Precious metals are finally breaking out relative to equities.
For the past year and a half, precious metals have done exactly what real bull markets are supposed to do: they’ve rewarded patience, punished disbelief, and steadily rotated leadership toward risk.
Washington isn’t leaving this one to the free market.
When it comes to the metals that power the clean energy transition and AI - lithium, nickel, cobalt, and rare earths - governments around the world have decided these resources are...