Mike Gleason: It is my privilege now to welcome in our good friend David Morgan of The Morgan Report. David it's always a real pleasure to have you on and welcome back, how are you sir?

David Morgan: Mike I'm doing well, thank you very much for having me on the show.

Mike Gleason: Well David we've seen a tremendously tight trading range in the metals markets over the last several months, especially in silver, and before we get into some other topics with you today I wanted to get your thoughts on what these prolonged periods of a range trade or a base building market generally means for us moving forward. When you see this type of thing on the charts for one of the precious metals or for some other commodity for that matter, I know you cover a lot of different markets, does it mean that we're likely to see a big move one way or the other? Is it a bullish indicator that we're building a major base of support from which to launch, what do you think?

David Morgan: Well I know what and it's not me, it's not David Morgan that's basically, watch anyone that really studies markets at all. If you look at what happened with silver after the big move in January of 1980, they built a base around the $5 level for years and I give the analogy and it's very similar to building a base as a triathlete or a long-distance runner, the longer your base, the better your base, the better will be your race. And what that means is the longer it goes in its consolidation or base building period between roughly $15 and $18 let’s say, the bigger the move will be the upside. I don't see much downside here, in fact the market is very clear at this point in time in both gold and silver that all the lows have been higher lows, which means we're in a new bull market.

Now it's a very stealth bull market, no one is really paying much attention to it except for some of the technicians in the gold space and some others, some smart with money, some big money actually. But it means that we're going to go far higher at some point and of course as my famous coined phrase, the silver market will either wear you out or scare you out. We're in the wear you out phase, it's just droning on sideways day after day week after week month after month and most people are just entirely tired of it and it moved on, they've sold their silver or whatever, a lot of people have left the market.