Gold and Silver Go Parabolic, the Consumer Stays Strong

This week we start with the massive surge in productivity, likely fueled by AI, which is driving down labor costs and benefiting the entire economy. From there we turn to gold and silver, which have gone parabolic. We share our thoughts on this historic move.

On the consumer side, retail sales remain strong and could get another boost from higher tax refunds expected this spring. Jobless claims also dropped to some of the lowest levels in a while, meaning consumers can keep spending. We wrap up with a look at tech valuations, which have come down to attractive levels, and forward earnings estimates for the S&P 500, which continue to climb.