In the midst of holiday festivities, the content creators featured below continue to chronicle America’s and the world’s economic and financial journeys. The changes are so huge and numerous that many of us have become numb to them. Still, we live in momentous times. For better or worse, today’s developments will reverberate for generations.
The McAlvany analysts are but few voices beside the cacophony of “experts” trying to jump on the bandwagon of the times. Everyone has an opinion, and form often trumps substance. In the midst of the pandemonium stand a few who have daily come to work for most or all of the over 50 years the McAlvany companies have existed, analyzing bull and bear markets, crises, catastrophes, multi-year doldrums, times of plenty and times of want. Their sweat equity in the precious metals markets is unmatched, as is their willingness to buckle down and talk with and work for their clients.
So, in the “battle” for investment success, who would you rather have by your side? Battle-hardened troops with decades of experience or new recruits whose primary virtue is their ability to shout and bang their shields with their swords menacingly?
Gold is substantive money. Experience is a substantive teacher. Wisdom is a substantive way to live harmoniously and prosperously. If ever there was one, this is a time for substance over form. You can find some of that substance right under these words.
Key Takeaways:
- Prioritize process and discipline over windfall
- When does credit become a problem?
- What does the future hold for commodities?
The McAlvany Weekly Commentary: Q&A: Your Questions Answered #1
David McAlvany leads this wide‑ranging Q&A with Kevin in a conversational tour of precious‑metals strategy, portfolio discipline, and the bigger monetary picture. The longest discussion centers on how to trade the gold/silver ratio incrementally—harvesting 30–50 point swings to compound ounces over time—paired with a parallel framework for reallocating metals into equities as the Dow/gold ratio compresses. David stresses patience over perfection, and views metals as an intergenerational ballast rather than a trading vehicle. He also addresses whether to buy silver after strong gains, the implications of silver being labeled “strategic,” and why taxes on physical metals are unlikely to ease. Practical tax questions follow, including prepaid forward contracts, IRA distributions, and the often‑overlooked benefit of a step‑up in basis for heirs. David explains the factors that drove gold from $2,000 to $4,000+, framing the journey with debt sustainability, inflation, and a slow‑motion global monetary reset away from dollar dominance. Lighter but thoughtful detours include Roman‑era wealth comparisons, preparing for fiat collapse, compressed premiums on pre‑1933 gold coins, and why diversification across metals—and disciplined, incremental moves—beats dramatic all‑or‑nothing bets.
Credit Bubble Bulletin: Just the Facts
Doug Noland delivers another data‑dense “Just the Facts,” stitching together a portrait of buoyant markets resting on increasingly fragile foundations. He opens with a brisk tour of asset prices: U.S. equities grind higher into year‑end, led by banks, semiconductors, and biotechs, while precious metals steal the show as gold, silver, and platinum surge to record highs amid dollar weakness and geopolitical stress. Bond markets tell a more complicated story, with yields generally easing in the U.S. and Europe even as Japan’s rates press multi‑decade highs, underscoring global policy divergence. Doug devotes substantial attention to the credit backdrop: money‑market assets swell to historic levels, private credit shows rising default rates and underwriting strain, and a looming wave of 2026 bond issuance—much of it tied to AI and infrastructure—tests investor appetite. The AI boom itself runs like a bright thread through the report, fueling capex, leverage, megadeals, and frothy valuations, even as cracks appear in transparency and returns. Around the edges, he flags currency tensions, consumer resilience masking inequality, political and geopolitical flashpoints from Greenland to Ukraine, and a sense that speculation, leverage, and confidence are all rising together—never a quiet combination.
Hard Asset Insights: Happy New Year!
Morgan rings in the New Year with an upbeat yet sober assessment of markets, framing the surge in precious metals as a once‑in‑a‑generation moment rather than a fleeting rally. He argues that 2025 marked the opening act of a historic monetary regime change—a “hundred‑year financial storm”—with gold, silver, and the broader precious‑metals complex reclaiming a central role as confidence in the post‑1971 system erodes. Morgan expects 2026 to deliver meaningful follow‑through, noting that silver, platinum, and miners are already showing explosive momentum alongside gold. He broadens the lens to hard assets more generally, suggesting the next major opportunity may be an overdue commodity bull market fueled by decades of chronic underinvestment under the petrodollar system. The message is equal parts seasonal greeting and strategic road map: enjoy the holidays, but recognize that the market landscape is shifting beneath our feet—and 2026 may prove to be another consequential chapter in this unfolding reset.
The GRR team takes a break for Christmas, but will return in the new year for more analysis of precious metals markets and all things related. All the best in 2026!
