Despite the ongoing avalanche of societal, economic, and strategic changes in America and throughout the world, Trump’s priorities—and thus the thrust of events—remain relatively stable. Every week brings a new policy, but not a new priority. America’s economy, military strength, manufacturing health, and citizen welfare remain front and center—the latter being the umbrella category for the others.
Many Americans question the roads Trump is taking to reach these destinations, but, whether they are efficacious or not, his routes are consistent with his worldview and intellectual framework. And while those thoughts and the policies they produce will continue to be debated, pilloried, and defended, only time will truly give us the answers we need. What, in fact, will be the efficacy of Trump’s actions? Will those actions make America great again, or will they bring in a dictatorship, an economic catastrophe, and/or societal meltdown, as his critics assert—or will they land us somewhere in between?
The analysts whose work is summarized below all have opinions on these matters, as do most Americans, but these content creators focus instead on keeping listeners’/readers’ ships afloat in a time of dangerous and shifting tides, no matter which direction those tides go. They do this by focusing on things that have a far longer history of remaining stable than even Trump’s priorities. If that’s a subject that is of interest to you, make one or more of these publications part of your weekly media consumption.
Key Takeaways:
- Why tariffs on gold won’t work
- There is still no such thing as a free lunch
- In markets—as in life—looks can be deceiving
- Gold feints low and drives high
The McAlvany Weekly Commentary: No Tariffs On Gold “What Would’ve Happened If?”
David and Kevin dive deep into the world of gold tariffs, exploring their potential impact on the global bullion market and why such measures would ultimately prove ineffective. They highlight the surge in Swiss gold imports to the U.S.—$38 billion in Q1 2025 alone—driven by fears of impending tariffs, which skewed trade data and created a curious case of inventory distortions. David explains how the big players, like JP Morgan, maneuver through the gold market with strategies such as being long physical gold while shorting futures, a practice that came under strain amid rising margin calls. Comparing the situation to the Hunt Brothers’ silver saga, they discuss how tariffs could trigger unintended consequences, including supply squeezes and soaring prices. Kevin adds color with anecdotes about melting down rare coins, likening it to eating the proverbial golden goose. The duo concludes with a reminder: today’s anomalies in premiums and pricing present a unique opportunity for savvy investors to position themselves for the long-term structural bull market in gold.
Credit Bubble Bulletin: Gavin & Alan
Doug takes us on a whirlwind tour of what he aptly calls “Bizarro Bubble World,” where fiscal and monetary policies appear untethered from economic fundamentals. He begins with Treasury Secretary Bessent’s eyebrow-raising call for a 150-basis-point rate cut, juxtaposed with mounting inflationary pressures and record July deficits ($291 billion). The administration’s aggressive pro-growth, pro-bubble agenda is fueling speculative excess in equities, AI, crypto, and Treasuries, even as global bond markets struggle under rising yields. Doug weaves in a historical parallel to Alan Greenspan’s 1990s policies, which birthed the age of leveraged speculation, warning that today’s extreme leverage (over $33 trillion globally) has become the linchpin of market stability—and a ticking time bomb. He highlights the administration’s bold interventions, from tariffs and chip sales revenue sharing to its overt politicization of economic data. Meanwhile, bond vigilantes and inflation risks lurk, with global markets showing cracks under pressure. As Doug reminds us, no bubble lasts forever, and the current speculative fervor—whether in the U.S. or abroad—may soon face its reckoning.
Hard Asset Insights: Enjoy the Show
Morgan delivers a sharp analysis of the current market landscape, starting with a warning about the faltering breadth of the ongoing stock market rally. While major indexes continue to hit all-time highs, Morgan points out that only 50% of NASDAQ 100 stocks remain above their 50-day moving averages—a sign of a rally increasingly driven by a handful of mega-cap tech stocks. In contrast, precious metals equities are on a tear, with gold and silver miners hitting post-pandemic highs despite a dip in metal prices, thanks to booming free cash flows and renewed Western investor interest. Morgan also reflects on the 54th anniversary of the Nixon administration severing the dollar’s gold tie, framing it as the root of today’s inflationary challenges. With inflation overshooting targets for 53 straight months, Morgan sees the Trump administration’s push for reindustrialization—via inflationary industrial policies—as a potential accelerant. Initiatives like strategic loans to bolster critical mineral supply chains signal an escalation of this trend. For Morgan, these developments underscore a generational opportunity in gold and related assets, as Western investors re-enter the sector. His advice? Sit back, hold gold, and “enjoy the show” as the precious metals bull market builds momentum.
Golden Rule Radio: Futures Hint at Gold Surge
Miles and Rob dive into the latest gold market action, noting how ongoing tariff fears and inflation propelled futures above $3,500—a potential golden breakout, as Rob puts it. While spot gold pulled back slightly to $3,380, the bullish sentiment remains strong, with institutional demand leading the charge. Miles highlights silver’s outperformance, up 1.5% for the week and closing in on $50, while narrowing the gold-silver ratio. Rob adds context with a look at platinum’s steady performance and palladium’s 1.5% dip, suggesting these shifts hint at changing dynamics in the metals market. The hosts also discuss the broader paper markets, with the S&P 500 up 0.5% to new highs and the dollar index down to 97.8, reflecting global trade tensions. Rob wraps up with a reminder about gold’s historical role as the “king of value,” emphasizing its stability amid a volatile market. Together, they underline the importance of preparation and a steady hand in navigating today’s uncertain economic environment.
