Gold and silver have been rocked in recent weeks, so what should investors do now? According to Jonathan Wellum gold isn’t just a trade — it’s insurance. The President & CEO of ROCKLINC Investment Partners and former money manager to Canadian billionaire Michael Lee-Chin, joins In the Money with Amber Kanwar to lay out why soaring government debt, currency debasement, and rising geopolitical friction have pushed him to one of his most conviction-heavy stances yet: a portfolio anchored by gold, silver, and precious-metal businesses. Jonathan explains why this cycle still feels early despite the recent sell-off, how central-bank buying has reshaped the gold market, and why sharp volatility hasn’t shaken his long-term thesis.
It is 100 days of school for my son, the kids are asked to come to school dressed like they are 100. Just threw a bunch of corn starch in his hair and off he goes. They grow up so fast.
Here are five things to know:
Alrighty then: US job growth defied expectations for softness posting a whopping 130,000 in new jobs vs the expected gain of 65,000 for January. Futures soared after the release. The recent data continues to paint an inconsistent picture. Retail growth yesterday and other measures of the labour market have pointed to weakness. Today’s print suggests the US labour market could be stabilizing after a sluggish 2025. The unemployment rate also fell to 4.3%. The revisions to prior months, it should be noted, were negative which is becoming a consistent trend with these revisions. “The signal from this data is clear,” wrote CIBC’s Ali Jaffery, “This is evidence in favor of the job market stabilizing and supports the Fed’s wait-and-see approach. We’re pushing back the timing of our Fed call, and now expect the first cut in June, but continue to pencil in two cuts for the year.” The market agrees with the US dollar and bond yield spiking after the print.
Shop til ya drop: Shopify is surging 10% in the pre-market after sales grew more than anticipated, its forecast was also stronger, and it announced a $2 billion buyback. Sales grew 31% this quarter and the e-commerce platform said next quarter would have the same pace of growth. Analysts were expecting 25% growth next quarter. The share buyback looks to be the first time the company has ever announced one and comes as the stock is down 31% from its October peak. The wrinkle in the results is profit which came in below expectations.
Weird Barbie: Mattel is getting hammered down 30% after sales and profit came in well below expectations in the holiday quarter and its forecast was also significantly lower. The stock drop could be the worst on record if it holds. Sales of dolls were flat and lower than anticipated and the infant and toddler category was also weaker than expected. JP Morgan downgraded the stock following the results. “The words ‘investment year’ are often scary from a stock perspective,” wrote JP Morgan’s Christopher Horvers who says there is a lack of visibility around improving Barbie sales. Speaking of investment year, Mattel is buying out a stake in the joint venture it has for NetEase for $159 million. NetEase releases games based on Mattel’s intellectual property and executives say that can accelerate those releases by bringing the company in house.
Cryptonite: Robinhood is down 7.5% after sales missed expectations on the back of lower crypto volumes. Its no secret crypto prices have been crashing out and that has hurt the trading platform. Crypto is only one part of the business, but other parts like securities lending were also weaker than expected. The results show Robinhood is not immune to market moves despite attempts to diversify, notes David Smith at Mizuho. While net new assets are still growing, they are growing at a slower pace. I own this one. “Ride out the crypto jitters,” said Bernstein’s Gautam Chhugani, “We would ride out the crypto volatility and see no point turning negative on the stock closer to the bottom. Shares of Robinhood are down 44% from the peak in October.
Intact? Watch shares of Intact Financial at the open after earnings soared past expectations and the property & casualty insurer boosted its dividend 11%. The stock has been a laggard down 5% over the past year. While Intact was able to deliver the beat with lower than expected catostrophic losses most analysts say even adjusting for this results look strong. Part of the reason the stock has been under pressure is due to industry wide competition and policy pricing pressures, says Stephen Boland of Raymond James. “We believe IFC should be a haven for investors seeking exposure into the industry but are concerned about commercial pricing,” said Boland, “With its scale advantage in Canada, we believe the insurer can achieve its guidance in 2026.” I own Intact.
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