SantiagoAuFund

1. THE FACT: Silver has tripled and gold is up over 60% since April lows, while the DXY has gone sideways. The DXY does not need to fall for metals to rise. The dollar is the undisputed King of Fiats, and still needed globally. 2. THE BRIDGE: The historical performance shows that precious metals can appreciate significantly even when the DXY is stable, debunking the common belief that a falling dollar is a prerequisite for rising metals. This suggests an independent driver for metals. 3. THE VERDICT: Precious metals (gold and silver) can rise independently of DXY movements, indicating a continued bullish outlook for XAU and XAG.

The author is bullish on the US Dollar due to persistent, non-yield-sensitive foreign demand driven by a need for stability and utility not found in local currencies.

1. THE FACT: Silver has tripled and gold is up over 60% since April lows, while the DXY has gone sideways. The DXY does not need to fall for metals to rise. The dollar is the undisputed King of Fiats, and still needed globally. 2. THE BRIDGE: The historical performance shows that precious metals can appreciate significantly even when the DXY is stable, debunking the common belief that a falling dollar is a prerequisite for rising metals. This suggests an independent driver for metals. 3. THE VERDICT: Precious metals (gold and silver) can rise independently of DXY movements, indicating a continued bullish outlook for XAU and XAG.

The US energy sector is strategically positioned to benefit from global market fragmentation due to its advanced refining capacity for North American heavy crude.

An ongoing energy crisis will lead to lower crop yields, creating a food supply crisis and driving agricultural commodity prices higher in the medium term.

A potential conflict cutting off the Strait of Hormuz would create a significant global oil supply shock, leading to higher prices.