#405 Ted Oakley: Gold Still Cheap at $4,600, The Energy Move Could Be Bigger, & 3 Signs of a Stock Market Top

The Julia La Roche Show · Aug 25, 2026 · 45m

Ted Oakley, founder and managing partner of Oxbow Advisors, returns to explain why he sold all his silver and much of his gold exposure in late 2025 and early 2026 — then bought it all back, and more, in mid-July. With gold near $4,600 he argues it's still roughly 18–20% below its January high and nowhere near expensive if you're thinking in terms of a one-and-a-half to two-year horizon and a $7,000–$8,000 objective. The driver, in his view, is a loss of faith in the dollar backed by a fiscal picture with no exit: within five years, entitlements plus a slice of defense will exceed total…