$GLD - Tony sees gold in early innings of a multi-year bull market driven by currency debasement and Japanese bond yield breakouts, with potential to reach $5,000/oz.
$SLV - Silver joining the debasement trade with potential to reach $100-125/oz, though Tony expects volatility and better entry points ahead.
$GDX - Gold miners positioned for potentially 150-200% gains in 2026 as the trade is just beginning while AI trade enters late innings.
$XME - Industrial miners benefiting from onshoring of production and commodity bull market under Trump administration.
$OIL - Oil bottoming in the $50s presents value opportunity with potential for exogenous shock to spike prices $20 higher.
Bearish:
$BTC - Bitcoin struggling despite perfect narrative conditions, with major whale selling $9B and failing to break higher after forming a six-point top.
$ORCL - Oracle's blow-off top when Larry Ellison briefly became world's richest man signals AI trade exhaustion, unlikely to revisit highs in 2026.
$NVDA - Despite resilience, Nvidia showing signs of late-stage AI bubble with head and shoulders pattern forming.