Happy New Year!
Santa brought us another very strong week in the precious metals sector. It seems the world is finally starting to catch on to what HAI believes is a generational opportunity in precious metals—one that equates to the financial market equivalent of a hundred-year storm, a monetary regime change likely bringing gold back into the global system one way or another.
HAI hopes all had a very merry Christmas and wishes everyone a very happy New Year! From a market perspective, 2025 has been a year to remember within the precious metals sector. In HAI‘s view, 2026 will see very significant follow-through.
As HAI sees it, this is the hundred-year financial storm—and the world is just now adjusting to it. That means 2026 has all the potential to stack another monster year onto the last one.
Next on the horizon, HAI will be watching for the green light on another generational opportunity—the coming bull market in the hard asset commodity sector.
To be sure, the last monetary regime (petrodollar “dollar recycling” system) disincentivized needed capital investments into commodities. We are now decades into a drastic and completely unsustainable underinvestment. That is nothing short of a ticking time bomb counting down to an explosive commodity bull market—and it’s likely coming very soon.
For now, however, this storm is squarely focused on the precious metals and a shake-up of the post-1971 system.
HAI hopes all had a wonderful 2025, and wishes all an amazing 2026. It’s an honor and a privilege for this author to write each week. Thanks so much for another year!
Weekly performance: The S&P 500 was up 1.40%. Gold was up 4.37%, silver surged by 17.86%, platinum launched by 24.26%, and palladium jumped higher by 15.25%. The HUI gold miners index was up 4.28%. The IFRA iShares US Infrastructure ETF gained 1.25%. Energy commodities were volatile and higher on the week. WTI crude oil was up 0.67%, while natural gas was up 10.51%. The CRB Commodity Index was up 1.81%. Copper was up 6.74%. The Dow Jones US Specialty Real Estate Investment Trust Index was up 1.38%. The Vanguard Utilities ETF was up 1.10%. The dollar index was off 0.55% to close the week at 98.05. The yield on the 10-yr U.S. Treasury was down 1 bp to close the week at 4.14%.
Have a wonderful weekend!
Morgan Lewis
Investment Strategist & Co-Portfolio Manager
MWM LLC
