Time to calculate targets based on a measured move for gold and silver.

But it is very difficult to argue that AI is a bubble when the Big Tech hyper-scalers are trading at lower forward P/E ratios than Walmart or Costco.

In early 2020, global nominal interest rates converged around zero, with the U.S. (at the 10-year maturity point) under 1% and the EU slightly negative.

We break down the real driver behind recent price action: index rebalancing, a scheduled, rule-based flow that forced major funds to sell futures as gold and silver became oversized in commodity benchmarks like the Bloomberg Commodity Index.

Companies with little or no revenue will lead the market, while profitable businesses with no clear AI leverage will continue to be ignored.

Tomorrow morning, we get the release of the December employment report on their normal schedule. Economists are predicting tepid data.