Gold and silver ETFs just experienced eye-popping trading volumes, with sharp price swings that drew in speculators chasing the momentum. The frenzy has cooled a bit, but the underlying forces haven’t disappeared. So what’s really behind the surge in precious metals -- and is this just a tactical trade, or something more durable? On this episode of Trillions, Eric Balchunas and Joel Weber speak with John Ciampaglia, CEO of Sprott Asset Management, which manages gold, silver and uranium ETFs, among other metals strategies. They discuss the debasement trade, what else is fueling gold’s rally, how gold compares with bitcoin, what’s driving moves in silver and other metals, and how Sprott’s uranium miners ETF generated a remarkable 450% return over the past six years. See omnystudio.com/listener (https://omnystudio.com/listener) for privacy information. Money goes where it's treated best. That simple truth is a big reason why more and more money—trillions, in fact—flows into a powerful, low-cost tool that's quietly transformed investing in recent years. Exchange-traded funds, or ETFs, let you invest in everything from the stock market to gold like never before. This biweekly podcast will demystify them—and delight you in the process. Listen to more Trillions: https://youtube.com/playlist?list=PLe4PRejZgr0Nr7WGG0u_2iL3-9-uYwad_ Subscribe to Bloomberg Podcasts: https://bit.ly/BloombergPodcasts #Bloomberg #Podcast #Investing Visit us: https://www.bloomberg.com/podcasts Follow Bloomberg Podcasts on Twitter: https://twitter.com/podcasts Visit our other YouTube channels: Bloomberg Television: https://www.youtube.com/@markets Bloomberg Originals: https://www.youtube.com/bloomberg Quicktake: https://www.youtube.com/@BloombergQuicktake For coverage on news, markets and more: http://www.bloomberg.com/video