Havoc Unbounded

Whenever credit stops expanding, you get deleveraging and viral liquidation, which is just a chaotic re-balancing in the demand for — and supply of — society’s savings.

Chiswick, West London

Wednesday, April 1st, 2026

By Tom Dyson, Investment Director

The first quarter of 2026 is now in the books. Here’s how our top ideas performed over the quarter:

• Gold +4%

• Silver +6.5%

• Platinum -7.4%

• Trade of the Decade +44.6%

• Our 7 energy stocks +33.2%

• Uranium +3.7%

Even our cash and short term bills have done well. There’s been a clear trend of HIGHER short term interest rates around the world, something almost no one had expected. The 2-year US treasury note is currently yielding 3.88%.

Here’s the US government yield curve. Notice the 0.5% rise in short term interest rates during March:

I’ve no idea what to expect over the rest of 2026… almost anything is possible. That’s the point. We’re not speculating or forecasting. We’re playing defense. We’re braced for almost any scenario, including a lot of uncomfortable volatility (as we’re seeing in oil equities today.) We’re not changing anything.

QUESTION: I am not real clear. Are you saying to buy the SLVR we sold in January back at this time?