This is a free preview of a paid episode. To hear more, visit <a href="https://www.theflyingfrisby.com?utm_medium=podcast&#38;utm_campaign=CTA_7">www.theflyingfrisby.com</a><br/><br/><p>War creates uncertainty. Lots of it. And how we all hate uncertainty. </p><p>Markets don’t like it either.</p><p>What’s going to happen? How long does it go on for? Where do things go from here?</p><p>Iran will be an in-and-out job like Maduro. Actually the regime is more entrenched than that. It’s only going to last four weeks. America’s preparing for a 100-day war. Britain is getting dragged into World War Three. It’s Cuba next. Aaaagh. Help.</p><p>At times like this it pays to zoom out and take stock of the bigger picture.</p><p>So today I’m going to do that.</p><p>With a <strong>BIG Forecast.</strong></p><p>I’ve studied the charts, applied some simple technical analysis, all with a striaghtforward question in mind: where is all this going?</p><p>We are going to look at:</p><p>* Gold</p><p>* Silver</p><p>* Bitcoin</p><p>* Crude oil</p><p>* Copper</p><p>* The S&P 500</p><p>* The pound</p><p>* The US dollar</p><p>And I am going to give you my forecast.</p><p>Before we begin, though, take a moment.</p><p>Where do you think these markets will be by the end of the year?</p><p>* Will gold be higher or lower? What about silver?</p><p>* Will Bitcoin break $150,000 or fall back below $60,000?</p><p>* Will oil go to $100 a barrel?</p><p>* What about the stock market?</p><p>* And the pound?</p><p>Make a note of your answers.</p><p>Now let’s see how they compare with mine.</p><p>Gold</p><p><strong>$4,400 low / $5,600 high by 31 Dec 2026</strong></p><p><a target="_blank" href="https://open.substack.com/pub/frisby/p/your-definitive-guide-to-buying-and?utm_campaign=post-expanded-share&#38;utm_medium=web">Gold</a> bull markets don’t last forever, but they do tend to last a decade, if the last 60 years are anything to go by, and we are midway through this one. Chinese accumulation is not over, de-dollarisation is not over, central bank re-allocation is not over. Institutions, governments and private investors are still underweight. About the only group that isn’t underweight is readers of the Flying Frisby.</p><p>We are currently experiencing a mid-cycle consolidation, much as we experienced in 2006: gold went vertical from $540 to $720 then fell back and traded sideways, with an upwards bias for the next 18 months. Five years later it was $1,920.</p><p>My forecast: gold range trades. $5,150 is the current price. Gold will flirt with its old highs at $5,600. It will test $4,500 as well. <a target="_blank" href="https://open.substack.com/pub/frisby/p/your-definitive-guide-to-buying-and?utm_campaign=post-expanded-share&#38;utm_medium=web">Buy the dips</a>. It’s going higher. Just not quite yet.</p><p><p><em>If you live in a third world country such as the UK, I urge you to </em><a target="_blank" href="https://thepuregoldcompany.co.uk/dominic-frisby/?utm_source=affiliate&#38;utm_medium=referral&#38;utm_campaign=dominic-frisby"><em>own gold or silver</em></a><em>. The pound will be further devalued, as will the euro and dollar. The bullion dealer I recommend is </em><a target="_blank" href="https://thepuregoldcompany.co.uk/dominic-frisby/?utm_source=affiliate&#38;utm_medium=referral&#38;utm_campaign=dominic-frisby"><em>The Pure Gold Company</em></a><em>. </em><a target="_blank" href="https://thepuregoldcompany.co.uk/dominic-frisby/?utm_source=affiliate&#38;utm_medium=referral&#38;utm_campaign=dominic-frisby"><em>More here.</em></a></p></p><p>For the mining companies to work, gold only needs to stay around these levels. The GDXJ-gold ratio - small mining companies v gold - is in an uptrend, though it’s butted up against resistance and the 2020 highs. It can go a lot higher, though maybe it needs a breather.</p><p>Silver</p><p>It’s the one everyone wants to know about.</p><p>Silver is basically a leveraged bet on gold plus industrial cyclicality. It can underperform brutally and it can overshoot like crazy too.</p>