He walks through the mispricing he sees in precious metals and related stocks, explains why collapsing real rates will be the tailwind markets are missing, and warns that neither the Fed nor the political class have a clean way out. He also takes aim at crypto's purported stability and argues that tokenized gold, not Bitcoin or dollar-pegged stable coins, is the sensible response.

Peter starts by noting the immediate forces that have kept metals in a holding pattern and where the next catalyst might come from:

The only question is what's going to be the catalyst to break gold and silver out of the consolidation phase? It may be a breakdown in the stock market. I mean, right now it's risk-on and everybody's buying tech stocks. It's also the war and people thinking that that means the Fed is not going to cut rates or they may hike rates and that's been a headwind. What investors are missing is the tailwind of collapsing real rates.