Jesse Felder
Market Analyst & Publisher | The Felder Report | Former Hedge Fund Co-Founder
"Macro analysis of market bubbles and advocacy for gold as a hedge against overvalued financial assets"
Biography
Jesse Felder is a market analyst and financial publisher best known for his macro-driven commentary on market bubbles and valuation extremes. He co-founded a multi-billion-dollar hedge fund and spent over 25 years in the markets, including time at what he describes as the largest firm on Wall Street. For resource investors, Felder's relevance lies in his willingness to call out overvalued equities and advocate for hard assets — including gold and precious metals — when financial assets look stretched.
Felder's track record includes early warnings on the dot-com and housing bubbles, and he has been a consistent voice arguing that central bank stimulus inflated asset prices unsustainably. He publishes The Felder Report, where he blends value investing, technical analysis, sentiment research, and macroeconomic analysis. He also hosts the podcast Superinvestors and the Art of Worldly Wisdom, where he interviews prominent investors and market thinkers.
His approach to commodities is indirect but useful: Felder evaluates gold and miners primarily as a hedge against monetary debasement and equity market risk rather than as standalone resource plays. He has argued that when equities are historically expensive relative to hard assets, precious metals and the companies that produce them become compelling on a relative value basis. Investors looking for macro context on when to overweight gold and miners will find his work relevant, though he is not a geologist or mining specialist.
Today, Felder focuses on what he sees as one of the largest valuation disconnects in market history, driven in part by AI enthusiasm. His current work suggests investors consider gold and precious metals equities as portfolio ballast. Resource investors should treat him as a macro timing tool — someone who can help identify favorable environments for hard assets — rather than a source on specific mining projects or companies.
Videos (2)
SILVER Manipulators To Be 'Overrun' as Rush Into Metals Sends Prices Soaring: Ed Steer
- Top takeaway Felder presses Steer on the 2026 silver supply deficit of 46 million ounces and whether the physical shortfall can overwhelm paper-market suppression by the bullion banks.
- Felder raises the Rand Paul Fort Knox walkthrough, references his recent on-air interview with James Rickards on gold revaluation, and questions whether the Fed and other Western central banks will ever reprice their gold.
Ed Steer says bullion banks are capping silver more brazenly than in 25 years — using spoofing and bid-pulling to hammer back rallies. A sixth straight supply deficit — ~46 million ounces projected for 2026 — meets Chinese exchanges quietly absorbing another 53 million ounces since February. Steer reads a persistent ~13% Shanghai-COMEX premium as proof physical and paper silver are pricing the metal in two different markets. Mining equities are 'horribly undervalued' in Steer's view — share prices actively managed down since September 15, 2025, even as producers print record earnings. Steer expects just one to three percent of the public shifting into gold and silver to overwhelm the manipulators within roughly 18 months.
AI Demand Is Slowing Faster Than Wall Street Thinks | Jesse Felder
The guest argues AI demand forecasts built during a subsidized "token maxing" phase overstate how much data center compute the market actually needs. Token-based pricing exposes AI's true cost, and the speaker says demand is already dropping off as businesses face real expenses. On-device AI on machines like Apple's Mac Mini reduces dependence on hyperscale data centers, lowering projected infrastructure requirements. A reported data center project hold at a customer's request is read as an early signal that hyperscalers may be overbuilding. The speaker compares AI to the railroad boom, which turned to bust once builders recognized they had built more capacity than demand required.
Key Quotes
"We had the dot-com mania, and that was great for the economy until it bust. And then we had to engineer a housing bubble to try and rescue us from the dot-com mania bust."
— The Acquirers Podcast interview
Key Works
Investment newsletter combining value investing, technical analysis, sentiment research, and macroeconomic analysis
Podcast featuring interviews with prominent investors and market thinkers on investment philosophy and market outlook
Specializations
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