Gold should be ~$4,750 based on US federal debt divided by global gold ounces. Highlights China's multi-front assault on the US dollar (navy, BRICS, One Belt One Road lending $1.3T to 150 UN nations) driving central bank gold buying. Priority shift from trade to national security/protectionism fuels MMT spending.

Cites Trump's WEF speech flipping priorities to national security first, then trade. Notes European military stocks up 100%, and military demand for AI/chips/data centers.

Positive: US/Canada have strong institutions (Supreme Court) as safeguard. Global trade remains strong (cargo shipping up 24%, airlines/hotels up 12.5%). Scarcity is key: no major copper mines in decades, gold mine development now takes 30 years vs. 7. Governments print money in crises but never fully withdraw it, leading to more printing next time.

Uses his SEA (global shipping) and JETS (airlines) ETFs as analytical tools. Compares scarcity to Ferrari, Bentley limiting production.

No. Problem is overregulation in UK/Canada killing liquidity (e.g., Barrick/Newmont delisting). Banks control 94% of savings and discourage gold investment. US markets have better liquidity. Gold miners are doing well: 7 of IBD's top 20 momentum stocks are gold miners.

Notes fintech/data center analysts are in NY, not Canada. Hive's trading volume is 10x higher in NY than Canada.

Beaten-down juniors with cheap reserves ($30/oz) are takeover targets. Mid-caps being bottled by majors. Migration of Canadian miners to US listings for liquidity (e.g., Barrick). Presents gold valuation models: $43k/oz (global debt), $15k/oz (global M2), $13,750/oz (total US debt). Gold is relatively fairly priced today just on US federal debt.

Notes US carries Fort Knox gold at $35/oz on balance sheet, no credit given.

Speculates China, Russia, Iran (30% of Bitcoin network) are mining at 1-2 cent cost, potentially dumping to attack the US dollar and embarrass Trump (pro-Bitcoin policy). This is a geopolitical attack on financial integrity. Gold and Bitcoin are both great alternative assets. Ray Dalio worried about monetary order breakdown.

Cites example of Iran power station bombing dropping mining difficulty, then resuming.

Silver became a US strategic mineral in late November (like rare earths), creating new speculation and a major new buyer: military/NATO nations, not just solar.

For family offices: direct investment in data centers. Cheapest data centers are Bitcoin miners (~$1M/MW) because they have secured power/land and can be upgraded to Tier 3 AI centers (~$33M/MW) in 9 months vs. 3-5 years from scratch. Bitcoin miners trade at a fraction of pure data center multiples (10x revenue, 20x EBITDA).

Cites CoreWeave trying to take over Core Scientific, Riot shareholder activism. Notes huge delays in parts (cooling systems, copper), 40-week lead times.

Need for lower US settlement rates to ignite housing construction, which has a high multiplier effect. In Canada, need affordable housing.

Focus on well-managed Canadian gold stocks with good governance. Gold ETF allocation fell from 8% of US ETF ecosystem in 2012 to <2%, now climbing back above 2%. It's going back to 8%.

If really bearish on world debt, gold is $43,000/oz. Silver will push to $500/oz.