RGLD Royal Gold Inc : Bullish and Bearish Analyst Opinions

Wellum notes Gold is trading around $4,900 (in this 2026 timeline) and calls the bull market "structural." He mentions owning Royal Gold (RGLD) which, in this timeline, has acquired Sandstorm Gold. Governments globally are running massive deficits (military spending, social welfare) with debt-to-GDP over 100%. Fiscal discipline is politically impossible, making currency devaluation the only exit path. This creates a perpetual tailwind for hard assets. LONG. However, Wellum advises trimming if position sizing exceeds 25% of the portfolio to manage risk. A sudden return to balanced budgets or aggressive deflationary policies (highly unlikely per speaker).