Schiff Sovereign: Strategic Assets
Governments Doubled the Gold Price.
Here's What They're Buying Next.
Since 2022, Schiff Sovereign’s investment research service, Strategic Assets, has focused on real assets — the metals, energy, food, and transportation an economy actually runs on.
This is the record so far.
- 172% average return across our 11 closed positions, including losers
- 82% average gain across the 24 positions still open
There’s a reason our three biggest wins have been in precious metals.
In February 2022, after Russia invaded Ukraine, the US and its allies froze roughly $300 billion of the Russian central bank’s reserves.
Every government on earth knew then: dollar savings can be switched off. So they started buying gold, which no other government can freeze, confiscate, or print more of.
A shift of about 2% of global reserves more than doubled the price, from around $1,800 an ounce to over $4,000.
We told our readers this was coming. And the companies we featured — profitable gold producers with little or no debt, trading cheap against the cash they were generating — multiplied as the metal repriced.
Gold isn’t finished. Reserve managers have said they plan to move at least another 7% of their savings out of dollars over the coming decade.
And many gold producers are still cheap — every time gold pulls back even slightly, investors sell the miners as if the story changed, and it hasn’t.
One gold producer we featured has already gone up 5x, yet it’s earning money so fast that the stock is cheaper against those earnings today than the day we wrote it up. It pays a substantial dividend, too.
But it’s hard to deny that the big move already happened.
The next leg is in everything else a country runs on.
Governments that used to trust the system, supply chains, and US leadership are now securing what matters to them directly.
The thesis is simple:
Ukraine was gold. Frozen reserves taught every government on earth not to trust their reserves to dollars or US bonds.
Hormuz is everything else. When Iran closed the Strait of Hormuz this February, a quarter of the world’s seaborne oil vanished from the market. China had already cut off rare earths more than once.
So governments are stockpiling whatever they cannot do without: energy, base metals, rare earths, even memory chips.
And a decade of underinvestment sits under it all. After the last commodity bust, spending on new mines and wells dried up, and it stayed that way for a decade. So there’s no spare capacity to absorb any of this new demand.
Every disruption gets resolved with a higher price — and the companies that own the scarce assets collect the difference.
Silver went first.
Silver follows gold because investors who missed gold’s run buy the cheaper metal that hasn’t had one yet. And on top of that, the world had spent years consuming more silver than its mines produced.
A small silver producer we featured in April 2025, in the middle of the tariff turmoil, rose more than 10x in ten months. That’s the 956% at the top of this page.
Oil is the obvious one.
With the Strait of Hormuz closed, the countries that depended on it are short of oil, and producers outside the region are booming.
A recent issue featured a small South American producer with no debt, cash in the bank, and a price equal to about three years of the cash it’s generating right now. Its fastest well paid for itself in 37 days.
None of that is a bet on the war with Iran lasting. The company is cheap against the oil price that already exists.
Ships are the less obvious one.
There are only so many ships to carry oil. And the world is replacing Gulf barrels with crude hauled from farther away, so every available ship is sailing longer routes.
But we didn’t crowd into shipping when the disruption made it obvious. We bought our shipping companies in 2023 and 2024, when nobody wanted them. Rates had been so bad for so long that owners had stopped ordering new ships, and since a ship takes three years to build and every order is public, we could count exactly how many ships the world would have in 2026… and there weren’t enough.
When the strait closed, the biggest crude carriers went from earning as little as $36,000 a day to nearly $470,000 a day for a single run.
One tanker owner on our list is up more than 188% and just reported the best quarter in its history. Another is up more than 131%.
The industrial metals are following.
Base metals sat through that decade of underinvestment too, and now they’re on the government stockpile lists alongside energy and rare earths.
A zinc producer we featured is up more than 150% in under a year and is now in takeover talks with a much larger rival.
A tin miner is up more than 230% and trading at all-time highs. Tin is crucial for computer chips, and the market is only beginning to realize the metal is in a deficit.
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How a company makes the list
A company gets featured in Strategic Assets only when it is already profitable, carries little or no debt, and trades cheap against the cash it is generating.
Behind that bar sit five criteria:
- Low-cost production
- A rock-solid balance sheet
- Capable leadership
- A cheap price against earnings or asset value
- A catalyst the market hasn’t yet appreciated.
That last one is where the returns come from. For example, the market hadn’t bothered to reprice one small silver producer’s debt restructuring… and that’s what a 956% gain looks like when it noticed.
Every analysis starts with the balance sheet, then works through what the company earns, how cheap the stock is against those earnings, and the risks: commodity price, location, currency.
Every one ends with a buy-up-to price, the level past which the numbers stop making the case. We don’t chase share prices higher.
And don’t be caught in the trap of listening to permabulls who tell you to buy no matter what the price level is.
We are not married to a particular stock or trade, and we are not here to be cheerleaders. When silver turned euphoric this past January, we suggested readers protect their gains; silver peaked two days later and fell 40% in a single session.
What you get every month
Each issue of Strategic Assets delivers:
- The history. Governments have debased currencies, supply lines have snapped, and commodities have run the cycle of shortage and glut for centuries. Every issue opens with the parallel that matters right now.
- The current situation. What’s breaking in the world this month, and who stands to benefit.
- One full company analysis. The balance sheet first, then earnings, the risks, the catalysts, and a buy-up-to price.
- An investment insight you can reuse. How the shipbuilding order book reveals a shortage years in advance, when in a mine’s life to buy it, how to spot a market bottom from what companies do rather than what the price does.
- Updates on every past pick as earnings and news come out.
- The live table. Every stock we’ve ever researched, how it’s done since, and what to do today: hold, buy, or sell.
And markets don’t wait for a publishing schedule. When something needs attention between issues, you hear from us right away — that January note at the top of the silver euphoria went out two days before the peak.
Two more things worth knowing:
- If nothing on our watchlist is at the right price, we won’t say buy just to fill an issue; the worst thing for an investor is having to buy instead of waiting for a real opportunity.
- And we disclose which of these stocks we own — we never trade before an issue goes out, we give notice before we sell, and we take nothing from any company we cover.
My Personal Guarantee
Frequently Asked Questions
What are real assets?
Simply put, real assets are the most important and critical resources in an economy.
They include things like food, energy, essential minerals and metals, certain real estate, and productive technology.
Some people conflate “real assets” with “commodities” and we think that is intellectually lazy.
Certainly some commodities are absolutely critical and provide a vital function.
Oil is an obvious example. Without it, modern civilization doesn’t exist.
Sugar is a commodity too. But let’s be honest, the world would probably do just fine if there were less sugar. Hence, it is not a real asset.
The key question is, does it serve a vital function? If it does, it’s a real asset.
Why are real assets so important right now?
Because they’re the only reliable hedge against the inflation that inevitably comes from Washington’s runaway debt. Interest alone already eats almost 25 cents of every tax dollar, and the problem grows worse every year. History shows how governments “solve” this: by debasing their currency.
That’s why we’ve been pounding the table on gold for years. Central banks have been steadily dumping US Treasuries and hoarding gold instead—so much so that they now hold more gold than US government bonds.
It’s the clearest signal yet that confidence in the dollar is unraveling. As a result, gold prices have surged, and the companies producing it have rocketed even higher.
And while gold itself still has a very long runway ahead, gold companies are entering the final, supercharged phase of this cycle—when valuations rise dramatically as investors pile in.
That’s when big money starts taking profits, momentum stalls, and the window for outsized gains slams shut.
This is exactly why we see the next few months as critical—the last, most explosive stage before this phase of the cycle ends.
And it’s also why we’re already turning toward the next real asset sector that looks just like gold did a few years ago: undervalued, ignored, and sitting on massive catalysts that could ignite the next explosive run.
Why is inflation the key consequence of America’s massive national debt?
Throughout human history, governments have “solved” their debt problems by debasing the value of their currencies. In modern terms, that means that the Federal Reserve will likely create money at an astonishing pace.
Sadly this is far from unprecedented. They have a name for it. It’s called Quantitative Easing.
And through Quantitative Easing they created $5 trillion of new money during the pandemic.
The result of all that new money, as you most certainly remember, was the worst bout of inflation in four decades. And if the Fed printing $5 trillion created 9% inflation, how high will inflation get if the Fed has to print tens of trillions of dollars, to bail out the federal government?
Why are real assets such a great inflation hedge?
Central banks have the power to conjure trillions, or even tens of trillions of dollars, out of thin air.
But they do not have the ability to create a single drop of oil, a single square foot of farmland, a tiny scrap of gold… nor the power to generate ideas and disruptive technology.
It’s simple arithmetic. If a central bank creates trillions of dollars, and floods the economy with all that money, without a concurrent rise in the amount of goods and services that the economy produces, then prices are going to rise dramatically.
The central idea behind this thesis is to own the most important economic resources, i.e. real assets, primarily because they are both scarce, and vital.
Plus history tells us that real assets perform extremely well during inflationary times, as we saw both during the pandemic, and during the stagflation of the 1970s.
What if the US reverses this trend, and restores faith in the dollar. Will real assets suffer?
Reversing course would be enormously difficult. It would mean restoring faith in the government, in Congress, and in the Federal Reserve itself. It would require an end to the constant dysfunction in Washington, plus a reversal of hostile policies like tariffs and sanctions.
Even in that best-case scenario, though, the outcome would not be bearish for real assets. Quite the opposite. A genuine economic boom—built on sound money, rational policy, and renewed confidence—would send demand for energy, metals, and other critical resources soaring.
That’s the beauty of buying at the bottom of the cycle, when these companies are trading for just a few times earnings. The downside is limited, because you’re already buying them cheap. The upside, whether inflation rages or the economy genuinely turns around, is enormous.
What if there’s a remarkable economic recovery?
If the US national debt continues to surge on this unsustainable path, the central bank will likely “print” trillions if not tens of trillions of dollars to support the federal government. This will be extremely inflationary, and real assets should perform exceptionally well.
On the other hand, if the US is able to slash the deficit, and boost economic growth through deregulation, hence avoiding a debt crisis, real assets should perform well in that scenario too.
Remember, real assets are the economy’s most important resources. Energy, for example, will be in even higher demand during an economic boom. And this is the case with many real assets.
What’s the best way to own real assets?
Some real assets, like gold, are easy to buy in physical form.
In most places, it’s straightforward to buy bars and coins. And you can do this with silver, and a number of commodities.
It’s a lot harder to do with others. Good luck ordering a bunch of physical uranium to your house. You’ll probably get a knock at the door from the federal government.
Similarly, it’s hard to own productive technology… you could always buy patents directly, but the market is illiquid and lacks transparency.
In many cases, a far better way to own real assets is to own the companies which produce them.
Why is right now such a good time to buy real assets?
While many other assets—like the share prices of popular companies—have traded for shockingly high valuations, many real assets and the companies which produce them are trading at laughably cheap, historically low, levels.
Relative to financial assets (like popular tech stocks and other blue chips), in fact, real assets have not been this cheap in more than a century.
Does your Schiff Sovereign Strategic Assets focus on real assets?
Yes. This is our core investing ethos. But it’s more than just real assets.
We find extremely high quality, well managed real asset businesses that are already profitable, often paying dividends, and have pristine balance sheets.
They are also NOT mega-cap businesses, so they are often overlooked by mainstream investment analysts.
The idea is that we want to own the best companies in the real asset space that can thrive in any condition.
What do I receive as a subscriber to Schiff Sovereign Strategic Assets?
Subscribers receive a monthly research report, which starts with my personal macro commentary about what’s happening in the world, and how it fits into our investing ethos.
Then, based on this analysis, we will typically outline a new real asset business on our radar that meets our strict investment criteria.
We walk you through the market dynamics in significant detail, and why we see such growth, along with a deep dive into the company’s management, competitive advantage, risks, short-term growth catalysts, and more.
Plus, we also include updates on previous research. And if there are important events in between monthly reports, we send out special alerts as well.
We’ll also take some time to showcase some “Plan B” strategies, including international diversification options, that can give you optionality in the face of potential disruption—such as capital controls, cyber attacks, and massive tax hikes.
What if I don’t like it, or decide it’s not for me?
No problem, we’re not interested in keeping anyone’s money if they aren’t satisfied with our research and strategy.
We have an iron-clad 30-day money back guarantee if you’re not satisfied for any reason.
Join now as a Member of Strategic Assets.
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Yes, we know that means you could see the current issue, the full archive, and the live table for free. We don’t care. We’re confident that what you get month after month will make staying a no-brainer.
The thesis hasn’t changed since 2022, and it shows no sign of changing now. The government hasn’t stopped printing, the world hasn’t gotten friendlier, and new supply takes years to build.
Real assets are waking up… but this is still early innings.
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Schiff Sovereign: Strategic Assets provides independent research which should not be viewed as investment or tax advice, nor an offer to purchase securities.
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