Gold to $12,000 or ‘Sell Gold Today’? – Bits + Bips
Watch on YouTube ↗  |  January 28, 2026 at 13:15 UTC  |  1:06:16  |  Unchained (Chopping Block)
Speakers
Austin Campbell — Host, Zero Knowledge Group
Ram Ahluwalia — CEO, Lumida
Chris Perkins — President, Coin Fund
Charles Edwards — Founder/CIO, Capriole Investments

Summary

  • Gold has hit a historic high of $5,100/oz, sparking a debate between tactical selling (Ram) and structural holding for a $12,000 target (Charles).
  • Bitcoin is lagging significantly ($88k range) due to the "Quantum Event Horizon"—the risk that quantum computing breaks encryption before the network upgrades.
  • A major contrarian macro thesis is proposed: Rate cuts may be bearish for risk assets because they reduce income for debt-holding Boomers, thereby crushing consumption.
  • Geopolitical instability (China military purge, US warships near Iran) is driving a "Real Politick" era, favoring hard assets and defensive stocks over high-beta tech.
Trade Ideas
Ticker Direction Speaker Thesis Time
FCX /GDX
LONG Ram Ahluwalia
Founder, Lumida Wealth 		Ram notes that copper and gold miners are correlated to the metal but often offer better leverage. He specifically mentions Freeport-McMoRan (FCX). Even if the physical metal pauses, the structural demand for infrastructure (copper) and the profitability of miners at these elevated prices ($5k Gold) make the equities a superior play to the commodity itself. Long Copper and Gold Miners. A recession crushing industrial demand for Copper. —
ECH /VXUS
LONG Ram Ahluwalia
Founder, Lumida Wealth 		Ram states he has "never owned so many international stocks before" and specifically mentions Chile is "running circles around the US." US valuations are stretched and political risk is high. Emerging markets (specifically commodity-rich nations like Chile) offer better value and leverage to the resource boom without the US tech premium. Long International/Emerging Markets. A strong USD crushing emerging market debt holders. —
PLTR /BTC /HOOD
AVOID Ram Ahluwalia
Founder, Lumida Wealth 		"The old guard of high beta... Bitcoin, Palantir, and Robinhood... is very weak." These assets rely on liquidity and risk appetite. With the market rotating defensive (Insurance) or into hard assets (Gold), the liquidity premium is draining from these high-multiple/speculative names. Avoid or sell high beta tech and crypto. A sudden dovish pivot from the Fed reigniting "junk" rallies. 0:11
GOOGL /META
LONG Ram Ahluwalia
Founder, Lumida Wealth 		Market sentiment has shifted entirely to commodities/gold, and "no one is expecting a rally in Mag7 tech stocks." Tech stocks have been sold off while Gold rallied. With earnings approaching for Meta and Google, the bar is low. If they don't miss, the rotation back into oversold tech could be sharp as the "Gold trade" unwinds. Buy the dip in high-quality tech ahead of earnings. Disappointing earnings or AI capex concerns could deepen the rout. 21:38
ALL
LONG Ram Ahluwalia
Founder, Lumida Wealth 		Ram explicitly mentions Allstate is trading at 7x earnings with earnings growth, while high beta stocks are weakening. In a "Real Politick" environment where high beta is crashing, capital rotates to "boring," defensive value. Insurance offers low multiples and steady cash flow, acting as a safe haven that isn't as crowded as Gold. Long Insurance (specifically Allstate) as a defensive rotation play. Catastrophic weather events impacting insurance payouts. 0:21
BTC
WATCH Charles Edwards
Founder/CIO, Capriole Investments 		Bitcoin is underperforming Gold significantly. Edwards attributes this to the "Quantum Threat"—the non-zero chance quantum computers break BTC encryption before 2028. Institutional capital is hesitant to allocate to a "store of value" that has a theoretical existential threat. Until a concrete roadmap (hard fork/upgrade) is agreed upon to quantum-proof the network, price upside is capped. Neutral/Watch. A massive re-pricing upwards will occur *only* after a technical roadmap is announced. Quantum computing advances faster than the network can upgrade (catastrophic failure). 0:11
GOLD
LONG Charles Edwards
Founder/CIO, Capriole Investments 		Central banks (specifically China) are stacking gold to diversify away from the USD. Historically, when Gold breaks out relative to the S&P 500, it runs for years. The current move is structural, not just cyclical. If Gold repeats historical decade-long cycles (like the 1970s or 2000s), the average upside is ~150% from breakout levels, implying a price target of $12,000. Long physical gold for a multi-year hold. A resolution to geopolitical tension or a resurgence of the USD as the only safe haven. 0:11
GOLD
SHORT Ram Ahluwalia
Founder, Lumida Wealth 		Gold hit $5,100 (a round number) and immediately saw a technical reversal where buyers failed to hold the highs. It is now on the front page of the WSJ and Bloomberg. When a niche asset hits main street covers and psychological round numbers, it typically signals a local top due to overcrowding. The "easy money" has been made, and a tactical pullback is likely as markets reassess. Sell tactical positions or short for a pullback (1-3 month view). Geopolitical escalation (Iran/China) could force a panic bid regardless of technicals. 0:11