A stock that holds up is not the one that falls the least today. It is the ounce whose cost is still far under the new price, after you take out the hedge, the partner, and the capital the all-in number left out. ...Read More
The metal settled under $4,100. The headline asks you to pick a forecast. A forecast is not in the print. The test is the cost of the ounce the company still owns, and whether that ounce was sold. ...Read More
The bank lifted a 2027 average by $1,600 a tonne. Cash copper is already near $14,500. The gap is small. The mines are not. A forecast pays a tonne. A share gets paid only for the tonnes that leave the mill. ...Read More
They did not slide at the close. The iShares trust finished up 14 cents. The Sprott trust finished up 3 cents. The futures contract settled down half a percent, and the real drop is the one from January. A dip is a print. If you cannot name the print, you are not buying a dip. You are buying a mood. ...Read More
They did not slide at the close. The iShares trust finished up 14 cents. The Sprott trust finished up 3 cents. The futures contract settled down half a percent, and the real drop is the one from January. A dip is a print. If you cannot name the print, you are not buying a dip. You are buying a mood. ...Read More
The banks kept adding metal in a month when the price was already off its high, and the price kept falling after that. A central bank buys a bar for its own reserve. It does not buy your share. The five names below are types of mines and claims. They are not a list to purchase because a reserve manager in Warsaw or Beijing added tonnes. ...Read More
Gold a little above $4,100 is not cheap because Brent is back near $110. Oil is lifting the inflation print. The inflation print is lifting the yield. The yield is what a metal that pays no interest has to beat. A dip is a price. It becomes a buying opportunity only when the reason for the fall stops. ...Read More
Simon Catt turned five thousand dollars into a hundred thousand on a tip, then lost the lot, and his parents' retirement money with it. Forty years later his rule is short. Write down why you bought. Sell half when it works. Most mining shares are for rent. ...Read More
On Monday in London, Canada's energy minister said the metals world had entered the largest investment supercycle in its history. The last cycle people can point to was a decade of Chinese building. This one, so far, is a sentence, and a bill that has not become law. ...Read More
August has two numbers. Goldman Sachs estimates 79 tonnes. The World Gold Council counted 39 tonnes that central banks reported. The Dutch bars that changed cities were not new demand. A mining share does not collect a tonne. It collects the gold price minus the cost, if the ounces show up. ...Read More
The $700 billion is what a survey says people might hold if trust, access, use, and price all get fixed. The market today is $45 to $55 billion. A token is a claim. The bar stays in a vault, or it does not. ...Read More
The headline number is a lower average for a whole year, and the bank's own path steps down after it. A stock does not collect the average. It collects the price minus the cost, if the ounces show up. ...Read More
He did not hand anyone a futures ticket. He meant borrow dollars against a hard asset, spend or invest the cash, and keep the asset. The loan can take the asset first. ...Read More
He sold the bank stocks because credit costs were turning. Gold was a small, uneven bet beside income, not a swap for the lenders. ...Read More
The price is still arguing with the Fed. The bars already changed cities. August was either 79 tonnes or 39, and the Dutch mostly sold gold in New York and bought it in London. ...Read More
The $1.8 billion is Australian dollars of equity, struck off a Friday share price. The mine it points at is a pathway to 5.5 million tonnes, and the deal is not closed. ...Read More
The rebound is $1.42 off a two-day-old low. It paused on Monday. A pause cannot put five Canadian silver miners back in focus. ...Read More
Bullion's upside is the change in the ounce. A miner's upside is that change times a margin, then cut by costs, currency and yields. Monday the margin cut the shares harder than the metal. ...Read More
The October contract lost $20.50 and closed under the round number in the headline. The miners fell harder than the metal. Benefit is a word for a rise that has not arrived. ...Read More
Brent fell about $2 in early trade after a Russia waiver. Gold added a few dollars. Import prices just rose 8.1% in a year. A morning is not a recovery. ...Read More