Steve Grasso

Gold rallies when the Fed opens the door to rate cuts, not during the lead-up. Currently, the market is not pricing in cuts, but if the Fed signals a path to cutting rates, gold should take off. The move may take time, supported by increasing M2 money supply and historical precedents where real yields went negative and gold spiked.

Crude oil faces demand destruction of about 4 million barrels per day. Once the current war resolves (with a huge caveat), oil prices could fall below $65 per barrel. Backwardation in the futures curve already prices in lower levels around $75 later this year.

Walmart's premium valuation is not justified if it can't grow quickly, and Amazon offers a cheaper valuation with a stronger growth story. Walmart's ad revenue is growing but as a small portion of revenue. I'd rather buy Amazon at a cheaper valuation than own Walmart.