He ties that trend to current policy choices — tariffs, deficit spending and energy misallocation — and warns those choices will raise costs for ordinary buyers and borrowers.

He starts by noting how the market has rewarded holders of foreign stocks and commodities this year, including precious metals, and how that strength is showing up in client portfolios:

Of course, gold and silver stocks, a lot of silver stocks have tripled, quadrupled this year. Gold stocks have more than doubled. So it's probably the best year that I've had as far as returns for my clients. Even my non-gold stocks, you know, my standard portfolios are up over 40% on the year. So it's a great year to be invested in foreign stocks, in precious metals, commodities in general, I think.

Peter reads those moves in the precious metals complex as a direct signal about inflation — not as a speculative fad but as the market's way of pricing in currency debasement. He points the finger at Washington's policies, arguing that political promises to "get rid of inflation" collide with actions that create it:

I mean, gold is not almost $3,800 an ounce, because there's not an inflation problem. Silver is not over 46, because we don't have to worry about inflation. The precious metals are telling us that the thing that we should be worried most about is inflation. And that's because that's basically Donald Trump's economic policy is to create inflation. Even though he campaigned on getting rid of inflation, his entire presidency is about making more inflation.

He explains why politicians tend to avoid the medicine that would actually cure inflation — the short, painful adjustments that markets require — and how that avoidance locks in worse long-term outcomes:

The reason he doesn't want to actually solve the problems is because doing that brings about a severe recession that nobody can deny. It's going to mean higher interest rates. It's going to mean lower stock prices, lower real estate prices. A lot of companies are going to fail because they won't be able to pay their debt. The government's going to have to cut spending, including on entitlements like Social Security and Medicare, and that's going to anger a lot of voters.