Maggie Lake Talking Markets Episode 7: Has Silver Topped? With Kevin Muir.
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Jan 21, 2026 
Kevin Muir, author of The Macro Tourist and a keen observer of global financial flows, shares his insights on the market's shifting landscape. He suggests that silver may have peaked and discusses why Canadian energy is a smart investment. Kevin delves into the implications of the U.S. current account deficit and warns of risks if the AI boom fades. He believes a rotation from tech-heavy stocks is underway, recommending a shift towards small caps and resources, while cautioning against the unique risks facing U.S. assets.
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Trade The Market You See
- Trade the market that is in front of you, not the market you want.
- Focus on what will be done by policymakers and investors, not debates about what should be done.
Trade Deficit Tracks NASDAQ Performance
- The U.S. current account/trade deficit is tightly linked to U.S. equity strength, especially the NASDAQ.
- A shrinking trade deficit tends to coincide with downward pressure on U.S. tech-heavy indices.
Rotation From AI Bubble To Cyclicals
- The AI/Mag7 bubble shows signs of bursting and rotation is underway into cyclicals and resources.
- Plenty of non-tech opportunities exist as small caps, materials, and energy begin to outperform.