The content creators whose work is summarized below are financial professionals who wax eloquent on matters monetary and economic week after week. It’s a worthwhile endeavor given the critical nature of money and finance in the life of every home economist in every country. And crucially, every two years in America: as goes the economy, so goes the election. Money matters. A lot. Every home economist knows it.
But it’s not all that matters. Family matters. Friends matter. Faith, community, peace, work, play, and more. They matter, too—ultimately more than money. It’s just that monetary matters can be so darned urgent and demanding, and they can deeply affect these other areas as well.
David and Kevin take some time to discuss the other side of life this week. Though their work is devoted to their clients’ financial welfare, the hosts clearly have rich lives apart from dollars and euros, ounces and ingots. And the funeral of Charlie Kirk gave them occasion to touch knowledgeably and helpfully on First Things.
Erica Kirk’s riveting words “I forgive you” to her husband’s assassin brought solace to tens of millions of mourners, and brought the cultural temperature down—if only for a time. Don’t miss David’s and Kevin’s discussion of this powerful peace overture and its context in America and worldwide.
Key Takeaways:
- The most powerful investment
- Equity hegemons have feet of clay
- Signs of future dollar decline are many and compelling
- White metals surge
The McAlvany Weekly Commentary: Unforgettable Moment “I Forgive You”
David and Kevin reflect on forgiveness, culture, and generational transitions, interlacing these themes with insights on gold, markets, and de-dollarization. Opening with the idea of forgiveness as the highest expression of love, David draws parallels between personal redemption and societal renewal, inspired by the widow Erica’s poignant words, “I forgive you,” at the memorial for Charlie Kirk—a moment framed as emblematic of cultural and spiritual battles for the soul of a nation. They link this to broader cycles of decay and renewal, referencing Neil Howe’s The Fourth Turning and the potential for a new societal “first turning.” Pivoting to economics, they discuss the dollar’s decline, hedging trends, and gold’s rising prominence as investors and nations seek stability amid fiscal dysfunction. Then they explore the lasting allure of gold, calling it wealth insurance free of counterparty risk. From historical lessons of the 1930s to China’s strategic oil buying and Wall Street’s new 60-20-20 portfolio model, the conversation elegantly ties market dynamics to timeless truths, concluding that love, forgiveness, and preparation are essential responses to life’s uncertainties.
Credit Bubble Bulletin: Canary?
Doug dives deep into the cracks forming in the financial system in his latest Credit Bubble Weekly, using sharp declines in private credit stocks like KKR, Apollo, and Blackstone as his “canary in the coal mine.” He draws parallels to April’s market turmoil, noting that private credit, leveraged loans, and AI-driven investments are revealing their fragility. While AI spending has ignited a speculative frenzy, Doug warns this “arms race” could end in financial disaster akin to the late-1990s tech bubble. Bond markets are also flashing warning signs, with junk bonds hitting record issuance and global yields rising, signaling overheating risks. Doug critiques the Trump administration’s aggressive fiscal and monetary policies—including tariffs, industrial spending, and the Fed’s independence erosion—as catalysts for inflation and speculative excess. He highlights global ripple effects, from central bank vulnerabilities in Japan and China to geopolitical tensions in Europe and Ukraine. The record-breaking $3,760 gold price reflects these systemic risks, with Doug suggesting precious metals are a haven amid mounting economic turbulence. As he closes, Doug warns of impending de-risking and deleveraging, cautioning readers to brace for turbulence as the fourth quarter unfolds.
Hard Asset Insights: Enjoy the Ride
Juggling the joys and trials of temporarily solo parenting his 16-month-old son, Morgan delivers a sharp, concise take on gold’s meteoric rise and its broader implications. Despite being technically overbought, gold, silver, and mining stocks are in a runaway bull market fueled by strong momentum and bullish fundamentals. Morgan suggests the current rally may face a correction, but sees no sign of a market top. He expects gold to surpass $4,000/oz and silver to break its all-time high of $50/oz in what he calls a “bull market for the ages.” Tying this to U.S. policy, Morgan highlights the inflationary path driven by industrial revitalization under the Trump administration, including reshoring manufacturing, suppressing yields, and printing money to secure critical minerals and supply chains. He notes global ramifications, such as South Korea’s struggle to meet U.S. investment demands, which hint at covert Fed-backed dollar printing. Morgan also celebrates Wall Street’s shift, with Morgan Stanley’s Mike Wilson advocating a groundbreaking 60-20-20 portfolio mix of stocks, bonds, and gold, signaling gold’s growing role as a hedge. Wrapping up, Morgan encourages readers to “enjoy the ride,” as markets remain in the early stages of this transformative trend.
Golden Rule Radio: White Metals Leading the Charge
In this week’s GRR, Miles, Robert, and Tory dive into the standout performance of the white metals, with silver surging nearly 6% and platinum leaping 8% following a Fed rate cut. Gold also gained 2%, with futures hinting at a climb past $3,800, reinforcing its role as a hedge against the dollar’s ongoing decline—now 11% off its highs for the year. The team highlights the tightening gold-to-silver ratio, which has dropped to below 85, signaling silver’s outperformance and potential further compression toward historical averages of 50-60. They also emphasize the importance of physical metals over paper assets like ETFs, underscoring tangible gold and silver’s unmatched wealth preservation in an era of inflation and currency debasement. Central bank accumulation of gold, the ongoing “currency war,” and de-dollarization trends feature prominently as catalysts for the metals’ strength. The hosts close with portfolio strategies, recommending a “one-third approach” that balances metals, growth assets, and liquidity for long-term protection against stagflation and geopolitical uncertainty. With white metals leading the charge and gold rising steadily, the hosts encourage investors to stay focused on ounces rather than price swings, as the bull market for precious metals appears far from over.
