Gold To Surge Past $3k on This Market Move, Stock Market on Verge of ‘Topping Out’ (Uncut) 01-30-2025

Gold To Surge Past $3k on This Market Move, Stock Market on Verge of ‘Topping Out’ | Chris Vermeulen

Hey everyone, welcome back to Kitco News. I’m Jerry Safran. Lots to get to on today’s show.

The Federal Reserve just held interest rates steady at 4.25% to 4.5%. But the bigger news, Powell removed language around inflation making progress towards 2%. Steadying markets lower, stocks dropped, Treasury yields climbed past 4.5%, and traders have now pushed back expectations for the first rate cut to July. And despite this, Powell insists that the Fed’s stance is well calibrated, balancing the goal of getting inflation to 2% while avoiding further labor weakening.

And he was firm on one point, the Fed has no interest in changing its 2% inflation target. But markets were expecting more here. Powell left March open-ended but made it clear he’s in no rush to cut.

Meanwhile, Trump is openly pressuring the Fed for immediate rate cuts, saying he knows interest rates better than Powell. And if cuts do happen, is that an independent decision or political pressure at work? And in tech, NVIDIA is sinking again following reports that U.S. officials held early talks about restricting H20 AI chips to China. This comes just after DeepSeek, the Chinese AI firm, showed it could build more models at a fraction of the cost, shaking confidence in the AI trade.

The question is, is this the start of a broader AI correction? And obviously for gold, we’re not far from its all-time high, but we’re seeing a liquidity crunch. A massive shift to bullion from London to New York has left U.K. vaults short, with traders speculating that Trump could impose tariffs on gold. We’ll find out what’s really driving this rush, and there’s lots of big moves and a lot of uncertainty.

So let’s break it all down to help us navigate what’s next. We’re joined by our friend Chris Vermeulen. Of course, he’s a founder and chief investment officer at the Technical Traders.

Great to see you, Chris. Same, Jeremy. Always a pleasure.

We’re just riding by the seat of our pants today, my friend. Obviously, the Fed held rates steady at 4.25%, but Powell removed that language we talked about inflation making progress towards 2%. It was not a deliberate shift.

He kind of talked into it and said that it was an attempt to streamline the statement. Powell also says that the economy is growing at a solid pace, yet he acknowledged policy uncertainty from Trump’s trade and immigration plans. So I guess, let’s unpack this a little bit, my friend.

Is the Fed underestimating risk, or are they playing it safe here today? I think they’re playing it safe. I mean, I wasn’t really expecting much of a change. We could see that in the markets today.

There wasn’t any big whipsaws and really much going on. Usually the Fed, when they come out, we see the markets go haywire. We haven’t seen that.

Today felt very, very low-key. So I think they kind of nailed it. I think they’re playing it safe.

Just don’t change anything. I think things are fine. There was obviously a spook with the whole AI side in terms of a bout of selling in the stock market.

But that was just, I think, we’ll touch on that. But that’s just a news-driven move in one specific sector. So I think the Fed is kind of on track.

Leave things as they are. Nothing’s really, I don’t think, broken at this point. So they’re just going to ride it out until they need to make a change.

Yeah, data-dependent, as they said. I mean, the bond market reacted quite immediately. And stocks did OK here.

Some are down. Obviously, there’s a little bit of red on the screen. But Treasury yields spiked above 4.5%. And as I mentioned, rate expectations now push back to July.

How much do you think control does Powell have over the rates at this point? Is it just market reaction? Yeah, I don’t think they have as much control as they probably think they do. And as you touched on a minute ago, Jeremy, how is the President, how is Trump going to influence or can he influence or will he influence? I mean, he’s, you know, that’s going to be a big wildcard. Of course, a lot is a question of what he’s going to do and how severe and how quickly is he going to implement things.

So there’s a lot. I think today’s Fed meeting was super vanilla and relaxed. And I think Trump is now more so the wildcard of what’s going to happen tomorrow.

Like, that’s that’s where I think traders, investors are thinking. Yeah, news, it goes fast here. I mean, Powell also insists that the Fed is still data-dependent.

But at this point, I mean, how much faith should markets have in forward guidance here? I mean, the Fed tries to do what they’re going to do. They try to protect, you know, the the markets and the economy. And the reality is, as he even said, like everything really is speculation.

Nobody knows what’s going to happen. And all they’re doing is the best that they can. Maybe they don’t put enough weighting.

I’m a technical analyst. They put a lot of weighting on economic data, which I don’t really put too much onto it. Maybe if they follow kind of price trends and things like that, they might have a bit different outcome.

But there’s not much we can do. I think they do an OK job. I mean, the world hasn’t fallen apart.

We have market corrections and they try to help it, whether they help or or make it worse. I’m not sure. Yeah, but it really is what it is.

There’s nothing we can do as traders. So you just have to kind of go with it and adjust as needed your position. Yeah, you mentioned, I mean, you know, we are kind of waiting for some of that drama.

We weren’t sure if it was coming. Obviously, I wanted to play you a clip from Donald Trump and what was kind of causing that. You know, if there was going to be anything said today.

The interest rates will come down. You said that you would demand that the interest rates come down. Well, I would put in a strong statement.

Do you expect the Fed to listen to you? Yeah. Yeah. So, I mean, Trump is openly, obviously pressuring the Fed for immediate rate cuts.

Powell was asked directly about it today. His response? No comment to your points. I mean, the popcorn didn’t need to be around.

So does the silence send a message or is it just Powell trying to avoid confrontation? Probably trying to avoid confrontation. I mean, none of these guys want to be put on spot on public TV. Right.

So I’m sure there’s some serious talks going to go back and forth behind the scenes. Yeah. Yeah.

I mean, there has to be. I mean, Trump campaigned on weakening the dollar, pushing for lower rates. If Powell holds firm, will the White House start targeting the Fed? I’d hope not.

I mean, but I mean, anything can happen. Right. So this is the wild card that Trump has.

Right. He can put his foot into everything and stir the pot. And who knows what they allow, what’s not allowed.

I mean, I don’t know the policies of how the president can put, you know, wading into a kind of a third party agency. But we’ll see. Yeah.

I mean, at least we know today interest rates keeping steady there at four and a quarter, four and a half percent. OK, I got to talk to you about the tech industry. I mean, I had you on a few months ago.

We were talking about you thinking that, you know, maybe it was getting a little bit inflated here on the on the market cap side. NVIDIA is down again following reports that U.S. officials held early talks about restricting the H20 chip exports to China. Now, with trade policy uncertainty rising and talk about tariffs, everything else.

Is this just the beginning of an AI sector correction? Is this just a little bit of noise? What’s your thoughts here, Chris? It could be a little bit of a correction. I mean, it is pretty big news in terms of, you know, open AI and NVIDIA, you know, swinging for the fences. And the U.S. more or less feels like they have the, you know, their foot in the door for AI side of things.

And then China seems to come out of nowhere with an AI that’s kind of sweeping the nation. Everybody’s piling in. So it’s a spook.

Right. It’s it’s a big competitor now. And now they can do something.

I mean, a fundamental analysis analyst should be looking always at the market saying, OK, well, there’s always going to be a new way, a better way and probably a more economical way to do something. So, you know, NVIDIA has been so priced and these super expensive special custom circuit boards and GPUs, all these things. You know, this is going to be a game changer if they have a new way to package the data and maybe not use as many decimal points as like open AI does so they can get away with a lot less memory and all of that stuff.

It is a game changer because you can get almost as accurate information with a lot less power in terms of electricity and computing power and speed. You get a lot more speed. So this, I do think, is going to change the industry a bit.

I think it may have definitely taken the wind out of the sails, I think, for semiconductors and for NVIDIA being kind of the leader. Now they’re realizing, hey, you can you can run AI much more affordably with a very small team compared to what open AI does. I think open AI has like forty five hundred employees.

Deep Seek is like two hundred and it costs like one hundred million to train open AI, something like that. And it supposedly only cost Deep Seek like five million. And they did it in two years.

So it’s it’s I think it is a game changer. People are going to reanalyze how to run an AI and are there better ways? Yeah, it’s interesting. I mean, going back to Powell for a second, he was asked about it today in the news conference about AI’s impact in the markets.

And his response was that they’re watching it, but they don’t see it as a macro issue yet. So, I mean, I guess the question is, is the Fed underestimating the risk? And more specifically, as a technical trader, where are we? Are you buying the dip? Yeah, I mean, as a macro indicator, all I think is it’s a new competitor with with another style of a different type of product in the same category. And it spooked a lot of people.

I think so many people piled into Nvidia and this side in the U.S. for stocks. I think it scares people that there’s a big competitor. And I think just the word China scares people.

So that, you know, just tells me, OK, this is just, you know, the sector’s having some some trouble when we look at the big down day. I mean, there was still the basic stocks were doing very well. Consumer staples were positive.

Financials were positive. We are seeing very defensive real estate was up strong. So it wasn’t a broad market sell off.

There were still green sectors, but it was mostly tech driven. So I don’t see it, you know, telling us that’s the end of things. It’s just a weak spot in the market.

So it’s not targeting a broader market sell off here. I mean, it’s not targeting any broader market sell off. As you mentioned, things were still stable.

But I mean, you know, Nvidia has been the market leader and AI stocks have certainly driven up the S&P 500. Do you think it’s still a good entry point? I mean, do you see it as a buy opportunity as we’ve seen this stock come off a little bit? Yeah, I mean, from two different perspectives, from a long term investor perspective, we are still we’re still in a long term trend. I mean, when we look at the the weekly chart of the S&P 500, we are in a kind of a rising tide environment.

If we were to look at the weekly chart, the stock market after the covid crash went into a bullish environment and then we went into a bearish environment in 2022. And we are still very, very firmly in a strong uptrend. And if you look at this tiny little bar, the move down is really nothing in the grand scheme of things of a of a bull market phase.

So we are in a bull market phase. It is very kind of sector driven tech heavy. It’s not a raging strong bull market by any means, but the trend is still up as an investor.

You should still be long. From a shorter standpoint, the market is showing signs of strength that it wants to start another rally. We just had multiple cycle lows about a week and a half ago saying, hey, this this low in the market should be significant.

And there’s upside potential. So, I mean, we’re still bullish on the markets and I think the play is still to the upside. Yeah, it’s wild.

And I mean, you know, this is even before earnings coming out. So, I mean, can those continue to sustain themselves on here or is it an exciting opportunity to see some more upside on the on the trades? I mean, I know there’s quite a few that are coming out. Yeah, I mean, I don’t follow earnings.

It definitely shakes things up, create some pops and drops in the market. But to me, that’s really just noise. The market’s going to figure out what to do.

I mean, typically earnings are like buy the rumor, sell the news. So it’ll be very interesting to see if these companies come out. I’m interested to see what what’s going on with Apple.

But again, I don’t take it into any of my trading and just investors need to know it’s going to create some whipsaw because these are the big magnificent seven. So one piece of bad data will pull the markets down for a day or so. Yeah.

Talk to me about Apple just for a brief second there, because on that day when we saw the deep seek news and we saw that little correction on the video side, Apple, resilient, still staying in the green, CapEx, a little bit different of a model than OpenAI, bullish there with the Apple? Yeah, I think Apple’s been going down for quite a while. I think they’ve lost a little bit of their shine, their excitement. They really haven’t come up with anything new and exciting.

Maybe the whole reason they popped is because they’re kind of a defensive play. Maybe people are like, well, get out of NVIDIA. I’m going back to good old Apple.

And maybe because Apple has like no AI or they’re terrible. Like they’re not fully involved in it yet. So maybe they’re like people are like, OK, well, it’s not going to affect Apple too much because they don’t have a business running on AI so much.

So I’m not sure why it popped. I don’t know if there’s news around it, but it has been having a very strong move up and people have been flooding to Apple as what looks to be like a defensive play. Yeah.

You know, it’s important to say, I mean, when we saw that market cap come off, I mean, there’s so much selling pressure on the NVIDIA side, even though it did stabilize the next day. It was almost the size of Exxon. I mean, what in historical precedence is normal here? I mean, was that a huge amount of volatility? It seems like every day things, you know, the new normal is getting, you know, a little bit different.

Yeah, as companies get bigger, you’re going to always have extreme new highs and extreme new lows in terms of, you know, I think NVIDIA lost six hundred billion dollars on that one day in market share value, which is pretty obviously is the biggest yet that we’ve ever seen for a one day sell off. But in the grand scheme of things, it was a stock that was down 16 percent. Believe it or not, stocks do that all the time.

Right. It’s just this happens to be a big one and it’s in the spotlight. So and it has the mass psychology and mass investors following it who are driven by news, driven by emotion.

So it’s really just, you know, that one stock getting hit with surprise news. It spooked the investors because now there’s a big competitor, cheaper, potentially better. Who knows? So, yeah, it’s it’s not out of the norm.

It’s just a big stock that got hit. But it spooks a lot of people because most people hold it. So it feels bigger than what it really is, in my opinion.

Yeah. And a lot of people I’ve been talking to have been buying this dip, too, and just hoping for the long term. OK, let’s shift over to gold because it’s been quite fascinating to watch the resilience of metals.

I mean, it’s, you know, gold is a metal is sitting near its all time high. But something unusual is happening. Traders are moving massive amounts of gold to New York, draining London supply.

So let’s talk about this story. Is this something you’re keeping an eye on? Yeah, so gold gold’s been very bullish. We’ve been bullish on it for a few years.

It really came up and hit a major measured move. I think you and I talked about this a couple of months ago. We’re looking for 2750 to 2800.

We hit that level and gold had a big sell off. And really, since then, it’s been it’s been kind of trading sideways, trying to figure out what it’s trying to do. And just recently, we kind of poked up for a little bit of a double top and we’ve seen a little bit of selling pressure.

But in the grand scheme of things, gold is still in a very, very strong uptrend. We see a series of rallies and pauses and the upside for gold. I believe it’s still going to hold up and do very well.

I think it’s going to hold its value and potentially push to about three thousand fifty dollars over the next month or so. So it is definitely seen as a safe haven defensive play. I’m interested to figure out why all the gold’s coming to America.

That’s who knows what’s, you know, what kind of policies are are happening or if there’s going to be some type of currency or something linked to gold. I don’t know. But it’s always a little nerve wracking when you see massive amounts of gold shuffling to a different country, draining some reserves.

As we know, like, you know, there can be a shortage. People want delivery of gold. A lot of these, you know, you can’t get it in some spots.

Yeah, it’s eventually going to be a concern when people start wanting physical gold. What will be the driver to get us? I mean, you mentioned, you know, three thousand fifty dollars here in the next possible month. What’s going to be getting us there? I think it’s just going to be continued uncertainty of what’s going on with the economy, what’s going on with Trump, like all the different policies coming into play.

I think the market is fairly weak. I mean, yes, the stock market is going up, but overall, it’s not like it’s a huge broad market rally. It really still is sector driven.

Semiconductors have been really sideways and Nvidia has been sideways for quite a while. Just they’re not participating the same as they were. So I think there’s a lot of uncertainty.

And just that uncertainty brings people to try to find a safe haven. And they move to gold when they get nervous. I think the whole globe is nervous and that’s, you know, that gets you out of the financial system.

I think a lot of people are starting to build concerns that eventually we’re going to have a major correction. There’ll be a financial and a banking crisis. And if you’re going to sell equities, a lot of people don’t want to be in a bank because the bank could go bankrupt.

And if real estate’s going down, people are selling real estate and they want to get out of the financial system with their cash. They move to physical gold. And we’ve seen this.

We saw this happen in 2007, 2008. Everybody starts to get really nervous. They don’t know where to put their money, even though they have lots of cash.

Where do you put it where it’s not just going to vaporize with some bank going bankrupt or something? So people move it into physical gold. So I think that is what we’ve seen over the last several months. When we look at gold on the monthly chart, we’ve seen gold have this huge run up over the last several over the last year or so.

And that’s where people are kind of going. They’re trying to find a safe store of value for kind of when things implode. It’s just a matter of time before there’s another financial crisis.

They happen over and over again. And, you know, having physical gold is a way to definitely skirt your money vaporizing from somebody improperly managing a bank or policies or things like that. You know, I’m curious because obviously there’s talk that Trump could impose tariffs on bullion.

I’m curious, you know, are traders getting ahead of themselves of this potential tax? Because if you’re talking about $3,050 gold in the next month or so, will it stick there? Is it bound to hold there? Or do you think that there’s going to be a big come off after that? I think gold’s going to have a big correction in due time. I think this year gold will have a fairly big correction. It could be 15, 20, 25 percent.

So I do think we’re going to eventually see it pull back. But right now it’s still in a bullish phase. It’s still trading higher.

It looks like it’s on the verge of breaking out and running to $3,050. I think it’ll kind of be a little bit of a blow off top. Meaning once it gets there, I do think it’ll probably give it back very quickly.

But right now gold has hit a major measured move going back all the way from 2003 more or less. And we also saw the low from 2016. There’s another measured move on the chart that points to the same price that we’re at now.

So both major measures moves in gold have been hit. And so now anything on this is really just icing on the cake. A lot of times these targets are hit and the market goes a little bit higher.

It sucks everybody in. They get all excited and then it puts in a top and has a big sell off. So I think that’s what this next little push in gold will be.

Anybody who missed the run up in gold is now going to pile in saying, OK, here it goes. It’s going for another run. It’s going to suck the rest of the market in who hasn’t bought or who wants more.

And then it’s going to sell off. So I think as it gets up here it’s adding more and more risk. And I do think it’ll be a fairly imminent pullback.

But we’re probably going to have some economic data or something hit the market that will cause the economy to turn. And I think we need big selling in the stock market. We need panic selling, which is what will pull gold down eventually with margin calls and just pure fear.

People sell everything when they get scared. Interesting. So it all come crashing down at the same time.

Timeline, Chris, I mean, when you’re looking at it from a technical perspective, you know, we might see this nice little high. That correction is it’s not a, you know, sell in May and go away type of event. Do you see it anticipated in the summer, maybe towards the end of the year? Man, I think that actually could be fairly good timing.

I think come April, May, I think maybe we see gold more or less top out and then go into a six, seven, eight month pullback. That will pretty much bring us into the end of the year. So I think this year will be a fairly weak year for gold overall.

It might end down quite a bit. But after that, I think it’ll be dramatically up for for a multi-year run, because I think during this time we’re going to have a financial crisis, a reset of some sort. And once money starts to pile back into the markets, then they’re going to move to gold because that’s just seems to be where people go when they get very nervous, which we’re seeing, you know, over the past year, people are nervous and they move into gold as that safe haven play.

I wonder if that nervousness will make more buying in gold, too, as the stock market comes down. I wonder if they’re able to support, you know, those those prices on the gold front, maybe for a little bit longer here. Yeah, I think it’s gonna be really interesting how gold performs and also see how Bitcoin performs.

I mean, I think Bitcoin set up for another another leg higher. I think the whole stock market wants to push a little bit higher. And I think Bitcoin is going to join the boat.

And and so is gold. I think we’re gonna see one more push in equities is going to get everybody all riled up and excited and sucked into the markets in a general way. And then usually when everybody gets in is usually when the top gets put in.

Yeah. And I just wanted to clarify there. So you’re talking maybe April, May, June, somewhere with that timing on the correction.

And it’s a large one. It’s not just, you know, the metals. It’s also the stocks.

So, well, there’s a bit of delay, so the stock market could go higher or could trade sideways for a couple of months. And with that, gold can continue to push higher. So I think gold has got that upward bias.

I think the stock market is on the verge of topping out. I do think it’s going to happen in the next couple of months here. And during that time, even if the stock market stalls and starts going down, gold can actually still push higher.

So I’m bullish on gold. I’m definitely bullish on gold over the next couple of months. The stock market is a little bit more of a crapshoot.

It’s still in an uptrend, but I think it could stall out and go the other direction where gold will keep going up into like April, May type of move. OK, interesting. I got to ask you about silver.

I mean, it’s obviously lagged behind gold, but, you know, does silver still have more upside here? What’s the what’s the charts showing? Yeah, the charts are showing we could we could see another push up to thirty five, maybe thirty six dollars in silver. So there’s some pretty good upside percentage wise for silver. Pretty much gold and silver should move together.

Silver is a lot more volatile. Again, I think I think it’s a very similar boat as as gold. People get nervous.

They move to physical metals. And we’re in a kind of a cycle phase right now that precious metals tend to hold up and can move higher. Will the stock market even struggle? So silver could have another push.

It’s very it’ll be very short lived. Silver is very volatile. I think it’d be a little bit of a feeding frenzy and a pop.

So if it hits thirty five or thirty six, it’s definitely a major resistance level. Be looking to probably get out if you’re there, because I do think it’s going to have a big correction with gold percentage wise. It’ll be a lot more.

Yeah. Has anything surprised you about silver? I mean, going into twenty twenty four, we were just waiting, waiting, waiting for it to pop coming into this year. You know, still resilient.

But anything surprising? No, I mean, I like to look at gold as the barometer, gold in the large cap gold stocks, what they’re doing to get a feel for the overall market. If you can track what gold in the large cap gold stocks are doing, then you use that to trade more or less silver and silver stocks. And the gold space has done exactly what we’ve been expecting.

It’s hit our major target. It’s pausing. It’s trying to figure out if it wants to go higher.

Gold miners are underperforming. They haven’t come to life, telling us that this isn’t like the full on big mega precious metals rally everybody wants where miners like rocket higher. I think that’s going to come at the very end of this year or maybe in the beginning of next year.

But we’re getting closer and closer to the point where the precious metal space and miners are going to come to life and have that explosive spike. Like we saw back in 2010, 2011 with silver where it can go parabolic and take off. I just don’t think we’re in that quite yet in that perfect scenario for that to take place.

Right. Yeah, certainly a lot of investors waiting for that moment, though. OK, coming out of this FOMC decision, you know, we had Powell’s press conference and then, of course, we have a little bit of volatility today.

We’ve got to talk about the best trades. Give me some stock picks here. I mean, where what is the best trade right now in this environment? Yeah, it’s a good it’s a tough question.

Believe it or not, I like Bitcoin. We actually have a Bitcoin position on it. Looks like it’s primed and ready for about a 16 percent rally over the next couple of weeks, really.

I think growth stocks are actually holding up very well, like small cap stocks. And we’re seeing them have a very strong chart pattern looking like they’re ready to pop and move. And, you know, Bitcoin has a positive correlation to growth stocks like the Nasdaq and and small cap stocks.

So they’re kind of really all the same play. If the Nasdaq is going to push higher or small cap stocks, we’re probably going to see Bitcoin. It’s the same similar group of people when they want to put their money into something to try to make quick gains.

So I think the small cap in the growth stock space is still has room for a little push higher here. And that’s where I would probably be looking is like the Russell 2000 ETF Bitcoin, which Bitcoin is a much more volatile one versus the stock index, which they kind of will help balance each other out. Yeah.

Mining stocks or any any particular here that you’re looking at? I mean, so many investors has been waiting on the upside, been waiting on those metal prices to catch up to the equities. Of course, we know that there’s, you know, all in sustained costs are a little bit higher for the miners. But when do you think this will start looking towards their market cap? Yeah, that’s a tough one.

They just seem to lag. They really they have been struggling. I’m not I’m not a big fan of gold miners right now.

I’m really steering clear of them. I’ve been telling everybody, let’s just focus on gold. Even though it moves slower, gold is just how it has a very nice chart pattern.

It holds its value. It keeps pushing higher. You might as well be in a trend of something going up.

And the nice thing about gold is you can buy leveraged ETFs around it. So you can if gold moves one percent, you can buy two X or three X or options and get just as much juice as you would out of a gold miner. But without the randomness and the extra volatility of a gold mining stock.

So I would steer clear of the gold miners and focus on just the physical bullion, because it’s we’re in a phase where it performs the best. It’s the most stable. And then just apply some leverage to it.

Yeah, Chris, I got to ask you, too. I mean, bonds have been breaking down. Does this mean cash is a better play until we see actual rate cuts? I mean, if we see more equity weaknesses, what’s the best hedge? Is it gold? Is it bonds? Is it cash? Is it something else? Yeah, that’s a good question.

Bonds are still in a downtrend. I do think they’re getting close to a major bottom. I think they’re going to be a great opportunity potentially later this year in 2025.

I think if the markets start to roll over and sell off and we see a lot of pain on Wall Street and we see maybe Trump get in there and start slashing interest rates, we’re going to see like TLT, the long term bond fund turnaround and start a pretty big rally. I think it has a lot of potential and could come back and save a lot of investors. A lot of investors still hold bonds and they’re down dramatically, like 40% from the highs.

So I think the bond market could be a very good play. It’s still a little early to try and pick a bottom there because we still could be months out, many months out. But there’s potential and I do like it.

The chart pattern is very, very nice. It’s a signature kind of bottoming formation. But bottoms can take a long time and you better put your money somewhere where it can work for you versus just waiting and hoping it’s a bottom.

Because you never know, like rates could go up for all we know and the bond market collapses and goes even further down. So I always wait for a confirmed trend and then hop on the trend if it meets the criteria that it’s strong enough to be invested in. Yeah, of course.

So we’re just waiting to see policies being enacted, too. I’m curious in that environment, before I let you go, I mean, what about commodities? If tariffs start ramping up, do we see a new wave of inflation that benefits hard assets? Yeah, I think the tariffs could definitely cause, could wreak havoc with stuff. I mean, I was looking at some other commodities.

I mean, we’ve got coffee skyrocketing, cocoa’s going through the roof, orange juice is skyrocketing. I mean, it’s going to be very interesting to see how all this, all this tariff stuff plays into commodities. And but I mean, I don’t follow this stuff.

That’s not my thing. I don’t really follow tariffs or interest rates too deeply because I just focus on the price trends. But there’s no doubt it’s wreaking havoc.

Obviously, people are shuffling and pre-ordering. There’s, I think, a big boost in sales was a lot of people buying stuff and companies ordering extra stuff from China and getting these orders in before the tariffs kick in. So we saw a big bump in sales.

I think there’s, you know, savvy business owners made a move to protect themselves to buy more product before the tariffs kicked in. So we’re going to have this false, I think, bump of strong economy. But really, it’s just a whole whack of inventory is going to probably be coming to North America.

And then these people have to sell it. So, you know, I think I think because I used to run an importing business, I have a very good understanding of how it works. And, you know, the lead time for all of this stuff is so I believe the economy is going to stall out this year.

And I think we’re going to see things get pretty ugly. Interesting. OK, well, gold in that in that environment.

Three thousand fifty. That’s a call, my friend. Chris Vermeulen, founder and chief investment officer at the Technical Traders joining us.

I know you’re not in the typical office today, so we appreciate making the time. Thanks, my friend. Thanks, Jeremy.

Always a pleasure. Take care. Always a pleasure.

I’m Jeremy Sappel for all of us here at Kidco News. Thank you for watching. We’re going to have some great content coming up all week long.

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