The extreme move confirms gold is not low volatility and we are in a strong bull market. Weak hands were cleared out after the October drop, and many Western investors missed the move and are now buying dips.

Sept-Oct was speculative and frothy. The rapid shift from extreme bullish to bearish sentiment is not how a secular bull market ends, confirming the 'public participation phase' thesis.

We are likely in a sideways correction now. Notes growing interest in silver and miners due to relative cheapness. His fund's model switched from offensive to neutral in October, taking some profits but maintaining 70% exposure.

Interprets this as a major political shift. A major bear market in the USD will be a key driver for gold in the coming year, fueled by Fed easing, QE, and political ideas like gold-backed bonds.

We are in the 'second half' of the bull market. Gold is expensive vs. commodities but cheap as a monetary asset. The world is bifurcating into a gold-backed Chinese system and a US treasury/digital wrapper system.

Central bank buying (1000t/year) is a fundamental change. Future demand will come from fixed income (a 170T market) as bonds fail to hedge equities in an inflationary paradigm.

The old 60/40 fails because bonds no longer hedge equities in an inflationary paradigm. 'Safe haven gold' is insurance; 'performance gold' (silver/miners) must be actively managed. Confident in commodities for next year.

Silver's fundamental case is strong: multi-year deficits, flat mine supply, booming industrial demand. Current momentum is driven by investors realizing its leverage and cheapness vs. gold. Expects triple-digit silver.

Volatility is a feature in a maturing bull market. Silver's move is currently driven by investor/momentum demand, not yet a monetary trade.

Mining sector has one of its healthiest setups ever with strong cash flows. Management is still conservative. Need to simplify messaging to attract generalist investors. Still finds many attractive opportunities.

There's still room in 2026. Will be vocal about reducing exposure when the time comes. If the monetary system is reorganized, gold will play a major role—'you only need one revaluation of gold in your lifetime.'

Risk of financial repression in the gold space (taxes, restrictions on buying/selling). Also cautions that the new Fed chair may not be as dovish as hoped if inflation stages a comeback.

Western paper market has 'less and less power.' The center of the gold world is in emerging markets (Dubai, Shanghai, India), where physical demand dominates.