Welcome to the VRA Investing Podcast! In today’s episode, Kip Herriage breaks down an extraordinary end to the week on Wall Street. With the Dow Jones hitting the historic 50,000 mark and markets seeing impressive gains across the board—including semiconductors up over 5% and small caps continuing their leadership—this was truly a tale of two cities compared to earlier in the week. Kip dives into the rapid market rotation, big moves in Bitcoin, and why the recent shakeout in momentum stocks and software was likely overdone. He also discusses structural bull market trends, how global reflation continues to drive growth, and the underlying strength in gold, silver, and mining stocks. Wrapping up with sector and commodity insights, Kip shares his bullish outlook and the importance of staying focused on tech, semis, and Bitcoin—all poised for future growth.

Don’t look back because the market is closed. Good Monday afternoon, everyone. Kip Herridge here with the Daily Verity Investing Podcast. Hope you had a good day today. How about that Super Bowl? Was that just the most boring game ever? Um, not, not much fun to watch. Um, congratulations to Seattle. Uh, where’d he go? Seahawks getting your second Super Bowl. Uh, I did not watch the halftime show.

My My guess is most of you listening to this right now, you did not either. Although I’ve talked to several people that did and just said, you know, I mean, it was okay. This, you know, the per— not the performance, but the production value was good. I didn’t understand anything the guy said. Of course, if you don’t speak Spanish, why would you? But anyway, congratulations Seattle. Football’s now over and we can start getting ready for spring training. It’s coming up here pretty soon. And, uh, of course the NBA goes— is going on, if anyone cares about that.

Kip Herriage [00:00:55]:
I don’t know anyone that really does. Talk about a league that’s destroyed itself. Uh, another topic for another time. Anyway, I hope you all had a great weekend. Let’s get right to it. Um, I’m gonna uh— spend, I, I love, you know, before the market closes and Tyler and I get together for our pre-podcast meeting, I love the conversations we have. And one of those took place today. I’m going to share that with you.

Uh, because it really stems from the conversations that I have with you every day. I am so lucky and blessed to be able to talk to a lot of you on the phone and just find out, you know, what are you doing? Well, what do you think about the markets here? You know, that’s how we, we gauge our own investor sentiment here. And I think it’s a big tell, and I’m going to walk you through that today. I think it might help, especially people of my generation, okay? Uh, guys in your, you know, 50s, 60s, 70s, 80s, even 90s. I don’t think we have any triple digits here. If we do, reach out, let us know. We’d love to have a special party for you. But, um, I think that the younger generation, they’re in, they’re all in on this bull market.

They’re the retail that’s been buying this. They’re buying on margin, they’re buying every dip. They get it, they get Trump, they see what’s happening with the economy. And they’re not stuck up, stuck in the old days like many of us older folks are, right? 63, I mean, I don’t think of myself as old, but I also know that I’ve lived 63 years. So that’s not nothing. I know a lot of you out there know what I’m talking about. Hey, every day above ground is a good day, as my buddy Ken Devane, broker from Raymond James, used to say every day I talk to him. Every day above ground is a good day, Kim.

00:02:39]:
I can hear him saying it right now. Uh, we’ll come back to that in just a moment and talk about some generational differences taking place. And I think, I think this conversation will— might, might help some of you because a lot of people out there that are still scared shitless of this market, scared shitless of what could happen, right, of the another 2008 happening, right? There are some generational differences here, and I got to say, I think the younger generation’s got this figured out. I don’t believe most of the 50-year-old plus, the ones that really paid the price during the financial crisis, right? A lot of us almost lost our homes. A lot of us almost lost assets that mattered to us. Banks wanted to take everything. It was engineered by the banks, make no mistake about this. And so, uh, the whole thing was engineered.

If you think I’m, uh, smoking something goofy No, listen, uh, while we’re on the topic, I used to talk about this all the time. Of course, now it’s in our rearview mirror by a number of years, but when people used to talk about, oh, you know what, the, the cause of the financial crisis was borrowers— if you could fog a mirror, you could get a loan for your mortgage, it’s all the borrower’s fault— that’s complete made-up nonsense. Understand what I’m telling you. The next fact I’m going to tell you might change your mind about who you think is to blame for it. From 2004 to 2006, the Federal Reserve— Ben Bernanke, Alan Greenspan— the Federal Reserve raised rates from 2004-2006 17 straight times in the face of a mortgage market that started imploding first. If you remember, mortgage companies started going out of business, right? And then the housing market started going through a radical slowdown, right? That caused— and of course we had the derivatives that were just complete scams run by the likes of Goldman Sachs, uh, Lehman Brothers, JP Morgan. I can keep going. They’re all in on it.

And of course, not a single one of them was indicted. Not a single person was indicted for what happened in the financial crisis, not much less brought to trial or convicted. Right? Not a single indictment. The Federal Reserve kicked it off. 17 straight rate hikes was the bomb they set off in the economy. And then the next thing you know, the mainstream media is blaming us for it. We overleveraged ourselves. How dare we? Oh, that is— trust me, it’s not what happened.

But anyway, I think that generation that was damaged most greatly from the financial crisis, the housing crash, We’re the ones that have the hardest time getting over it because that memory is still fresh. So I’ll just finish the thought. We can’t let go of that. I say we, and frankly, that is a mistake. I have let go of it. I was very fortunate to come out of it unscathed except for the losses we had. It was a brutal— actually, you know what? That’s not true. We actually did really well.

We were short going into it and then we went long. So I apologize. I want to make sure I tell the story accurately. We actually had a really good run there., for, for a year going into the, into the crash and then coming out of it. We bought March 9th, 2009 at the exact lows, and had one hell of a run there. So, but look, I know that I speak, I speak to so many of you. I know that in your minds this is still a wound that is still very fresh. Completely understandable.

But I’m in the business, right? So my bit, my job is to make sense of it, which I’ve done. And I think we understood it then. We told people at the time, don’t— if you’re, if you’re overleveraged on more mortgage debt or mortgages or houses, reverse that. Uh, but anyway, point being, so many people— and again, these people I talk to, we see this in all the data, see it online, all the permabears, the, the, the constant negativity, the fearmongers, okay, uh, are still telling people and they’re getting a ton of likes, retweets, all the social media action, all the, you know, all the, all the, all the, the reads, um, that the next 2008 is right around the corner, that the dollar is going to crash, it’s going to take the entire system with it. You know you’ve read it because I know I’ve read it and read it every day, right? And, and then when we get a downdraft in the market like we’ve had the last 3 weeks— that’s over, by the way, I’ll cover that next in a moment— When we get these downdrafts, here come these fearmongers and they prey on people. This this this is, is, is a psyop of negativity which we’ve talked about a lot over the years. It’s in our book The Big Bribe, I think almost a whole chapter dedicated to it. This is a business of scaring people into doing business with them so they can get your eyeballs and get your money and get access to your bank account.

This is a psyop of negativity It is pre-planned, and it wants you afraid so the insiders— yeah, me and other people that actually know what’s going on, the smart money, frankly— can take advantage of you. They want you selling when they’re buying, because when you’re selling, or when you’re not buying because you’re afraid of it, the next crash is coming, etc., then the assets remain cheap. There will come a time sometime in the next several years. I think actually probably— look, you know, we’ll keep having these dips. We’ll probably have another bear market. I’m not saying it’s not going to be— it’s not going to be straight up, although I think it is going to be straight up for the next couple, 3 years. Point being, we’re going to have these dips, but then sometime in the 2030s, we’re going to get a real top, not the little baby tops we’re seeing now. And that’s what this is— these are little baby tops.

[00:08:28]:
We’ll get a real top. But listen to me on this. Remember this. If you’re, if you’re not to listening the podcast in about 2031, 2032, that’s as far as I can see right now, my crystal ball. Once you see the media make the turn, once you see these perma-bears flip to bullish, once you see everybody saying what we’ve been saying for 3 years, Dow Jones going to $100,000, Nasdaq’s going to $40,000. Once you see everybody talking about, hey, Dow Jones may be going to $200,000— it’s coming, that, that’s coming. Because when we get to $100,000, the next target’s $200,000, right? I’m telling you, that day is coming. But when the mainstream media and the slob of negativity makes the turn and they start trying to convince you to get aggressive with your investments, that’s when you should be taking seriously thinking about taking profits.

Right? And that’s our job, to be smart enough to recognize when that turn comes. So it’s a general— I think it is, a matter of fact, I know it is. It’s a generational thing. My hat’s off to the younger generation, but they didn’t live through it. They lived through it, but they didn’t have skin in the game like we did, right? They didn’t see property values decline by 30 to 50%. They didn’t see the stock market crash. They saw their parents go through it in a lot of cases. But even if they were adults already, they didn’t have a lot of skin in the game.

It’s a distant memory because it didn’t harm them that greatly. So they’ve supported this bull market. They get the Trump economic miracle. They’re in, they’re buying dips. They’re actually the smart money. Frankly, it’s kind of the dumb money that is the smart money by happy accident. But they are, ’cause they’ve been right and they’ve been buying the dips and they did it again last week, which was the right move to make. I’ll come back to that in a minute.

So that’s the Uh, topic. again, I, I I know, know from my conversations with people, there are a lot of people out there still very, very, very afraid, very, very concerned. I’m not saying you shouldn’t have some level of fear. That’s always smart because anything can happen. But that is why we diversify. If you know us here at the VRA, you know we have a diversified portfolio. It’s very eclectic. It’s our own hedge fund.

And, uh, you know, we own everything in it, right? We have gold, silver, miners. How well is that work for us. It’s designed to be a hedge. It’s turned into a massive profit center for us, and I’ll spend a minute on that too. I wrote that up this morning. I really think it’s a topic everybody needs to understand about the gold miners, to understand why this move is only now getting started, why you should continue, continue to build your positions in these names, right? Gold and silver included, physical only plays. None of this paper stuff. There are a couple— look, uh, it’s another topic for another day.

There are some physical-backed gold and silver ETFs. Uh, it’s just most people don’t know them to trade them. They use GLD and SLV, and that’s— those are the ones you should not be messing with. They’re going to blow up at some point, and they, they will, they will go out of business. And that’s, that’s when gold, you know, gets $15,000, $20,000. Again, that’s the future. It’s coming, but that is the future. Uh, gold and silver are going to be ridiculously higher from this price in 50 years.

Ridiculously higher. Our target’s $15,000 on gold. That’s about 2030, 2032. Silver’s $300. Frankly, I think that’s conservative. I think they’re going to get there a lot faster. But longer term, as this money printing machine has to keep speeding up, assuming that’s what happens— certainly has been then there, there won’t be much of a better place to invest in gold and silver. And yes, Bitcoin.

Yes, Bitcoin, which again, we’ve spent a lot of time out here recently with our members helping you understand what’s going on here and why this dip is— we’ve, we’ve now capitulation. Bitcoin is capitulated. I’m not saying it’s only going to go higher from here, all right? Last trade, $70,400, but it’s capitulated at just over $60,000. And is a strong buy here, right, depending on, you know, what your, uh, investment horizon is. Okay, uh, we’ll come back to that later too. Got a lot to come back to. Let’s go on here. So at the market again, another strong day today.

[00:12:47]:
Um, again, it’s the themes we’ve been talking about. This is a rotational bull market. Tyler spent a lot of time on this, uh, explained this as well. He— it’s a concept that he, uh, he noticed a long time ago because he follows sectors so closely. So what Tyler is saying, what we’ve seen, is that instead of the market going down, sectors go down, right? Individual groups go down, but the money doesn’t leave the market. We’ve just seen that recently, have we not? Look at the devastation that’s taking place in software stocks. Now, if you follow us here, last Thursday in our very letter, it was a, it was a focal point of ours. Showed you a chart of the software ETF IGV that has declined 31% from October.

Brutal, brutal decline in 3 months for what had been a rock star of a group, right? And now because of AI fears, the group got utterly destroyed. Well, we showed you on Thursday morning that on VR Investing System software stocks, IGV had hit our most oversold level. Call it extreme oversold on steroids. It’s from this level that the rubber band is stretched too far and that bottoms take place. The reverse happens at extreme overbought on steroids. We talked about that with you last couple of weeks as gold got there, as silver got there. We didn’t tell you to get you to sell it because why would you? They’re going so much higher. We told you so you’d know how to use discipline, because the last thing you want to do is add to your positions at extreme overbought on steroids.

That is an accident waiting to happen. That’s when bad things happen. So we want to use discipline and just not buy anymore there and then wait for the pullback. We just got that. That’s over too, by the way. Gold and silver, again, complete rock stars here and will continue to be so. So that’s the rotational theme we’re talking about. At the same time, it’s happening in a bull market that is generational.

This is a generational bull market. Again, it’s been a theme of ours now for 3 years. We’ve We’ve been exactly right, been the biggest bulls in America for 3 years. And we, again, we laid all this out in “The Big Bribe” point by point. And I will tell you in as much modesty as possible, the book’s held up. The book’s held up very well. And I think it’ll continue to. Matter of fact, there’s a high confidence call that it will.

[00:15:04]:
Because what we also have happening now, in addition to our big 3, right? Trump economic miracle, the innovation revolution, and an absolute ocean of liquidity. If you know nothing else about why this market’s going to go up and keep going up, those are the reasons to remember when you get a little shaken and you, you know, you look at your portfolio because I’m down 10% from last month. What this is— I don’t like this, I can’t take this. Remember our big three, but also remember what I just talked about, the rotational bull market. That is textbook bull market action. It doesn’t happen in bear markets. Rotational themes happen only in bull markets. Important to remember.

Also, because of Trump, you got to give the guy credit for a lot of things happening now. We talked about this some last week, but one of the really big things that’s happening now is that we have a global reflation trade taking place. Global reflation trade, not inflation, reflation, because Trump is scared that you know what out of every country on the planet, they’ve gotten with the program. They’re, they’re making the turn away from far-left insanity, even if it’s slight at first. They’re making the turn. It is happening because they know if not, they’ll be left behind. It’s called the Trump Doctrine. The Trump Doctrine is extremely real, and it’s now produced this global reflation trade.

And that means global economies are following our lead and getting stronger. We see it in all the global stock markets. Again, talking about some of the fear-mongering, how many people— we even covered this 3 weeks, a month ago about the possible Japanese economy blowing up, the JGBs, Japanese government bonds, and the yen carry trade. This is something that really came up. It was because of Scott Bessant. Scott Bessant actually mentioned it at a presser saying, you know, don’t be focused on tariffs, that’s not the reason the market’s going down, it’s, it’s the Japanese bond yields. Look at— they’re hitting all-time highs. And that freaked people out, and that got our attention, because he’s not a guy you take half seriously, right? If Scott Bessen says something, we’re listening, we’re taking it seriously.

And we did it at the time. We actually, as you remember, sold some positions 3 weeks ago. Not just because of that, there were a number of things. Market was extremely overbought. Blah, blah, blah. There were a lot of reasons we covered at the time about why we wanted to lighten up, and we did. And now we’re rebuying again, which we told you last week. We started buying tech again on Thursday in our ETF program.

Uh, today we bought small caps in an ETF program. We’ve got some other positions we want to add too, but we’re getting back there. You know, we never had more than 15 positions. I think we’re at 12 now. So we’re, we’re, we’re gaining momentum again. Uh, but, uh, but our market timing model is, uh, after— especially after, after Friday You know, look, software stocks bottomed, said a minute ago. IGV, hey, extremely oversold on steroids, down 31%. That was the low.

[00:18:00]:
That day was the low. And now that group is moving higher. Oracle today up 10%, right? Again, software names had been taken to the woodshed. A lot of these stocks down 30, 40%, some 50+. That’s over. That bottom is in. Capitulation has happened. Capitulation in Bitcoin has happened.

Capitulation in momentum stocks, which is really what all these are anyway, right? In the, in the AI revolution, innovation revolution age, we want to invest in momentum stocks. That’s where the real action is. Uh, but you could also say that’s the gold miners, right? There’s still no, no, no sector is up more over the last 18 months than the gold miners. That is something else, by the way, that we called at the beginning of 2025. We told you the best sector to be in 2025 would be gold miners, and that’s exactly what took place. And that’s not over. Again, I’ll come back to that in just a moment. Um, but again, the global inflation trade is telling us global economy is picking up speed.

That is extraordinarily good for the U.S. markets. Tyler just shared this with me from FactSet. This, this, this really is something else. FactSet does great work on earnings and, uh, and covering economic data, but primarily earnings is what we like to, uh, to use them for. Check this out. The, uh, so far for Q4 earnings, uh, growth rate for the S&P 500 is 13%. It’s going to pick up, by the way.

[00:19:24]:
It’s 13% for Q4. We believe 18 to 20% in Q1. Okay, but listen to this. For companies that generate more than 50% of their revenue outside the United States, The earnings growth rate is 17.7%. Companies are making more from their global business than the domestic business. And it’s for the exact reasons we’re talking about. The dollar’s been weak. That’s purposeful.

That’s what Trump and Bessett want to see happen. They’ve said this often. They want us— they want a strong dollar policy, meaning it’s still got to remain the global reserve currency. That will never lose that. In our lifetimes. The only way we lose that is if we lose a major world war, because the United States and our military will never allow anything else to happen. Just know that, okay? Uh, but they want the dollar to go down because we’ve been cheated so long by other countries like China. Do you see this, by the way? Our imports now from China are down to 7% of all imports.

7%. Now they’re cheating a little bit, you know, they’re producing it in other countries and blah blah blah, you know, but still That’s significant. At one point we were 28% of all imports, down to 7% now. Again, the Trump Doctrine is— you may not love the man, but you better respect him because what he’s doing is working. And we see it again in earnings growth rate, all this revenue coming from outside the country. Again, global inflation, trade, and a purposefully lower U.S. dollar. Very, very, very, very powerful combination.

[00:20:57]:
And remember Folks, this is early innings, right? This is early innings. Understand what I’m saying here. Uh, this bull market is going for many, many years to come. This is going to be the best bull market of our lives. It doesn’t matter how old you are, uh, how many bull markets you’ve seen. This is that bull market, because the best before this had been, of course, the dot-com melt-up, 5-year period, 1995 to 2000. Yes, it was a lot of fun. Yes, it was a blast.

It was, it was a whirlwind time, understand. Um, and I was, you know, right in the middle of it. My friend ran the syndicate desk. I was at Raymond James at the time, and, uh, which means we got all the IPOs. I mean, it was, uh, it was a magical time, and it was crazy, you know, 18-hour days was— that was the norm, okay? Uh, why would you not do that? You couldn’t believe the amount of money you were making in the markets and personally. So this is going to be bigger than that. It’ll be longer It’ll be broader-based. It’s not just going to be tech stocks or dot-com stocks at the time, right? We didn’t know what those were in 1995.

What’s a dot-com stock? It seemed comical at first, and then you saw the money we were making. No, no, this is very real. But the innovation revolution is far broader, longer-lasting, and much deeper. You know, so it’s going to impact every industry, every sector. And that’s why this is going to go on so much longer. And that’s the rotational theme we’re seeing. That’s what we’re seeing right now begin to play out. But again, it’s early days, okay? Uh, great leadership.

Again, the move higher on Friday, we covered on, on Friday podcast, just extraordinary. Dow Jones up 1,200 points to all-time high. That continued today. Again, lower open today, and then just like a gun was shot, boom, buyers coming in. Folks, that is a tell. Right, we love buying on lower opens on Monday. So in my career, I’ve never gotten better buys. We got it again this morning.

[00:22:50]:
We took action both in Parabolic Options Program and in the VRE portfolio. Some great buys this morning. We already have very nice profits. Again, we’re not day traders here. We’re going to hold these positions, of course. But again, that, that’s how we use our VRE investing system for leveraged ETFs. Options, of course, are shorter term in nature anyway. But again, So great rally off the lower open today.

Uh, NASDAQ finishing up 207 points, that was a leader of 9/10. Dow Jones finished up only 20 points, but again, after Friday’s rally, got 1,200 points. Uh, kind of an easy— I wouldn’t be surprised tomorrow if the Dow’s up another 300. Uh, S&P 500 today up a half percent. Russell 2000, again, market leader. Uh, small caps, not a lot of people talk about this, or maybe you know this. I shared this chart this morning. We love relative strength charts here.

Small caps bottomed, I believe, is August. Let me get the date right. I’ve got it in this morning’s letter. Yeah, small caps bottom compared to the S&P 500 in August of last year, and it’s led higher since. Been some big swings, but they’ve still led the entirety of the time. Of course, for this year, 2026, small caps are the clear winner. They were up 5% just in January, uh, and they were up almost 4% on Friday, right? So They, they’re up another 0.7% today. So understand, these groups now are coming off of heavily oversold levels.

They have room to run. That’s the point. NASDAQ, a lot of room to run. Small caps, a lot of room to run. This, the, these shakeouts are so powerful for, for us. They, they, they, they remove the excess, right? And give us just the next great buying opportunity. And that’s what’s happening now. Great leadership.

[00:24:37]:
Small— again, excuse me, semis. Again, that’s our key, right? That’s our tell. Semis today up 1.2%, actually led everything, which is what you want to see. Semis also hit heavily oversold. Again, now they’re ready to go on their next big run. These are a series of higher lows and higher highs in technical terms. That’s, that’s what’s happening here. And it’s based on— again, we talked about this a lot of the last couple, 3 weeks— primary trend versus counter-trend action.

Understand this: we are in a primary trend bull market. That means these little pauses we take and the dips we have and the shakeouts we have are counter-trend. That’s what’s important to remember. And that makes every one of these dips a buying opportunity. You just got to pick your spot as to when you want to get back in. But again, I would encourage everybody to become familiar, unless you’re just a long-term investor and this doesn’t matter to you. But if you’re like me and you want to try to time your most highly leveraged positions and the ones, the highest momentum stocks that got the highest betas, you want to try to time those, that’s what we do here. And, uh, trust me when I tell you it’s one of the big reasons we’ve beaten the market 19 to 22 years.

And with a little bit of luck, may do it again this year. Of course, that’s always our plan. Um, what else today? All right, so I want to spend a minute on the gold miners and then we’ll get to the market action. And, uh, I’ll keep that all real brief, uh, but I think it’s time— I think it’s important for those that don’t really understand this group. Look, precious metals and miners did nothing from the peak in 2012-2013. All they did was go down. It was a painful decade, and especially if you love this group, which again, my biggest— our biggest holding is gold, silver, and the miners. Uh, and we just got back in the miners 2, 3 years ago, but our biggest holding before that has forever has been, you know, since 2003 has been gold and silver, and it’s been— it’s worked out very well for us.

But until again 3 years ago when this— when the bottom was really in, which is 2001. Frankly, it was the pandemic. That’s also when JP Morgan pled guilty, paid a $920 million fine for rigging gold and silver markets. Okay, that was— that marked the low right there. But again, the last 2-3 years have been pretty much parabolic, right? Here’s what you need to know about the gold miners right now that have record— hear me on this. Record low valuations even with this move we’ve had. Again, we’ve got two gold miners, junior gold miners, in the portfolio. One’s up 800%, the other’s up 300-something percent, okay? And again, those are just getting started.

But understand from a macro point of view how cheap this group still is. This is a bull market, a bull market group that’s been on call for 3 years. But understand the macro. First of all, this is This— if you follow the markets, this has to blow you away, okay? Um, the entire gold miner universe, every global gold miner included, has a market— total market cap of only $1 trillion. Now that’s a big number, sounds big, right? Walmart’s market cap is $1.1 trillion. So take every gold miner on the planet, combine them into one company, and it’s still smaller than Walmart. This is not normal. This is not the way it used to be.

Gold miners represent today just 1% of all global stocks. 1%. Again, not normal. It’s never been that way before. 1%. In decades past, when in a more normal time, gold miners historically have made up more than 10% of all global equities. There have been times they’ve been as high as 18 to 20%. They’re 1% now.

That should have your attention. Also, investors that invest in gold have only 1 to 2% of their entire portfolio in gold. That’s it. This is from Morningstar and VanEck. This is, this is respected data, has been for a long time. So even in light of this melt and move higher we’ve had in gold and silver, right, up big again today, Investors have little to no interest in this group. I think my read, okay, at this rate, gold will have to go to $10,000 plus before investors even come close to wanting to have 5% of their portfolio in precious metals and miners. So again, that’s how early we are.

How about this? CapEx, capital expenditures are at extreme lows never seen before. So the, the people that run these, these, these gold mining companies, they don’t even believe it. They’re not increasing CapEx. Again, extreme low, never before seen relative to current gold prices. And, and this is another powerful effect: senior gold miners today, even after the move they’ve had, are trading at less than their own book value. They’re trading at 75% of the book value, NAV, net asset value. Junior gold miners are even cheaper, trading at 0.15— excuse me, 0.51 to net asset value or book value. So all these metrics tell you that we’re seeing discounts in this group, again, even with the move they’ve had, that have never before been seen.

[00:30:17]:
This is a historic dislocation. Gold— the gold miners are priced right now as if gold was $2,000 to $2,500 an ounce. Is it $5,000 plus? Again, uh, $5,100 plus now, by the way. Good day today. And the— I guess the, the closing point here is because the— understand this— the leverage is always in the miners. Leverage is always in the equities. If you want to— if you have an interest in buying energy, you wouldn’t go out and buy barrels of oil or, you know, MCF of natural gas. You want to buy the companies.

That’s where the leverage is. They move at anywhere in bull markets— this applies to the miners as well— from 3 to 5 times faster than the underlying commodity. That’s where the equity is. That’s where the leverage is. And so that’s why you want to own the gold miners instead of— now I’m not saying don’t own gold, trust me, okay? Gold’s had an amazing move. Again, it’s just getting started. But the equities in the miners— excuse me, the leverages in the miners— and because of everything I’ve just shared with you, we expect this group could 10x from here in the next 3 to 4 years with gold prices where they are now. If gold hits our target at $15,000, we’re looking at 20x, and some of these junior miners will do better.

I hate to— I even hate to put these numbers out there because it just says it sounds like crazyville. We’re looking at 50 to 100x, 50 times to 100 times your money in some of these companies. Again, it depends on the company, it depends on the asset they have, and it depends on what their view is. The companies we work with, on every call we have with them— we talk to management teams all the time— every call we have with them, we, we remind them, hey, you’ve read our work, you know our views. We told you 3 years ago this bull market was coming in gold and silver. It’s just getting started. Please understand, don’t do a deal too soon. Please don’t sell out.

Don’t do a JV. There’s no reason to rush at all. And, you know, they recognize we’ve been right. Again, they’re in the industry, so it’s a little bit trees for the forest kind of thing, right? And so, uh, you know, they’re— they tend to be very conservative. These gold mining executives have learned from the past. Where they overleveraged, got too extended, and lost the asset. So they don’t want to do that again. But that’s another reason, right, that they’re going to go so much higher.

[00:32:41]:
There’s no CapEx, very little CapEx. There’s no major new discoveries going on. There’s only— there’s not been a major gold discovery made in 4 years anywhere in the world. Now, we think we’re working with 2 of these companies that are going to have those But they’re not there yet. I mean, you still got to prove it up completely. You got to start open the mind and, you know, prove it up, right? But point being, uh, because these companies aren’t really growing aggressively— that’s coming. You’ll first see it in joint ventures. Those are starting to happen, but we’ve yet to get to the M&A phase, which is crazyville.

But again, that’s coming. That’s the future. Understand what I’m saying. If I’m wrong, I’ll admit it. You know what, uh, we’ll, we’ll, we’ll take profits and move on. We just don’t see that happening. It’s an historic opportunity to buy this group and make a lot of money, a lot of money in the next 3, 4, 5 years. Okay, a minute ago I told you uh, uh, Bitcoin, uh, capitulated on Friday in the pre-market early morning, like it hit $60,000.

That was the bottom right there. We know that because we got record put volume record share trading volume, and, and the lowest Bitcoin sentiment in 3 years. In addition, Bitcoin’s RSI, relative strength, just hit its third lowest level in history. Folks, that’s capitulation. And how perfect, just when everybody went from saying, oh, Bitcoin’s going to a million, to it’s worth zero. How many times did you see that? It was on the COVID of 3 different magazines, including Forbes. Bitcoin is worth— is going to zero because it’s worth zero. These covers mark bottoms and tops, uh, so often that, uh, it’s, it’s very usable information.

It just is. Uh, also, I’ll just make the, the point. I love— we loved President Trump’s post on, uh, Truth Social on Sunday, uh, where he said, uh, I am predicting 100,000 on the Dow by the end of my term. President Trump, what took you so long, man? You finally caught up with us. Yes, yes, but we’ve been saying it for 3 years. Thanks for joining the party. Uh, but, uh, yeah, now if we can just get Scott Bessant to come out and say the same thing, then you start thinking, okay, it’s a slam dunk, right? Trump is not usually wrong about these things either, but we also know he’s the biggest chiller out there for the US economy and of course the stock market. But great having Trump on our side for 100,000, uh, Dow Jones.

Dow Jones. All right, let’s look under the hood today. Again, good internals, not great. Uh, let me do a quick refresh, make sure I didn’t miss anything here. Friday’s internals were fantastic, like 4 or 5 to 1 advance decline, 80% plus upside volume, right? Not today. We had, uh, 1.5 to 1, uh, positive, uh, advance decline NYSE, 1.7 to 1 NASDAQ, uh, volume, uh, 68.7% on NASDAQ up volume. 60.6% for, for NYSE. Again, both of those are over 80% on Friday.

Stellar day. We also had 636 stocks at new 52-week high, just 219 hitting a new 52-week low. And our sector watch today, uh, good. You know, I wouldn’t say great, good. Uh, 7 sectors higher, 4 lower. Again, after Friday’s move, that’s understandable. Uh, technology led the way, which you want to see, up 1.6%. Materials up 1.4%.

To the downside, healthcare down 8 tenths, and that was about it right there. Uh, commodity watch. This is always fun to cover, especially in big bull markets like this. Gold bouncing back, up $115 today, 2.3%. Last trade now $5,094 an ounce. Silver up 8% on the day, $83.26. No, no, $116 or whatever. What was the high? $116, I think, uh, memory serves.

Was it 120. I don’t remember that. No, that was not the— that’s not the permanent high. That was not— that was not a final high for silver. Uh, copper today up 1.4%. We love the copper story. Uh, $5.96 a pound. Uh, crude oil today up 1.3%, $64.40.

[00:36:47]:
Of course, that is one of our fears. Iran— there is an armada without question surrounding Iran now. A lot of ships, C-17s, went there, like 100 or something, over the weekend. Yeah, that’s concerning. I think the takeaway for me though is it’s not our first movie. We’ve seen this rodeo. It’s not our first right? movie, Uh, we, we know what happened the last time. Uh, it was over before we knew it started with Iran.

And I have to think this would not be much different. You never know. Uh, but I will tell you, if something happens and I’m not here, Tyler’s not here, and the market’s open, if we have a big attack or something, please don’t sell. Uh, when bullets fly, stocks are a buy. That is something that has held up almost to time immemorial. Okay, so just remember that, especially against the US with Iran that has no ability to even try to keep up with this. They have like 1% of our technology and manpower, so it would be an overwhelming success. You know, God forbid something, something goes wrong there, of course.

Uh, but that’s crude oil is— I think it’s bouncing for some of that is, is an Iran war risk, if you will. Finally, today, again, Bitcoin, last trade now $70,600. Um, again, covered that already in some detail. All right, folks, that’s it for the day. Hope you had a great day and even better night. We’ll see you back here again tomorrow after the close.