Today, I'm sitting down with Michael Reinking. He's the senior market strategist at the New York Stock Exchange.

He has a world of institutional knowledge. He's been in markets for a very long time.

We get into gold, silver, small cap stocks, the AI trade, and much more. This is a fantastic

conversation. I learned a ton from Mike, and I think you're going to love it.

Mike, it's so good to have you on the show. I want to get right into the rally in gold and silver to start the year. There's been a lot of volatility, but pretty much it's been parabolic. It is my read on it. What do you make of this? Yeah, well, Phil, thanks so much for having me on. It's a pleasure and an honor. honor. Look, I mean, we've seen that move, you know, as you just pointed out, you know, kind of go parabolic in the last week, right? And, you know, it's, there's been multiple drivers of that trade. And it's been a trade that's been kind of ongoing. really for last year, you know, year or two,

especially, you know,

as you look at kind of the metals complex more broadly,

but as you kind of, you know, that silver aspect of the trade has very much picked up some

steam, you know, kind of recently, you know, the, what you saw kind of last week, right, as you

had this move, I don't have a better word

to describe it then parabolic, you know, where we had, you know, kind of markets moving sharply

higher.

You got to a very stretched positioning, you know, from speculative, you know, kind of fervor to

that, right?

So, you know, think about things like when my 10-year-old son is looking and through his

coins, looking for coins from pre-1965 to find coins with silver in it, when, you know,

kind of silver is the top headline in your kind of your media.

You have Bloomberg Oddlots.

It has, you know, kind of has the super cycle for metals is the topic on their podcast that

week.

You know, those sorts of things, you know, kind of suggest that positioning has gotten, you

kind of very extreme, right?

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