Happy Friday from crisp Northern Italy!

One quick note before I begin the mailbag: I read absolutely everything in there. However, if you write me a long note, it’s difficult to include it in a Rude edition like this (which is long enough). If you don’t mind me not replying in a Rude article, no worries. Write like Dickens!

But if you want me to squeeze your note and a reply into a Rude edition, please channel your inner Papa Hemingway and keep it short.

Now, get a load of this stimulating feedback!

HODL Your GODL!

Hi Sean, I'm a big fan of your work, but your article ''Don't sell your gold - not yet' came at just the right time. I have been holding physical gold since 2011 and am hoping to retire next year. I have been nervously watching the gold price rise, but the AUD's strength against the USD is reducing some of the gains. I have been going back and forth on whether to sell. Your article has made me think that, in the words of the crypto bros, I should 'hodl strong' and 'let my winner run'. Many thanks for that.

Cheers, Ozzie D.

Hi, Nice piece on holding on to your gold. Here is an additional fact to keep in mind. Your physical gold “insurance policy” can be passed to your heirs, to become their insurance policy, and the IRS cost basis of the gold for your heirs automatically becomes the fair market value of the gold when you pass (just like a house). So, the 28% collectibles tax rewinds to 0 as of that date (not that any of us want to pass anytime soon). Thus, physical gold is generational protection. That is pretty motivating, considering the US fiscal deficits are putting our heirs in a huge financial hole. Your thoughts?

Larry H.

Once again, you expertly struck a balance by sharing useful information in a concise, relevant form, mixed with a dash of history and an appropriate dose of current context.

Well done, my friend, Andrew R.

Hello Sean, on your 10/14/2024 Rude, you recommended, unofficially, Hecla Mining (HL), which, as of this morning, is up over 90%. Thank you!! I use the trading platform Interactive Brokers, which just sent the following “sell” recommendation for Hecla Mining. I know you don’t respond directly, but I would appreciate it if you could update your recommendation on Hecla Mining in a future Rude Awakening. Thank you for your daily Rude Awakenings. It is one of the first articles I read each morning, and I always find them informative and entertaining.

Thank you, Ed C. 

Your Rude letter today is greatly appreciated. You gave a coherent narrative to the various bits of silver-related information I have read, heard, and learned over the past few years. Additionally, you also provide a completely sensible basis to: A) reject uninformed cynicism about dark market forces having long-term deleterious effects and B) adhere to a profit strategy that will, in all likelihood, undergo ebbs and flows that are more consistent with historical equity markets. IOW, we have a sound basis to expect silver to be a long-term winner rather than a seasonal flash in the pan. Thank you so very much!

Andrew R.

Sean, Really appreciated your take today, especially "pre-emptive flinch". Like you, all in on Silver. Fingers crossed. Thanks for your time. Your perspective is always thought-provoking. - Anonymous

Thank you, gentlemen! In Nashville, the overarching theme of my talk was that the bigger risk to your portfolio (of gold, silver, and the miners) is selling too soon, rather than hanging on too long. There will be a time to sell the miners, but that time is well into the future.

Ozzie, as DJT wants to destroy the USD, you’ll be fighting AUD strength until the end of his term. It’s baked into his policy.

Larry, thanks for that information! Americans must know tax law concerning their investments, as everyone should know the relevant investment laws in their country of residence. It alters an investor’s decision-making process, as it should. Everyone should find the right person in their state or country and ask the necessary questions to fully understand their options.

Ed, thrilled you made some money already! I’m long the HL Jan 15, 2027, 15 Calls. I bought them at 1.34, and they closed yesterday at 5.49, resulting in a paper return of over 209% so far. Both silver and Hecla are down slightly as I write, so the options will open lower as well. I will hold these for the foreseeable future, only selling when I think I’ve maxed my profit potential. Remember, HL’s target is $60, so this option, theoretically, has a lot to run. Incidentally, I don’t recommend options in the Rude unofficial portfolio because many new investors read the Rude, and I don’t want them trading things they don’t understand. (And, as a free newsletter editor, I’ve never really been given a mandate to give out stock picks, either. But they’ve worked so far, so we’ll see.) Also, never listen to Wall St analysts. As a long-term investor, I think selling HL now is lunacy.

Andrew, thanks for writing in. You’re very welcome!

Hi Sean, is comparing the costs of Ukraine to the US revolution really the best you can do? I don’t think Ukraine is costing the US anywhere near as much as France did for the US, relative to its debt. If any bond market or other chaos happens, it’ll likely be unrelated to Ukraine. A far bigger concern is Trump’s insistence on sanctions on Russia, which, as you know, is only backfiring and drawing the BRICS+ even closer together. Just look at India. That has bigger implications, but somehow you didn’t mention that. And one of the goals of provoking the war was not only to try and destabilize Russia, and turn it into another US vassal and access its resources, but also to funnel more money into the MI complex and justify further increases in the “defense” budget. Well, the latter goal worked at least. And what do you mean by hyphenated Americans? Also, can you think of any more historical examples of a country bankrupting itself to fund someone else’s war? I doubt France and the US are the only examples. I’d really like this answered, thanks. So yeah, that’s it for now.

Claudio C.

Claudio, Ukraine isn’t costing the U.S. anywhere near the U.S. cost France, relative to its debt, because the U.S. has the most immense debt pile in the history of the world. But that doesn’t make it right, regardless. The U.S. bond market chaos is a direct result of that debt pile. (In the UK, you can argue Ukraine is putting enormous pressure on HMG’s books.) I’ve written about the stupidity of Russian sanctions so many times, I’ve lost count. I stopped writing about it because I don’t want to bore any Rude subscribers. My main point about Trump’s foreign policy being a stinker is India. I’ve mentioned those “bigger implications” in countless articles. Examples of Hyphenated Americans: Italian-Americans, Jewish-Americans, Japanese-Americans. Here are some examples of countries bankrupting themselves to fund someone else’s war: Great Britain and World War I, the British Empire and World War II, Spain under Philip II (16th Century), Bulgaria (World War I), and Tsarist Russia (1914–1917).

Rumpy Pumpy

Sean, first of all, welcome to Tennessee. I know being "on the road" entails certain disadvantages. The way I cope here at home is by the wonderful little $30 Oster electric clipper I bought some 20 years ago. The things have repaid multiple times over. Actually, every year's haircuts are free and have been for some time now. Seems my personal finances are more important to me than supporting anyone's local economy. Next, I would like to express my wonder at your talent at painting a visual image... Sean, Sean Sean.... Sean... "slightest chance of a bit of rumpy pumpy". Please keep us informed as to your Missus' thoughts on sharing with the fan base. Finally, I am sorry I wasn't able to sit in on the conference, as I live just down the road here in TN. Seems I try NOT to get out much these days, especially to the "big" city. I was never really impressed with metropolitan areas. With age comes wisdom, maybe. All for now, just felt inspired to communicate today.

My best regards to the team and your family, David K.

Brother Sean: Thanks for that great piece. As you may know, the artifacts from the Kingdom of Mali were looted, plundered, and destroyed when Barack & Hillary overthrew Muammar. Barack is, putatively, a Black man. Yet, you seem to know more about Africa than he does. Irony of ironies.Thanks, good man. P.S. Yeah, that was some haircut you took there in Nashville. Seems like they cater to the expense account crowd. Should have gone in the ’hood. lol! You will know better the next time.

All the best. Basil O.

Hey Sean, feel fortunate that the barber actually let you wait. I always thought Vermont was a sorta “lag behind” state. Heavens! Am I wrong? We’re so progressive that we no longer have barbers; they’re called men's salons, men’s hairdressers, or just plain hairdressers. Sheech! And there's no way you're getting to sit without making an appointment two to three weeks ahead of time. I looked like a hippie from the sixties before I broke down and bought a cordless shaver. Ugly, but I don’t need to look at myself. Don’t ya just love “progress?”

Rory S.

David, thanks for writing. Pam has a great sense of humor. She loved that Rude. Then she proceeded to buy two LeCrouset pots. Did I mention she has a great sense of humor?

Basil, thank you. I’ll definitely cut my hair before I get on the plane next time!

Rory, I’d have preferred him to throw me out! Ha!

From Nashville With Love

Dear Sean,

Frances and I very much enjoyed meeting you Friday evening. You are not only intelligent and engaging, but you are witty and charming. Lethal combinations. Thank you for the wonderful conversation - and the cocktails.

From two of your most ardent fans and followers, Jane M. and Frances J.

Grey Goose on the rocks! Ladies, I’ll return the lovely compliment by saying I haven’t had that much fun drinking adult beverages in decades. You are two of the best drinking companions a man can have. I can’t wait to see you again. Hopefully, I can convince the team to throw another shindig for America’s 250th. Keep shining like diamonds!