The David Lin Report Markets 'Primed To Fall': Which Assets Will Survive Coming Wipeout? | Adrian Day
Feb 4, 2026
Adrian Day, president of Adrian Day Asset Management and portfolio manager known for precious metals and macro calls. He argues gold is far from a top and explains why flows and sentiment matter. He discusses how he sizes gold in portfolios, central bank buying, miners and other commodity plays, and why some foreign markets may outperform the U.S.
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Adjust Gold Allocations By Client Risk
- For conservative clients, trim gains to maintain target allocations and reduce risk.
- For aggressive clients, continue buying miners because rising gold prices have greatly leveraged cash flow and reserves.
New Gold Buyers Break Old Correlations
- Recent gold buyers have been price-agnostic and fear-driven, not following traditional economic signals.
- That breaks the usual gold=“risk-off” link with equity volatility, altering historical correlations.
Passive Flows Prop Up US Stocks
- Passive retirement flows (401k into S&P) keep propping up U.S. equities despite other downside pressures.
- That automatic money masks the market's vulnerability to a larger correction.