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It is a curious thing, this vulnerability of even the most formidable enterprises. One might observe a certain hubris in the market’s prior valuations, a tendency to extrapolate present success into an infinite future. Microsoft, like all organizations, is subject to the immutable laws of consequence, where every action, every innovation, carries with it a corresponding reaction. The question, therefore, is not simply whether the stock will recover, but whether the underlying foundations remain sound. The company is due to report its second-quarter earnings on January 28th, and it is to this moment that our attention must turn.

Both funds are aiming for that sweet spot of ‘not-too-risky’ and ‘maybe-a-little-income’. Which, let’s be real, is the financial equivalent of hoping for a mild headache. It’s not ideal, but you’ll take it over a migraine. I’m going to lay out what I see, because frankly, someone needs to be honest about these things. And I’m feeling particularly… direct today.

Both instruments, it must be said, offer a glimmer of participation in this age-old fascination. However, to equate the two is akin to comparing a well-fed bear to the idea of a well-fed bear. GLD, bless its simple soul, merely reflects the price of the metal. GDX, on the other hand, is a tangle of companies, a congress of prospectors and engineers, each with their own ambitions, inefficiencies, and… let us say, creative accounting practices. A far more complicated affair, naturally.

Both ETFs, you see, are built on the premise that people must eat, drink, and maintain a basic level of hygiene. It’s a fairly safe bet, historically speaking. But the devil, as always, is in the details—and, in this case, the expense ratios. The question isn’t simply what people buy, but how efficiently you can profit from their predictable behavior.

Both VGIT and IGIB deal in intermediate-term bonds, which sounds…substantial. Like something you’d need a small crane to move. But it’s just debt. People lending money. The difference, and it’s a crucial one, is who is borrowing. VGIT sticks with the U.S. Treasury, which is about as safe as it gets. It’s like lending money to a very large, slightly grumpy uncle who always pays you back, eventually. IGIB, on the other hand, dabbles in corporate bonds. Companies. Which, let’s be honest, are considerably more likely to go bankrupt and leave you with nothing but a strongly worded letter.

The question, naturally, isn’t whether the problem exists – anyone who’s tried to buy concert tickets lately knows the answer to that – but whether Worldcoin is the answer. Is it a shrewd investment, a potential moonshot, or simply a particularly shiny distraction in a market full of them?

Hoskinson’s logic, stripped of the blockchain jargon, is pretty simple: supply and demand. Groundbreaking, I know. Demand is, apparently, through the roof. Institutional investors are piling in, because, you know, FOMO. We’ve got Michael Saylor’s Strategy (MSTR +1.32%) basically using company funds to buy up all the Bitcoin. It’s like a digital Beanie Baby collection, but with potentially slightly more…utility. And now even the U.S. government is considering joining the party, tentatively planning a “Strategic Bitcoin Reserve.” Which is a phrase that just feels… ominous, somehow.

January to April? A bit of a wobble, actually. Down 17%. I started to think, “Okay, sanity is returning.” But then May happened. Honestly, I suspect someone slipped something into the company coffee. First-quarter results dropped, and suddenly, boom. Shares jumped 51%. They beat analyst expectations, sure – $15 million in sales, a tiny bit of profit (finally!) – but let’s not pretend it wasn’t a bit of a miracle. Dr. Baratz called it “significant.” I’d call it… interesting. Like finding a tenner in an old coat. You’re pleased, but you still don’t suddenly think you’re rich.

The stock chart, a fascinating visual representation of hope and regret, clearly demonstrates how quickly capital can evaporate. But beneath the surface, Chewy is… progressing. Revenue increased year-over-year in Q3 2025, and profits grew at an even more encouraging rate. This is good, obviously. But before rushing to embrace the canine-and-feline-themed financial future, a few considerations are in order.