Robert Gottlieb

Speaker stated that geopolitical tensions (e.g., Iran deadline) and de-dollarization are "very fundamentally bullish for gold" in the long term. Central banks (e.g., China, Turkey) are diversifying away from USD by buying gold, and countries with weak currencies use gold as a hedge, increasing structural demand. LONG because gold is seen as the "ultimate currency" amid policy uncertainty, with sustained demand from institutional and official sectors. Short-term headline-driven volatility or a resolution of geopolitical conflicts that reduces safe-haven appeal.

Speaker highlighted silver's 5-year demand-supply deficit (e.g., 100-150 tons historically, ~70 tons forecasted for 2026) and its status as a critical industrial metal and safe-haven asset. Industrial demand from solar PVs, AI, EVs, and data centers is robust, while physical supply is constrained by generational holdings and free-floating stock tightness. LONG due to unique dual demand drivers and persistent deficits, supporting higher prices over time. Excessive leverage leading to violent corrections (as seen in January 2026) or a slowdown in industrial demand.