The biggest driver of payroll growth is population growth. If you don't have population growth, you're not going to have payroll growth.

Inflation dominates the story, not labor. The Fed thinks the opposite.

The bond market vigilantes are telling you that we are still in a sticky inflation world and that is the dominant story.

The unemployment rate is still very low historically. I don't see this weakness that Fed accommodation will fix.

We are now in an elevated inflation world. I think we're going to continue to be in an elevated inflation world. 2019 is not coming back.

The precious metal markets... these prices of gold and silver will continue to go higher.

We are in a four, five, six world right now. That cash will return you four, bonds will return you five, and stocks will roughly return you six.

My highest conviction call right now... the momentum trade in precious metals is going to stay so strong that they're going to continue to go higher.