“Inflation? It doesn’t matter when the crisis hits — only that it will,” says Jeff Clark, veteran gold analyst and author of Paydirt. Speaking with Daniela Cambone at the Rule Symposium, Clark warns that the vulnerabilities in today’s financial system — from surging deficits to ballooning debt — make a major disruption inevitable. His solution? Physical gold. Citing long-term studies, he argues that a 20% allocation to gold provides the best balance of risk protection and upside.

Clark reflects on past bull markets, where gold stocks delivered massive gains — including 141 ten-baggers between 2009 and 2011 — and says he’s hunting for the next wave of outsized winners. “If we can just catch 5% of them, the payoff could be enormous,” he says. He also makes the case for silver, noting the historic gold-to-silver ratio remains at extreme highs and hinting at silver’s potential to outperform gold before the current bull run is over. “The goal isn’t to predict the storm,” Clark says. “It’s to prepare for it.”

Gold is crushing everything—stocks, bonds, Bitcoin.
With 28 record highs in 2024 and mining stocks outperforming the metal itself, veteran analyst Jeff Clark isn’t just excited—he’s certain: this is a confirmed gold bull market, and it’s far from over. Speaking with Daniela Cambone at the Rick Rule Symposium, Clark says the fundamentals are so compelling, we could be staring at another year and a half—or more—of upward momentum.

But here’s the kicker: the dollar is down, CPI is lying, and central banks are hoarding gold like a global financial reset is already in motion.

Are you paying attention?

The Gold Bull Market Is Official—Here’s the Proof

According to Jeff Clark, the gold bull market didn’t start in 2024. It began on Leap Day 2023, the day after the Fed hinted at more aggressive rate hikes.

Since then:

• Gold is up 65%

• Mining stocks like GDX have outperformed physical gold

• Junior miners (GDXJ) have beaten the majors—a classic bull signal

And perhaps most stunning of all:

“GDX has outperformed every other major asset class in the world,” says Clark. That includes equities, Bitcoin, real estate, and bonds.

🟡 Alt text suggestion: “Chart showing gold stocks (GDX) outperforming global assets in 2024”

What’s Fueling the Surge?

Clark points to a perfect storm of catalysts:

• Central bank gold buying at record levels

• Geopolitical tensions (Trump tariffs, Middle East instability, and more)

• Massive government spending—over $3 trillion in deficit spending

• A dysfunctional Fed, caught in a tug-of-war between Powell and political pressure

And let’s not forget:

“The U.S. dollar is negative on the year.”

While mainstream pundits obsess over soft landings and inflation “cooling,” Clark focuses on the only thing that matters: being prepared.

Recession or Not—It Doesn’t Matter (But a Crisis Is Coming)

Despite the inverted yield curve flashing red since 2022, a formal recession hasn’t been declared.

Clark’s take?

“We’re absolutely going to have another recession. The question isn’t if—but when.”

He doesn’t waste time guessing dates. Instead, he protects:

• ✅ Physical gold ownership

• ✅ Out of debt

• ✅ Strategic exposure to mining stocks

• ✅ A barbell portfolio: cash + gold on one end, speculative gold stocks on the other

This is what true wealth preservation looks like.

The Gold-Silver Opportunity: A Massive Imbalance

Don’t sleep on silver.

The gold-silver ratio is sitting around 90:1—far above the modern historical average of 50–55.

For reference:

• In 1980, during peak precious metal mania, the ratio dropped to 20:1

• Silver typically lags gold early in bull markets, then explodes past it before the top

If history rhymes, silver could massively outperform gold in the coming months.

🟡 Alt text suggestion: “Historic gold-silver ratio with peaks and corrections”

Why Gold & Silver Matter Now More Than Ever

Jeff Clark doesn’t care whether inflation spikes or tanks. Rate cuts? Irrelevant.

“I’m focused on protecting myself—whatever happens.”

That protection starts with physical gold and silver, the ultimate inflation hedge and defense against systemic collapse.

• Gold vs the dollar? No contest.

• Tangible assets vs Wall Street speculation? Gold wins every time.

• Wealth preservation in uncertain times? There’s a reason central banks are buying gold by the ton.

📈 A long-term study from the 1960s found a 20% gold allocation in a portfolio offers the best risk-reward ratio.

Conclusion: It’s Not If—It’s When

This is not just another blip.

• 28 record highs

• Central banks loading up

• Mining stocks leading the charge

• Systemic debt beyond control

The gold bull market is here, and it’s still early.

As Jeff Clark put it, “I know a crisis is coming. I just want to be ready.”

So the real question is: Are you?

About ITM Trading

ITM Trading has over 28 years of experience helping clients safeguard their wealth through personalized strategies built on physical gold and silver. Our team of experts delivers research-backed guidance tailored to today’s economic threats.

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