Dear Reader,
Happy Wednesday.
Today is Wednesday, January 28th.
It's the last Wednesday in January — and somehow we're already flying through this year.
And look… I know I've been a little doom-and-gloom lately. I don't want anyone new here thinking I'm a negative Nancy.
I'm not.
Most days I'm an optimist. I bounce out of bed grateful to be alive. But as investors, we don't get to trade our feelings… we have to trade reality.
And reality right now is this:
The market's story is changing.
That's how I've always thought about markets. Prices don't move in a vacuum — they move based on the story investors are telling themselves.
In 2025 the story was simple: AI is the future, and everything else was background noise.
But in 2026, that "background noise" is getting louder.
Debt. Gold. Silver. The dollar.
Those risk signals are moving from the background to the foreground — and gold especially has been waving a giant red flag.
You've heard me say it before: when the measuring stick itself starts to change, everything priced in dollars can start to "rise"… even when something darker is happening underneath.
On March 31st, a 90-year-old law is set to expose what I believe may be the single largest financial scandal of our lifetime — one that's been quietly distorting the gold market for decades.
For more than 50 years, "paper gold" has masked what's really happening underneath — allowing trillions of dollars to move without most investors ever seeing the true price of gold.
I just published an emergency exposé breaking down what's coming next — and why this moment matters before gold makes its next move higher.
If gold pushes toward $6,000, the implications won't be subtle — especially for one asset sitting at the center of a massive repricing….
You can read the full report here.
So that's the risk side of the story:
The bear case is that the dollar is slowly losing its role as the center of the financial universe — and gold is stepping into that vacuum.
That's what higher gold is really shouting.
But here's the key: to be a good investor, you can't marry the bear case. You can't marry the bull case either.
You need both sides. You need probabilities.
So what's the bull side?
Copper.
On Wall Street, copper is one of those quiet "truth teller" assets. You need it for everything that's real: factories, machinery, power grids, EVs, data centers, construction, infrastructure.
Anything with electricity needs copper.
So when copper is strong, it's often telling you: real economic activity is still happening.
And copper is telling a very bullish story.
Here are the numbers I've been watching:
The world is projected to face a copper deficit of roughly 10 million tons by 2040 — that's about one-third of today's global demand. Meanwhile, demand is expected to surge toward 42 million tons.
Asia alone is expected to drive about 60% of demand growth over time — electrification, grid upgrades, EV adoption, industrial expansion… all of it.
And this is one reason the U.S. is slowly pivoting its strategic focus. Europe's economic growth hasn't been impressive for two decades. Asia's share of global GDP has risen. That's where the future demand base is.
Copper is becoming the next truly strategic commodity.
And some very smart people are saying the quiet part out loud.
Stanley Druckenmiller said he's never seen a better setup.
And billionaire mining legend Robert Friedland put it in the most blunt way possible.
He basically said: you people have no idea what's coming.
We consume around 30 million tons of copper a year, and only about 4 million tons get recycled.
And he made this point that should stop you in your tracks:
Just to maintain modest global growth — even without electrification, data centers, solar, wind, the "greening" of the economy — we would need to mine an amount of copper in the next 18 years equal to what we mined in the last 10,000 years.
That is insane.
Now… you might remember something else.
We ran a copper report last year — and I'll be honest, it didn't light the world on fire from a marketing standpoint.
People didn't want to deal with copper.
But from a performance standpoint, the thesis did what it was supposed to do.
And here's what makes this moment different: policy is now adding fuel.
Trump's "Big Beautiful Bill," the push to unleash industrial activity, the loosening of certain regulatory bottlenecks — whether you like it or not — the direction of travel is pro-build, pro-output, pro-domestic production.
And if we're going to "build" — grids, factories, data centers, military supply chains — copper is not optional.
So what's a simple way to play it if you just want exposure without picking individual miners?
One straightforward option is the United States Copper Index Fund (SYM: CPER).
It's a way to get copper exposure through an ETF structure tied to copper futures.
Now let me bring this home.
On the bear side: gold and the debt situation are warning signs — the dollar's dominance is being challenged, and markets are starting to internalize what we've been warning about since 2022.
On the bull side: copper is telling you real economic activity is still happening — and the supply/demand math looks tight enough that this could become a long-term bull market.
Both can be true at the same time.
And that's exactly why 2026 feels different than 2025.
The risks are higher, but the opportunities are bigger…
If you're paying attention to what the market is really saying.
That's all I have.
Have a great day.
I'll see you tomorrow.
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