Felix & Friends (Goat Academy)

The US Dollar has experienced significant degradation, losing 96% of its purchasing power since the Federal Reserve's creation in 1913. The speaker highlights the government's escalating debt servicing costs, now exceeding the entire military budget, and the Federal Reserve's money printing policies as drivers of this quiet erosion of wealth. While not predicting an immediate collapse, the analysis indicates a slow but steady transfer of wealth from cash holders to asset owners, noting that the dollar is past the average lifespan of a reserve currency.

AMD is recognized as a competitor to NVIDIA in the AI space with its MI300X chips, which offer competitive performance on a per-chip basis. However, AMD faces substantial challenges in disrupting NVIDIA's stronghold due to the latter's established CUDA software ecosystem and first-mover advantage, making integration difficult for customers. While AMD is expanding its market share from a relatively small base and demonstrates strength in other areas like CPUs and gaming GPUs, it is perceived as playing catch-up in the high-end enterprise AI training market. The host concludes that AMD does not pose an existential threat to NVIDIA's AI dominance in the near term and maintains a neutral stance regarding AMD's specific prospects in AI.

NVIDIA maintains a dominant position in the AI market, driven by its advanced GPUs and the comprehensive CUDA software ecosystem, which creates significant barriers for competitors. The company consistently reports robust data center revenue growth, expanding gross margins, and a strong backlog for its AI chips, indicating sustained high demand. While traditional valuation metrics might suggest the stock is expensive, the host believes its strong forward earnings growth, continuous reinvestment in R&D, and vast total addressable market in AI justify current multiples. Additional growth levers include its Omniverse platform and the automotive segment. The host expresses a highly bullish sentiment, recommending buying the stock on any dips.

The host presents a bearish outlook on the broader US equity market, especially rate-sensitive sectors and high-debt tech stocks. This is driven by Japan's new Prime Minister, Sanae Takaichi, whose policies are expected to lead to higher Japanese interest rates. This shift threatens the long-standing "carry trade" where Japanese investors borrowed cheaply to invest in US assets. As this trade unwinds, Japanese investors will be forced to sell US government debt and US equities, leading to increased US interest rates, higher borrowing costs for companies, and ultimately falling stock prices. The host explicitly advises reducing exposure to vulnerable US stock segments.

Vista Gold possesses the largest undeveloped gold deposit at Mt Todd in Australia, supported by a feasibility study projecting a $1.1 billion NPV at $2,500 gold with a 27.8% IRR. Despite zero current revenue and a long timeline for production (estimated 2029-2030), its substantial resource in a stable jurisdiction offers significant long-term upside.

New Pacific Metals is highlighted as a significant silver play with massive undeveloped projects in Bolivia. The company has successfully removed illegal miners and secured court protection for its assets, indicating operational progress. However, it faces substantial country risk due to Bolivia's political environment and the inherent volatility of silver prices.

BlackRock's significant exposure in the opaque private credit market, particularly through its TCP Capital Fund which suffered a 19% NAV loss in Q4 2025, is highlighted as a massive and under-recognized systemic threat. The firm's involvement in a derivatives market worth 'hundreds of trillions' further exacerbates concerns about potential domino effects within the banking system.

Alamos Gold, a Canadian mid-tier producer with three mines in North America, is projected to achieve 46% production growth by 2028. Despite a notable risk of heavy capital expenditure between $850-940 million in 2026, its established production and favorable jurisdiction make it an attractive opportunity.

Fortuna Mining, which primarily generates revenue from gold despite its name, benefits from geographic diversification with mines in Côte d'Ivoire, Argentina, and Peru. The company anticipates 160-170K ounces of production from its Séguéla mine by 2026, though it faces risks related to potential production cliffs and political instability in some operating regions.

Galiano Gold is presented as a turnaround story, backed by a $17 million exploration budget in 2026 and impressive high-grade intercepts of 30.4 g/t over 4.2 meters. However, the company faces high risk due to its single-asset and single-country exposure in Ghana, making it a high-leverage play dependent on successful exploration.

New Found Gold shows spectacular grades of 508 g/t over 2.2 meters from its Canadian jurisdiction, significantly higher than typical gold deposits. Although it is a pre-revenue development story, implying high risk, its exceptional grades and stable operating environment offer massive upside potential.

The video presents a highly bullish outlook for silver prices, anticipating a potential 'explosion' driven by a severe and accelerating physical supply deficit at the COMEX. Registered silver inventories have dropped significantly since 2020, with a substantial daily outflow that is depleting available supply. This scarcity is exacerbated by surging industrial demand (solar panels, EVs, AI) and low global inventories outside the US, leading to a cumulative deficit of nearly 1 billion ounces since 2021. The market is showing extreme stress, indicated by physical silver lease rates spiking to 8% (from a normal 0.3-0.5%) and February 2026 delivery rates hitting 98%, meaning nearly all eligible contract holders are demanding physical metal. The host argues that, unlike historical instances of silver market manipulation, the current situation is fundamentally different because the vaults are nearly empty. He warns that if COMEX cannot deliver, it could lead to cash settlements, forced rule changes, or dramatic price dislocation between paper and physical silver, all of which would likely send physical silver prices significantly higher.

Bitcoin and the broader cryptocurrency market are expected to present significant opportunities in a dovish economic environment. With aggressive interest rate cuts and increased spending, typical indicators of such a scenario, the market generally becomes more receptive to speculative assets like crypto, creating potential for substantial gains.

Gold is expected to benefit tremendously in scenarios marked by higher inflation and a weaker dollar, which can arise from aggressive interest rate cuts and increased spending. Furthermore, Gold is highlighted as a safe haven asset during hawkish periods characterized by efforts to fight inflation and cut spending, providing a hedge against market uncertainty and instability.

Silver is anticipated to benefit tremendously in economic conditions that lead to higher inflation and a weaker dollar, often seen in response to aggressive interest rate cuts and increased government spending. These factors enhance the appeal of precious metals as a store of value and an inflationary hedge.

In a dovish economic scenario characterized by aggressive interest rate cuts and increased spending, small-cap stocks, represented by the Russell 2000, are expected to benefit significantly. This is primarily because these companies frequently borrow from banks at market rates, making them highly responsive to changes in interest rates. Lower rates reduce their borrowing costs, improving profitability and growth prospects.

Apple is identified as one of seven major tech companies driving market gains, creating a concentrated and artificially propped-up market. While these stocks are performing strongly due to factors like AI hype and Fed support, their outsized influence introduces significant bubble risk and fragility to the overall market. Investors are advised to be aware of this concentration and to diversify to mitigate potential downside.

Microsoft is identified as one of seven major tech companies driving market gains, creating a concentrated and artificially propped-up market. While these stocks are performing strongly due to factors like AI hype and Fed support, their outsized influence introduces significant bubble risk and fragility to the overall market. Investors are advised to be aware of this concentration and to diversify to mitigate potential downside. The host also notes that Microsoft 'coughed' in relation to OpenAI changes, hinting at potential vulnerability even for major players.

Alphabet (Google) is identified as one of seven major tech companies driving market gains, creating a concentrated and artificially propped-up market. While these stocks are performing strongly due to factors like AI hype and Fed support, their outsized influence introduces significant bubble risk and fragility to the overall market. Investors are advised to be aware of this concentration and to diversify to mitigate potential downside.

Amazon is identified as one of seven major tech companies driving market gains, creating a concentrated and artificially propped-up market. While these stocks are performing strongly due to factors like AI hype and Fed support, their outsized influence introduces significant bubble risk and fragility to the overall market. Investors are advised to be aware of this concentration and to diversify to mitigate potential downside.

Tesla is identified as one of seven major tech companies driving market gains, creating a concentrated and artificially propped-up market. While these stocks are performing strongly due to factors like AI hype and Fed support, their outsized influence introduces significant bubble risk and fragility to the overall market. Investors are advised to be aware of this concentration and to diversify to mitigate potential downside.

Meta is identified as one of seven major tech companies driving market gains, creating a concentrated and artificially propped-up market. While these stocks are performing strongly due to factors like AI hype and Fed support, their outsized influence introduces significant bubble risk and fragility to the overall market. Investors are advised to be aware of this concentration and to diversify to mitigate potential downside.

Gold is presented as a crucial 'real asset' and an effective inflation hedge. It is highlighted as a favorable holding that tends to perform well and maintain purchasing power when traditional currencies, like the dollar, lose value due to increased money supply and government spending. This makes it an important component for protecting wealth against inflation.

Silver is presented as a crucial 'real asset' and an effective inflation hedge. It is highlighted as a favorable holding that tends to perform well and maintain purchasing power when traditional currencies, like the dollar, lose value due to increased money supply and government spending. This makes it an important component for protecting wealth against inflation.

NVIDIA is identified as one of seven major tech companies driving market gains, creating a concentrated and artificially propped-up market. While these stocks are performing strongly due to factors like AI hype and Fed support, their outsized influence introduces significant bubble risk and fragility to the overall market. Investors are advised to be aware of this concentration and to diversify to mitigate potential downside.