pension funds and big endowments, the, well, the last time would have been the 70s and I didn't inhabit a part of the market where I had access to that information. This is new in my career. Really, more than, let's say, 2011? Absolutely. That's so interesting. Yeah, absolutely. When did that interest begin? When did you begin to notice it? 2000, 2019, about a year ago. Yeah. You know, the truth is that we had been selling gold as a diversification tool selling. We had been attempting to sell gold as a diversification tool to these large investors beginning about 2012. So we sort of joke internally that we've worked 10 years to be overnight successes and we had no response, but we're getting a lot of response to that pitch now. Is that, I mean, I guess it's kind of like asking the question, how do these institutional investors see gold as a portfolio diversifier? Do they see it taking the place of bonds or is it something kind of all its own? I think they're regarding it as a separate (35/45)
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