Last week I wrote an article that really got ME thinking. In it, I was giving reasons to support why those on the financial game shows were not doing anyone any favors in promoting the idea that now is the time to sell gold.

What I did not expect was that in doing the research for that article, it really crystallized my own thinking.

Because of the massive run-up in gold, silver, and miners during 2025 I have been a bit cautious about adding new positions as I have been waiting for a pullback that still may come but has not yet.

I am increasingly sure that any pullbacks are unlikely to be too deep and will likely not last for any lengthy period of time. I am also fairly sure that the price in the future will be FAR higher than it is today. My reasons are many but start with:

· We have a President, Treasury Secretary and Fed that want a weaker US dollar and lower interest rates which would hasten our downward trajectory and our purchasing power. I believe they will get their wish- I just hope it doesn’t happen in an uncontrolled manner. Keep in mind that gold (and other hard assets) does not change- just the amount of fiat currency that you need to purchase that same ounce. It is not how high can gold go- it is how LOW can the dollar fall.

· I believe that the MAJOR moves upward in the gold price will likely happen when the stock, bond, and real estate “markets” have a major correction. There is plenty of historical evidence that in times of turmoil people turn to gold. In addition, unlike in 2008 when the “markets” were imploding a LOT of money went into bonds and cash. Unlike 2008, today the world is turning its back on the USA, and it is unlikely that we will see the same type of action today. It is far more likely that the smart money (they are likely already positioning- hence the major rally) will be looking for hard assets. Keep in mind that during the great depression while stocks dropped 90% from their high gold was revalued 75% HIGHER and the gold stocks were up 525% during the same time. History doesn’t always rhyme but it does give us some clues.

· Russia, China, India and their friends in BRICS, SCO, ASEAN, Belt and Road are all working on an alternative payment system where countries can trade in their own currencies and not have the threat of sanctions or confiscation. This will lead to less demand for the dollar and less demand means a lower price and less purchasing power for us.

One of the biggest problems that we all have is recency bias. What that means is that what has happened in the recent past we believe it will continue the same way into the future. Since the price suppression schemes against gold and silver have taken place, we have been conditioned to believe that when there is a strong rally someone steps in and crushes the price down. This has been on my radar since 2011 when I started seeing evidence of this.

If I hadn’t written that article last week, I may not have paid attention to the charts because I have seen what they were doing. Even though it appeared that the “paper games” where they sell gold and silver that they don’t actually own (naked shorting) was not working like it used to I didn’t pay much attention. I just chalked it up to central banks buying every dip and the physical market taking control over the manipulators.

What I saw as I looked at the charts was the outrageous levels those “in charge” were going to just to keep the price of gold in particular from going parabolic. The charts looked like a mountain range. Spikes and crashes all day long. It appears that my theory that all dips were being bought was correct.

This doesn’t mean that those with unlimited “printing” power can’t manipulate the price further but the very act of conjuring up the cash to purchase assets to prop them up or to buy puts to suppress other prices leads to the exact outcome they are trying to avoid- HIGHER PRICES FOR EVERYTHING- including those assets they want to see lower in price.

I believe that the main reasons for these actions have been to make the dollar look FAR stronger than it is, to make gold look like a risky asset- as the central banks buy it all and list it as a “riskless: asset on their books- this keeps the price lower as the volatility scares away a large portion of the investing public. This allows them to accumulate at FAR lower prices than if they had competition from the private sector.

While there may be some large pullbacks at some time, I believe that the trend is FAR higher. Sometimes it requires patience but in this case my bet is that your patience will pay off big.

Another MAJOR point is that, as I look at the debt numbers, it is increasingly obvious that MANY promises to repay will not be kept. The US government can “print” the money so you will likely get paid- its just that the “money” you are getting paid in will be gutted of its purchasing power. (Don’t think foreigners are not seeing this). States, companies, and individuals do NOT have that privilege so when insolvency shows up somewhere it will likely involve cities, states, and individuals rather than our US government. Unfortunately, if we look at most major problems, they start with the weakest entities and move up the ladder.

I believe that the collapse has already started on only trillions in new “money” and debt is disguising the reality. When you can’t even afford interest payments without conjuring up cash out of nowhere that is a MAJOR SIGN.

BE PREPARED!

Any opinions are those of Mike Savage and not necessarily of those of RJFS or Raymond James. Expressions of opinion are as of this date and are subject to change without notice. The information in this report does not purport to be a complete description of securities, markets or developments referred to in this material. The information has been obtained from sources deemed to be reliable, but we do not guarantee that the foregoing material is accurate or complete. Any information is not a complete summary or statement of all available data necessary for making an investment decision and does not constitute a recommendation. There is no guarantee that these statements, opinions or forecasts provided herein will prove to be correct.

Commodities are generally considered speculative because of the significant potential for investment loss. Commodities are volatile investments and should only be a small part of a diversified portfolio. There may be sharp price fluctuations even during periods when prices are overall rising.

Precious Metals, including gold, are subject to special risks including but not limited to price may be subject to wide fluctuation, the market is relatively limited, the sources are concentrated in countries that have the potential for instability and the market is unregulated.

Diversification does not ensure gains nor protect against loss. Companies mentioned are being provided for information purposes only and is not a complete description, nor is it a recommendation. Investing involves risk regardless of strategy.