I dislike making predictions. Financial fortune tellers make money writing headlines that get a lot of attention, but what’s the consequence to them if their bold predictions turn out wrong? So I am not predicting lower gold and silver prices this summer. I am saying that the news of better than expected GDP growth in China—and now the US—could increase appetite for risk assets and reduce it for safe-haven assets. Gold could retest the $1,200 support level this summer. On the other hand, silver prices have diverged from gold’s in recent years, so increased industrial demand, especially in China, could result in silver outperforming gold in the quarters just ahead. What to do? Diversify. Industrial metals should do well this summer if the economic news remains upbeat. We didn’t have time to get into it in this interview, but my favorite diversification remains uranium—especially US uranium plays this year.

Friday, April 26, 10:54am, EDT, 2019