This hidden bull market is actually lying in plain sight! Find out what it is today as we discuss media fear-mongering, unhelpful propaganda, Bitcoin and gold, and more. The central banks continue accumulating gold, emphasizing its historical role as a long-term store of value, and noting that despite the rise of digital assets like Bitcoin (which the U.S. now holds as a reserve), gold's cultural and material significance remains deeply embedded worldwide. Oh, and we also got a new Pope! Today we discuss... 

• A new Pope from the U.S., Pope Leo XIV (formerly Robert Prevost of Chicago), was elected, contradicting Jim Cramer's confident prediction.
• The Pope had a 1% chance in betting markets, showing how off-market odds can be and how unexpected outcomes can deliver large returns.
• A widely shared headline warned that Earth will run out of oxygen, but buried in the article was the timeline—1 billion years from now.
• Climate change is a hard-to-measure issue that’s often politically weaponized and based on unprovable long-term models.
• Propaganda exists across all eras and agendas, including pro-America messages like those in 80s movies such as Top Gun.
• Spotting propaganda and political messaging can be useful for investors trying to understand broader narratives and their market implications.
• Governments often downplay crises right before they hit, and historically, such reassurances can be a red flag to start worrying.
• Recognizing themes in media, like global warming or military conflicts, can help investors anticipate policy moves or market shifts.
• Nuclear energy is an example of a rational solution ignored for political reasons, illustrating how policy can ignore practical options.
• Wealthy investors and central banks are buying more gold, reinforcing gold's role as a long-term store of value.
• Gold continues to be culturally significant and trusted across civilizations, unlike newer assets like Bitcoin.
• The U.S. government has decided to hold confiscated Bitcoin as a reserve asset, further legitimizing it in financial circles.
• There's growing speculation that Bitcoin could evolve into a reserve asset for central banks, similar to gold.
• Banks have transitioned from resisting Bitcoin to finding ways to monetize it, suggesting institutional acceptance is rising.
• Gold has significantly outpaced wage growth since 2000, reinforcing its strength as a store of value amid stagnant real income.
• Crypto has displaced silver as the inflation-hedge asset of choice among younger investors, hurting silver’s narrative.
• Long-term tailwinds for silver include green tech applications like solar panels and EVs, which could reignite demand.
• Gold and silver miners have underperformed despite rising bullion prices, with some major miners currently unprofitable.
• Mining companies face structural inefficiencies, making many poor business models despite gold’s rise.
• Institutional caution, reflected in moves by figures like Warren Buffett, indicates potential market hesitancy despite retail optimism.