2026년 2월 11일 · Unknown · financial · 출처 Yahoo Finance
Catalyst Funds CIO and senior portfolio manager David Miller speaks with Julie Hyman about how investors are reacting to the current trends in gold prices (GC=F) as it recovers from the metals sell-off and bitcoin (BTC-USD) as the cryptocurrency searches for stability since falling off from its record high reached in October 2025.
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Video Transcript
00:00 Speaker A
I want to also talk about some of the other asset classes, right? Because you mentioned gold. Um, and I I think that regular investors um who sort of got in and then were whipsawed are trying are struggling to figure out what to do now when it comes to gold and silver because there's the fundamental case just like there's for stocks, and then there's sort of the technical effects of what happens when people get, you know, positioned in a certain way and then have to make up for that. So how do you square those those various things?
00:43 David
Sure. So I I guess there there's lots of things moving at the same time. So I'd say you'd have the deep currents, uh which are things like Central bank buying or uh deficit spending on the US federal government level. And those are very strong deep currents and they likely will take gold higher in a big way the next three, five, 10 years. But then you also have some of these uh things like uh the recent Fed appointment, uh which make it unclear. Are we headed for a stronger dollar or a weaker dollar? They're kind of saying uh two two different things. It's not clear. It's clear what Trump kind of conceptually wants, uh but it's not clear how much Fed independence there really will or won't be. And, you know, increases in margin requirements, some of these violent moves like we had in gold or even more so in silver, I think will create a very volatile rally over the next three to five years, but it's going to be one where you have to, you know, wear your seat belt.
01:54 Speaker A
Um, and what about crypto? Does that fall into a a similar category?
01:59 David
So I I think crypto has kind of lost that a digital gold story and it's become much more clear that it's more just a high beta asset. And I think frankly, there have been a lot of things distracting people uh from crypto. Crypto at one point was the real uh meme stock equivalent whereas now you have crypto, but you also have meme stocks, you have gold, you have silver. uh you have a a real betification across the economy and I I think that has taken a lot of the capital flows away from crypto.
02:35 Speaker A
That's a a really interesting um thesis. I mean we see it also in the single stock movements, not even just meme stocks, but other types of stocks that normally you wouldn't think would move that much, are moving a lot. Um, do you think there's also because of the crypto washout that that has pushed a lot of money into some of those memes instead?
03:00 David
Yeah, or or I mean I think the the memes have attracted a lot of money that might have otherwise gone to crypto.
03:05 Speaker A
Gotcha. So does that mean you don't want to be positioned in crypto?
03:09 David
I I think crypto is a very binary story and it's very unclear what that future will look like. It'll either be much much higher 10 20 years from now, or it could be that uh Bitcoin was a fad and or it could get hacked or people might just not uh have that appeal to it uh like like they did uh previously. Uh it's just too hard to tell but I I think of it's a great investment as a call option, uh but that doesn't mean it'll necessarily work over the next few years.
03:44 Speaker A
When people used to ask me about it, I used to say don't put anything in it you can't afford to lose.
03:49 David
I think that's definitely a good way to look at it.
03:50 Speaker A
I don't know if it's still that way, but maybe. All right, thanks so much, David. Appreciate it.
03:53 David
Thanks.
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