Sea Change
The unusually powerful move in gold, this year, up 46.53%, suggests a new investment regime with decade long implications. This investment paradigm shift is challenging traditional allocations like the Modern Portfolio Theory’s — 60% equities and 40% bond allocation — which has grown increasingly obsolete since the early 1980s. Today, portfolio allocations including 10% gold […]
Is Silver Joining Gold and Leading The Great Rotation into Commodities?
Silver and gold are reasserting market leadership roles while US equities are priced at historically high valuations. As we enter the historically precarious months of September and October, we are reiterating the rationale of rotating into gold and silver mining, foreign, emerging market, value, and small capitalization equities and reducing US mega cap market exposure. […]
Does This Whiplash Market Signal A Paradigm Shift In Investing?
The S&P 500 has experienced extreme volatility this year as the Trump Administration has sought to fundamentally restructure global trading to eliminate trade imbalances, bring back manufacturing to the US, utilize the US buying power to address geopolitical conflicts, end fentanyl imports, end illegal immigration, pressure Brazil’s persecution of Jair Bolsonaro and so on…. Following […]
Does Blue Lagoon’s Mine Opening Signal A Generational Wealth Opportunity?
Blue Lagoon Resources, Inc. hosted its Dome Mountain mine opening ceremony in Smithers, British Columbia on July 9th, 2025 with over 100 people in attendance including Crescat Capital and Nicola Mining. We met with many of the company’s employees, consultants, contractors, bankers, and top investors over two days. Because mining is a notoriously challenging business, […]
The Rotation Continues: Sell Mega Cap Tech, Buy Foreign Stocks, Gold Miners, and MLPs.
Global markets remain uncertain and volatile. The Trump Administration has taken an audacious approach to trade, wars, economics, law, and immigration which has led to more market volatility than any US administration in modern history. The S&P 500 is expensive. This combination of overvaluation and uncertainty led to our timely warning that the market was […]
Fade the Stock Market Blow-Off and Rotate Away from Stocks, Bonds, and the 60/40 Allocation.
S&P 500 earnings have turned up and should drive a final top in the S&P 500 and NASDAQ. Equity risk premiums are dropping, signaling stock market risks are rising. Rising commodity prices should lift energy and mining investments but could upend the Federal Reserve’s inflation fighting efforts. Trouble lies ahead if rising commodity prices cause […]
A Rare Opportunity for Retirement Income Portfolios
The Great Financial Crisis of 2008-2009 initiated a period of artificially low interest rates created by an overly accommodative Federal Reserve. This post-GFC period of abnormally low interest rates created historically rich valuations for stocks, bonds, and real estate and overextended four-decade-long bull markets fueled by declining interest rates. This prolonged period of declining interest […]
This Decade Is Different – Low Rates Are Gone and Commodities Are Coming Back
US markets are digesting the unwinding of three massive bubbles in stocks, bonds, and real estate. These asset classes have enjoyed consistently high returns due to four decades of declining interest rates, shrinking inflation, a technology revolution, and relative world peace. Today, those tailwinds are disappearing. Artificially low interest rates are being unwound and will […]
Trapped Between Inflation and Recession: Derisking Portfolios with High Yielding Investiments
Historically, when the Federal Reserve raises the Fed Funds Rate ten times or 5% in fifteen months, economic growth slows, GDP turns negative, unemployment rises, consumer spending slows, and inflation declines due to reduced demand. That has not happened in this cycle. The Federal Reserve’s hope to return inflation to 2%, is being made more […]
SVB’s Collapse Strengthens Gold’s Prospects
The collapse of Silicon Valley Bank (SVB) has quickly uncovered a systemic banking vulnerability that will diminish the return prospects of both the stock and the bond markets. The collapse of SVB started on Wednesday, March 8th, when the company announced, it was looking to raise more than $2 billion in additional capital after suffering […]