This VRIC Media interview runs through my takes on the latest macro developments and my outlook for our favorite commodities. That, of course, brought up my concern—concern, not prediction, nor even expectation—about gold and silver in the near term. Perma-bulls may not like what I have to say, but I hope they'll remember in the future that I tried to offer objective analysis, not cheerleading. Copper and uranium bulls might be more pleased with my remarks, but again, the idea is to make money, not make friends with sunshine and rainbows.

Timestamps:

00:00 — Intro
00:28 — Why Are Markets Rising While Hormuz Is Closed?
02:55 — How Inflation Changes the Market Setup
06:12 — Is Gold Still an Inflation Hedge?
10:28 — What Makes This Gold Cycle Different?
16:05 — How Hormuz and Protectionism Hit Critical Minerals
20:26 — Could Silver Supply Tighten Further?
24:12 — What Recession Risk Means for Metals
27:49 — Why Uranium Stands Apart in Energy Security
30:54 — Uranium’s Independent Market Cycle
32:26 — Lobo’s Top Commodity Picks for 2026
35:22 — What He Would Buy on a Pullback