David Rosenberg returns with his most powerful calls yet. In Part II, Rosenberg explains why he believes gold will hit $6,000 this cycle, the U.S. dollar is entering a bear market, and Treasury bonds offer asymmetric upside in today’s fragile financial system.
Rosenberg lists his top conviction trades: gold, Treasuries, defensive stocks, and global diversification, especially in Europe and Asia. He also warns that America’s reserve currency status may not last, as central banks worldwide increasingly turn to gold.
In a special addendum, Rocklinc’s CEO, Jonathan Wellum, breaks down Rosenberg’s thesis and reinforces why investors must prepare for a world where the U.S. can no longer spend without consequences.
Key Topics:
- Gold to $6,000? Why Rosenberg is all-in
- Treasuries vs. stocks: Which is mispriced?
- The death of TINA (There Is No Alternative)
- U.S. debt, deficits, and dollar devaluation
- Why central banks are loading up on gold
- Global investment opportunities in Europe & Asia
If you missed part I of this interview, watch it here: https://youtu.be/_9kou-94zow
Volatility got you concerned? Get a free portfolio review with Rocklinc’s Jonathan Wellum at https://bit.ly/45PY6KT
Hard Assets Alliance – The Best Way to Invest in Gold and Silver: https://www.hardassetsalliance.com/?aff=WTH
David Rosenberg 0:00
Gold is following its historical pattern in a bull market, which means what it means in this bull market, the peak will be somewhere close to $6,000 an
Trey Reik 0:21
ounce. So switching gears a bit to financial markets. I’ve heard what you’ve said recently about treasuries, and you know the proposition they currently present. But can you give us a an outline of your view of the comparative valuation of equities and bonds, and your thoughts on treasuries from this point forward? Well,
David Rosenberg 0:44
you know you could look at the equity risk premium any number of ways. One of the ways you might want to look at it is the secondly adjusted PE ratio, the inverse of that, which is the earnings yield compared to the real, say, 10 year yield, or the real long bond yield out of the tips market, and the relative valuations stocks against bonds is the most extreme it’s been. It’s pretty about the same level it was in the summer of 07 and those around the same time, if you remember, the chuck Prince at City was telling everybody, you got to keep dancing until the music stops. Well, the music always stops, and then the music always, you know, comes back on the the sound system. That’s just the the cycle of play. I like how bonds are priced right now, I think that it’s just a waiting game. You know, we’ve got obvious concerns over $9 trillion of treasury refinancing that that is in the market. Everybody knows that number, but that’s been a source of frustration. You’ve got the concerns over how much inflation is going to go up and for how long, from the tariffs, and, of course, all this plays into, you know, the fact that you know how much duration Do you want to add when you know cash is paying you well over 4% with no duration risk, no capital risk. So that’s the one thing to keep in the back of your mind, is that, and this is more for the stock market crowd, is that the one thing we can say with certainty is that Tina is no longer around, right? There is no there are alternatives. So, alternatives, you know, Genie may coupons, triple B, corporates or treasuries, or Treasury bills, like basically, when you go back to the last time the multiple was where it is today, the Ford multiple now in the s and b5, 100 is 21 and that’s where we’re, for example, back in good part of 2020, 2021, we were at these multiple levels. But you see, back then, the risk free rate was 1% today is closer to four and a half percent. So that’s very interesting, that the stock market’s telling you that it’s going to price itself as though the risk free rate is back near the floor. That’s where the math just doesn’t add up for me. So in terms of how I see the situation and understanding all the impediments you know that are plaguing the bond market over the course of the past few months that I just I like the math. I like the convexity, okay, like basically when we were at the lows in the 10 year treasury note yield back at the peak of the COVID recession. It only took a six to seven basis point increase in the yield to generate a negative return in your 10 year treasury portfolio, you had no coupon protection, almost zero. Today, we have call it roughly four and a half percent 10 year. Note, what would it take for you to lose money in the bond market? You the yield would have to go up 70 basis points, not six or 770 ergo, we would have to go back to the highs, not just to the highs, we’d have to go above the 5% cycle peak back in October 2023 when the Fed was still in its tightening cycle, and we had a completely different economy on our hands. Inflation is underlying. Inflation is lower today than it was then, and the unemployment rate is higher than it was then. So I like that math that you have to go up 70 basis points to generate no return in your bond portfolio, because I really don’t believe you’d have to be one hell of a shock for yields to actually break above where they were in October 2023 when there was a ton of bad news being priced in to the Treasury market. Well, what if we look at the alternative? What if the 10 year note yield goes down 70 basis points? Is that outlandish? It takes us back to where we were last September. It doesn’t take us back to where you were five or 10 years ago. Wasn’t that long ago? Well, that would generate a total return of plus 10% so up 70 beeps, zero, down 70 beeps plus 10% and so I like that range.
Trey Reik 6:00
If you have questions about the current market environment and are looking for guidance on your portfolio, wealthion can help connect you with a vetted advisor to get a free portfolio review, just click on the link in the description below, or head to wealthion.com/free outside of treasuries, I know you’re recommending a call of defensive bent as investors approach the next six to 18 months. Can you give us some other ideas on investments that you think make sense at this point in the cycle?
David Rosenberg 6:39
Yeah, I think that you know within your so I do like treasure treasuries right now. I can’t say I love them, but I like them within the stock market. I like what I refer to as bonds and drag. I like the sort of parts of the stock market that are correlated with declining bond yields, and I think the Fed will resume its rate cuts by September. I think we’ll have enough clarity at that point, and the clarity will be that with the labor market loosening up, the inflation shock from tariffs are going to hit the wall in the labor market. And so what we’ll end up with is a few months of higher inflation prints, but that’ll trigger negative real wages, and that will trigger negative real consumer spending, which ends up bringing inflation right back down again. So the way you want to think about this is price the price level will be higher, but inflation actually because of the tariffs, counterintuitively, inflation will probably end up being lower because of the extraction of demand out of the consumer sector coming out of this. This isn’t like it was again in 2022 2023 we had a massive mismatch in a hot labor market where companies couldn’t find the demand. Everybody was job hopping, and Uncle Sam was paying people not to work for extended periods of time. Remember, the jobless extension benefits were massive. Now companies had to pay up. So we actually had a wage price spiral for a period of 18 months. It’s not going to happen this time around. It’s going to get snuffed out in the labor market. And that, again, came through loud and clear in the base book. But I like, for example, I mean, I like utilities. I have for a long time, they’ve done great consumer staples. And I’d be saying, you know, that could be the drugstores. It could be food producers, food retailers, tobacco and I like the fat dividend yield and the dividend growth characteristics, though. I guess a lot of people can hold them in their portfolio, but utilities, consumer staples, segments of healthcare, I want to be in areas of the market where there’s stability, earning stability. I want things that typically don’t hurt you in a recession, or can help you in a recession. There’s there’s one stock, I can tell you, that will never the one stock historically that has never hurt you in a recession is Walmart, and I view that as a defensive retailer. So I would say that staples, utilities, healthcare, I want to be in low beta. I want to be very mindful of the beta, very mindful of the cyclicality in the portfolio. I want the dividend yield, and I want the dividend payout ratio in areas of the market that don’t have a whole lot of correlation with GDP. On top of that, I have one. I mean, I’ve, I’ve loved gold. I still love gold, the gold mining stocks as well, but physical gold. I would also say silver playing some catch up, although it has more industrial characteristics, but I like the precious metals. I think the US dollar has entered into a bear market. I’m not saying that the US is going to lose its reserve currency status, but I do think that the US dollar has certainly been tarnished. I find it to be a really quite astounding comment that the stock market would be heading back to the highs, and yet the dollar is been sinking. I mean, to have an 8% 9% decline in the dollar from the peak in such short order, that’s like over a 20% drop in the stock market. When you look at it from a relative risk standpoint, that’s been breathtaking. So foreign investors are telling you something, and it’s telling you that you know, because the truth is always in the price, the price of the dollar is telling you that something is being sold in the United States, and there is a reallocation to the rest of the world. So I mentioned utilities. I mentioned segments of health care that more defensive areas of health care. I mentioned consumer staples. I like gold, as I said before, and the gold miners still trading at huge discounts, but I also want to have more international diversification and I think that Europe looks very good to us. Europe has visibility. Europe has a central bank cutting rates. Their inflation rate is below 2% the ECB is cutting rates. They’ll continue to cut rates, and we don’t have the what’s happening in the Senate right now. We don’t have all the wrangling and the checks and balances. It looks as though, finally, Europe’s getting its act together in terms of their own fiscal bill, which is going to be significant for the next decade. Which brings me, by the way, to where they’re weighing their expenditures towards aerospace defense. And that is a global theme. And you go by the global ETF, it’s not just the United States. Even the most passivist countries in the world, like Japan, are increasing their military budgets. If you looked at the data that come out of the United States, you’re looking at a bullish data point. Of course, spending on data centers is a massively bullish data point. The question is, how much is already priced in. But in the defense sector, you look at the order books, you look at shipments and production. That is one part of the stock market. I like a lot. I guess. I wish I didn’t like it, because it reflects these ever rising geopolitical tensions, but they’re not going away, and the commitments to NATO expenditures is being taken very seriously by America’s trading partners. So that’s an area that has the visibility. But this is what I’m saying. The idea generation really is almost ends there. I would say, you know, I mentioned Europe. I think that Asia is looking good to us. Asia, our scorecard for Asia in the past month has actually improved quite a bit, actually even more than in Europe. So I want that international diversification. You’ve got better interest rates, better valuations, better currencies right now. And those markets are well worth a look. And that’s again, within an equity bucket that I would have. Whatever your benchmark is, I would be, I would be below that benchmark. I want to focus. I want to hunker down right now and focus at this stage of the cycle on harvesting what you’ve already achieved in this call it five year. Bull market got interrupted in 2022 got interrupted briefly in April. But I’d be using these rallies, these intermittent rallies, which are really headline rallies. I mean, almost all of the increase in the Dow off the April lows came on four days. Think about that came on reprieve day. And then we had the reprieve for China, then the reprieve for the EU. And then we had this, you know, this the appellate court, or the the lower, the low, I should say that the trade court, you know, now it’s gone to the appellate court. But in any event, four days accounted for 100% of the increase in the Dow off the lows that were the intelligence. This is a, it’s really a speculative sentiment, headline driven market. So the answer is that I don’t trust it. I actually would love to turn bullish again, and I was getting ready, I wrote a whole report right near the lows, which I sort of pulled back. Maybe I shouldn’t have done that, but I’m not a day trader, but the market came back. So fast, you know, we I just wrote it around. What happens? You know, when the VIX breaks 50, it’s usually a buy signal. And it was a buy signal. But what’s really incredible to me, Trey is that, you know, the trough multiple in the drawdown in April, the trough multiple was 1818, and I had people talk to me, how cheap the market you know, to 1818. Multiple was the trough 21 to 1818. I started the business in 1987 and if you told anybody about an 18 multiple, they’d carry out in a gurney on the way to the psychiatric ward. I mean, in 18 today, 18 is cheap. Well, so that’s
that, that’s narrative. But I really, broadly speaking, when again, I come back to what Warren Buffett’s been doing, building cash, what Powell told us about being in a dark room. What do you do? You stand still? You should be and that means for an investor, if you’re not more risk averse, you should be risk averse. If your portfolio today and your asset mix looks the same as it did six or 12 months ago, it shouldn’t. So that means really calling the portfolio to your highest conviction and best ideas. And by the way, this is not a permabear talking because at no point did I say you gotta go out and load up on barbed wire, you know, canned tuna, baked beans and a sawed off shotgun. I never once said that you do want to have some cash on hand, though, because you’re getting paid, and it has optionality, but the major point is this preservation of capital and the preservation of cash flow. So
Trey Reik 16:57
you brought up gold, which is where we were going to end, and I appreciate your comments there in terms of gold and gold equities, but let’s, let’s end with another bench clearing question. Do you think we’re on the gold was up 27% last year, and we’re up another 28% this year. I think you would agree. That’s sort of surprising strength. My question is, we know the three main fundamentals are anti dollar sentiment, the US, deficit, fed cred, that type of stuff. But do you think we’re on the cusp of a global monetary reset after all these years of studying the possibilities thereof?
David Rosenberg 17:42
It’s, it’s, it’s quite possible. I mean, you keep hearing about the MAR a Lago accord, you know, and then the section what, the section 899, that the US would dare, as a retaliatory measure, impose a tax on interest and dividends on securities held outside the country, you know, I’ve got to say this, that
Liberation Day was a big day for me. I think Liberation Day liberated us from our sanity when Donald Trump went in front of the cameras with all these reciprocal tariffs, and every country had a different number, it was like a bingo game. But there was a method to that madness, because those levies reflected two numbers, and that’s why each country had a different number, because it reflected the ratio of the bilateral trade surplus that country X ran against the United States, that trade surplus divided by its exports, expresses a percent and then added on to The 10% baseline tariff. And so what was the message that the President was sending? Was that he wants the bilateral trade surpluses that countries have with the United States to vanish completely, even though it’s completely appropriate and normal, and I would say desirable for the world’s reserve currency to be the country that runs trade deficits with the rest of the world, because being the world’s reserve currency means that you attract all this capital inflow. That capital inflow generates wealth, generates spending that gets spent on imports. And no other country in the world has such a low savings rate as the United States. No countries in the world has a consumption to GDP ratio of almost 70% and so what happens is that the capital account and the current account have the balance. It’s called the balance of payments. So if Donald Trump wants to shrink. Trade surplus, trade deficit that the US has, and get it to zero. What happens to the capital account? And what is the message on Liberation Day? The message beneath the message, and I wrote about this, is that, what is he signaling? You got to think that this is somebody who’s been talking about unfair trade and tariffs since 1987 and now we can do something about it. I think the message was that the burden on the middle class in middle America of being the world’s reserve currency is just too much. That’s the first time that I wrote a report saying that, for the first time, I’m writing this, that perhaps in my life, we will see the end of the US dollar being the reserve currency. We just don’t know what’s going to pick it up. But remember, it could well end up being the euro. It could end up being the euro. The Euro was supposed to be the challenger in 1999 if you remember Emma’s introduction. But it’s hard to make book right now, but I would say that, you know, when you’re taking a look at things like CDS spreads, and you’re taking a look at, you know what that hidden message was? That hidden message was that we don’t want to run trade deficits anymore. Even though it’s completely normal for the United States to be running trade deficits, there’s nothing wrong with it. It’s actually the role of the reserve currency, understanding that the balance of payments have to balance. And the message, like I said, is that maybe the world’s reserve currency is just too much to bear. And look, this is, you know, I think that Donald Trump will continue to push the envelope. You’re asking me, Is he moving to reset and reshape balance of trade 100% and the last president to have done it on this scale was Richard Nixon, correct. Richard Nixon and so going off the gold standard. So this is going to be Yeah, so I think that we are in the early stages of heightened state of uncertainty, confusion and chaos. It’s not going to go away anytime soon. As far as Donald Trump’s concerned, this is all going to be for the greater good, you know, for that, for that, we’ll see. But you know, as far as gold is concerned, look gold. How do you value gold? That was going to be another value the crypto. People value Bitcoin on the relative value trade on gold. You know, they call it digital gold. I say, Okay, well, I’ll just buy the real thing. Because, you know, the beauty about gold is that it doesn’t have correlations with so many other things. It’s such a great non correlated asset to have in your portfolio. Bitcoin is most correlated with the NASDAQ 100 I don’t want to buy gold if it’s correlated with NASDAQ 100 in fact, it’s inversely correlated with the risk on trade. That’s what you want it in there. It’s a balanced in the portfolio. But how do you value gold and how do you do it? It doesn’t you can’t do a dividend discount model on it. You can’t do, you know, real interest rates, inflation expectations, default, risk, recovery rates, term premium. How do you value gold? Gold is basically one divided by you, where u is uncertainty and or I should say, one divided by c, where c is certainty. That’s the quotient. It’s perfectly proportional to uncertainty. And on top of that, I started turning bullish on gold back in 1999 when I was just making that transition from the Bank of Montreal tomorrow, when that the when the when the central bank starting in Europe, announced that moratorium on their gold sale program that had undermined Gold for so many years. So let’s not forget, especially those people that watch QE, let’s not forget the power of the central banks. And we’re talking about all of the central banks globally, not just the BRICS, not just China. There are no central banks globally selling gold. Three quarters of them are buying gold every single month. They are diversifying that might help explain the downdraft in the US dollar and the strength in gold. And you don’t want to bet against central banks. They have deep pockets, but there definitely is a reallocation and a diversification among central banks back in the gold. And I imagine that the day that I hear an end to that program, I’ll reconsider the gold we did all sorts of work on this, all sorts of work on gold, and I would tend to agree with you. You know, up almost 30% two years in a row. Like, I mean, okay, like, I think we should expect a pause that would make sense. Of course, gold’s benefiting as well from this downdraft in the US dollar. But be that as it may, the work that. You’ve done, and we published it, and this is probably within the next five years, we believe, because chart is following go gold is following its historical pattern in a bull market, which means what it means in this bull market, the peak will be somewhere close to $6,000 an ounce, so I am not trading around it. I am buy and hold, and if there’s dips, I call my dealer and I buy more gold bullion, or actually what I prefer now are gold coins, because they’re prettier. But that is actually remains, gold remains, probably, yeah, undeniably, my highest conviction trait,
Trey Reik 25:50
excellent. So by the way, I tell people that coins are a great place to start as well, because they’re portable. They’re recognizable. You know, you can get access to them, move them around. So, you know, there’s a hell of a lot of utility and in gold coins. So Dave, thanks for your time. How can viewers learn more about Rosenberg research and take a spin in in what you do? Great.
David Rosenberg 26:18
Well, you know, I produce probably 12 different products. We span all the asset classes. We span all the sectors of the stock market. We cover the entire fixed income market, currencies, commodities. And we have clients in 40 countries. 70% of them are in the States, and half are individual investors, and half are institutions. So we basically, you know, and whether you’re a retail person or you’re a CIO, the questions, the questions are always the same, you know, in terms of the economy and the markets. I actually have a 24/7 hotline for people who want to access our information line, clients can do that. I spend 20% of my day just answering back client emails. Because, you know, the one thing we can control is client service. Can’t control the markets. Client Service you can’t control. So I would say that couple of things. The first is, if you just Google Rosenberg research, it’ll take you onto the website. Feel free to surf it. There’s samples on there, and you can also log in for a trial, which I’ll get into in a second. You can just go to information@rosenbergresearch.com that’ll take you into the portal. You can actually end up speaking with one of my client service professionals so we can get you signed on to a one month free trial. In fact, that’s what I’m going to say, is that everybody on the call will have access to a one month free trial if you so desire, and you kick my tires and find out for yourself that while I’m cautious and conservative and focused on capital preservation, I ain’t no perma bear. If you want to reach me personally, okay, I’m not going to give up my phone number. Okay, that’s maybe a little too personal, but people want to reach me directly. Here it is. D Rosenberg at Rosenberg research.com Oh, one word. Rosenberg at Rosenberg research.com and I’d love to hear from you
Trey Reik 28:20
perfect Dave. Thanks for your time. And I’m excited about all of the ideas that I think we share about what’s going on in the markets over the next six to 12 months. And we look forward to getting back in touch with you in a few months to see how you’re doing.
David Rosenberg 28:36
Great. Well, thanks. Thanks very much. Fasten your seat belts. Thank
Trey Reik 28:41
you, sir. We have the opportunity now to visit with Jonathan wellem of rocklink investment advisors, who happened to be tuning in on my conversation with Dave Rosenberg, to collect some of his thoughts about what Dave had to say. So, Jonathan, what do you think? Does David have a good view of the world? Do we agree?
Jonathan Wellum 29:04
Yeah, I you know, it’s always a privilege to sit in and listen to David. He’s very, very insightful and bright in terms of his economic analysis. And as he pointed out, they you’re not always correct, because factors can impact your decision making. But I’ve been following David since he was started really at Merrill Lynch and then Gluskin Sheff and so forth. So I really appreciate it. A couple of observations. You know, first of all, it was good to hear him just defend his recession call of a couple years ago and why that really didn’t come to fruition. I think he has a very powerful rationale for why the recession call didn’t come to fruition simply because of all of the Biden spending and and the green agenda and so forth, the fiscal the fiscal stimulus was so large that it overwhelmed the Federal Reserve’s increase in interest rates. And because I think most of us thought, if you’re going to increase interest rates that much, you’re going to have to. Know, end up with some kind of recession, and we didn’t. But what I like in particular about David is he hasn’t backed off. He continues to look at the facts, and he holds his ground, and he’s not going to be scared to Contin continue to say, Listen, things are getting tough out there. There are factors that are certainly looking towards a recession. In fact, he argued very strongly, I think, for a very weak economy, much weaker economy than a lot of people are are looking at. And I think he drew that that that that position basically by looking at the Fed Beige Book, which I think is a very powerful place to go if you’re going to actually look at the stats. And so he rattled off so many different stats that show that, yeah, the underlying economy is not all that strong. It’s not a broad and deep, strong economy. Here. There’s certain sectors that are doing well that have been pushed up by, you know, the data centers and AI and some of the technology areas. But in fact, he said about 75% of the US economy now is stagnating or contracting, which is a big number, up from just 50% about two months ago. And so I think he’s really, you know, onto something there the family, you know, starts, in terms of home starts and construction starts, and retail and auto and all of these things are under a lot of pressure. And so I think, again, he really appealed to a lot of facts that show that investors should be careful. Again, it doesn’t mean there isn’t opportunities in the marketplace, but with all of the uncertainty, as he emphasized a number of times, because of tariffs and the changing trade patterns around the world, and some of the things that clearly the Donald Trump is pushing the Trump administration, this is all leading to, again, uncertainty in the marketplace, uncertainty in terms of businesses. And he rightly noted that savings rates are now actually coming up a little bit. So people are being cautious. Consumer spending is slowing. And, you know, the affordability of homes and so forth continues to be weak and and so on. So I think again, all of those things point in, far as I’m concerned, as an investor, be careful about what we’re buying. Make sure you’re buying things with good valuations, keeping a little bit of powder dry and so on. I think these are all very compelling reasons, and just because the recession hasn’t come that does not mean we’re not going to see a slowdown. And again, as he pointed out, too, as you look around the world, there’s just a lot of challenges in the marketplace. We talked
Trey Reik 32:29
a little bit about the deficit, we didn’t get it into it as much as I thought we might. But I think to summarize, it’s extremely important for viewers that the big problem with the deficit is we’ve normalized spending at emergency levels. I just can’t stress that enough. If you go back to even the Trump years, pre COVID, we were in three digit, you know, hundreds of billions, and now we’re 2 trillion, pretty much for the next 10 years. According to the CBO, I think everybody’s just sort of given up, you know, in the CBO office, and they’re not afraid, you know, to say that we’re going to have $2 trillion deficits for the next 10 years. But do you agree with that concept, that we’ve normalized spending at emergency levels.
Jonathan Wellum 33:24
Absolutely, we’ve seen the same thing in Canada, as you’ve seen again in the United States. I like that expression. He said, fiscal policy is making a mockery out of the New Deal, and I mean the spending because of COVID and the sort of the legitimatization of just fiscal spending that’s out of control was crazy, and so the deficits were just massive, but they really haven’t trimmed the spending. And so I think David pointed out, the spending is still 50% ahead of what it was in 2019 before the crisis, and that is just not sustainable. I think, look, I’ve been a Donald Trump supporter in terms of a lot of his economic policies. I appreciate those policies. I agree with everything but the overall, you know, smaller government, less regulation, lower taxes and so forth. But having said all that, they continue to spend and spend and spend and spend. And that’s why I think you want to own gold and some of the precious metals. And I think that’s why, you know, we’re seeing the precious metals do well, of course, David talked about that, also that, you know, the spending just seems to almost be impossible to curb. The governments around the world are just continuing to spend like drunken sailors, and the global debt to GDP is, as we know, is well over 350% debt to GDP when you look at the total global debt, and 20 years ago, that was about 200 225% so again, these are not sustainable trends, and that’s why I think investors need to be careful and use. What’s happening to position yourself in businesses and in areas that are going to be more defensive and also probably hedge some of your risk,
Trey Reik 35:07
and I sure you were just as surprised as I when David, who I wouldn’t expect to be really specific about a gold target, let us know that $6,000 is in play if this, if this bull market, plays out as past have. So I was a little surprised by that. That’s a big number.
Jonathan Wellum 35:28
Yeah, it is. But when you consider the financial stress, the monetary pressures and so forth, of these massive debts and deficits, you know that’s, that’s it. That’s basically less than a double from where it is now. And so that is, it is doable. I know it sounds crazy, and of course, not saying you’ll necessarily go get there, but it’s certainly possible. As you know, also, if you listen to, you know, James Rickards and other you know, very highly qualified people when they just do back of the envelope calculations, if you were ever to try to collateralize some of the currency, not all of it. 2530 40% I mean, you’re talking gold prices, that would be north of $20,000 so the point is, can you maintain the credibility of these fiat currencies, not just the US dollar, but fiat currencies in general, around the world, given the massive amount of debt that’s behind them, and that’s, I think, a question for investors, that they need to at least have some of that risk hedged, if they’re wise. And he pointed out gold He also pointed out gold miners. Again, you need to be careful when you’re buying gold miners. You have to really know what you’re doing, because it’s a tough business. But he’s quite right. A lot of the mining businesses are not trading at very high valuations. And so people talk a lot about AI, and they talk about data centers and and robotics and all of the digitization which is driving an energy revolution. And yet a lot of the commodities stocks that underpin all of those technologies are actually not trading at very high valuations. So you can buy some of them at maybe 10 to 20% of the valuations of some of the tech companies. So I think there’s some opportunities there. So
Trey Reik 37:06
And along those lines, for wealthion viewers who might be interested in gaining some of your firm’s input and a portfolio review and that type of thing. How, how can viewers contact you to get the benefit of your advice in reviewing their situation.
Jonathan Wellum 37:25
Sure, and do we have quite a few wealthion clients now, you know, people have come through wealthion. We really appreciate we love working with them. Tremendous clients. They’re usually very knowledgeable what’s going on. So we like clients like that we can sit down and talk with so the best way to contact us is info@rocklink.com would just email us, and that’s rocklink, R, O, C, K, L, I, N, C, so link with the C at the end.com or they can, you know, go on our website, www rocklink, calm and just go to the contact section. That’s probably the best. And just reach out to us. I can give phone numbers too, but just right through the through the email, and we will respond right away. Free analysis of your portfolio, sit down, talk with you and and get to know you better.
Trey Reik 38:10
Terrific. Jonathan, thanks. As always, we’ll speak to you soon. Great. Thank you so much. Dre, take care if you have questions about the current market environment and are looking for guidance on your portfolio, Wealthion can help connect you with a vetted advisor to get a free portfolio review, just click on the link in the description below, or head to wealthion.com/free
