Steven Feldman

Given the extreme complacency and overvaluation in the equity market, which feels like a tinderbox, investors should hedge by owning gold. Gold is like life insurance—you buy it hoping not to need it, but it protects against the severe downside of a potential bear market. The current market conditions warrant a meaningful allocation to gold as a diversification and risk-off asset.

Feldman argues the global narrative has shifted from "globalism to mercantilism" and "resource nationalism." He specifically highlights that "metals, the miners, the steel makers, the electricity makers" have been completely underinvested. As nations on-shore supply chains and secure their own resources (mercantilism), demand for domestic industrial inputs (Steel, Electricity, Mining) will outstrip supply due to decades of underinvestment (CAPEX starvation). Long Metals & Mining (XME), Steel (X), and Utilities/Electricity (XLU). A global recession crushing industrial demand or peace treaties that restore globalized trade efficiency.

Feldman argues the global narrative has shifted from "globalism to mercantilism" and "resource nationalism." He specifically highlights that "metals, the miners, the steel makers, the electricity makers" have been completely underinvested. As nations on-shore supply chains and secure their own resources (mercantilism), demand for domestic industrial inputs (Steel, Electricity, Mining) will outstrip supply due to decades of underinvestment (CAPEX starvation). Long Metals & Mining (XME), Steel (X), and Utilities/Electricity (XLU). A global recession crushing industrial demand or peace treaties that restore globalized trade efficiency.