US Debt, A New Japan, Global Sentiment, Gold, Silver, etc. (video)

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Attention Non-Client subscribers: Nothing in this video should be construed as investment advice. The examples expressed relate to portfolio management we perform on behalf of our clients, and, again, under no circumstances are they to be considered recommendations to the viewer.

Jibes With Our Thesis

One last blog post for this week... The below jibes with our global infrastructure theme for 2026... Our Mexican equity exposure is seeing quite the lift on this news today... Our other infrastructure plays are trending nicely as well:

A Decent -- Yet Ultimately Messy -- Setup

I for the most part concur with MRB Research’s Prajakta Bhide’s assessment of the macro setup for 2026.

Highlights:

Kevin Warsh, Weekly High and Lowlights & Today's Metals Mess (video)

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Attention Non-Client subscribers: Nothing in this video should be construed as investment advice. The examples expressed relate to portfolio management we perform on behalf of our clients, and, again, under no circumstances are they to be considered recommendations to the viewer.

Quote of the Day

The following from Bloomberg this evening jibes with the notion that indeed the recent rally in precious metals owes itself, to some degree, to the proverbial safety trade — as I suggested in Wednesday's video.

On Silver and Gold (video)

FYI email recipients, per the intro, recorded this last evening

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Attention Non-Client subscribers: Nothing in this video should be construed as investment advice. The examples expressed relate to portfolio management we perform on behalf of our clients, and, again, under no circumstances are they to be considered recommendations to the viewer.

Market Response to World Affairs (video)

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Attention Non-Client subscribers: Nothing in this video should be construed as investment advice. The examples expressed relate to portfolio management we perform on behalf of our clients, and, again, under no circumstances are they to be considered recommendations to the viewer.