“It’s in a very strong, strong phase that we haven’t seen yet,” says Mary Anne. In an interview with Daniela Cambone, the Aden sisters, Mary Anne and Pamela Aden, discuss factors contributing to gold’s potential spike, reaching $24,000 an ounce. The West is waking up to gold as China continues hoarding it. The Aden sisters also noted the diminishing value of the U.S. dollar as inflation remains persistent. “Everyone’s talking about inflation, but we could see something like a recession.” Lastly, the Aden sisters emphasize that owning gold serves not only as a hedge against risks but also as an investment.

CHAPTERS:

00:00 Gold price
7:18 What drives the gold bull?
8:45 Factors driving gold price
13:03 Inflation
15:12 How is this time different?
17:45 Silver
18:56 Why in gold/silver?
20:11 Bitcoin
22:12 U.S. dollar
25:00 Life
28:00 Concluding words

TRANSCRIPT FROM VIDEO:
Daniela Cambone (00:08.252)
Hi, this is Daniela Cambone. Welcome back to the Daniela Cambone show here on ITM Trading. I am absolutely thrilled to be speaking with Mary Anne and Pamela Aden today. They’re considered two of the most influential and well-known investment analysts, writers, and lecturers in the world. I’ve known them for a very long time. I’m sure many of you follow their coveted newsletter, the Aden forecast very closely. Well, now-

I have them in the flesh. Pamela, Mary Anne, so good to see you after such a long time.

Mary Anne & Pamela Aden (00:38.951)
Thank you.

Mary Anne & Pamela Aden (00:44.622)
It’s great to see you. Great to see you and it’s nice to be with you today.

Daniela Cambone (00:47.993)
You both look fabulous. I mean, I follow you on social media and we’ll talk about that later at the end of the interview. But like I said, you guys look great. I know you’re just thriving in Costa Rica. I hear the birds chirping. How is life?

Mary Anne & Pamela Aden (00:55.538)
Thank you.

Mary Anne & Pamela Aden (00:59.539)
Thank you.

Mary Anne & Pamela Aden (01:06.039)
It’s good, it’s very good. Yeah, we have no complaints really.

Daniela Cambone (01:11.3)
Well, definitely no complaints on the gold front. So let’s talk about the gold price because I’ve been covering gold for what? Close to 15 years now. You guys have been covering it way longer than I’ve been covering it. So how are you feeling with gold as we’re speaking at 2375, by the time this airs, we might hit 2400, who knows? How are you feeling?

with these prices that we’ve never seen before. How does it feel to be in gold right now?

Mary Anne & Pamela Aden (01:43.133)
Well, it feels really good. And it’s been building up actually indirectly, the gold price this year, when it started taking off in mid February. But before that, we could feel a reason why it wants to move. It feels like it was ready to jump up. So when we do our analysis, we do every day and we do our indicators, we’re saying, this is gonna be a big leg up in the bull market. This is going to start the beginning

bull market. And indeed it did. And that’s been really exciting for us, because it really did. This is a leg up from 2020, almost 2400 where it is now is, is the is the leg is that we think is the re verification, the bull market’s getting hot. Now, we’re in a strong phase of the bull market. So it’s not going to go back into sleeping mode for a while. We don’t think that’s going to happen. Corrections. Yes, but

Daniela Cambone (02:41.668)
Well, that’s a really good point because, you know, oftentimes I’ll meet people on the street or whatnot and they’re always like, when should I, you know, when’s a good time to get into gold? Or they thought like, they thought 2000 was too high. And that’s exactly the point. Like there’s, you shouldn’t be waiting. Like it’s always a good time to get into gold, correct?

Mary Anne & Pamela Aden (03:04.517)
That’s right. No, it is. And in fact, it sounds crazy because it has ridden so much, but it’s still early in the bull market the way we see it’s going to be a long lasting one, and it’s going much higher. So if, if you have gold, I mean, you could still be averaging in at these higher prices. And for a newcomer, we don’t think it’s too high to get in. So, I mean,

Daniela Cambone (03:31.328)
I appreciate you saying that, especially for the newcomers, because in one of your latest editions of the newsletter, you say, and if this bull market ends up gaining at the same rate as the last two big bulls, gold could end up peaking at the, anywhere between 6,700 and $24,000 levels, or somewhere in that area. Now, if somebody say 24,000, is that crazy?

Mary Anne & Pamela Aden (03:56.209)
No, it sounds totally crazy. And we even know when we write that it sounds crazy. But it’s not because what we did is we took the last.

As you know, gold’s been going up since the late 60s. So it’s one big, big bull market. But within that, there have been two big bulls, you know, with the ups and downs. And the last two bull markets, if you take the percentage gains and apply them to the current bull market, those are the numbers that we come up with. So it has happened before. I mean, the first bull market was the big one

you know, the late $35 an ounce up to $850. But the second bull market, which we call the bulls within the big bull. So the second bull market that started in 2001 and went up until 2011, that one gained 600 and some percent. So that’s the one that if it’s just like that one, it would be $6,700 in the coming year.

current one. So not to say it’s going to repeat exactly the same, but it could. The point is it has a very open upside and we’re going to we should just, I said, buy and hold time for the next few years. We think that this could really get hot. This is the beginning of hot, very start. It’s telling us, yes, it started. And so this is what we’re most excited about.

Daniela Cambone (05:29.624)
Yeah. And don’t you think it’s interesting how, you know, with these price targets, well, when, when we talk about these types of crazy, absurd, you know, huge price targets, like a hundred thousand, 200,000, it’s become a very part of the daily narrative in terms of Bitcoin. So why can’t it, you know, be 24,000, the new norm for gold?

Mary Anne & Pamela Aden (05:50.217)
Yeah.

Mary Anne & Pamela Aden (05:57.369)
Yeah, we agree, that’s a high number. But yeah, no, you’re right. It’s wide open. Right now we just look at it as a wide open great investment and it does what it does for the next few years, but we feel it’s in a very strong, strong phase that we haven’t seen yet. So this is what’s exciting to us, is this stronger phase that started.

Daniela Cambone (06:18.78)
So talk to me a little bit about what you’re seeing, about what’s driving this gold price. What is it for you? Is it the central bank buying? Is it really China, Asia, period, the story? Obviously the crisis in the Middle East, US dollar. What is it for you?

Mary Anne & Pamela Aden (06:33.437)
Well, we’re a starters, of course, the central banks have been the ones keeping gold firm, because they’ve been buying especially China. And then now you added in recent months, the consumer, which is like another central bank, they’re buying too. And that’s been keeping it up. Also, so the West, the West, meaning the US and the other West, as they haven’t really been in the gold price, they haven’t believed in it. And so it’s been a central bank and other people with

in North America really, and Europe. And so, but now you see, hey, wait a minute, they’re looking to, we’re starting to see hedge funds, we’re starting to see a lot of different big companies so starting to think, well, we better start buying some gold. It’s starting to wake up the West and that itself is a big future demand. It’s just starting on this level. So that combined with all the other reasons why gold should rise, like it should have risen sooner,

people will say with Ukraine more with all the tension we’re having but the tension now has really gone up 100% so that of course will keep gold up because it makes people very uncertain very insecure and of course there’s the dead

Daniela Cambone (07:48.568)
A lot of people, oh yeah, well I was going to say a lot of people ask, you know, wouldn’t a rise of this size coincide with a terrible crisis? Does gold need a terrible crisis to hit that next leg?

Mary Anne & Pamela Aden (07:59.561)
Yeah.

Mary Anne & Pamela Aden (08:03.421)
Well, it doesn’t need it, but it usually does coincide. Like, for example, in the 70s, it was massive inflation, and then interest rates ended up going up to 20%, as many may remember. And normally, to get to those super high levels, it could be just massive Chinese citizens buying because their values of their apartments are going down.

They love gold. They’re not into anything else. They’re putting all their extra money in. But then if you go to a crisis, which is very possible, we’ve heard everything from the Third World War.

you know, the blow up of the Middle East, the end of democracy, the end of the Western civilization, as we know it, any of those. The presidential year? Well, yeah, the presidential year and the divisions mainly, not just because it’s a presidential year, but the, you know, the chaos and what all could result from that. So all of those reasons are potential crisis, especially the

very serious because we already have a snowball effect where just the interest on the debt is the second biggest expense that the US government has, and it’s greater than defense spending. And as more money is spent and the debt grows, that interest payment is going to keep growing, and eventually that’s going to create a financial crisis. So not that we wanna see all these things happen

But the thing is, any one of those could scare people to the sense that they want more security and they want to buy gold. Yeah, in fact, just the rise that from zero rates to where they rose in the last year, that scared a lot of people. And what it’s really doing is going from unreal low levels for the last almost 10 years to still a low level, but higher than many people have ever seen in their lives. And they’re scared stiff of that. Now it’s been coming, they’ve been

Mary Anne & Pamela Aden (10:17.883)
coming down but still this is just because the Fed kind of is calming them down but it’s still there’s still an inflation way back there it’s hitting us every month reminding us that it’s growing and then you see all the commodities rising and you see all the prices rising how can we not keep having inflation and so this is the stickler right now is for the Fed and for interest rates because we think that interest rates are on a mega rise from here.

after this whole, this is what’s going on right now, this back and forth of

is it or isn’t it, eventually we think rates are going up, which that really changes a lot of things. And if that changes the stock market, it changes the bond market, it changes, well, mainly it’ll be probably caused from this higher inflation in the background, even though they’ll try and cut it down, but the inflation is really the stickler in this right now. And so this year, but this is going to be affecting all of the markets. And in the end, when we do compare,

Daniela Cambone (11:16.188)
Hmm.

Mary Anne & Pamela Aden (11:23.179)
interest rates and gold, like saying T-bills, which is the ones that have been staying and move with the Fed. They are saying that they tend to move together mainly. It’s amazing if you look at it, we have it in our latest issue. They tend to move together, there’ll be times they don’t. And many times when they move together, like in the 70s, it had a high inflation behind it. So that super high interest rate wasn’t really affecting gold one bit, they just rose together.

And so not to say only that, but they declined together for 20 years from 1980 to 2001. They had this slow decline together and then they rose. So they do move together. Many people don’t quite realize that, but they do. They tend to move together.

Daniela Cambone (12:10.677)
So you think this inflation fight is far from over? I mean, I would agree with that. I mean, who thinks anything is affordable these days?

Mary Anne & Pamela Aden (12:21.985)
Exactly, like it’s sad, but yeah, everything’s so expensive. We see it here down here too. It’s things are just expensive, much more than just two years ago. And we don’t see anything going down in the real world, like the basic materials that cause you to have to raise your price and your production. Like all these things are rising, the resource sector is rising, you have higher steel, higher copper, all the building materials are more

Mary Anne & Pamela Aden (12:51.939)
just gold. We’re seeing all the whole commodity sector pricing and that is what affects inflation.

Daniela Cambone (12:59.216)
So you’re feeling it in Costa Rica as well. You see it at the grocery store. Tell me a little bit about that. I just find it fascinating since you both live there.

Mary Anne & Pamela Aden (13:08.16)
Yeah, well, what happened here was weird.

Daniela Cambone (13:10.708)
I mean, I paid strawberries this morning, 10.99, you know? So I’m thinking like, what is happening? But yeah, tell me, how much are strawberries in Costa Rica right now?

Mary Anne & Pamela Aden (13:14.596)
Oh, God.

Mary Anne & Pamela Aden (13:21.393)
Well, I haven’t looked lately, but they’re not cheap. But they’re not as good as yours though, I must admit. Strawberries aren’t really so good here as far as sweet and tasting. But what’s good here are papayas, all the other tropicals. So your tropical fruit will not be that expensive because it’s local, but anything that’s been coming in or anything that’s like…

It’s just imported for sure. And what happened, what made it as expensive here is the dollar has less value, if you can imagine. There’s more dollars coming into the country. And so the clone is going down. I mean, the dollar is going down. But the price goes down because of that. And so it makes us as dollar income much, much more expensive. And a lot of all the tourism, they are really feeling it because the clone

Daniela Cambone (13:46.616)
Right, exactly.

Mary Anne & Pamela Aden (14:13.303)
alone is expensive and the dollar. Whoa, whoa, sorry, that was the wind. You can oppose that. And anyway, so, but yeah, it’s expensive here. And it’s getting expensive.

Daniela Cambone (14:18.984)
Oh.

Daniela Cambone (14:29.137)
So I guess before we move on from gold, because I want to talk silver, I want to talk Bitcoin, you know, you’ve been doing this newsletter for 43 years. So congratulations on that. How does, you know, does it feel different this time around? I mean, like I said, 43 years covering commodities, gold, silver. Does this time feel, I mean, price aside, does it feel different?

Mary Anne & Pamela Aden (14:40.93)
Thank you.

Mary Anne & Pamela Aden (14:57.061)
Yes, it does because it’s…

You just can feel it. I mean, that sounds silly, but you, you know, you do follow a market for a long time, you get to know it, you get to know its movements, but we follow all of the markets and so, but when something’s really kind of like gearing up to go, you, there’s a lot of signs and you do feel it and there’s a lot of things happening, not just with the market behavior, but as we were mentioning outside factors.

outside factors and the technical factors come together. That’s really kind of an ideal marriage between two important things that are gonna drive that market up. And it could be stocks, it could be gold, it could be interest rates. So this time does feel like one of those times. And plus it’s the whole world that’s so involved. Before it was like in the 70s, it was just the US. In 2000, it was the beginning of globalization

this now is trying to stop the relation, but it’s there, whether you like it or not. And even though some people are trying to break off on that, but now it’s just a very mix, a mix of divisions of people upset, everyone’s upset and for one reason or another. Yes. And that could cause a lot of problems on its own. No, it’s a serious issue. Oh.

Daniela Cambone (16:11.1)
That’s right.

Daniela Cambone (16:22.604)
Let’s talk, oh sorry.

Mary Anne & Pamela Aden (16:24.857)
No, I was going to mention at the same time, it’s interesting because you have an inverted yield curve for the past year and a half. You have other signs that a recession may be coming.

Everyone’s talking inflation, but we could see something like a recession. And of course, they’ll do everything to stop it, perhaps bring interest rates down for a few months for the, you know, during, before the election, let’s say. And then inflation will pop up again and so will interest rates. And that’s kind of the way we’re seeing it.

Daniela Cambone (16:58.873)
Hey, how are you?

Daniela Cambone (17:04.055)
Let’s talk Silver now. Do you think Silver could outperform gold?

Mary Anne & Pamela Aden (17:11.069)
Definitely. We think it’s just started. In fact, it’s been underperforming as you know. It’s been just sleeping away. It has been like nothing. But that’s the way it is. It always has been in the past. Once it, we call it wake up, like once it starts shooting up, it usually has the resource behind it. I like copper, using copper as the example of the resource. When that starts rising and gold’s rising, then silver is definitely the winner because it gets it from both

Mary Anne & Pamela Aden (17:41.723)
and a commodity at the same time. So for that reason and other reasons, we think silver is the better investment for the law. They’re both great, but we think having some silver and holding it is, you’re gonna get a lot more percentage gains.

Daniela Cambone (17:59.312)
So own a mix of gold and silver.

Mary Anne & Pamela Aden (18:03.463)
Yes, definitely a mix.

Daniela Cambone (18:07.812)
That brings up to mind another question. When, you know, we often hear you own gold, not to get wealthy, but to preserve your wealth. But I’d love to hear from you, like when folks ask you, you know, give me a reason, why should I be in gold and silver?

Mary Anne & Pamela Aden (18:25.309)
Well, yes, preserving wealth is always important, especially in these times. But yes, it’s always good to have some for a reserve base. But also we do it for an investment, definitely. Definitely as an investment. Right now, it’s an investment and it’s a safe haven. So it’s both. And because we see that there’s gonna be a lot of advantage in holding it and for the investor, you’ll gain, you’ll have profits. Yeah, it has great profit potential

those who want to sell, you know, near the top, ideally. And then in the meantime, you always have your kind of core base metals that you keep for protection. Yeah, and then we also like physical and we also like ETFs. ETFs are a great way to get involved without having to worry where you’re going to store it, where you’re going to put it. So if you don’t want to worry about that for a little bit, yeah, you like we like physical for that reason. But also ETFs are very, very practical

gold and silver. Yes.

Daniela Cambone (19:27.716)
Let me ask you, because I find this interesting. You like Bitcoin, correct?

Mary Anne & Pamela Aden (19:33.393)
Yes. You know what happened is that ever since it became more recognized and became an ETF and became more like its own asset class formally, ever since then we said, yeah, this is it. This is the time that before it was always like, like the same thing. How do you buy Bitcoin? Some people don’t know, they don’t feel good about it, but now you can buy it on the stock exchange as an ETF. That just changes the ballgame. And that changed the ballgame in gold back in 2005.

Daniela Cambone (19:38.33)
Yeah.

Mary Anne & Pamela Aden (20:04.387)
that like caused a good big boost to the bull market so we think it yeah it becomes like safe yeah heck I can buy it on the stock exchange ETF that makes it really attractive

Daniela Cambone (20:09.316)
Well, it financializes it, right?

Daniela Cambone (20:19.532)
Now is Bitcoin a speculative play for you or do you really see it as, you know, what do you see it as? Is it sound money for you? What is it for you?

Mary Anne & Pamela Aden (20:28.321)
Oh, and not selling money, that’s still to be seen.

But as an investment, yes, like to make money, yes. But it is a speculation. We wouldn’t put a lot of money there. Because it moves like right now to go from 65 to 100. And you know, but we wouldn’t put a lot of money into it. We would just have it be a speculation. But Danielle, just so you know, we were late to the Bitcoin party. And like a lot of people were involved, and we were still being conservative.

Daniela Cambone (20:40.386)
Okay.

Mary Anne & Pamela Aden (21:02.119)
kind of conservative all along. And like Pam said, once it became more, you know, mainstream, then we went ahead and we had a lot of subscribers that were saying, well, what do you think? And we’re saying, well, yes, we think it looks good, but, you know, be careful and all that. And so now we just have gone ahead and recommended it. And, um, and I think it still has a lot of potential. I think it’s going to do very well.

Daniela Cambone (21:29.852)
I guess just to wrap here, I’d love to get your thoughts on what you think is going to happen to the US dollar. Obviously, we’ve spoken so much about how the US dollar has been weaponized, countries turning away from the US dollar, talk of BRICS perhaps ushering a new currency to compete with the US dollar. Just curious to get your thoughts overall on what you think will be the future for the US dollar.

Mary Anne & Pamela Aden (21:58.801)
Well, we think the dollar is going to continue to fall, which it’s been doing since 1971 when it went off the gold standard. It has fallen like something like.

75-80% against the major currencies, and it’s fallen even more so against gold. And so we don’t see with the debt, you know, perking up, getting bigger, all the financials could not be worse for the dollar. And as you mentioned, you know, people globally are moving away from the dollar.

Mary Anne & Pamela Aden (22:43.603)
So for all of those reasons, we feel that the dollar will just continue on down in the trend it’s been in for over 50 years. Well, I’d like to add that this is the major trend. But you see, we had the last five years, we’ve seen a very stable dollar. And we’ve seen a very stable dollar because there’s nothing like the dollar. Everyone will accept it around the world, whether you’re beginning a break or whatever you’re doing. The reality is that’s the currency everyone uses.

And that’s what has been the custom and that’s what still is the custom to use the dollar on any transaction And you know when you as a tourist you can take dollars You don’t think of that because you are a doc in the dollar world But us we will always take dollars you can never take a cologne and go leave Costa Rica never like that like most countries they can’t take their currency anywhere where you can and Everyone knows they want a dollar like in Latin America They use the dollar as a safe haven for sure and that that’s one of big

for them is to have the stability of a dollar instead of their own currency. So yeah there’s a lot of need for the dollar so to be seen if it ever changes but it hasn’t yet so it could just stay steady it could just go flat could stay steady for a while longer but the megatrend is down but that doesn’t mean it’s going down this year or next year but it could be flat it could be whatever but it’s that’s where the megatrend is.

Daniela Cambone (24:12.432)
I’d love to just get your thoughts on life here for a second, because a lot of folks in the Daniela Cambone audience are interested in having Plan Bs or Plan Cs. That’s a big reason. Perhaps they’re buying gold or silver. Many are interested in getting a second passport or having a residency outside of the US or Canada or Europe. Just having…

a plan. So you both have been living in Costa Rica for how long now? Many, many, many years.

Mary Anne & Pamela Aden (24:49.854)
Well, that’s many years, many decades. 50 years. Just pretty sad.

Daniela Cambone (24:54.684)
Wow. So what, no, I was going to say what, what caused you to think, you know, it was time to move there and

Mary Anne & Pamela Aden (25:04.893)
Well, see, our case is different because we didn’t come for financial reasons. We came because our mom was here. And so.

Daniela Cambone (25:10.149)
Right.

Mary Anne & Pamela Aden (25:13.485)
we came to visit, even when we were little, we would come to visit. And we have relatives here and cousins and what have you. But our mom at that time was living here. We came to see her and we were offered jobs. And we were young and we said, okay, that’ll be kind of exciting. And we thought we’d stay a year. And meanwhile, we got involved with the markets. We met

Daniela Cambone (25:35.376)
Wow.

Mary Anne & Pamela Aden (25:41.053)
just very few people were involved in the markets in those days, especially in Costa Rica. But we ended up getting one thing led to another and then we just ended up staying here. And then we had got married and we had kids and we ended up this became home. But in the meantime, we have seen so many expats come flooding in, especially, I could say in recent years but it’s been ongoing ever since we came here

home. They’ve come to diversify. They don’t want to just have a place in the states. They love Costa Rica. Costa Rica is a beautiful country and it’s got something for everyone. Like if you’re a hiker, if you’re a swimmer, if you just the natural beauty. So there’s a lot to do. Many beaches. Yeah gorgeous beaches and mountains. Just things you know volcanoes. It’s got everything. So people

Daniela Cambone (26:12.472)
Yes.

Daniela Cambone (26:20.54)
stunning.

Mary Anne & Pamela Aden (26:40.947)
that we’re friends with, they live half the year here, half in the States or in Canada. And others just ended up staying like we did, but for different reasons. But there are a lot of expats here. Yeah, it is safe. Anything, it’s not 100% safe, but yeah, it’s safe. It’s a base, we feel very safe. Like we can drive alone.

Daniela Cambone (26:54.828)
and so safe.

Daniela Cambone (27:02.828)
Of course. Yeah. I love it. Yeah. I mean, I think I’ve been three, four times.

Mary Anne & Pamela Aden (27:09.769)
to go all over the country, and I have never any fear of anything.

Daniela Cambone (27:14.368)
Yeah, and that’s, you can’t put a price on that. So I’m happy for both of you. I mean, I follow your beautiful life and your beautiful families. I mean, everyone in your family is just gorgeous on social media. So we’re friends, we’re obviously friends on Facebook, but I was chuckling offline with the sisters because my parents are those Facebook parents that will add all my friends.

Mary Anne & Pamela Aden (27:23.325)
Thank you.

Mary Anne & Pamela Aden (27:27.349)
You’re so sweet.

Daniela Cambone (27:41.428)
and comment on their pictures. So anytime I see my parents commenting, and they comment in Italian, of course, I’m like, oh, what are they up to? So I think it’s adorable that you now have a friendship with my mom and dad.

Mary Anne & Pamela Aden (27:41.589)
Yeah.

Mary Anne & Pamela Aden (27:56.569)
Oh, that is so sweet. Great. You have beautiful twins. They are just gorgeous.

Daniela Cambone (28:00.312)
Well, I hope this… pardon?

Daniela Cambone (28:06.748)
Thank you, thank you. They are turning four tomorrow, so I should wish and say happy birthday to my beautiful Alex and Jordan. You’ll watch this one day, many years from now. So happy birthday, boys, I love you. And I love you, ladies. You guys are fabulous. Keep rocking it, keep writing, keep educating people. And I hope to see you at a show soon. And we’ll go out with, you know, the clan, all the girls.

Mary Anne & Pamela Aden (28:22.12)
Oh, yeah.

Mary Anne & Pamela Aden (28:26.669)
Oh.

Mary Anne & Pamela Aden (28:33.377)
We do too! Definitely. We love it. And we love you too. Great to see you.

Daniela Cambone (28:38.111)
Awesome

Great to see you. Thank you so much. And as always, I invite everyone watching to sign up for a Calendly appointment. It’s a strategic session with one of my wonderful colleagues over at ITM Trading. If you have any questions about gold, silver, or the content we’re covering, do it. It’s a great, great experience. That’s it for me. We’ll see everyone soon.

Mary Anne & Pamela Aden (29:04.514)
Bye bye. It’s been great.

SOURCES:
https://twitter.com/TheAdenForecast

https://adenforecast.com/

https://fred.stlouisfed.org/series/CUUR0000SA0R#

https://www.libertyfinancial.org/gold-set-to-soar-in-2024-%F0%9F%92%B4/