In this week’s market call, we break down major macro and metals trends shaping 2025. Charts highlight the shifting landscape of foreign holdings of U.S. financial assets, the divergence in capex between the new and old economy, and gold’s breakout as a top-performing asset year-to-date. We also cover the energy sector’s historically low weighting in the S&P 500 and a compelling cup-and-handle formation in silver. Dr. Quinton Hennigh joins with exploration updates across all major mining names, including the latest drill results and discovery progress.

Find us Online: Website: www.crescat.net Crescat Twitter: @crescat_capital Kevin Smith, CIO, Twitter: @crescatkevin Tavi Costa, Macro Strategist, Twitter: @tavicosta LinkedIn: Crescat Capital Important Disclosures: https://www.crescat.net/due-diligence/disclosures/