2026 - Hard Assets vs. Financial Assets BHP Group $BHP +42% Rio Tinto $RIO +35% Nuclear $URNM +23% Aluminum $AA +18% Copper $COPX +16% Coal $COAL +13% vs Mag7 $MAGS +3% Facebook $META -7% Microsoft $MSFT -14% Bloomberg
2026 Oil Service $OIH +49% Natural Gas $FCG +29% Uranium $URNM +26% Commodities $BCOM +24% Micro Caps $IWC +14% All Metals $XME +14% Russell 2000 $IWM +13% Coal $COAL +11% Big Tech $QQQ+6% Mag7 $MAGS -1%* *Beware of crowded trades and capex funding vehicles for everything AI.
Narratives 1. NASDAQ 100 EXTENDS RALLY TO 13 DAYS, LONGEST STREAK SINCE 2013 2. Return since October Silver Miners $SIL +56% Oil Services $OIH +47% Copper Miners $COPX +46% Gold Miners $GDX +45% Natural Gas Equities $FCG +28% Uranium Sector $URNM +26% Mag7 $MAGS 0.00%
Hard Assets vs. Financial Assets in a Multipolar World 2026 Coal $CNR +33% Oil & Gas $XOP +33% Natural Gas $FCG +27% Gold $GLD +16% Uranium $URNM +16% Silver $SIL +13% Copper $COPX +6% Nasdaq $QQQ -3% Mag 7 $MAGS -9% Banks $KBWB -10% Bitcoin $IBIT -19%
“It’s a dog kid, it’s a dog with fleas.” Mag7 $MAGS unchanged since August, off -9% year-to-date.
All 7 members of the MAG7 are seeing major drawdown thus far in 2026: $MSFT -17% $AMZN -14% $TSLA -7% $AAPL -6% $META -3% $GOOGL -2.3% $NVDA -2% The bottom for $MAGS will happen near mid-late March. If you missed the April 2025 buying opportunity; this is your second chance… https://t.co/BiGdkJ5T1X
2026 AI Power - Infrastructure Nuclear $URNM +26% Copper $COPX +22% Natural Gas $FCG +14% Industrials $XLI +12% AI Cash Burn Mag7 $MAGS -6% Tech $QQQ -2% *Free cash flow Mag 7, ORCL 2026; $70B 2025: $200B 2024: $240B 2023: $250B Bloomberg FA function data
2026 Oil Services $OIH +29% Oil Majors $XLE +19% Industrials $VIS +12% Natural Gas $FCG +12% Nasdaq 100 $QQQ -1% Mag7 $MAGS -4% *Last time industrials were > 16% better than big tech to start a year in February??? Are you in yesterday’s portfolio or tomorrow’s?
Interesting Bull Market 2026 Uranium Miners $URNM +25% Rare Earths $REMX +18% Metal $XME +18% Copper Miners $COPX +18% Coal $COAL +14% Gold Miners $GDX +13% Consumer Staples $XLP +13% Global Value $GVAL +12% Mag 7 $MAGS -4% Innovation $ARKK -8% Bitcoin $IBIT -20% Bloomberg
2026 Nat Gas $UNG +38% Oil Svs $OIH +22% Copper $COPX +18% Silver $SLV +17% Brazil $EWZ +17% Uranium $SRUUF +16% Coal $COAL +13% Gold $GLD +12% Global Value $GVAL +11% Palladium $PALL +6% Platinum $PLTM +4% China $KWEB +4% Mag7 $MAGS +0% Bitcoin $IBIT -4% Software $CLOU -9%
Here come the bulls - “Copper prices are approaching record highs, driven by Goldman Sachs' bullish forecast and concerns over mine supply constraints.” December 2025 2025 Copper $COPX +81% Mag7 $MAGS +22% Software $CLOU -5%
Planet Earth alert, we are in trouble. That's an extra 12.5mmt (above), NOT counting forocious demand (12% CAGR) growth from countries like India: 2025: 1,900,000mmt 2015: 600,000mmt 2025 Copper Miners $COPX +82% Nvidia $NVDA +34% Mag7 $MAGS +22% Bloomberg data.
Trend Break Alert $SLV vs. $GLD 2025 Silver Names Destoying AI Plays $SILJ +139% $SIL +121% Nvidia $NVDA +43% Oracle $ORCL +41% Mag 7 $MAGS +22% Amazon $AMZN +12% Facebook $META +5% https://t.co/uHjJKb74JM
2025 Hard Assets vs. Paper Certificates Gold $GDX +112% Silver $SIL +110% Power $NUKZ +79% Copper $COPX +63% Uranium $URNM +60% vs. Mag7 $MAGS +24% S&P 500 $SPY +17% Software $CLOU +4% Innovation $ARKK +0% Bloomberg
2025, an Epic Year $GDX +132% $SIL +132% $REMX +83% $PLTM +76% $NUKZ +72% $COPX +60% $PALL +59% $SOXX +33% $SLX +26% $MAGS +18% $IBIT +14% $TLT +4% Bloomberg data l
2025 Uranium + Metals $URA +117% Nuclear (Power) $NUKZ +78% Copper $COPX +66% Uranium $URNM +64% Vs. Nasdaq 100 $QQQ +18% Mag7 $MAGS +17% Tesla $TSLA +8% Apple $AAPL -1% Amazon $AMZN -2% Software $CLOU -3% Bloomberg data
2025 Hard Assets $XME +94% AI - Nvidia $SMH +40% AI Semis $SOXX +32% Mag7 $MAGS +17% *The much-heralded SMH ETF unched (0.00%) since Oct 2 with XME Metals up another 20%, if it were a fight, a cage match, they'd stop it.
Got Hard Assets? SILVER SURGES TO ALL-TIME HIGH ABOVE $52.50 AN OUNCE - Bloomberg. 2025 Silver $SLV +73% Nvidia $NVDA +36% Semis $SOXX +27% Bitcoin $IBIT +24% Mag7 $MAGS +15% Tesla $TSLA +2% Amazon $AMZN -1% Apple $AAPL -2%
@Alpha_Ex_LLC Bloomberg data Platinum $PLTM +80% Silver $SLV +67% Copper $COPX +63% Gold $GLD +53% Uranium $URNM +52% PALL $PALL +49% Nvidia $NVDA +38% Mag7 $MAGs +18% Bloomberg data Chart h/t @albertedwards99 https://t.co/Sjy2y7m9r5
2025 AI Power Infrastructure $NUKZ +65% $COPX +62% $URNM +48% AI Capex $MAGS +18% *Are you in yesterday’s trade or tomorrow’s? https://t.co/34hMPrqHzC
2025 as of Aug 30th Gold Miners $GDX 86% Silver Miners $SIL 83% Platinum $PLTM 50% Rare Earth Metals $REMX 62% Nuclear $NUKZ 44% Copper Miners $COPX 31% Steel $SLX 22% Palladium $PALL 21% Bitcoin $IBIT 16% Mag7 $MAGS 10% Semiconductors $SOXX 7% US Treasuries $TLT 2% Bloomberg data.
Hard Assets in 2025 Gold Miners $GDX 127% Silver Miners $SIL 126% Rare Earth Metals $REMX 74% Platinum $PLTM 71% Nuclear $NUKZ 60% Copper Miners $COPX 60% Palladium $PALL 37% Semiconductors $SOXX 29% Steel $SLX 27% Bitcoin $IBIT 25% Mag7 $MAGS 20% US Treasuries $TLT 5% Bloomberg data.
2025 Gold Miners $GDX 86% Silver Miners $SIL 83% Platinum $PLTM 50% Rare Earth Metals $REMX 62% Nuclear $NUKZ 44% Copper Miners $COPX 31% Steel $SLX 22% Palladium $PALL 21% Bitcoin $IBIT 16% Mag7 $MAGS 10% Semiconductors $SOXX 7% US Treasuries $TLT 2% Bloomberg data.
@intelarb Semis vs. S&P 500 As liquidity receded, markets have been speaking for weeks now. *The SOXX Semiconductor $SOXX ETF is now -10% off its 2024 highs during the AI revolution, the Mag7 $MAGS is up just +5% YTD. Hard assets are destroying technology. https://t.co/8LhzUDRWZZ
2025 Hard Assets vs. Financial Assets Gold Miners $GDX 66% Copper Miners $SIL 60% Nuclear $NUKZ 48% Platinum $PLTM 44% Palladium $PALL 28% Copper $COPX 15% Mag7 $MAGS 5% Bloomberg data
Since December Platinum $PLTM +40% Palladium $PALL +28% Gold $GLD +28% Silver $SLV +20% Mag7 $MAGS -3%
Nvidia "If everyone is thinking alike, then somebody isn't thinking." George S. Patton YTD AI Energy $NUKZ +48% Mag7 $MAGS +6% *Thank you Holger.
