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Clem Chambers
ANewFN.com, markets author (host cite garbled as 'a new open.com')
First call on the ledger
No calls filed yet. Quotes in curly quotation marks are verbatim; everything
else is a labeled paraphrase. Every call links its original source. Before you trust the call, check the record.
Where they stand
Views on the record but not scoreable bets: no single number and deadline to grade. Shown in their exact words, never scored.
He calls the silver run a burst bubble with more downside: 'The floor of the basement is forty bucks or thereabouts' @1:53, and expects to start 'picking up some bars' under $50 'sometime this year' @2:45. Host recap at 36:41 repeats the targets; teaser duplicate of his sell-the-top boast at 0:43.
“the good news is we're getting near to the bottom now and I see forty to fifty as being the bottom. So the roof of the basement is fifty bucks.”
Gold since this was said: ▲ +1.8% · 4,071 → 4,143 · as of 2026-07-22
With spot around $4,000 he sees the bottom near $3,500: 'you're brave if you're buying it now, but you're not brave if you're buying it at three and a half thousand' @3:28, and at $3,000 'you'll be lucky to get it that low' @3:43. Host recap at 36:41 repeats the number.
“And for gold, that's probably three and a half thousand dollars. It could be a little bit lower. So go three and a half thousand as a place where it starts to get interesting”
Gold since this was said: ▲ +1.8% · 4,071 → 4,143 · as of 2026-07-22
After the bottom he expects a long sideways phase, 'it could be a couple of years' @3:06, then a big rise; the AI buildout is 'going to be massively inflationary because they're going to have to print like no tomorrow to fund it all' @18:52, which he says speaks to silver and gold.
“what happens really long term, obviously, it's going to go up a long way because we're about to go into a seriously inflationary period.”
Gold since this was said: ▲ +1.8% · 4,071 → 4,143 · as of 2026-07-22
His 'gold is for war' framework: governments stockpile gold before conflict, so when Xi 'and the PLA fell out with each other' @9:35 and a Taiwan invasion was shelved, 'gold is just lost a very, very powerful use case' @13:17. He argues this, not Fed policy, ended the vertical.
“Then gold falls. And that's what I believe we saw back in the beginning of the year. China went right, we're not we're not going to invade Taiwan next year in May. And that was it.”
Gold since this was said: ▲ +1.8% · 4,071 → 4,143 · as of 2026-07-22
Asked whether China's cheap Moonshot Kimi K3 model destroys the premium paid for American AI, he says the value sits below the models: 'the iceberg is the chips and the GPUs and the hard drives and the things you put them in and the air conditioning and the cables' @14:31.
“it makes no difference. The models are the tip of the iceberg and they don't really have a very good moat around them”
Nasdaq since this was said: ▼ -0.4% · 25,837 → 25,742 · as of 2026-07-22
He says he has been 'buying are cheap companies down the bottom of the chain' @16:15 at 'twos and three time sales' versus 20 to 40 times at the top, naming 'Cisco's and Hewlett Packard' @16:39 and IBM, which 'nobody thinks IBM is a good buy yet' @17:04 despite quantum computing.
“But nonetheless, they will absolutely knock their figures out of the ballpark over the next two or three years, because they've got an incredibly valuable thing that AI can't have or do. And that's trust.”
'No such thing as a value trap' @27:16; he says his cheap UK tech holdings keep getting bought out, 'I had like two last week' @23:12 including easyJet, because Americans pay up for names at 'one and a half time sales' @23:36. He hopes new PM Burnham helps but is skeptical of government.
“40% of them will get taken over and you'll capture 40 or 50%. Yeah, and the rest of it will just go nowhere. And be paying your dividend of 3%. Well, that amounts to a 25% annual return.”
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