First of all, let me wish everyone a wonderful holiday season. Merry Christmas, Happy Hannukah and Happy New Year!

2025 was a wonderful year for those of us in the precious metals space. I believe that there is still substantial upside as we go forward. The reasons are many, but I will list a few:

· Silver is under tremendous supply constraints. In other words, there is not enough supply to meet demand. In fact, Samsung has just recently reached a deal with Mexico to reopen a silver mine, and they will take ALL OF THE PRODUCTION from the mine. China is going directly to South American mines and taking delivery bypassing the traditional intermediaries like COMEX and LBMA. This reduces their ability to manipulate the prices. This is an example of how the physical market is taking pricing power away from the paper “fake markets.”

· The world is moving away from the US dollar for MANY reasons. The main beneficiary of this is GOLD. Central banks have been buying at record amounts for the past three years. This appears to not be ending anytime soon. In addition, the western retail investors- other than those at the top- have not yet entered the gold market in any size.

· Mining stocks, while up substantially in 2025, are still trading at historically low valuations. With metals prices rising their bottom lines look EXTRAORDINARILY strong.

· Most importantly, the US government and the Fed are the most likely to be the catalyst of FAR higher prices for almost all hard assets. We have an administration which is hell-bent on lower interest rates and a willing and able Fed that will gladly “print up” the “money” needed to purchase the bonds to lower the interest rates.

The very act of “printing” will create a need for more “printing” because the spending that will need to take place to keep rates low will create inflation that many will find hard to believe. While asset prices rise the cost of living will also rise and will cause many businesses to fail leading to even more job losses and more strain on the programs that allow people to have a safety net. (More need for help and less people contributing to the system).

We are already seeing a “Printing program” called RMPs (Reserve Management Program) by the Fed which is buying government debt that otherwise there would not be enough demand for. This allows for even more government spending and will lead to higher debts, deficits, and Fed control of our financial system.

While the stress in the system is mounting it is more important than ever to realize the “money” is not the answer to all of our problems. The most important assets that we have are those around us that we consider family, friends, and associates. There is nothing more important than being part of a community and helping others as best we can.

Don’t let the false promises and deceit that more “money” is the answer fool you.

It is far more important to have our affairs in order and have as little debt as possible to service so we don’t become debt slaves like they would like us to be. Don’t think so? Just contemplate student loans, car loans, 50-year proposed “mortgages” which are more like long-term rental agreements and suppressed interest rates which won’t allow you to earn a “safe” return that would keep up with inflation.

Lower rates will increase asset prices. How does that help YOU?

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 rising overall.

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.