Late in January, a fellow Substack chap was bragging about how his newsletter (focused on the bull market in precious metals) was the single hottest item on Substack. I came this close to warning him that I know precisely what it feels like to be on top of the world, and to watch out. I didn’t bother, since I knew it wouldn’t resonate with him (or any other human) but I’ve got a feeling his subscribers are truly wondering WTF is going on. Simply stated, precious is toasted for the foreseeable future.