The content creators featured below advocate wisdom and calm following a hugely traumatic week. Their advice has consistently emphasized structuring your portfolio such that it has the ability to weather severe storms, so nothing has changed in the authors’ overarching themes. And given that we have not likely seen the end of troubles, their advice would seem to be just right for the times. Spend some time reading or listening to their thoughts this week—and every week.
Key Takeaways:
- The Dow/gold ratio—a help for equity investors?
- Record household net worth masks big problems
- Position for the thesis, then let it play out
- Are rare gold coins a good idea?
The McAlvany Weekly Commentary: How Gold Will Multiply Your Stock Gains
David and Kevin discuss the nuances of gold’s role in a diversified portfolio, emphasizing its simplicity and reliability as “wealth insurance” amidst global uncertainty. With gold reaching new all-time highs—surpassing $3,650 per ounce—David explains how the Dow/gold ratio provides critical insight into long-term wealth preservation and growth. The discussion highlights the secular trend of ratio contraction, where gold’s purchasing power outpaces equities, creating opportunities for multiplying wealth in productive assets. Kevin likens this strategy to a game of division, where understanding the interplay of gold versus stocks is key. The hosts explore rising geopolitical instability, inflationary pressures, and a Federal Reserve confined by weak employment data and high inflation, all combining to bolster gold’s appeal. They also touch on the crack-up boom phenomenon, where nominal prices rise across the board, yet gold’s real value shines brighter. For investors, the message is clear: gold isn’t just a hedge—it’s a strategy for navigating volatility and preparing for the “what’s next.”
Credit Bubble Bulletin: Q2 ’25 Z.1 and September 10, 2025?
Doug dissects the latest Federal Reserve Z.1 data, painting a vivid picture of ballooning credit and financial imbalances that define today’s economy. He highlights the staggering growth in total non-financial debt, which has inflated from $18 trillion in 1999 to $78 trillion today, alongside the surge in Treasury securities, now at $28.5 trillion, up from $3.3 trillion over the same period. Doug notes that household net worth has soared to $176 trillion, a record 581% of GDP, fueled by inflating equities and real estate valuations. Yet, this wealth expansion masks systemic vulnerabilities as financial sector leverage continues to climb, with domestic financial sector assets surging to $150 trillion. He also flags the growing reliance on leveraged instruments like repo markets and money market funds, which have expanded at unprecedented rates. Against this backdrop, Doug draws parallels to past crises, warning of the fragility inherent in such a debt-driven system. On a broader note, he reflects on recent political and geopolitical turmoil, including the assassination of Charlie Kirk and rising tensions in Eastern Europe, as grim reminders of the social and economic instability that could exacerbate market volatility. For Doug, the numbers tell a sobering story, but the human and political narratives underscore the stakes.
Hard Asset Insights: Let The Thesis Play Out
Morgan delivers a sobering yet insightful take on the Federal Reserve’s precarious balancing act, as Jay Powell and team face a “pick your poison” moment at next week’s FOMC meeting. Trapped between runaway inflation and an unsustainable federal debt spiral, the Fed appears poised to cut rates despite inflation running well above target for over four years. Weak labor market data, highlighted by a shocking 911,000-job downward revision from the BLS and a surge in unemployment claims, gives the Fed the cover it needs to ease, but inflation metrics—such as a 2.9% year-over-year CPI increase—argue otherwise. Morgan underscores the inevitability of an “inflate-the-debt-away” strategy, with gold emerging as the ultimate hedge against the looming fiscal storm. As miners’ shares catch up to gold’s meteoric rise, now topping $3,500, the bull market thesis is proving itself in price action. Meanwhile, markets showed mixed strength, with the S&P 500 up 1.59%, gold gaining 1.39%, and energy commodities remaining volatile. Morgan urges patience, noting that while volatility is certain, the long-term upside in gold and related assets is clear. Investors, he suggests, should let the thesis play out—it’s a strategy as golden as the asset itself.
Golden Rule Radio: Metals Rally Recap
Tory and Miles dive into the latest rally in precious metals, with gold stealing the spotlight by hitting a new all-time high of $3,673 per ounce, up 3.1% for the week. They highlight the ongoing weakness of the US dollar, which slipped again to 97.83, as a key driver of gold’s momentum, alongside technical breakout patterns that suggest further upside toward $4,100 or higher. Silver, while quieter this week with a modest 1% gain to $41.15, remains an attractive play for leveraged upside, especially as it lags approximately 20% below its all-time high. Meanwhile, platinum cooled off by 2%, settling at $1,392, while palladium surged 4.5%, narrowing the platinum-to-palladium ratio. The hosts also touch on the broader context of stagflation, where weak job data—including a staggering 911,000 downward job revision—presents the Fed with an unenviable choice between battling inflation or addressing economic stagnation. Tory and Miles point out that rare gold coins, trading at historically low premiums, present a unique buying opportunity, particularly for investors seeking physical assets with downside protection. Wrapping up, they emphasize gold’s role not just as a hedge but as a core portfolio asset, urging investors to stay ahead of shifting economic tides.
