Geopolitical uncertainty and U.S. fiscal pressures are shaping investor behaviour, but technical indicators are pointing to renewed strength across equities and precious metals.
BNN Bloomberg spoke with Ross Healy, chairman of Strategic Analysis Corporation, about why he sees supportive signals for stocks, growing tailwinds for gold and silver, and a gradual rotation toward undervalued sectors.
Key Takeaways
- Technical breakouts in the S&P 500 and Dow Transports are reinforcing a constructive outlook for U.S. equities.
- Deteriorating U.S. fiscal conditions are strengthening the case for gold and silver as risk-mitigation assets.
- Legal challenges to U.S. tariffs could worsen budget deficits, adding further upward pressure on precious metals.
- Momentum in AI-linked stocks appears to be levelling off as costs rise and profitability remains uncertain.
- Investors are increasingly looking to quality value stocks that have lagged the technology rally.
Read the full transcript below:
ANDREW: Our guest says investors can still make money in stocks this year, especially in gold and silver, with opportunities for those seeking solid value. Joining us now is Ross Healy, chairman of Strategic Analysis Corporation. Ross, always great to see you. Thanks very much for being here.
ROSS: Andy, always great to be on the show with you.
ANDREW: Can you generalize? Do you think the broad indexes will be up this year, if you had to hazard a projection?
ROSS: Yes, I do, Andy. I think the S&P 500 looks to be breaking out over a key valuation breakpoint by our measures. That appears to be underscored by the fact that the Dow Jones transports have also broken out to a new high, which essentially confirms the Dow. We have the Dow confirming the S&P and the S&P breaking out. It looks pretty interesting to me.
ANDREW: That’s a classic. That’s Dow Theory — that a move is confirmed by the transports.
ROSS: Absolutely, Andy. Right on.
ANDREW: What is your take on oil, silver and gold right now, Ross?
ROSS: Well, I have to start off by pointing out, Andy, that every time I’ve been on BNN with you for the past three years, I’ve always said buy gold and buy gold stocks. But why, with them up this high, would I still say that? Frankly, it’s because the U.S. balance sheet continues to deteriorate — maybe not at an alarming pace, but it continues to deteriorate. The One Big Beautiful Bill is going to really accelerate that process as the year goes on.
Trump argues that the income from tariffs will offset that. When I look at the size of the income, I don’t believe it for a minute. I would also point out that those tariffs are under question, as they are being referred to the Supreme Court for their legality. If the legality of those tariffs is overturned, there are all kinds of companies in the U.S. that have been paying those tariffs and are already lined up with legal suits to recover the money they’ve paid.
If you add the recovery of those tariffs onto the income effect of the One Big Beautiful Bill, you’re going to have a heck of a deficit in the U.S. this year. Under those kinds of circumstances, Andy, you’ve got to go for gold.
ANDREW: Maybe we could put up a one-year chart of TLT, which, as you know, is a bond ETF in the U.S. that tracks 20-year bonds. We’ve seen a drop of about five per cent in the price of that ETF since October. There hasn’t, I think, been a dramatic selloff in U.S. bonds.
ROSS: No, not dramatic — just steady.
ANDREW: A couple of stocks you have on your radar are ways to play gold, starting with Alamos Gold, Ross.
ROSS: Yes, Alamos — and I would put the two together and say Alamos and Agnico Eagle. They are, by far, two of the very best-managed gold stocks, as far as I’m able to ascertain, probably on the planet. They are politically safe, which is definitely a consideration for me.
When you look at management, reserves and developing reserves — particularly high-quality reserves — both companies are steadily improving. Turning to Alamos specifically, it has made a long-range forecast for production that shows output roughly doubling over the next few years. If you have high-quality reserves and a doubling of output, you fundamentally don’t just have a gold stock — you have a growth stock. A growth stock that happens to be in gold is a perfect combination.
Looking forward, this is the kind of company that ought to be a cornerstone of a portfolio.
ANDREW: The Magnificent Seven stocks as a group are down about four per cent this year. Performance varies, of course, but do you see signs of broadening beyond these tech giants?
ROSS: Yes, I do. Dealing with the Magnificent Seven head-on, what I’m suspecting this year is that the whole AI cachet is levelling out — sanding off, as it were. I’m not necessarily expecting a plunge, but there’s been huge overinvestment and a lack of evidence that this investment is earning money profitably.
Third, the server farms are going to have to spend billions on electricity. Trump does not want the regular grid feeding them, which means costs are going up. Returns are going to come down. I suspect the stocks are going to be mushy at best.
So where does the market go? I think it goes into quality stocks that have not moved anywhere near to the same degree as the Magnificent Seven. Some of those stocks, I think, still have quite a ways to go.
ANDREW: We’ll leave it there. Ross, thank you very much.
ROSS: Thank you, Andy.
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This BNN Bloomberg summary and transcript of the Jan. 21, 2026 interview with Ross Healy are published with the assistance of AI. Original research, interview questions and added context was created by BNN Bloomberg journalists. An editor also reviewed this material before it was published to ensure its accuracy and adherence with BNN Bloomberg editorial policies and standards.
