Major reversal in gold today, holding strong above the $4,000/oz mark. Gold bull cycles don’t typically peak with the gold-to-silver ratio as high as 85. For perspective: ▪️In 1980, the ratio fell below 20. ▪️In 2011, it dropped to 30 before gold peaked a few months later. Given the scale of today’s economic imbalances, a sharp contraction in the gold-to-silver ratio toward historic lows is highly likely, in my view. However, brace for volatility. The road ahead won’t be a straight line, but for those with conviction in hard assets, I believe this may turn out to be a highly rewarding cycle — especially in what could be one of the most fiscally and monetarily undisciplined periods in modern history.