| Rachel: Marc, the last time we heard from you on gold, you said it could soon hit $5,000, and it did just that later the same week. When do you think it could hit $6,000? Could it be as soon as this year? Marc: It certainly could. I'm not ready to make that my official prediction, but the precious metals have been very, very hot right now. Inflation ticking higher and the Fed increasing its balance sheet would both give a boost to gold. Theoretically, the balance sheet shouldn't increase, because presumptive Fed Chair Kevin Warsh has said he wants to reduce it - but on the other hand, deficits are still skyrocketing. There are a lot of reasons to be bullish on gold. Whether that means gold hits $6,000 this year, in 2027, or in 2028, I'm not sure. But I would say it would not be unreasonable to see gold at $6,000 this year. I would not be shocked if that happens. Rachel: We've gotten some questions from Members about silver and copper. Any comments there? Marc: Copper, like oil, should perform well in a strong economy. Silver has been nuts. As anyone who's been watching knows, it went absolutely parabolic, crashed over a couple of days, and has been rebounding lately. It seems like silver is becoming almost like a meme stock in a way, so it's hard to put a true value on what it should be worth at this point. It had been outpacing gold when it went absolutely parabolic, but the two should be rising in tandem. I do think silver goes higher over time, but it may need to reset for a little bit first after this gigantic move. I'd say if you're bullish on silver, you need to have a pretty strong stomach to be able to handle any whipsaws in the near term, because it feels like these dramatic moves are not over yet. It's not going to be a steady rise higher. Rachel: How concerned should we be with the macro picture in light of the price gains in gold and silver? Is it telling us of a larger economic problem? Marc: That's a really good question. I'm a big believer that markets are forward-looking mechanisms. We know that, typically speaking, when stock markets top out and start to roll over and become bear markets, that predicts a slowdown in the economy six to 12 months from that point. Now, if gold and silver are rocketing higher, does that mean there's some big calamity coming, does it mean inflation is going higher, or does it mean something else? There are a lot of reasons people buy gold and silver - especially silver. It's an industrial metal as well as a precious metal, so you also have to look and see what copper is doing and see what the other industrial metals are doing. That's why I'm not quite ready to say we have big problems coming just because gold and silver are at highs. It could be the case, but it's not definitive enough to me. It's certainly something to keep an eye on, but I'm not ready to say we've got big problems ahead just because gold's at $5,000. If anything, I'm leaning more to "Inflation is going to be higher than people think it will be" versus "There's going to be World War III" or something like that. Rachel: We have a member asking if you have any thoughts on covered call ETFs with gold, silver, oil, or copper. Marc: Yes, I have very strong opinions on covered call ETFs. If you're bullish on gold, copper, or silver, then you generally don't want to be in these ETFs, because they're going to underperform. They work best in a flat market. If markets are just kind of chugging along, then you're generating income from these ETFs - and usually a decent amount of income. They often have a pretty nice yield, sometimes even double digits. However, if the underlying asset starts to go higher, the ETF is going to underperform. You'd be better off just holding the asset itself. In a bear market, the high yield will help limit your losses, but you're still going to be down. Every situation can be a little bit different, but you generally only want to be in these covered call ETFs if you're expecting a range-bound or flat market. Rachel: All in all, with gold absolutely dominating headlines alongside inflation, rate uncertainty, and global tensions, how are you thinking about gold right now? What's the best way to play it as a shorter-term trader and as an income investor? Marc: From an income standpoint, I don't think about gold a tremendous amount, because gold itself doesn't generate cash flows, so it cannot produce income. In order to generate income from gold, you really have to own one of the miners that pays a dividend, and there are really no gold miners out there that are paying that 4% or 5% dividend yield that I look for in our income portfolios. Now, if you're bullish on gold, you might be interested in gold miners for capital appreciation, and if they happen to generate a 1% to 1.5% dividend yield, that's a bonus. I'm always happy to generate that income. As an overall investor, I absolutely believe gold belongs in your portfolio. The Oxford Club recommends that 5% of your portfolio be invested in precious metals, and gold would obviously be one of the leading parts of that 5%. If you expect inflation to burn a little bit hotter (like I do), then it's an especially important asset to have in your portfolio. During the "20X Gold Window" event on March 4, attendees will receive a free gold stock recommendation - which Marc hand-picked from the Auditor's portfolio. Don't miss it! Sign up here. | 
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