Video News/In Focus with Jeremy Szafron

Ted Oakley, Founder and Managing Partner at Oxbow Advisors, says markets are entering what he calls a “sobering up” phase after years of excess. Speaking with Kitco News, Oakley pointed to rising jobless claims, weakness in major technology stocks, and what he described as a “changing of the guard” in market leadership. He said the AI boom has turned “cash generating machines into capital investment machines,” increasing leverage and risk across corporate balance sheets. Oakley described a “bifurcated situation” in which Wall Street bonuses are setting records while the average consumer “can’t borrow any more money.” He discussed the historical volatility of the second year of a presidential term, explained why he reduced exposure to gold and silver during the recent rally, and outlined where he is finding yield today. Oakley said he favors areas such as natural gas pipelines and large pharmaceutical companies over broad equity market exposure.