It’s that time, everybody. Metal Monday. We’ve seen some big swings on Friday. Fill everyone in. What happened Friday, Brett? Everything was green. It was awesome. It was the opposite of today. But then today, what goes up must come down is usually my train of thought. That’s why I don’t try to get too high on the ups and too low on the downs, man, because the next day brings a whole new set of challenges. There’s days to buy and days to sell. Yeah. I mean copper, though… Overall, man, copper, still in that… Where are we at right now? 37. 37? Yeah. That’s not bad. I mean, 4.37, that’s not bad. That’s not nothing to look a gift horse in the mouth, I don’t think. I’m a $5 guy. I’m going to preach it, because I think that’s where it’s going. But I mean, I feel like there’s some consolidation, people trying to figure out the… There’s so many macro-economic factors involved in the price of commodities anymore. I’m a big watcher of the PGMs, right? Obviously we got a lot of money invested and involved on the PGM side, and you’re watching rhodium

just get slayed every day right now. But there was a time, when you look back, when every day it was green. Palladium, the same thing, but it’s all the macro-economic, the chip shortages, the automotive. Yep. That’s huge. Once that gets fixed… So I just sat down on a Zoom call with Pete and Scott from Zaner, and they have… I love talking to those guys because they have the macro spectrum of it. They can be like, “Hey.” And we were talking about hydrogen powered cars. Not only do those have 10 times the PGMs in them, they have 200 pounds, I think is what they said, of copper in them versus a car today. What is a car today? Like 20, 30 pounds, something like that? Yeah. And then if it’s the electric car, it’s got double that or something like that. Yeah. And then these new cars. So I mean, it’s going to be a huge game changer, and we’ll see what it does to the commodities markets. And they both think we’re going to get back to… Let me pull it up. They think we’re going to get back to 19,000 rhodium

by the end of the year. I asked them. I mean, I’m sure people hate when they ask them the quiz questions. Because I said, “Hey, is rhodium going to get back close to 20?” And they’re like, “Yeah, I think it does. By the end of the year, it does.” It’s still supply demand. I mean, that’s what it is. And I think that’s where copper sits today, and aluminum. I mean, aluminum especially, I mean, aluminum has been the star of the dance lately because the supply is being outstripped by the demand. Demand is there, people are willing to pay up for it, and so it’s going to drive the price. Copper, the Chinese are letting go of some reserves and stuff. They’re adding a little bit more supply to it. But the fact that the Chinese are dumping copper into the market and it’s still holding up the way it is today sets a pretty good precedence, in my opinion, moving forward. What does the future of copper look like? The future of copper is pretty bright, especially where everybody’s trying to go electric and stuff. The same thing with the PGMs. The future of

the PGMs is pretty bright. I mean, they want to get to, say, 50% ICE cars, which is internal combustion engine cars, by 2030, which means then the other 50% are still combustible engines. Or the 50% combustible engines, 50% electric, hydrogen, whatever the technology is then. Well, 50% of them are still ICE cars, which means they still are going to have to capture the emissions. At that point, the emissions are going to have to be at an even significantly lower level today, which requires more PGMs, and that train isn’t going to stop. So you’re going to get these slips and these slides, and it’s your ability to ride the bumps and your ability to know the future is coming. Trade accordingly, buy accordingly, sell accordingly, try not to take your lumps too hard. But the future of commodities in general, especially when it comes to aluminum, copper, nickel, lead, platinum, palladium, rhodium, silver. Gold isn’t as industrial as silver, platinum, palladium, and rhodium are. I mean, man, it’s pretty bright, as long as your timelines long. I mean, would I want to be a future trader right now? I don’t know. I think that’s a

different game, right? Yeah. That can be kind of scary right now. Especially when you’re leveraging yourself up on big contracts. That’s a different battle. But to be in the scrap business, the recycling industry, and doing what we’re doing, and know that our industry is about to get its day in the sun, I’m pretty excited about that. That’s what keeps me going every day, knowing that our industry is about to turn the corner and be even more crucial than it’s ever been to the economy. Yep. And that’s what’s super exciting for me, is how people are starting to realize how important it really is to recycle, so we don’t have to go to a big mine to get all the material. We say it all the time, urban mining. When we’re urban mining it, all these scrapyards throughout the world, it’s just a smaller carbon footprint to reclaim the material back. And I know it’s going to be huge going forward. It has no other option. If you want to do… If you want to put all these green initiatives forward, and you want to decarbonize the air, and you want to do all this

stuff, there is no other option. It’s that basic. I mean, you can only mine, you can only dig, you can only do so much before the balance has to be there. And so, it’s going to be supply and demand, and that’s what it’s going to amount to. And I mean, that’s why I feel so strongly about the scrap industry and the recycling industry. Good thing I’ve got about, I don’t know, 30-ish more years here, so I got time to wait them out. Yeah, I think so. I think all of us, we’re all about the same age group. We got about 30 more in us. Yeah. We got a good team, man. Everybody’s pretty close in age. No, I’m excited for the future. It’s just a matter of encouraging everybody else to work 30 more years. Yeah. All right, everybody. Well, everyone have a great week, and make sure to follow us. We do this every Monday, unless it’s a holiday, then we do it Tuesday. And we’ll keep pumping these out. Thanks guys. Have a great day.