Debasement Hedge: Bullion, Miners & Cheap Oil

Opened in May 2025 as a real-asset counterweight to a tech-heavy main portfolio. Thesis: central banks bought more than 1,000 tonnes of gold for the third year running (World Gold Council, Gold Demand Trends FY2024, 5 Feb 2025), gold broke $3,500 in April (WSJ, 22 Apr 2025) and Moody's has just stripped the US of its last AAA rating (Reuters, 17 May 2025) - the debasement trade is not over. Miners still trade at depressed multiples versus spot, silver sits at a gold:silver ratio above 100 while the Silver Institute reports a fifth consecutive supply deficit (16 Apr 2025). I add XOM/CVX as a contrarian dividend sleeve with oil at four-year lows after OPEC+ accelerated hikes (Reuters, 5 May 2025). Balanced risk, 3-year horizon; this is not a trading book, no leverage, no juniors.