That old line — you either own paper or you own hard assets — made sense in a world where inflation cycles were shorter, balance sheets were smaller, and capital still respected gravity. I heard it constantly when I started in this business back in 1982. You picked a side. Paper meant you thought growth was coming. Hard assets meant you thought trouble was coming.What’s changed is not the rule, but the environment it operates in.As we head into the final stretch of 2025, both stocks and precious metals are ...