Core Insights - The silver rally is driven by macroeconomic uncertainty and increasing demand for safe-haven assets, alongside its industrial applications in technology and renewable energy [1] - Silver's dual role as an inflation hedge and a beneficiary of technological growth, particularly in AI, positions it favorably in the current market [1] Market Dynamics - The rising demand for silver is linked to its historical role as a store of value, similar to gold, amidst growing economic concerns [1] - Silver's importance in technological applications, such as solar energy and electric vehicles, is expected to further boost its demand [1] Investment Opportunities - The Sprott Silver Miners & Physical Silver ETF (SLVR) provides targeted exposure to the silver market through investments in both silver miners and physical silver [1] - SLVR has attracted significant investor interest, with approximately $100 million in net inflows recorded between January 1, 2026, and January 23, 2026 [1]

Core Viewpoint - Gold prices have reached record highs, exceeding $5,000 per ounce, driven by market uncertainty, global tensions, and a weakening dollar, which presents both opportunities and risks for investors in the mining sector [1]. Group 1: Newmont Corporation - Newmont Corporation, the largest gold miner by market cap, is experiencing record profits while reducing long-term debt, with a reported revenue of $5.5 billion, up nearly 20% year over year, and earnings per share (EPS) of $1.67, up 108% [3][7]. - In the third quarter, Newmont produced 1.4 million ounces of gold, a decrease of 28.5% year over year, but maintained a profit of nearly $2,000 per ounce mined due to an average all-in sustaining cost (AISC) of $1,566 per ounce and an average realized gold price of $3,539 per ounce [6]. - Newmont has a diversified portfolio, mining not only gold but also copper, lead, zinc, and silver, which provides stability against fluctuations in gold prices [4]. - The company faces potential challenges in Ghana, where it operates two mines, as the government plans to increase royalties to 12% if gold prices exceed $4,500 per ounce, which could impact profits [8][9]. Group 2: Agnico Eagle Mines - Agnico Eagle Mines, the second-largest gold producer, is on track to produce a record 3.5 million ounces of gold this year, with a net income increase of 86% year over year to $1.06 billion and an EPS of $2.10 [10][12]. - The company has a strong financial position with $2.7 billion in cash and only $196 million in debt, having paid down $950 million in debt this year [14]. - Agnico's all-in AISC for gold production is $1,373 per ounce, while it realized an average price of $3,476 per ounce, indicating a high-margin operation [14]. - Despite a 145% rise in share price over the past year, concerns exist regarding its valuation, as the stock is trading around 32 times earnings, and its return on equity (ROE) is 9.35%, which is below expectations for a leading mining company [13]. Group 3: Investment Outlook - Both Newmont and Agnico Eagle Mines are positioned to benefit from elevated gold prices, serving as a hedge against inflation and providing diversification for investors' portfolios [15]. - The mining companies have the advantage of scale, with established operations that can maintain profitability even if gold prices fluctuate [16].

Core Viewpoint - The comparison between SPDR Gold MiniShares Trust (GLDM) and iShares Gold Trust (IAU) highlights GLDM's lower expenses and shallower historical drawdown, making it potentially more appealing for cost-conscious and risk-averse investors [1][9]. Cost & Size - IAU has an expense ratio of 0.25%, while GLDM has a lower expense ratio of 0.10% [3][4]. - As of January 9, 2026, IAU's one-year return is 67.2%, compared to GLDM's 66.2% [3]. - IAU has assets under management (AUM) of $72.9 billion, whereas GLDM has $28.0 billion [3][10]. Performance & Risk Comparison - Both IAU and GLDM have a maximum drawdown of -20.92% over five years [5]. - The growth of a $1,000 investment over five years is $2,414 for IAU and $2,427 for GLDM, indicating slightly better performance for GLDM [5]. Fund Structure - GLDM offers pure gold exposure with 100% of its portfolio aligned to gold holdings, without equities or alternative assets [6]. - IAU follows a similar structure, providing exposure to gold bullion without sector tilt or equity exposure [7]. Investment Implications - Both IAU and GLDM provide direct access to gold, but GLDM's lower expense ratio and smaller historical drawdown may attract more cost-conscious or risk-averse investors [9][10]. - The larger AUM of IAU may appeal to some investors, but GLDM's cost advantages suggest it may be the wiser choice for long-term savings [10].

Still, Schiff’s concern isn’t unfounded. Fox Business anchor Maria Bartiromo pressed Hassett on the issue, asking, “Do you worry that taking money out of the 401(k) is going to hurt people on the other side — for retirement?”A recent Realtor.com report found that it takes the typical U.S. household seven years to save for the down payment on a median-priced home, noting that it’s a reflection of “elevated home values, typical down payments near historical highs and a savings rate still well below long-term ...

Key Points Bitcoin has dropped nearly 30% from its all-time high. Strategy’s Michael Saylor expects it to soar more than 1,000% this year. It could struggle to hit that ambitious price target in this choppy market. 10 stocks we like better than Bitcoin › Bitcoin's (CRYPTO: BTC) price hit an all-time high of $126,210.50 on Oct. 6, 2025, but it now trades at about $90,000. The world's top cryptocurrency pulled back nearly 30% as many investors booked profits, triggering leveraged liquidations. Geopo ...

Core Viewpoint - The gold prices have surged significantly, reaching new highs, driven by various market dynamics including increased investment demand and macroeconomic factors [1][5]. Group 1: Gold Price Trends - As of January 19, the spot gold price exceeded $4690 per ounce, while silver reached $94.12 per ounce, both hitting record highs [1]. - Since 2026, the spot gold price has increased by over 7%, with 2025 witnessing more than 50 historical highs and an annual increase of over 70%, marking the highest annual growth in 46 years [1]. Group 2: Consumer Behavior and Sales Impact - Despite rising gold prices, consumer demand has cooled, with a reported 7.95% decline in gold consumption in China for the first three quarters of 2025, and a 32.50% drop in gold jewelry consumption [2]. - Retailers are facing challenges as consumers prefer to buy during price increases, leading to a decrease in sales for non-essential purchases [2]. Group 3: Market Adaptations - Jewelry brands are adapting by offering lightweight, high-value products and implementing trade-in policies, which have increased trade-in business by 20% [4]. - The focus on enhancing the gross profit contribution per gram of gold jewelry is seen as crucial for retailers to navigate the current market conditions [4]. Group 4: Investment Demand - Investment demand for gold has outpaced consumption for the first time in 30 years, with gold bars and coins sales increasing by 24.55% year-on-year [5]. - The global ETF inflow for gold reached $89 billion in 2025, indicating strong international interest in gold as an investment [5]. Group 5: Factors Driving Gold Prices - The ongoing global monetary easing policies and concerns over currency devaluation are primary drivers of rising gold prices, as investors seek gold as a hedge against inflation [6]. - Geopolitical uncertainties and increased central bank purchases of gold further support the demand and price stability for gold [6].

FlexShares iBoxx 3-Year Target Duration TIPS Index Fund (TDTT US) – Investment PropositionFlexShares iBoxx 3-Year Target Duration TIPS Index Fund (TDTT) provides inflation-linked U.S. Treasury exposure while deliberately anchoring interest-rate sensitivity near a short-intermediate horizon. The rules-based approach holds Treasury Inflation-Protected Securities and systematically rebalances to keep duration close to three years, seeking a balance between real-rate risk and ongoing inflation compensation. Thi ...

Industry Overview - The basic materials sector includes companies involved in discovering, developing, and processing raw materials essential for other industries, closely tied to economic cycles [1] - It comprises five industries: metals and mining, chemicals, construction materials, paper and forest products, and containers and packaging [1] Recent Performance - The sector has shown mixed performance over the past year, with the S&P 500 Materials Select Sector SPDR (XLB) advancing 15.3% as of January 13 [2] - Metals and mining sectors performed well, while construction materials and chemicals lagged due to slower global growth and inflation concerns [2] - The cyclical nature of the sector makes it sensitive to global economic conditions, interest rates, and the effectiveness of China's stimulus [2] Future Outlook - The outlook for 2026 appears promising, with expected strong earnings growth for materials companies driven by pricing power from tariffs on steel and robust packaging demand [3] - Demand drivers such as electrification, infrastructure spending, and rising consumption of industrial commodities like lithium, copper, and rare earths are expected to support growth [3] Investment Opportunities - Materials funds can act as portfolio diversifiers and inflation hedges, as raw material prices often rise with inflation [4] - Well-managed materials mutual funds may capture growth while balancing risk across multiple industries within the sector [4][5] Selected Mutual Funds - **Fidelity Select Materials (FSDPX)**: Invests in companies involved in raw materials production, with a 3-year annualized return of 2.3% and a 5-year return of 7.2%, net expense ratio of 0.69%, and a Zacks Mutual Fund Rank of 2 [7][8] - **Franklin Gold and Precious Metals (FKRCX)**: Focuses on gold and precious metals operations, with a 3-year annualized return of 48.4% and a 5-year return of 21.1%, net expense ratio of 0.87%, and a Zacks Mutual Fund Rank of 2 [9][10] - **American Century Global Gold (ACGGX)**: Invests in gold-related companies, with a 3-year annualized return of 44.8% and a 5-year return of 20.1%, net expense ratio of 0.91%, and a Zacks Mutual Fund Rank of 1 [12]

Core Viewpoint - 21shares has launched the 21shares Bitcoin Gold ETP (BOLD) on the London Stock Exchange, providing a new investment product that combines Bitcoin and gold to offer diversification and inflation protection for retail investors in the UK [2][4]. Group 1: Product Overview - BOLD is the fifth cryptocurrency product from 21shares approved for UK retail investors, following Bitcoin and Ethereum offerings [2]. - The ETP is developed in partnership with ByteTree Asset Management and aims to blend gold and Bitcoin, adjusting allocations based on their historical volatility to maintain a balanced risk profile [3][5]. - BOLD is 100% physically backed by the underlying assets, which are stored in cold storage by an institutional-grade custodian, enhancing security for investors [6]. Group 2: Investment Strategy - The product rebalances monthly to maintain an optimal balance between Bitcoin and gold, aiming for approximately equal risk contribution from both assets [5]. - BOLD has a 3-year Sharpe ratio of 1.79 and an Assets Under Management (AUM) of $40.1 million as of January 12, 2026, indicating a strong performance relative to its risk [5]. Group 3: Market Position and Commentary - Russell Barlow, CEO of 21shares, emphasizes that BOLD offers a hedge against inflation while providing exposure to Bitcoin's growth potential and the stability of gold [7]. - Charles Morris, Founder and CIO of ByteTree Asset Management, notes that Bitcoin and gold are increasingly seen as complementary assets in an inflationary environment, and BOLD provides a transparent solution for diversified exposure [7].

Core Insights - 21shares has launched the 21shares Bitcoin Gold ETP (BOLD) on the London Stock Exchange, marking its fifth cryptocurrency product approved for UK retail investors [2][4] - BOLD combines gold and Bitcoin to provide a diversified investment option aimed at protecting against inflation while offering exposure to Bitcoin's growth potential [3][4] Product Details - BOLD is developed in partnership with ByteTree Asset Management and is designed to rebalance monthly based on the inverse historical volatility of Bitcoin and gold, aiming for equal risk contribution from both assets [3][5] - The ETP has a 3-year Sharpe ratio of 1.79 and an Assets Under Management (AUM) of $40.1 million as of January 12, 2026 [5] - BOLD is 100% physically backed by the underlying assets, which are stored in cold storage by an institutional-grade custodian, enhancing security [6] Market Positioning - The product allows investors to transition to a digital economy while maintaining a balanced risk approach compared to other cryptocurrency exchange-traded notes (cETNs) [4] - Russell Barlow, CEO of 21shares, emphasizes that BOLD offers a hedge against inflation and aims to provide a wider selection of innovative regulated products for UK retail investors [7] - Charles Morris, Founder and CIO of ByteTree Asset Management, notes that Bitcoin and gold are increasingly viewed as complementary assets in an inflationary environment [7]