There's a silent bull market right now that no one is talking about. Gold has had a powerful breakout and silver’s lagging but still strengthening. Gold has surged from $2,000 to $3,600 since 2023, driven largely by central bank buying amid global distrust of U.S. reserves. Investors should approach metals through ETFs rather than individual picks unless you have deep expertise. We also talk the likelihood of rate cuts under political pressure, persistent “slow burn” inflation from tariffs and supply issues, de-dollarization, and the need for diversification beyond passive index funds. Inflation isn’t dead, passive portfolios are under strain, and active allocation to precious metals may be one of the most underpriced opportunities available.
We discuss...
- Gold has staged a historic breakout, climbing from around $2,000 in 2023 to roughly $3,600, with central bank buying acting as the primary driver.
- Global distrust in the U.S. dollar and concerns about the credibility of U.S. reserves are pushing sovereign nations toward gold accumulation.
- Unlike gold, silver remains more dependent on retail participation and industrial demand, leaving it lagging but positioned for potential catch-up.
- Silver faces supply constraints that limit downside, with demand tied to solar, electronics, and other industrial uses, making it a dual-purpose metal.
- Mining stocks were highlighted as structurally poor businesses due to high costs and weak capital discipline, yet they are soaring as leveraged plays on rising metals.
- Junior miners offer the most explosive upside but come with extreme risks, making them closer to speculative lottery tickets than investments.
- For most investors, ETFs and broad metals exposure were recommended as the safer approach compared to individual mining stock selection.
- Inflation is not “dead” but a persistent, slow-burn phenomenon fueled by tariffs, supply chain issues, and ongoing policy shifts.
- Political pressure makes interest rate cuts increasingly likely, regardless of whether inflation is fully under control.
- A broader theme of de-dollarization is accelerating gold’s role in global reserves as nations seek alternatives to U.S. dominance.
- Passive index funds were critiqued as over-reliant on historical correlations that no longer hold, leaving portfolios vulnerable.
- The hosts concluded that gold, silver, and related hard assets remain one of the most underpriced and overlooked opportunities for active investors today.