Tom Bodrovics welcomes back Lobo Tiggre, author and founder of the Independent Speculator, to reflect on the year’s investment landscape and a look ahead to 2026. Tiggre, known for his cautious approach, highlights that he avoids the “prediction racket” and instead focuses on strategic speculation. He notes that while he didn’t make money on certain metals like rare earths, antimony, or gallium, he successfully capitalized on copper, gold, silver, and uranium.

Tiggre emphasizes that his approach is about “hits and misses” rather than precise predictions, and he remains bullish on copper for 2026 due to structural imbalances and strong demand drivers, particularly from electric vehicles and AI infrastructure. Tiggre also discusses the risks associated with gold and silver, suggesting that while these metals have potential for significant gains, they also carry higher risk, especially if the market enters a consolidation phase. He cautioned against chasing all-time highs and advises taking profits to secure gains.

Reflecting on the 2011 peak in gold and silver, Tiggre underscores the importance of learning from past market cycles and maintaining a disciplined approach to investing. He also touches on the potential impact of a dramatic fall in the gold-to-silver ratio, suggesting it could signal the end of the bull market, but he believes current supply constraints in silver are temporary.

The conversation also delves into the broader economic context, with Tiggre discussing the influence of fiscal dominance and the Fed’s policies on commodity markets. He expresses optimism about the long-term prospects for metals like gold and silver, citing the ongoing debasement of fiat currencies. Tiggre also shares his thoughts on the AI bubble, acknowledging the potential for a short-term market correction but viewing it as a buying opportunity for real assets like metals.