Confirmed: Silver and Gold Beat All Since 2019

This is a free preview of a paid episode. To hear more, visit vblgoldfix.substack.comHousekeeping: Good Morning.BW3 is a process, not an event.Today:* Premium: Goldman’s 5 Ds on Commodities, ING on China effect* Commentary: Silver and Gold are better than almost all other investmentsSession Recap: US equities retreated on Wednesday as Treasury yields increased.Premium Markets: Goldman’s 5 DsWe remain selectively bullish commodities and expect commodity total returns to rise from 13% YTD to 18% by year-end. We see the 5D bull market trends will create structural opportunities in commodities: Disinvestment, Decarbonization & climate change, De-risking (hedging), Datacenters & AI, Defense spending.Includes refreshed price targets for Gold, Oil, and Copper Continues at bottom…Rates of Return and RiskSemperVigilant1 on SubstackSemper on X/TwitterMarket News: Never Trust Indices"BHP Group decided against making a firm offer for Anglo American, instead walking away for now from what would have been the biggest mining deal in over a decade. The announcement... marked an abrupt end to the five-week public battle between two of mining’s biggest names." Source: BloombergConocoPhillips has agreed to acquire Marathon Oil in an all-stock deal valued at $17.1 billion in a bid to catch up with rivals as drillers race to secure new oil and gas wells.. Source: WSJ"The Cleveland Federal Reserve has appointed Beth Hammack, Goldman Sachs’s former head of global lending, to replace departing president and chief executive Loretta Mester later this year. Source: FT"Salesforce shares plummeted as much as 17% in extended trading on Wednesday after the cloud software vendor reported weaker-than-expected revenue and issued guidance that trailed Wall Street’s expectations." Source: CNBCGeopolitics: * "Israel's army said Hamas is in Rafah and is holding Israeli hostages, so they are launching military operations there and will not stop fighting in Rafah until the hostages are freed.* Russian Foreign Minister Lavrov said China could arrange a peace conference in which Russia and Ukraine would participate, while he added that Russia regards planned supplies of F-16 fighters to Ukraine as a "signal action" by NATO in a nuclear area, according to RIA.Some headlines via NewSquawk or DataTrekData on Deck: GDP, PCE Week* MONDAY, MAY 27 Memorial Day * TUESDAY, MAY 28 speakers and 10:00 am Consumer confidence* WEDNESDAY, MAY 29 2:00 pm Fed Beige Book * THURSDAY, MAY 30 8:30 am GDP + + * FRIDAY, MAY 31 8:30 am PCE index April Premium: ***DO NOT SHARE THIS***