The Precious Metals Sector’s Impressive Relative Breakout—and What It Portends

Published on November 12, 2026

Last week brought dramatic developments across the markets. The plunge in technology stocks, particularly those tied to artificial intelligence, did not surprise us. Recognizing a bubble in search of a pin, we had been expecting it to burst for some time. When it finally began to do so last week, it dragged the broader market down with it.

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What’s Next for AI After the Midterm Sell-Off?

November 12, 2026
Our Director and Senior Portfolio Manager Alex Cousley sees last week's sharp equity sell-off as a test of market sentiment, with the U.S. midterm elections raising new questions about the outlook for AI infrastructure investment.

Retain Your Focus on Economic Fundamentals

November 12, 2026
The AI boom is reshaping the U.S. economy in ways that are becoming increasingly difficult to separate from the broader macroeconomic outlook. The race to build AI infrastructure has fueled a surge in imports of semiconductors, servers, and other computing equipment, while data center construction has become an increasingly important source of business investment.