​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: Well, Mike, thanks for having me back and I'm doing well, thank you.

Mike Gleason: Well, David, the metals got off to a decent start early in the year. They spent a few months trading sort of sideways and in April when we spoke to you last, the setup for a move higher looked pretty good, but prices broke lower instead. We've had two and a half months of selling. We've seen that move attributed to a stronger dollar and the metals are trading more like commodities and can't find much of a bid as safe havens. Now that the lower prices have certainly been well-received by some bull investors who are glad to take advantage, and we're certainly seeing more buying activity here. However, there's plenty of frustration too. Lots of people have had just about enough of this bear cycle. So let's start out with getting your take on the recent price correction. What are the challenges these markets are needing to overcome in order to get something going to the upside here, David?

David Morgan: Well, great question. First of all, I want to state that you're right about the breakouts or potential breakouts in both gold and silver. Gold was at the $1,350 level. It looked like it was going to make it, but it failed. And then there was one for silver that was around the $17 level and I called that one, but using the Morgan rule, thank goodness. Experience pays. And you have to earn it, you have to put in the years, the days, the months. And it failed on the 4th day, so we didn't go along and get more aggressive. So, after that, it's just been down, down, and it's been heartbreaking for some, especially the long-time bulls. But some of the new people that see the advantage to the market are certainly taking advantage of it. I put out something for my free list that I haven't done in quite some time. I told everyone how I trade a spike low which is normally reserved for members only.

So, obviously the members only got that, and I did a kind of a shortened version of that for everybody that's on our free email list. And that was to take a very high beta of stock with a very good risk to reward profile and try to catch that falling knife. And so far if you got in at the low and I got in a little above the low and pretty much at the low. And if you looked at yesterday's closing price on that stock, you're already up 10%. And that's how much these stocks can move relative to the silver to gold prices, which certainly can move, I'm not saying they can't. What I'm trying to explain is that the leverage is there on that side of the market which is basically what we do for the most part at The Morgan Report.

Mike Gleason: Now let's talk for a minute about the dollar since the rally and the greenback is getting blamed for some of the recent decline in gold and silver prices. The dollar has generally been moving higher in the foreign exchange market since April, though we have seen significant weakness in the past few days. So, I want to get your thoughts on what lies directly ahead. On the one hand there is more talk about de-dollarization. The list of other nations who aren't happy with dollar hegemony is growing. It seems to us the process of transitioning away from a world where the U.S. dollar is utterly dominant may be years if not decades long. In the short-term what matters is the relative strength of the U.S. economy and monetary policy here and abroad. Right now, the Fed is fostering a stronger dollar and central bankers in places like China are working to devalue their currencies, something President Trump has begun complaining about.

So with that as a backdrop in the ongoing trade wars, what are you expecting for the dollar in the months ahead?