '5.359', 'text': 'I want to see opportunities,'}, {'start': '2.520', 'end': '6.919', 'text': "future trends.  Let's say hello to Francisco"}, {'start': '5.359', 'end': '8.679', 'text': 'Javier López Milano, from Silvergol.'}, {'start': '6.919', 'end': '10.920', 'text': 'Francisco Javier, I hope to spend a'}, {'start': '8.679', 'end': '12.559', 'text': 'little more time with you today.   Sorry.'}, {'start': '10.920', 'end': '14.160', 'text': 'Good afternoon.  Good'}, {'start': '12.559', 'end': '15.679', 'text': 'afternoon.  No, I was saying I hope to have'}, {'start': '14.160', 'end': '16.840', 'text': 'a little more time to talk to you today,'}, {'start': '15.679', 'end': '21.800', 'text': 'since we had to say goodbye to you'}, {'start': '16.840', 'end': '24.240', 'text': "quickly yesterday.  Yes, don't worry.  Eh, la"}, {'start': '21.800', 'end': '26.640', 'text': 'la eh the breaking news is what'}, {'start': '24.240', 'end': '28.000', 'text': 'always rules.  Well,'}, {'start': '26.640', 'end': '29.759', 'text': "let's talk about gold.  How are safe"}, {'start': '28.000', 'end': '32.079', 'text': 'havens faring in an environment marked by'}, {'start': '29.759', 'end': '34.040', 'text': "high volatility?  Well, we've"}, {'start': '32.079', 'end': '36.320', 'text': 'also seen days where we saw an'}, {'start': '34.040', 'end': '37.800', 'text': 'absolute debacle in all markets,'}, {'start': '36.320', 'end': '39.440', 'text': 'except gold.  I understand that this'}, {'start': '37.800', 'end': '41.200', 'text': 'trend will logically continue'}, {'start': '39.440', 'end': '43.000', 'text': "because it is the reason for gold's existence."}, {'start': '41.200', 'end': '45.719', 'text': 'Indeed, gold will continue to'}, {'start': '43.000', 'end': '47.840', 'text': 'maintain its historic role as a'}, {'start': '45.719', 'end': '49.760', 'text': 'safe haven asset, because'}, {'start': '47.840', 'end': '52.320', 'text': "what we're really seeing right now, with so much"}, {'start': '49.760', 'end': '55.120', 'text': 'volatility and so much uncertainty, is'}, {'start': '52.320', 'end': '56.359', 'text': 'because, technically, we'}, {'start': '55.120', 'end': '57.840', 'text': 'know that gold has no'}, {'start': '56.359', 'end': '60.280', 'text': "counterparty risk, that it doesn't depend on whether"}, {'start': '57.840', 'end': '62.480', 'text': "someone fulfills or doesn't fulfill a contract,"}, {'start': '60.280', 'end': '64.519', 'text': 'nor does it depend directly on the'}, {'start': '62.480', 'end': '66.600', 'text': 'stability or lack thereof of the financial system.'}, {'start': '64.519', 'end': '69.400', 'text': "We're seeing that"}, {'start': '66.600', 'end': '71.479', 'text': 'absolutely nothing has changed regarding the'}, {'start': '69.400', 'end': '73.520', 'text': 'issue of inflation.  high,'}, {'start': '71.479', 'end': '75.119', 'text': 'geopolitical tensions.  We are seeing'}, {'start': '73.520', 'end': '77.479', 'text': 'that conflicts do not end no matter'}, {'start': '75.119', 'end': '79.799', 'text': 'how much they try.  eh,'}, {'start': '77.479', 'end': '81.560', 'text': 'new disputes are being created and really the'}, {'start': '79.799', 'end': '84.119', 'text': 'uncertainty about these'}, {'start': '81.560', 'end': '87.439', 'text': 'monetary policies eh of the large economies,'}, {'start': '84.119', 'end': '89.159', 'text': 'the fight that is going on, gold can and should be'}, {'start': '87.439', 'end': '90.320', 'text': 'revalued because what'}, {'start': '89.159', 'end': '92.439', 'text': 'investors really seek is'}, {'start': '90.320', 'end': '94.399', 'text': 'peace of mind, they seek'}, {'start': '92.439', 'end': '96.560', 'text': 'tangible assets that are not affected by'}, {'start': '94.399', 'end': '97.840', 'text': 'central bank decisions and from'}, {'start': '96.560', 'end': '99.399', 'text': 'the point of view of supply and'}, {'start': '97.840', 'end': '101.399', 'text': 'demand, gold has a very'}, {'start': '99.399', 'end': '103.119', 'text': 'liquid market, which facilitates access'}, {'start': '101.399', 'end': '105.680', 'text': 'to everyone.  I think these are'}, {'start': '103.119', 'end': '108.560', 'text': 'characteristics that will'}, {'start': '105.680', 'end': '110.439', 'text': 'effectively ensure that gold continues'}, {'start': '108.560', 'end': '112.360', 'text': 'to be a safe'}, {'start': '110.439', 'end': '114.200', 'text': 'haven.  More things I want to'}, {'start': '112.360', 'end': '116.000', 'text': 'ask you that go along the same lines,'}, {'start': '114.200', 'end': '119.759', 'text': 'that go in the same direction.'}, {'start': '116.000', 'end': '121.399', 'text': 'Francisco Javier, how are'}, {'start': '119.759', 'end': '122.840', 'text': 'cheating policies affecting the value of gold'}, {'start': '121.399', 'end': '124.920', 'text': 'and what expectations, as I always'}, {'start': '122.840', 'end': '127.479', 'text': 'ask you, will we have'}, {'start': '124.920', 'end': '130.119', 'text': 'regarding its price in the medium to long term?'}, {'start': '127.479', 'end': '132.080', 'text': 'Well, we have already discussed the tariff policy'}, {'start': '130.119', 'end': '134.200', 'text': 'previously. It'}, {'start': '132.080', 'end': '136.440', 'text': 'turns out that these policies that'}, {'start': '134.200', 'end': '139.360', 'text': 'Mr. Trump has promoted during his'}, {'start': '136.440', 'end': '141.440', 'text': "administration, and in particular, let's"}, {'start': '139.360', 'end': '142.640', 'text': 'say the escalation of the threat or the'}, {'start': '141.440', 'end': '144.599', 'text': 'measure of increasing tariffs with'}, {'start': '142.640', 'end': '146.680', 'text': 'respect to other economies, especially'}, {'start': '144.599', 'end': '148.319', 'text': 'against China, against other countries in'}, {'start': '146.680', 'end': '151.280', 'text': 'which we are seeing that they have had to'}, {'start': '148.319', 'end': '153.200', 'text': 'regulate, eh, have had to do, eh, except'}, {'start': '151.280', 'end': '154.560', 'text': 'with China, which says, "Well, I\'ll do more'}, {'start': '153.200', 'end': '156.879', 'text': 'now, you\'ll do more, I\'ll do more, I\'ll do more."  We are'}, {'start': '154.560', 'end': '158.640', 'text': 'reaching a truly'}, {'start': '156.879', 'end': '161.720', 'text': 'significant impact in'}, {'start': '158.640', 'end': '164.080', 'text': 'all markets, and this is obviously'}, {'start': '161.720', 'end': '167.280', 'text': 'creating an extra layer of'}, {'start': '164.080', 'end': '169.599', 'text': 'uncertainty, so we are'}, {'start': '167.280', 'end': '172.720', 'text': 'indirectly or directly seeing that they are'}, {'start': '169.599', 'end': '174.519', 'text': 'seeking that type of refuge, in'}, {'start': '172.720', 'end': '176.760', 'text': 'this case the other one, right?  So,'}, {'start': '174.519', 'end': '177.959', 'text': "under normal conditions, it's"}, {'start': '176.760', 'end': '180.680', 'text': 'usually'}, {'start': '177.959', 'end': '182.640', 'text': 'indirectly positive, meaning'}, {'start': '180.680', 'end': '184.080', 'text': 'tensions generate fear and therefore'}, {'start': '182.640', 'end': '186.680', 'text': 'people seek refuge, which'}, {'start': '184.080', 'end': '189.680', 'text': 'increases demand.  But we'}, {'start': '186.680', 'end': '192.720', 'text': "'re seeing that Trán's policies, I really"}, {'start': '189.680', 'end': '195.280', 'text': "think he doesn't know, or hasn't understood, or"}, {'start': '192.720', 'end': '197.599', 'text': "hasn't properly measured, let's say, how far"}, {'start': '195.280', 'end': '199.159', 'text': "that type of measure can go, and we're"}, {'start': '197.599', 'end': '202.040', 'text': "seeing that he really doesn't know"}, {'start': '199.159', 'end': '204.080', 'text': "where to go. It's my opinion that I really"}, {'start': '202.040', 'end': '205.920', 'text': "think he doesn't know where he's going to go.  And"}, {'start': '204.080', 'end': '208.400', 'text': "so we're going to see adjustments and we're going to"}, {'start': '205.920', 'end': '210.120', 'text': 'see some pretty strange movements and all of'}, {'start': '208.400', 'end': '212.280', 'text': 'this in the medium and long term'}, {'start': '210.120', 'end': '214.360', 'text': 'because the damage has been done and now,'}, {'start': '212.280', 'end': '216.920', 'text': "well, we're in a war, a"}, {'start': '214.360', 'end': '218.799', 'text': 'trade war, and in the end, well, we do'}, {'start': '216.920', 'end': '220.640', 'text': "n't know who's going to be the"}, {'start': '218.799', 'end': '223.439', 'text': 'losers.  There are possibly'}, {'start': '220.640', 'end': '226.000', 'text': 'many sectors that are affected,'}, {'start': '223.439', 'end': '227.959', 'text': 'mainly industry, and'}, {'start': '226.000', 'end': '230.760', 'text': 'especially industrial metals,'}, {'start': '227.959', 'end': '232.480', 'text': 'where they will see an'}, {'start': '230.760', 'end': '234.760', 'text': 'increase in production costs,'}, {'start': '232.480', 'end': '236.959', 'text': 'transportation costs, and'}, {'start': '234.760', 'end': '238.280', 'text': 'access to certain countries.'}, {'start': '236.959', 'end': '240.840', 'text': 'For example, the United States has many'}, {'start': '238.280', 'end': '242.519', 'text': 'problems accessing'}, {'start': '240.840', 'end': '244.959', 'text': 'rare earths.  All this, what is it going to'}, {'start': '242.519', 'end': '248.120', 'text': "do?  Well, well, we're going to"}, {'start': '244.959', 'end': '250.040', 'text': 'see a lot of volatility, a lot of'}, {'start': '248.120', 'end': '252.640', 'text': 'movements like for example the'}, {'start': '250.040', 'end': '254.079', 'text': "corrections that we're seeing today and"}, {'start': '252.640', 'end': '257.720', 'text': "the few days we've been dealing with the"}, {'start': '254.079', 'end': '259.320', 'text': 'gold issue, but really in'}, {'start': '257.720', 'end': '262.360', 'text': "the medium and long term we don't know"}, {'start': '259.320', 'end': '265.000', 'text': 'where the whole part'}, {'start': '262.360', 'end': '267.000', 'text': "of the markets is going to go, let's say, but I do believe we are"}, {'start': '265.000', 'end': '268.840', 'text': 'clear that in the medium and long term all of'}, {'start': '267.000', 'end': '271.199', 'text': 'this is going to favor the price of'}, {'start': '268.840', 'end': '272.680', 'text': 'precious metals.  Speaking of your last'}, {'start': '271.199', 'end': '274.639', 'text': 'question, Francisco Javier, a'}, {'start': '272.680', 'end': '276.160', 'text': 'balanced portfolio of precious metals'}, {'start': '274.639', 'end': '278.600', 'text': 'aside from gold, which is always our'}, {'start': '276.160', 'end': '280.520', 'text': 'focus, but we also have a'}, {'start': '278.600', 'end': '282.520', 'text': 'number of assets that are important and'}, {'start': '280.520', 'end': '284.000', 'text': 'offer opportunities.'}, {'start': '282.520', 'end': '284.960', 'text': 'Correct.  The industrial metals that we'}, {'start': '284.000', 'end': '288.160', 'text': "'re seeing are highly"}, {'start': '284.960', 'end': '290.560', 'text': 'volatile and that are indeed, eh,'}, {'start': '288.160', 'end': '292.759', 'text': 'can represent an important'}, {'start': '290.560', 'end': '294.759', 'text': 'opportunity in the medium and'}, {'start': '292.759', 'end': '297.080', 'text': 'long term.  a rebalanced portfolio,'}, {'start': '294.759', 'end': '299.280', 'text': 'since we continue to maintain that a'}, {'start': '297.080', 'end': '303.720', 'text': 'portfolio for ours for, in my'}, {'start': '299.280', 'end': '307.160', 'text': 'opinion, 40%, 40%, 20%, 40% gold, 40% silver, and 20%'}, {'start': '303.720', 'end': '310.400', 'text': 'platinum and palladium.  Palladium'}, {'start': '307.160', 'end': '312.000', 'text': 'could be a surprise this year. Silver is very'}, {'start': '310.400', 'end': '314.080', 'text': 'undervalued, so it could also'}, {'start': '312.000', 'end': '316.320', 'text': 'offer many opportunities. But we always'}, {'start': '314.080', 'end': '319.160', 'text': 'repeat that caution is key, because if'}, {'start': '316.320', 'end': '322.120', 'text': 'we look for something very short-term, we'}, {'start': '319.160', 'end': '325.479', 'text': 'could stumble a few times.'}, {'start': '322.120', 'end': '327.199', 'text': 'And if we approach it as something'}, {'start': '325.479', 'end': '329.319', 'text': 'medium- to long-term, I think that'}, {'start': '327.199', 'end': '331.800', 'text': 'type of portfolio could really bring us a lot of'}, {'start': '329.319', 'end': '334.840', 'text': 'joy.'}, {'start': '331.800', 'end': '337.479', 'text': 'Well, Francisco Javier López Milán, CEO of'}, {'start': '334.840', 'end': '340.520', 'text': 'Silver Gool.  Thank you for joining us.'}, {'start': '337.479', 'end': '340.520', 'text': 'Thanks to you.'}]