Commodities have generally outperformed since the beginning of the pandemic in early 2020. But precious metals haven’t really shone during this period. Gold’s performance has been particularly lackluster given inflation continues to print at 40-year highs. Could quantitative tightening and the “normalization” of the Federal Reserve’s balance sheet be a catalyst to at least reconsider the shiny rocks? Larry McDonald of The Bear Traps Report and Adrian Day of Adrian Day Asset Management talk about where we are in the cycle and why it matters when it comes to miners. Adrian also shares his thoughts on royalty companies and their suitability for precious metals exposure, the current status of global silver production, and how a “green” revolution will amplify powerful pre-existing supply-demand dynamics for metals such as copper. Recorded on August 16, 2022.