Volatility index shows market woes around tariffs are short-lived: KKM Financial's Jeff Kilburg

Watch on YouTube ↗  |  January 20, 2026 at 18:58  |  4:57  |  CNBC
Speakers
Jeff Kilburg — Founder and CEO of KKM Financial, CNBC Contributor

Summary

Jeff Kilburg of KKM Financial discusses how the VIX spike tied to tariff threats is likely short-lived, arguing the market should refocus on strong corporate earnings. He favors buying the S&P 500, expects gold and silver to continue their safe-haven run, and remains bullish on Newmont Mining and Lockheed Martin. He also sees a blue-chip rotation away from the Magnificent Seven and highlights Intel as a technology standout.

  • VIX at 19 seen as overdone; tariff-related volatility expected to fade.
  • S&P 500 viewed as buyable because tariff threats look tactical and earnings are strong.
  • Gold and silver called the real safe havens, with targets of $5,000 gold and $125 silver.
  • Newmont Mining recently added to Essential 40 ETF; still held on central-bank hoarding.
  • Lockheed Martin remains a favorite defense holding amid escalating geopolitical tension.
  • Blue-chip rotation favored as Mag 7 struggles; Intel highlighted as tech standout.
  • Bond yields discussed as elevated but not alarming, with no clear trade.
Ideas
Jeff Kilburg Founder and CEO of KKM Financial, CNBC Contributor 0:56
Tariff volatility is overdone and short-lived
The VIX spike on tariff threats is overdone because the tariff escalation is a tactical negotiation, not a durable shock; with the VIX at 19 and coming from a depressed level, he expects tariff-related volatility to be short-lived.
VIX HIGH
Jeff Kilburg Founder and CEO of KKM Financial, CNBC Contributor 1:46
Buy S&P 500 as tariff fears fade
The tariff-driven volatility should fade and attention should revert to strong corporate earnings; like the April 2025 selloff, the emotion-driven weakness is an opportunity to buy, with the S&P 500 only about 2% off all-time highs.
SPY MED
Jeff Kilburg Founder and CEO of KKM Financial, CNBC Contributor 2:24
Gold and silver in safe-haven supercycle
Gold and silver are the real safe havens in times of distress, supported by persistent global nervousness and central-bank hoarding; silver also has supply issues, and he expects silver to rise to $125 while gold approaches $5,000.
GLD SILVER HIGH
Jeff Kilburg Founder and CEO of KKM Financial, CNBC Contributor 3:39
Newmont benefits from central-bank gold hoarding
They recently added Newmont Mining to the Essential 40 ETF and still want to hold it because the stock has had a sensational year and remains supported by additional central-bank hoarding and uncertainty around the next Federal Reserve appointee.
NEM HIGH
Jeff Kilburg Founder and CEO of KKM Financial, CNBC Contributor 4:18
Lockheed Martin benefits from geopolitical tension
Lockheed Martin remains a core Essential 40 holding and favorite defense trade; despite the risk that European customers walk away, geopolitical tension escalating in 2026 makes owning the name sensible.
LMT HIGH
Jeff Kilburg Founder and CEO of KKM Financial, CNBC Contributor 4:24
Defense sector attractive on escalating geopolitics
Geopolitical tension that continues to escalate in 2026 makes the defense sector a sensible area to own.
ITA MED
Jeff Kilburg Founder and CEO of KKM Financial, CNBC Contributor 4:32
Blue-chip rotation, avoid Magnificent Seven
He sees a big blue-chip rotation as the Mag 7 struggles, favoring blue-chip and boring names while the Magnificent Seven underperforms.
MAGS MED
Jeff Kilburg Founder and CEO of KKM Financial, CNBC Contributor 4:32
Blue-chip rotation, avoid Magnificent Seven
He sees a big blue-chip rotation as the Mag 7 struggles, favoring blue-chip and boring names while the Magnificent Seven underperforms.
Blue-chip stocks MED
Jeff Kilburg Founder and CEO of KKM Financial, CNBC Contributor 4:45
Intel is a technology standout
Intel is a specific highlight inside technology rather than part of a broad tech move, and his price target near 50 is being approached.
INTC MED
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This CNBC video, published January 20, 2026, features Jeff Kilburg discussing VIX, SPY, GLD, SILVER, NEM, LMT, ITA, MAGS, Blue-chip stocks, INTC. 9 trade ideas extracted by AI with direction and confidence scoring.

Speakers: Jeff Kilburg  · Tickers: VIX, SPY, GLD, SILVER, NEM, LMT, ITA, MAGS, Blue-chip stocks, INTC