John Rubino, [Substack https://rubino.substack.com/ ], joins us to break down the fundamental reasons why gold has been continuing to break higher thus far in 2025, and why he expects to see silver, and the junior gold and silver stocks have a compelling catch-up trade.

We start off discussing some of the potential implications of the policies from the new incoming Trump administration, and what it means for inflation, the deficit, consumer spending, tariffs, and global trade.  We also look at how the uncertainty around tariffs, debt, and inflation may play into Fed policy, interest rates, the US dollar, and other global fiat currencies.  There are a mix of elements factoring into the further buying of gold by both central banks and global citizens in the current macroeconomic environment.

Next we shift over to the gold equities, and how some of the larger producers have started to have a solid response and moves higher reflecting the higher underlying precious metals prices, and how this will attract more momentum buyers or those generalists filtering for earnings and revenue growth.  However, we’re just starting to enter the phase where the junior gold developers and explorers may start receiving more volume and a bid in the market.

Wrapping up we shift over to the performance of the silver price, the associated fundamental drivers, and the silver stocks. John expects to see the gold:silver ratio up near 90 bring in more buying interest in both silver and the related equities, and he expects this cycle will be no different than past cycles where silver and the silver stocks eventually outperform gold and the gold equities respectively. John outlines why he likes both pure play silver stocks, as well as precious metals stocks with a nice balance of gold and silver; throwing in exposure to copper as another potential commodity that some companies are adding into their asset mix and project portfolios.

Click here to visit John’s Substack to keep up to date on his market and economic commentary.