After several years of strong gains, I’m becoming less optimistic on gold and silver. Central-bank buying should provide a floor for gold, making a major decline harder, but the bigger issue is opportunity cost.

If AI-driven productivity gains keep growth expectations elevated, rates may stay higher for longer. With liquidity remaining relatively tight, precious metals could struggle to outperform capital-intensive AI themes.

The key risk to this view would be a sharp slowdown or renewed inflation shock that pushes investors back toward defensive assets.

@Captain's Treasure

LongPort - Captain's Watch
Captain's Watch

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