Good Thursday morning. Our hyper-focus on the AI trade, Deep Seek and Q4 earnings hasn’t left room for much else. Let’s get caught up on precious metals/miners and Bitcoin.

Gold is hitting a fresh ATH today at $2837, up $43/oz on the day (+1.5%) with silver +3.7% to $32.52 and the miners surging higher, with NUGT (2 x Miner ETF) up a solid 7%. From my second-ever VRA Letter in 2003, where I first recommended gold at $375/oz and silver at $5/oz, we’ve done well in this group. We like precious metals and miners every bit as much today as we did in 2003 (more, even).

Two decades ago, after we began recommending that investors save in gold/silver (over fiat US dollars), we’ve caught quite a bit of heat from Wall Street financial planning types. “That’s far too aggressive for most investors”, as we’ve been shouted at often over the years. That’s when we remind them that $100,000 invested in gold in 2003 is worth more than $700,000 today, versus the approx $67,000 value from saving in ...