Photovoltaics are using fewer ounces per watt. Data centers are using more ounces in the rack. Neither fact is a coupon. A miner is still a cost curve and a share count. ...Read More
Could is the operative word. Leverage is not a gift. A miner is a business. A barrel is a barrel. Confusing those two is how a diversification slide becomes a drawdown. ...Read More
Precious metals took a rates punch. Copper ignored it. The sector that added hundreds of billions in August just remembered that Friday still belongs to the Labor Department. ...Read More
Payrolls reopened the hike. CPI decides whether it stays open. $4,500 is last month's ceiling, not a coupon. A selloff is not automatically a dip to buy. ...Read More
The fast clock is August CPI. The slow clock is the deficit. $70 is last month's handle, not a coupon. A pullback is not automatically a dip to buy. ...Read More
Licences were the 2025 tool. Named-company bans were the June tool. Quiet refusals to ship are the September tool. Equity is a claim on a separator, not on a headline. ...Read More
Payrolls printed 162,000. The metal flushed under $65 and closed nearer $66. That is a rates washout, not a verdict on the deficit. It is also not a coupon that says "buy." ...Read More
The report is August inflation, released in September, five days before Chair Kevin Warsh's committee votes. Payrolls already reopened the hike door. CPI decides whether it stays open. ...Read More
Reported official demand slowed to 23 tonnes in July. China and Poland still bought. Russia still sold. The World Gold Council's own survey still says officials intend to add. A down month is a print. It is not a regime change until it repeats. ...Read More
Official gold is still being bought. It is also being relocated. Those are different trades. One adds ounces. The other decides which legal system sits on top of the bar. ...Read More
The six-minute Oval Office answer mixed real frictions with bad numbers. The part that should worry a mine, a mill, and a bank in Toronto is not the nickname. It is that Ottawa spent a decade making the U.S. market more necessary and the alternatives slower. ...Read More
On Mining Stock Education, Bill Powers got the post-symposium debrief: paid crowds, posse diligence, a woman with a hundred tickers and a day job, and a reminder that net present value still beats narrative including the deep-sea kind. ...Read More
The shortage that matters is separated heavy oxides and magnets, not another press release about a carbonatite. November 10 is on the calendar. A gold-stock keyword list is not. ...Read More
The metal still does the old job on a jobs-and-Fed Friday. The new job is a 24-hour claim on a vaulted bar that can be split, pledged, and sent across a border without a Brinks truck. Whether that job adds ounces or only rearranges them is the actual question. ...Read More
Payrolls printed 162,000. Hike odds jumped toward 60%. Gold tagged $4,365 and recovered toward $4,420. Bitcoin lost the $80,000 handle. The dip is real. So is September 16. Those are not the same trade. ...Read More
Wednesday's 3.9% lift took futures from the mid-$1,760s through $1,840. Thursday's jobs beat took the shine off. The metal is still above $1,800. The deficit is still on the books. Those two facts do not answer the same question. ...Read More
The question was written before 8:30 a.m. Eastern. The answer arrived with the print: 162,000 jobs, hike odds back near 60%, silver through $67 to $64.74, then a bounce toward $66. The $67 line did not hold. Whether $64-$66 is a restock is a mandate question, not a headline. ...Read More
De Nederlandsche Bank shifted 86 tonnes from North America to the Bank of England between March and August, and only said so after the trucks and the book-entries were finished. France already emptied New York by selling old bars and buying London-good metal in Europe. Goldman is telling clients the map of vaults now matters as much as the tonnes. Ottawa is on that map. ...Read More
Christopher Louney is not calling a new all-time high tomorrow. He is leaning toward RBC's high scenarios $4,929 an ounce by year-end 2026 and $5,296 in 2027 and saying the $4,500-$5,000 band should do most of the work from here. De-dollarization is the slow variable. Payrolls are the fast one. ...Read More
The bank's base case is official buying plus a milder rate path. Call-option demand is the extra term: dealer hedges can accelerate a rally toward strikes and accelerate a decline if those hedges unwind. The $4,900 Goldman Sachs gold price target does not include that amplifier. ...Read More