Video News/In Focus with Jeremy Szafron

(Kitco News) - Gold bullion is an asset to hold indefinitely, but gold miners are trading vehicles that can fall far harder than the metal in a downturn, according to Ted Oakley, founder and managing partner of Oxbow Advisors. “The bullion we never sell,” Oakley told Kitco News anchor Jeremy Szafron, noting that in 2008 gold fell more than 20% while the miners dropped more than 60%. He said Oxbow has cut back on miners and sold out of silver, and he does not expect a durable turn in the sector until next year. When markets fall sharply, he said, “everything goes down, including gold.” Oakley said he believes the market cycle is ending, with valuation measures such as the CAPE ratio and market value to GDP at statistical highs. He expects weakness through much of 2027 and said he would be surprised if the Federal Reserve is not cutting rates by midyear. He has moved proceeds from trimmed positions into short-term Treasuries, which he said now make up roughly 40% to 58% of client portfolios, depending on the strategy.