Positions as of 7 April, 2026
Spring exuberance has proven very potent for gold stocks. Over the last quarter-century of gold-bull years, miners outperformed their metal dramatically from mid-March to early June. No other seasonal surge rockets so fast
I’ve been massively long physical gold and silver, as well as gold, silver, copper, uranium, and nickel stocks, among others. Lots of oil and gas stocks. And agricultural ETFs.
While a gold ETF is a convenient way to play the price of gold on the market, you don’t possess any gold. You have paper. And you don’t know for sure that the fund has all the gold either, especially when the fund sees inflows. In such a scenario, there have been difficulties or delays in obtaining physical metal.
War headlines may come and go, but the long-term drivers remain in place. Debt is still growing, monetary debasement is still ongoing, and geopolitical distrust is still rising. Owning real metal is protection against a system that becomes more fragile the longer it runs.
Mises Institute Editor in Chief Ryan McMaken called the U.S. gold reserves “a legacy of theft and lies," pointing out the gold reserve was never intended to be a “static, untouchable hoard of the U.S. government.”
Epstein notes the current state of the metals and stock markets, which are experiencing declines amid uncertainty, and mentions the oil price dynamics and the situation in the Strait of Hormuz.
