$5,000 Gold Is Here; CEO Reveals Next Asset To Double | Will Rhind

Key Concepts

• Commodity Supercycle: A sustained period of rising commodity prices driven by increased demand and constrained supply.
• De-dollarization: The trend of countries reducing their reliance on the US dollar as a reserve currency.
• PGM (Platinum Group Metals): Platinum, palladium, rhodium, ruthenium, iridium, and osmium – used in catalytic converters and other industrial applications.
• Dow Gold Ratio/S&P Gold Ratio/World Equities to Gold: Valuation metrics comparing equity market performance to gold prices, used to assess gold’s relative value.
• Leveraged Play (Silver): Silver’s tendency to amplify gold’s price movements due to its higher volatility.
• Risk-Off/Risk-On: Investment strategies based on perceived market risk; risk-off favors safe havens like gold, while risk-on favors growth assets like stocks.
• Yield Boosting ETFs: Exchange Traded Funds that utilize options strategies to generate higher income.
• MLPs (Master Limited Partnerships): Energy infrastructure companies that typically distribute a high percentage of their cash flow to investors.
• BDCs (Business Development Companies): Publicly traded companies that invest in small and medium-sized businesses.

Gold and Silver: A Structural Shift

The interview centers on the recent surge in gold and silver prices, currently around $4,900 and $100 respectively (as of January 22nd, 2026). Will Rind, CEO of Granite Shares, argues this isn’t a short-term diversification trend but a structural shift driven by a weakening US dollar and a move towards a deglobalized world. Gold is becoming the “de facto asset” and alternative to the dollar, surpassing even the Euro in official reserves held by central banks.

Despite historically high stock market valuations, gold appears undervalued based on metrics like the Dow Gold Ratio and S&P Gold Ratio, as equities themselves are elevated. Rind believes global allocation to gold remains small, suggesting further price increases are possible. Silver’s recent breakout is seen as “playing catchup” to gold, amplified by its higher volatility and acting as a “leveraged play.” Both metals are benefiting from underinvestment and supply deficits. Analysts at ICBC Standard Bank predict gold could reach $7,150, while Goldman Sachs maintains a bullish stance. However, Rind notes the current environment lacks the “mania” typically associated with market tops, suggesting the rally may have further to run.

Beyond Gold and Silver: Platinum, Palladium, and Copper

The discussion expands to other metals. Platinum is highlighted as a potential next mover, being significantly rarer than gold (30 times) and currently undervalued due to years of underinvestment. Platinum’s price has already outperformed gold in the last year, and a return to a premium over gold (historically the case) could see prices double. The breakout in platinum occurred in mid-2025, coinciding with a broader realization of demand for precious metals.

Palladium, previously out of favor, is also experiencing a resurgence due to a reassessment of the electric vehicle (EV) narrative. Initial fears that EVs would eliminate the need for palladium in catalytic converters proved premature, as internal combustion engine (ICE) vehicles will remain on the road for longer than anticipated, maintaining demand.

Copper is also at all-time highs, driven by demand from AI, electrification, and a lack of investment in new supply. It’s considered a strategic metal essential for these key economic trends.

The Broader Market Context: Stocks, Tech, and Crypto

The interview acknowledges the unusual simultaneous rise in both stocks and commodities. Rind explains gold’s anticipatory nature – it often anticipates shocks rather than reacting to them. The weakening dollar and concerns about global debt levels are driving investors towards hard assets like gold as a hedge against currency erosion.

Regarding tech stocks, Granite Shares offers both long and short ETFs. While long ETFs are currently more popular, driven by AI and crypto enthusiasm, Rind emphasizes the importance of considering investment time horizon and risk tolerance.

Cryptocurrencies, specifically Bitcoin, have underperformed recently. Rind attributes this to selling pressure from long-term holders around the $100,000 psychological level and broader market concerns related to the private credit space impacting BDCs.

Income Generation and Portfolio Allocation

Granite Shares offers income-generating ETFs, including those utilizing option strategies (aggressive) and those focused on pass-through securities like MLPs, REITs, and BDCs (conservative). The conservative option, HIPS, yields around 10.75% annually, paid monthly. Risks associated with these ETFs include the performance of underlying sectors (e.g., energy for MLPs) and broader market concerns (e.g., private credit impacting BDCs).

Rind advises investors to prioritize diversification and consider allocating a portion of their portfolio (5-10%) to commodities, particularly given their current undervaluation.

Key Takeaways & Future Outlook

• Gold is undergoing a fundamental shift in its role as a global reserve asset.
• Silver is poised for continued gains, acting as a leveraged play on gold.
• Platinum presents a compelling opportunity due to its rarity and potential for price appreciation.
• Commodities, including copper, are benefiting from supply constraints and increasing demand.
• While tech stocks remain attractive, investors should consider their risk tolerance and diversify their portfolios.
• Income-generating ETFs can provide a stable income stream, but investors should be aware of underlying risks.

The overall sentiment is bullish on precious metals and commodities, with a cautious outlook on cryptocurrencies. Rind emphasizes the importance of understanding individual investment goals and risk tolerance in navigating the current market environment. He believes commodities, as a whole, are currently undervalued and offer a compelling diversification opportunity.