Jeff Huge Reveals Downside for S&P 500 and Upside for Precious Metals

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In the 43rd episode of the Market Misbehavior podcast, Dave speaks with Jeff Huge, Chief Investment Strategist at JWH Investment Partners. Jeff reflects on the strength in precious metals, explains why silver may be a better bet than gold, demonstrates the "real value" of the S&P 500 measured in terms of hard assets, shows how valuations suggest April 2025 may not be the buying opportunity of a lifetime, and shares downside targets for the S&P 500 index. Recorded 4/24/25.

You can learn more about Jeff and his work at https://hugeinsights.substack.com/.

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0:00 Introduction
4:34 Jeff's investment process and marrying macro and micro themes
10:28 YTD returns and underperformance of growth
13:23 Gold rally in 2024 continuing in 2025
16:07 Potential upside targets for gold based on work by Arthur Sklarew
19:38 Gold to silver ratio and why silver may outperform
23:40 Stock to gold ratio and inflation impact on equity market returns
26:02 High valuations suggest this may not be a "buying opportunity of a lifetime"
28:15 Downside targets for the S&P 500 and outlook into 2026
33:38 Final comments

The content in this presentation should not be considered as a recommendation to buy or sell any security. All information is intended for educational purposes only and in no way should be considered as investment advice. Some of the links in this description and in the video may be affiliate links, which means you pay nothing more and it helps me to make Market Misbehavior awesome! As an Amazon Associate, I earn from qualifying purchases. For full disclaimer, please see our website: https://www.marketmisbehavior.com/dis....

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