Ideas
Silver and silver miners still buyable.
Oxbow sold all silver and silver miners in late 2025 and early 2026, then bought them back in mid-July, including Hecla Mining. The silver complex has already moved sharply; he expects possible profit taking but thinks silver and Hecla can still work for the rest of the year. A 10-15% broad market selloff could cause a pullback, but he would treat a return to mid/late July levels as a buying opportunity.
Gold cheap at $4,600, target $7,000-8,000.
Gold near $4,600 is still roughly 18-20% below its January high, not too late to buy. Over a one-and-a-half to two-year horizon, he sees a $7,000-$8,000 objective. The core driver is loss of faith in the US dollar and a fiscal trap where Social Security, Medicare, Medicaid, and a little defense exceed all federal revenue within five years. He bought gold back in mid-July and would buy more on a pullback to those levels.
Stay short-dated; avoid 20-30 year Treasuries.
He expects rates to be generally higher over the next 10 years, with inflation running 3-4% over time. Long 20-30 year bonds carry too much duration risk, and many investors are stuck in bond funds with large losses. He only owns Treasuries inside 24 months; 1-year Treasuries yield about 4% and 2-year Treasuries about 4.20%, preserving options and limiting volatility.
Stay short-dated; avoid 20-30 year Treasuries.
He expects rates to be generally higher over the next 10 years, with inflation running 3-4% over time. Long 20-30 year bonds carry too much duration risk, and many investors are stuck in bond funds with large losses. He only owns Treasuries inside 24 months; 1-year Treasuries yield about 4% and 2-year Treasuries about 4.20%, preserving options and limiting volatility.
Underowned energy could outperform gold significantly.
Energy is underowned after years of fossil-fuel divestment and could have a bigger move than gold. Energy companies can make good money at $70-$80 oil and pay strong dividends. Oil has struggled to break below $60, and supply constraints mean West Texas Intermediate could spike toward $130. Energy has historically worked even in down market years.
Own high-yield cheap energy producers/services.
Several energy names are still cheap on cash flow and pay high dividends. Northern Oil and Gas yields about 7.5%, Kimbell Royalty yields about 11%, and service companies such as Schlumberger, Transocean, and Nova Drilling should benefit from $70-$80 oil and would benefit even more if oil spikes.
Gold miners cheap, underowned, could double.
Gold miners are still cheap and underowned. If they traded at the same cash flow multiple as in 2011, they could double from here. Gold miners are only about 2.2-3% of the S&P. For new accounts he is committing about 50-60% of the intended position because prices are less cheap than mid-July, and he would fill to full positions on a pullback.
Copper strong; Freeport and Southern hitting highs.
Copper is on fire and needed for many applications. Oxbow owns copper exposure through Freeport-McMoRan and Southern Copper, both hitting new highs. The copper exposure fits his broader view that commodities will do better over the next 10 years.
Commodities should outperform over next decade.
Investors should have a commodity base because commodities should do better over the next 10 years. Oxbow owns hard assets including critical minerals, iron, and uranium, plus agriculture-related names such as Archer Daniels Midland and fertilizer companies. He focuses more on hard assets than soft commodities like wheat, corn, and soybeans.
Antero natural gas cheap, possible takeover.
Antero is a cheap natural gas company trading at about 8.5-9x earnings, among the cheapest companies in the space. Oxbow owns it and believes someone may eventually come along and acquire it.
US stock market top ingredients all present.
The classic ingredients for a market top are now in place: valuations became too expensive a year and a half to two years ago, retail investors are piling into speculative leveraged trades, and heavy financings, IPOs, and debt issuance are draining liquidity. The US stock market is high and extended, and a generational bear market could begin in early 2027 or later. He maintains a safety valve and is not fully invested.
This Julia LaRoche Show video, published August 25, 2026,
features Ted Oakley
discussing SILVER, HL, GLD, Short-dated Treasuries (1-2 year), 20-30 year Treasury bonds, WTI, XLE, KRP, SLB, Nova Drilling, NOG, RIG, GDX, COPPER, FCX, SCCO, DBC, ADM, DBA, AR, SPY.
11 trade ideas extracted by AI with direction and confidence scoring.
Speakers:
Ted Oakley
· Tickers:
SILVER,
HL,
GLD,
Short-dated Treasuries (1-2 year),
20-30 year Treasury bonds,
WTI,
XLE,
KRP,
SLB,
Nova Drilling,
NOG,
RIG,
GDX,
COPPER,
FCX,
SCCO,
DBC,
ADM,
DBA,
AR,
SPY
