Late last week, I spoke with Dale Pinkert at Forex Analytix about markets. The prior time I spoke with in early Sept, I pushed hard on the idea that gold was going to run and it certainly did. As we head into year-end, the setup for 2026 is getting fascinating.
We covered a massive amount of ground in this one—from the “chaos trade” in D.C. to why I’m looking at some unloved sectors right now.
Here are a few highlights from our chat:
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Silver is waking up: Gold has had a great run, but Silver is finally making new highs. Retail is getting involved, and the industrial/AI demand case is becoming undeniable.
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The Supreme Court “Game Changer”: Everyone is focused on the Fed, but I told Dale the biggest macro event of early 2026 might be the Supreme Court’s decision on tariffs. If they block the President’s ability to impose them unilaterally, we could see a massive move in bonds and the dollar.
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Is the AI Trade getting tired? I love the tech rally, but betting on Nvidia to maintain 80% profit margins forever is a bet against capitalism. The chart is looking a little “toppy,” and a rotation might be due.
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My Contrarian Pick (Airlines): I know, I know—it’s the sector everyone loves to hate. But between loyalty programs acting like cash annuities, Boomers traveling non-stop, and valuations at 4x earnings, the risk/reward in names like $JETS is too good to ignore.
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The “Pain Trade”: Despite all the dysfunction and noise, the economy just keeps chugging along at 2%
Video: A look around the markets and a particular spot for value
