In today's episode, Tyler delivers a high-energy breakdown of one of the most even days of the year on Wall Street. Right from the morning’s headline-grabbing conversation between Elon Musk and Nvidia CEO Jensen Huang, to the blockbuster Nvidia earnings report after the close, Tyler explores why this moment could be a game-changer for the markets—and why it’s truly “never been a better time to be an optimist.”

Don’t look back because the market is closed. Good Wednesday afternoon, everyone. Tyler Herriage here with you for today’s video VRA investing podcast. Hope you all had a fantastic day out there today. And I mean, wow. I, I don’t even know where to begin. I know I say this a lot before these podcasts that it was an eventful day to day, something like that, but today really puts the others to shame here. I honestly don’t know where to begin.

We’ve got a lot of big stuff to cover here in today’s podcast. Starting off from this morning’s conversation with Elon Musk and Jensen Huang. And of course we’ll really kick it off with the most important news of the day, which was Nvidia’s earnings after the close today. I just have to pause there for a quick second because after seeing that, that conversation, the earnings call after the close, it makes the rest of these things that I’m going to talk about today seem like minutia. It makes them seem small compared to what we see going forward for this market. There really, there’s really never been a better time to be an optimist than right now. So got a lot of exciting stuff to cover here today and hopefully you’ll see just how exciting it is if I can do a good enough job of breaking it down here for you. We’ve got a lot of other things to cover as well.

[00:01:52]:
We also had the Fed minutes released today from the latest FOMC meeting, or as Ed Yardeni likes to call it, the Federal Open Mouth Committee. That’s certainly true on a day like today. We also saw the S&P 500 breaking a four day losing streak. So that’s always fantastic to see as well. And then we’ll dive into our internals sector watch and VRA commodity watch as well. So I mean, again, I gotta take a deep breath here because this was the kind of day that this market really needed. And how many times have we seen that from Nvidia, from the chat G GPT moment to today where the market was, you know, a little bit on pins and needles, seen a little bit of a pullback or just fear about a market top was prevalent in the market and Nvidia’s earnings come in to save the day. Well, we got that today here once again.

Oh man, I. This is going to be a fun podcast, so hopefully I can do a good job of breaking it down for you. So I’ll start with the most important news once again here. Nvidia’s earnings Going into the earnings report today. Always good to see the stock higher as well. The stock Nvidia was up 2.9% on the day to day since releasing earnings has been up over 6% now up roughly 5%. So you know, almost 8% gains on the day to day for the world’s largest, largest company. I mean, wow, that is impressive, right? The largest company in the world, nearly 5 trillion dollar market cap, you know, soon to reclaim that here after this rally and, and going forward.

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But certainly they did not disappoint going into the earnings last month. Their CEO who I’ve said a few times now, Jensen Huang already said that they have $500 billion of chip orders going into 2026. So we had a good idea of what these earnings were going to look like. But analysts continue to be on the downside of what this company is doing and that’s a little bit of the earnings game there. Right. Set estimates at an achievable level so when you beat them it looks even better. But you know, you really, I mean you couldn’t ask for better growth numbers than this. Analysts already expected more than 50% growth, both net income and revenue going into Q3 earnings.

And they just demolished these estimates. So we had revenue coming in at 57 billion versus estimates of just below 55 billion. That is a 62% year over year increase. Wow. For the largest company in the world. We also, the analysts also expected earnings per share of a 125 coming in at a 130, up again 60% year over year, 24% quarter over quarter. Not only that, what’s more important here is that they raised guidance for Q4. You know, going into this, the expected estimate for Q4 was roughly 61, 62 billion in Q4 revenue.

[00:05:26]:
They’re now looking for 63.7 to upwards of $66 billion in revenue for Q4 and $55 billion of sales. I mean just incredible numbers beating on data center, beating on every one of the metrics that you want to see them beating on as well. The earnings call is a bit of a reason I’m getting a late start here. I was going to start but before the earnings call but I mean I couldn’t, I couldn’t resist. So I’ve got a few comments from that as well. But we’ll start with the conversation from this morning between Elon Musk and Jensen Huang at in Washington today at this US Saudi Arabia investment forum where they had a big announcement, a big partnership here between Xai Saudi Arabia working with Nvidia on a 500 megawatt project. And how good is that to see, you know, two of the best CEOs in the world, from Elon Musk to Jensen Huang, you know, being buddy buddy, saying they text regularly. And obviously Elon is back in the good graces of President Trump as well.

Those are, you know, three people you really want to see working hand in hand going forward for this, as we’ve called it, innovation revolution, which, you know, we started saying that, if you remember, in 2022 under President Biden, you know, at the time, a lot of people doubted us. They said, you know, can you not see what this administration is doing? Can. How can you possibly be bullish at a time like this? And he said, you know, there’s a whole lot more happening under the hood. That really puts the pol the day to day policies to shame. Because what is coming, you know, bring the Jetsons to real life here, I mean, you can’t understate that. You know, some of the big quotes from it, Elon’s prediction that in about 10 to 20 years work will be optional. Of course, he’s made some big calls like that in the past where he hasn’t necessarily been wrong on them. Maybe a little early, maybe a little ambitious in the timeline, but he hasn’t been wrong.

[00:07:44]:
He compared it to like growing a garden in your backyard, which I’m a big fan of. Love I’ve got a garden here at home. Love having fruit trees around, you know, but saying you could just go out and buy vegetables at the grocery store, but some people still like growing vegetables in their yard. Basically saying, if you want to work, you can work. There will be work to be done. And, and, and Jensen Huang echoed that as well. That work is going to change. He had a lot of great examples from doctors, right? Their job is to analyze, diagnose and give a treatment plan for a disease, not spend all day looking at scans, Right? So if AI can take over looking at those scans and allow doctors the emphasis on a treatment plan, how is that not a fantastic thing? But it does.

It fundamentally changes what work looks like. So we’ll see if that comes to pass. You know, Kip and I will still be here with you every day at the market close talking about this because we absolutely love what we do, feel very blessed to be able to do it here. But one of the quotes that I saw from this morning that I thought was really interesting was that Jensen saying that Moore’s Law has essentially run its course now. If you’re not familiar with Moore’s Law developed by Gordon Moore, who was the founder of a chip company, one of the first ever out there called Fairchild, and then went on to found what we all would know today as Intel. It started as integrated circuits. So one of the godfathers of semiconductors. So basically his law states that, that the number of transistors in an integrated circuit doubles approximately every two years.

[00:09:33]:
And what we’ve seen since he created that law in 1965 is not only that, but many years has beaten that as well. Now we’re all the way down to putting transistors on 5 nanometer chips smaller than that. I mean, just incredible. How much smaller can you really go than that? I think that’s where Jensen Huang  is pointing out here is that. And a lot of analysts have said this as well, but he really was the first one going back to 2018, he has not changed his tune on this. Where just in the last few years we’ve gone from CPUs central processing units were 90% of world. In 90% of world supercomputers, it made up 90% and roughly 10% were made up of GPUs. Today that’s almost completely inverted.

Today that number of CPUs is 15% while GPUs graphic processing units make up 85% of today’s supercomputers. So while Moore’s Law has absolutely held up up to this point, this is where it ending actually gets exciting, where Jensen Huang has dubbed it Huang’s Law that he came up with in 2018 and now looks to be proving truer and truer here. And I’ll explain it in just a second because this is truly, and I can’t understate how much of a a paradigm shift this will be in technology because these are happening on incredibly small devices, but will have massive real world implications. So Jensen Huang saying that progress in the chip space now depends on architectural innovations and specialization. I’ve talked about this here on the podcast as well when I talked about Tesla’s chips after their, what was it, their shareholder meeting after their earnings. So I’ll try to sum it up a little bit faster than that here today. But it’s not only the chips, but the software that they run on and the tasks that they’re doing as well. And where Huang came in to observe that GPU performance can far exceed what CPUs can do with AI tasks.

[00:11:54]:
So essentially Huang’s law is that GPU performance is even will be even better than what Moore’s Law predicted, where GPU performance will more than double, even triple every two years. So we’re not only seeing the innovation revolution, but the pace of innovation is speeding up more like rights law, which Kathy Wood and Arc love to point to as well, which was developed actually before Moore’s Law and more towards airplane parts, but essentially saying that not only will innovation speed up, but the cost will be brought lower as well. So that’s how you get to the point that Elon talks about of the sustainable abundance we, where if we can bring down cost, speed up the timeline, the, the, the future, the possibilities here are really unlimited. This is how you get a robot in every home that’s an expert in everything that you could possibly want. You know you have robots instead of doctors, right? Humans are inherently unpredictable and can make mistakes where you have a robot’s hand making perfect cuts in a surgery, calculating perfect odds and who knows, financial transactions, day to day deals. Any business operation you could possibly want where you, you have an employee who might mess up from time to time, show up to work late, you know, they want to take vacations as, as they should. Robots don’t need all of that. They don’t need to sleep.

They might need to recharge, but as Elon said, with Optimus as well, they’ll still work when they’re plugged in. So they don’t need to sleep. They don’t really need to recharge in the way that you would think, not like this Apple mouse, that you have to flip it upside down in order to charge it. Right? Terrible, terrible design. Apple’s really got some catch up to do in this regard and should absolutely be partnering with Xai on that. So chew the GPU side of things. This is Nvidia’s bread and butter. Maybe that’s a big part of why people thought Jensen Huang was talking this up.

[00:14:06]:
Right? But the improvements here and how they’re using AI tasks really has proved him right. But remember, it wasn’t that long ago, maybe like 2018 or so, where people would laugh at Nvidia and GPUs. These are graphic processing units. The gamers use them, kids use them to, to game streamers, use them. Oh, maybe you can use it to mine Bitcoin. But what is a bitcoin? Right, that those were the kind of comments that they were making. But now we’re seeing the GPUs are actually far better suited to AI tasks, to running parallel computations and process vast amounts of data. Now there’s also other forms here.

We’ve got Google’s TPUs, their tensor processing units getting into the quantum field as well, which I haven’t even touched on. We’ve talked about it here on the podcast with Nvidia’s NVQ link, which links these new AI tools with traditional hardware to kind of bridge the gap until we find what really comes next for this technology. I mean, yeah, I’m scratching my head because the possibilities just seem endless here. I mean if we can speed up AI compute time. If you thought chat GPT was pretty incredible, what’s coming from here is a rapidly accelerating timeline for AI and the real world use cases. One note from the earnings call on that note, the cfo, the company’s CEO cfo, excuse me, just said physical AI. So to think about it, you know, that’s stuff like full self driving stuff like robotics, real world use cases, not just a large language model that can help you write an email or helps your kid edit their their term paper, whatever it may be. These are real physical applications of AI.

[00:16:07]:
And she said physical AI is the next leg of Nvidia’s growth. For anybody who’s wondering how do you get bigger than a $5 trillion valuation? Well, this is how you do it because this is dependent on GPUs and Nvidia is the lead designer in that regard. Of course they don’t make these chips as you know, tsmc, Samsung, you know, Intel’s trying to get back into the fab business as well. But this is truly we’re looking at a world where $10 trillion companies are no longer out of reach. Think about what I just said. There’s it’s already a 5 trillion dollar company and this whole new space, physical AI will add trillions of dollars to the company’s growth is what she said. So for anyone who thinks innovation’s slowing or this is the end of a bubble, I mean I hate to be so bold, but I’d say you better buckle up because we’re still in the early innings here in the pace of innovation is only going to increase again. Kip and I wrote this in the big broad in 2022 calling it the innovation revolution, the roaring 2000s in a generational bull market, which I’ve got a chart here for in just a second that will go on longer than the dot com era bubble did.

We’re just in the early innings of this year and for those concerned about energy supply, there’s stuff happening. I’ll get to the nuclear story here in our sector. Watch a little bit as well. Of course that is a short term issue here over the next few years. Absolutely. But Elon said today that within five years we’ll have AI satellites that are solar powered in orbit and data centers in orbit, which vastly could reduce the, the cooling costs of these facilities as well. So bringing down energy costs and making them more efficient as well. I mean, all kinds of things that we’re seeing.

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I mean, space exploration is so much more than just going to the moon or going to Mars. As we’ve seen from Tesla’s manufacturing facilities where they’re moving so fast. Now, robotics are moving so fast that they have to account for air friction. If they could do this in a vacuum, they could even be sped up further. Just think about that for a second. We’re already at a point where companies have to account for air friction in these machinery because that’s slowing them down. I mean, it’s truly, truly incredible. So if you think this is a bubble popping, Kip and I would both say we were just talking about this before our call.

This would be the most boring bubble, the most mundane bubble of all time is we’re nowhere near where the dot com bubble is. You’ll see that here in a second. So again, for our long time VRA listeners, we’ve been saying this for three years. Nothing has changed in our forecast. Yes, every pullback is never fun. So when you’ve just got to grit your teeth and bear it, add to your positions, you want to buy when there’s blood in the streets, that’s what we’re seeing. Fear and greed index so low. I’ll get to that here in a second as well.

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But let’s go ahead and jump into why this would be the most boring bubble of all time. Okay, so here’s a chart I share here often. I know a lot of you like it, so let’s go back to it here. The the dot com era bubble. Let me see if I can zoom in a little bit for you. Without cutting me off. This is what we saw from 1995 to the top. In 2000, the NASDAQ rallied 580%.

That’s the kind of parabolic move that you see at the end of a bull market run. Now let’s take a look at today’s chart from the 2022 lows to today. Okay, again, yes, this is a big V shaped recovery from April tariff mania. And so pull back, you know, sure, fine. But the NASDAQ has only rallied 138%. And that’s at the all time high. So to today, we’ve rallied what, 120% or so from the 2022 lows. So that’s why we say 120% versus 580%.

Okay. Again, this would be the most boring and mundane bubble of all time to see pop here. Again, I’ll share this chart one more time. Even at the all time highs, the rally was to 138%. That’s another massive reason here why we see this as early innings in the innovation revolution meets roaring 2020s meets Trump economic miracle and ultimately leading us to the golden age that Trump has talked about as well. We have so many bright things on the horizon. Again, I don’t think there’s ever been a better time to be an optimist and likely never a better time to be a pessimist. One more chart here or screen here, I’ll show for you.

[00:21:33]:
When we have our markets, you know, just between 3 and 5% away from all time highs, we’ve seen some bigger pullbacks under the hood. That’s typically what you see in a market pullback. When the major indexes have gone down, you know, between 5 and 8%, the average stock can be down 25, 30% plus. That is just what happens. That’s why you feel it so much in your portfolio. But look at this. The fear and greed index at 11, hit a 10 yesterday, hit blow a 10 yesterday, got down to a 9 is the lowest I saw. It might have gone even lower.

This spent most of the day at a 10. Again, if we saw a top here, it would be the most predicted market top of all time. As well as we talk about here, often, market tops are not when everybody is scared and running for the hills. I can’t tell you how many times I’ve heard from people and no, no shade to it. They’ve had incredible gains. We’re getting phone calls that are saying, oh hey, I just sold this position. I’m just get me out. Right? I took profits.

You know, you never go broke taking profits, but just get me out. It’s a bubble. It’s got to be a bubble. We hear it almost every single day right now. And that again, that’s fine, but you’re going to miss out on a whole lot of this. Move higher. And really another fantastic opportunity to buy the dip, which is what we’ve seen this as. Our tune hasn’t changed here.

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You know, we bring the facts to you here every day on the VRA Investing podcast. But again, our tune hasn’t changed. We’re in the early innings we of an innovation revolution. The kind of calls that we get at market tops are when you have a pullback like we’ve seen here. And the fear and greed index remains in extreme greed mode. Not all the way down to extreme fear. We see AI all the way up in the 50s into the 60s after a pullback like this where everyone is saying, buy the dip. We’re getting phone calls that aren’t even asking what what to buy.

People are asking us, are saying to us, hey, I just bought this. What do you think? Right? We’re getting the opposite of those phone calls right now. People are calling us saying, hey, I just sold this. What do you think? No problem once again, especially if you’re taking profits. But I look at this again as an opportunity to buy the dip, not the the time to run for the hills again. Fear and greed are AII came in last week, 49.1% bears in a so far run of the mill pullback for the market. I talked about this on last week’s podcast. We get 5% pullbacks, roughly three of them, three and a half of them every year, but they never feel good.

[00:24:23]:
So I get that. But that’s why you’ve got us here at the vra. If you’re not with us already, why not come and join us? We got a 14 day free trial, no risk to you at all. You get full access to everything that we have to offer. You can find it@vra letter.com and of course subscribe to our podcast there while you’re there. You’ll receive it in your inbox every day at the market close. All right, so that’s the big picture stuff for today. Let’s dive in a little bit to today’s market action where we did have three out of our four major indexes finish positive on the day.

Today we had a bit of a midday lull, which of course the Fed minutes didn’t help with in that regard. I’ll get to that here in a second. But we saw tech leading here once again. You know, getting to the FIFO theme that Kip talked about this week as well. Nasdaq up almost 6/10 of 1%, but just what you want to see. Semis leading up 1.85%. And it’s hard to see a world where they don’t lead again tomorrow with Nvidia up five and a quarter Now. S and P followed it there again breaking a four day losing streak, up nearly 4/10 of 1%.

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Excuse me. Followed there by the Dow Jones up 1/10 of 1% and the small caps were our laggard on the day to day. But we have entered, you know, this fantastic seasonal period for the small caps here. You know average gains for the fourth quarter, November 1.8% on the Russell 2000, December 1.6% and then January 1.4%. So the best three month stretch here really in January effect where investors tend to pile on to the most beaten up stocks towards the end of the year, hopeful of big gains in the following year. Now we didn’t finish at the highs of the day today. Again finish well off the lows though. Again no thanks here to the fomc, to the Fed minutes that came out today as really, you know I could dive into the minutes here and try to read the tea leaves for you.

But the moral of the story is uncertainty. I mean how many times you heard that term from Jay Powell? You know, gosh, what the money printing rockstar himself just cannot figure out what to do. Just so much uncertainty from this guy. You got participants strongly different opinions here, which if you read them today, if you want to dive deep into it, participants doesn’t mean voters. There’s 19 participants in this. 12 of them have the voting power. Kind of one of the couple of big quotes from them here. Most judge that further downward adjustments would be likely to get to an appropriate neutral policy, but several did not view a 25 basis point cut as likely for December.

So we saw a big shift in the CME Fed watch tool and poly market, a shift towards a pause in December that freaked the market a little bit out at midday today. But good to see that end of day rally before Nvidia’s earnings came out. Now after those earnings, like I said earlier, makes these Fed notes seem like minutia, right? Because that’s really what the market was keying off of. And again, how many times have we seen Nvidia come in to save the day since that chat GPT moment? So again trying to maybe read a little bit of the tea leaves here. It’s tough to tell because again it’s participants versus voters. They don’t break that down in here. But I said several participants saying a December cut is appropriate, then many, which in Fed speak that’s more than several, no exact number there, but many said it would be appropriate to keep the target rate unchanged. Again citing tariffs more and more.

[00:28:17]:
And this is where mainstream economists just really have whiffed and time and time again just continue to lose the respect of other market watchers. You know Real at home economists, which are often far better than the people that they put on the Fed. As you know, Trump kind of joked about at his speech at the Saudi investment conference today in D.C. that what do you need 3,000 economists to report to one guy for? And a great point that is a lot of it is instinct, you know, being able to see where the market is going. There are no, there’s no backward looking data that can tell you where you’re going. And that’s all the Fed typically looks at, is backward looking data. Stagnant, stale. And now we won’t even get a lot of data from October.

So the mainstream economists have whiffed on tariffs being inflationary, yet they still, still hanging on to the hope, they’re hoping that they can get Trump with this one, that his tariffs were inflationary. Right. We’ve seen a slight uptick in inflation, but as we’ve said for some time, that is a rear view mirror issue and we’re seeing it from companies not citing tariffs and inflation in their earnings calls and hedge fund manager reports. It’s not even like the top three worries anymore after that, you know, Q1 early Q2 route that we saw from Trump, tariff mania since Liberation Day. Right. So if we haven’t seen the impact yet and tariff deals keep getting done and the penalties keep getting reduced, where are these inflationary impacts going to come from? Right. I mean, they just can’t let go of this message. I did one quote here from Trump in his speech today talking to sky said, I mean, Scott, you got to work on this guy.

[00:30:08]:
Talking about Scott Bessant, the Treasury Secretary, saying that about Jay Powell. He’s got some real mental problems. There’s something wrong with them. You know, you say, I’ll be honest, I’d love to fire him. I should fire him. He’s grossly incompetent. How often have you heard that here from us at the vra? I know we’re just two guys down here in Texas, but have we not gotten a lot more calls Right. Than Jay Powell has? I mean, one policy decision wrong after another, none of which we agreed on wrong.

We said he was making mistakes at the time and, and we had to deal with the consequences on the back end. Kip covered some of that in his podcast this week as well. And then going on to say that not only should be fired and that he’s grossly incompetent, but he should be sued for $4 billion for, for renovating the building that he is. This Fed building that has continuously Gone over on cost, gone over on budget to house these 3,000 economists. What, so they can continue to get wrong, get calls wrong time and time again. Say, jokingly said to Scott Bessant that, you know, if he doesn’t, if we don’t get it fixed fast, I’m gonna fire you because of it. Now we only have three, let’s see, five months or so left. His term’s up in May, so I guess six months.

He’s really in a lame duck period. But wouldn’t put it past him to have more comments like he had at the last FOMC meeting saying rates, rate cuts aren’t a foregone conclusion here. Something like that. He’s going to try it as much as he can, but there are certainly some interesting things happening behind the scenes at the treasury that the Federal Reserve as a body may not like. What they’re seeing here might scare them a little bit. Yeah, I won’t get into it all here today because it add about another 45 minutes to this podcast. But to sum it up quickly, some work might actually be being done to take some power away from the Federal Reserve and hand it back to the treasury where it belonged all along, which was stolen from the American people as we had the Federal Reserve foisted onto US in 1913, as G. Edward Griffin has pointed out in his book Creature from Jekyll Island.

[00:32:26]:
If you want more, more info about the incestuous creation of the Federal Reserve between our politicians and the big bankers of the day, highly recommend that book as well. So could be a future podcast coming in here for you to talk about what’s happening at the Treasury. We’ll see, you know, but as you know, we’re big in the Fed. People get rid of the Federal Reserve and replace it with nothing, as Ron Paul likes to say. All right, so next up here, again, not enough from the Fed to derail our market on the day. The internals though, you know, have been better as of late, but we didn’t quite get the action we would have liked to see in today’s market. I believe they were better, excuse me, earlier in the session, but finished just about negative or not just about negative across the board here, but no big 2 to 1 losses or anything. More declining stocks than advancing stocks on both the Nyse and the NASDAQ.

More 52 week highs, lows again not what you want to see there. And volume coming in negative as well, but not the big losses like Kips talked about in his podcast as well this week of 70/% downside volume. Again, not what you want to see, but the continued improvement is what we want to see in tomorrow. Should start to help out there. If I’m not mistaken, futures are up pretty big. I know I’m getting this podcast out pretty late today, so sorry about that. I wanted to do a good job here for you because there’s just so many moving parts on a day like today. All right, next up here, let’s take a look at our sectors on the day today where we finished with 6 out of our 11s and P500 sectors higher on the daytoday.

[00:34:12]:
As you might expect, tech did lead the way. Tech sector destroyed the Nasdaq today almost 2 to 1 outperformance up just less than 1% on the day, followed by communication services, a proxy for tech, materials and financials. Our laggards on the day were energy, which has really held up very well through this market pullback. Oil below $60 a barrel. I’ll get to that here in a second. But one big energy story. Constellation Energy was up big earlier in the day. Let me just see where it finished at.

Finished up over 5.3% as they received a $1 billion loan federal loan to restart Three Mile Island. You we heard about this a couple years ago with Microsoft’s deal signing a 20 year power contract for with Constellation Energy to get this restarted. The plant is now expected to begin generating power again in 2027. So obviously that’s not the new and exciting nuclear story that we like here with you know, some new innovations coming out. Right? Whether that’s small modular reactors which have already been proven to work in submarines. Why wouldn’t they work on land? We just have to get it right. But also there’s a lot of other nuclear technology in the works right now. Very exciting space in energy creation.

[00:35:43]:
So as you know, we’ve been bullish here on oil and gas as well, specifically gas. Kip talked about that as well this week as it will be the bridge to getting us to nuclear power, to getting us to these AI satellites, solar powered satellites, solar powered data centers in space. Natural gas will be the bridge to get us to that point. I feel like I had one other comment to make on that. Anyway, exciting though to see, you know, some of these nuclear power plants that were taken offline now being restarted here. So again, hopefully something to help us bridge the gap on this energy problem which really, if you listen to the earnings call today or Elon and and Jensen Huang’s conversation earlier today, they don’t seem to be too worried about this energy storage solution or energy solutions here in general as a storage because they’re also talking about batteries and how much the cost of batteries have come down. Finally here for today, our VRA Commodity Watch. I’ve got one more chart to share here for you as well.

Gold now up more than it was earlier in the session. We are in after hours now. Gold was up, you know, just over 1/10 of 1%. Now up another 7/10 of 1%. Above $4100 an ounce. But exactly what you want to see. Again, the reason why I brought up that gold was up 0.15% or so on the day is that GDX the gold miners were up 1%. Exactly what you want to see.

Here’s a chart that we share here often as well. You want to see the miners outperforming the precious metal. Exactly. Bouncing off of this trend line here from the lows of earlier this year late last year. Now headed back, got some upward momentum here. It got even better today. But this is the latest version of the chart before they updated after the close. So exactly what we want to see from this space.

[00:37:42]:
We saw some big action today in one of our favorite gold miners. Again come and join us. You’ll receive access to our VRA portfolio as well. Next up, silver also higher on the day to day now at $51.44 an ounce. I just run a quick chart of silver here because we’re not far away still from those $54 all time highs. Good looking chart on silver copper back above $5 a pound at $5 and 5 cents a pound. Oil as I mentioned earlier below $60 a barrel at 59.52. And finally here for today, bitcoin.

You know we’ll see if we can get some of a rally here as well. It didn’t help that in the conversation today. Again I keep referencing that a lot but Elon saying that currency will be useless in the future as well doesn’t help a cryptocurrency in that regard. We did get below $89,000 of Bitcoin. We’re now back up above 90,000 at $91,410 a Bitcoin folks. That is all that we have time for here today. Please be sure to subscribe to our VRA podcast every day at the market close. You can sign up@vra letter.com, click the podcast link at the top and we’d love to have you with us.

Thanks again for tuning in. Until next time, we’ll see you back here tomorrow for the close.