Market Review & Outlook 4Q2025
Peak Gold is Here. We just don’t see how gold stays relevant. It’s heavy, hard to move, expensive to secure—and now there are simply better options. The global economy has moved on from a physically dominated world to a digital one. Gold mattered when it was the only universally accepted medium across borders and currencies. That role is gone. Crypto has effectively supplanted it, offering easier storage, faster settlement, and arguably better security—without the vaults and armored trucks. A Reminder That We’re Past Peak Oil. While we don’t expect oil to vacate our lives altogether, we are certainly witnessing its decline. The electrification of everything and deployment of new technologies like Artificial Intelligence (AI) and crypto currencies have made electrons far more valuable. Oil and gold defined the last thousand years. Electrons and crypto are poised to define the next. It’s time to increase allocations accordingly.
