Monetary Matters with Jack Farley “Software Earnings Massacre” While Precious Metal Vol Explodes | Jack & Max on Silver, Fed Meeting, and Earnings
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Jan 29, 2026 A fast-paced look at the rally in gold and silver, debating whether supply shortages and industrial demand or speculation are behind the surge. A breakdown of the Fed’s hawkish tone and its implications for rate cut timing. Big tech and auto earnings get dissected, from heavy AI capex at Microsoft and Meta to Tesla’s pivot toward physical AI. A heated debate on whether AI will commoditize SaaS or leave sticky franchises intact.
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Silver Rally Is Industrial, Not Just Speculation
- Silver's rally is driven more by industrial demand and supply shortages than pure speculation.
- Jack Farley contrasts this with prior speculative episodes like 2011 and the 1981 Hunt squeeze.
Dollar Weakness Raises Questions Beyond Mechanics
- A weaker dollar mechanically raises dollar‑priced gold, but the deeper macro reasons are unclear.
- Jack argues the dollar was historically overvalued due to heavy capital inflows into U.S. assets.
Foreign Investors Raised Dollar Hedging In 2025
- BIS data showed increased hedging of dollar exposure in 2025, contradicting a dismissive Fed response.
- Jack believes the BIS finding is correct and that hedge ratios rose beyond April alone.