Commodities are printing insanely hard right now.
YTD returns:
Gold: 72%
Silver: 168%
Palladium: 111%
In fact, there has been a flight to quality assets this entire bull run.
Bitcoin has dominated the crypto market, while altcoins have underperformed.
The stock market has been led almost entirely by AI companies & the magnificent 7, while smaller companies have had a much harder time.
Quality winners take most.
2026 will be insanely volatile. We are either heading into a recession, or a full-blown risk asset boom, led by QE.
Seeing a massive flight to hard assets like commodities is undoubtedly a warning signal…
But we are also going into the bullish part of the liquidity cycle.
More money will flood the system.
A more dovish Fed Chair is also taking position very soon.
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