Powell weighs in on the equity market (anyone listening?)

Silver’s asymmetric upside builds, with gold glittering as a hedge against AI euphoria.

Key Takeaways

• Big Upside for Silver as Gold’s Bull Case Broadens: It is interesting that gold is on track to post its best year since 1979 (up over +40.0%) when it was only acting as an inflation hedge back then. Now, the tailwinds in this bull market are far more numerous (as in, acting as a true portfolio diversifier and hedge not just against inflation but also elevated economic and policy risks). But there are reasons to love silver, too. First, we know that gold recently hit its highest level ever in real terms — taking out the prior 1980 peak on this basis. For silver to do the same thing, it would need to get to $209 per ounce, which is a +370% surge from where we are today.