Ideas
Gold to staircase higher; buy pullbacks.
Morgan is bullish on gold. He expects a short-term pullback to be a buying opportunity, then stabilization in the $3,100–$3,300 range and a staircase move higher. He targets $3,500–$3,700 over the next six months and sees $5,000 as the upper range. Drivers include continued US spending and deficits, debt-cycle and monetary stress, inflation, BRICS/commodity rehedging, and US dollar debasement; he sees the Middle East conflict risk premium in gold as small and views gold as the pure hedge against currency and debt issues.
US dollar purchasing power keeps degrading.
Morgan expects continued US dollar debasement and volatility. He points to US overspending, deficits, the debt cycle, BRICS de-dollarization, cracks in Treasury and bond markets, and declining purchasing power. He does not see the dollar disappearing, but sees it struggling as the supreme reserve commodity, which supports gold.
Swiss franc is a trusted hedge.
Morgan says he is a huge fan of the Swiss franc, calling it tried, tested, and true and almost like gold. He views it as a reliable store-of-value and hedge amid US dollar debasement.
Bitcoin institutional flows pose redemption risk.
Morgan is cautious on Bitcoin as an institutional asset. He says Bitcoin will be around, but massive institutional buying creates redemption risk; if Michael Saylor/Strategy ever sold a single Bitcoin, the market would implode. He also notes Bitcoin's roughly $2 trillion market cap and $50 billion daily volume are much smaller than gold's roughly $22 trillion and $233 billion, and the world is not ready to go fully digital.
Real estate downturn has further to go.
Morgan expects a real estate crash and says it is not the bottom yet. He argues wealthy consumers are retrenching, as shown by weaker used Rolex and Ferrari markets, leading to home selling, while easy credit and high debt loads create a downward spiral. He says housing supply is already rising in his area.
Copper shortage drives prices higher.
Morgan is bullish copper because massive infrastructure spending and aging electrical grids will drive demand, China and BRICS are asking for more copper concentrate, and the world faces a supply cliff due to insufficient exploration and slow permitting. He expects shortages and violent price volatility.
Critical metals face supply shortage.
Morgan is bullish critical metals broadly. The world needs more copper, nickel, platinum and other critical minerals, but underinvestment in exploration, slow permitting, and geopolitical and trade-war constraints—especially China's leverage over critical minerals and low US and Canada stockpiles—create a supply cliff and spike risk.
Mining M&A lifts junior developers.
Morgan expects massive consolidation in mining. Major producers have not done enough exploration and need to replace reserves, so they will be forced to buy mid-tier and junior developers. The mid-tier market will shrink, and the junior development market should move higher sooner than people think.
Lundin Mining is exceptionally well run.
Morgan calls Lundin Mining one of the best-run companies out there and exceptionally well run, in the context of mining consolidation.
Capstone has strong management and execution.
Morgan says he likes Capstone a lot, citing that they have taken risk and done great things.
NexMetals expands permitted Botswana copper assets.
Morgan is bullish on NexMetals (NEXM). The company has past-producing, permitted copper/nickel/cobalt/platinum mines in Botswana, which he calls Africa's safest jurisdiction and longest-standing democracy. It is running low-cost expansions at Selibe and Selkirk, has no near-term funding need, expects heavy news flow from drilling, resources, metallurgy, and government partnerships, and sees Botswana as a central hub for the copper/nickel/cobalt trade. A NASDAQ listing is a catalyst.
Nickel deficit to spike prices.
Morgan is bullish nickel. He says the market has been depressed for a long time, Indonesia is raising royalties and shutting mines, laterite mines will run out of high grade, and a deficit should soon cause significant price spikes.
This The David Lin Report video, published June 26, 2025,
features Morgan Lekstrom
discussing GLD, USD, CHF, BTC, XLRE, COPPER, Critical Metals, GDXJ, LUN.TO, CS.TO, NEXM, NICKEL.
12 trade ideas extracted by AI with direction and confidence scoring.
Speakers:
Morgan Lekstrom
· Tickers:
GLD,
USD,
CHF,
BTC,
XLRE,
COPPER,
Critical Metals,
GDXJ,
LUN.TO,
CS.TO,
NEXM,
NICKEL
