The precious metals all soared in 2025, and while a continued monetary expansion and geopolitical risk could still drive gains especially for gold in 2026, a pullback in silver, platinum and palladium is possible after recent partly speculative surges.Read More

The AOCE and WB have moderate overall forecasts for the metals in 2025 inline with IMF forecasts for a decline in economic growth and inflation, although we see the probability of a stagflationary scenario as still reasonably high.Read More

The past year was a difficult one overall for the metals, with the main standouts to the upside being a geopolitical risk-driven gain in gold, a China-driven rise in iron ore and a surge in uranium on broadening global support for nuclear power (Figure 1). A jump in global interest rates to near two-decade highs saw recession fears persist all year, and while one still did not actually eru...Read More

This year the post-global health crisis boom was brought to an end by a surge in inflation to forty-year highs, a major rise in global interest rates in an attempt to curb the rising prices and surging geopolitical risk after Russia's invasion of Ukraine. While precious metals held up reasonably well as markets turned to them as a risk hedge, by Q2/22 the higher interest rates put an end t...Read More

Chile is the world leader in copper production, at 28.5% of the total in 2020, and this looks set to continue, with the country having the largest global reserves, at 23.0% of total. It is also the global leader for molybdenum, which is often found along with copper, and is a major lithium player, holding 51.1% of global reserves. Read More

Newfoundland has become a gold exploration hotspot over the past few years, with the sector seeing some of its strongest activity ever. While the province remains a small contributor to Canadian gold production, it has a substantial mineral industry well supported by the government, focused on iron ore, copper and nickel, and the surge in exploration suggests that gold output from the...Read More

Nevada is the core of the U.S. gold output, accounting for by far the majority, at 75.4% on average for the past year. The state looks set to remain a dominant player in U.S. gold, as it accounts for 49% of total U.S. reserves, with Alaska slightly ahead with 51% of reserves, but just 8.6% of current production. The U.S. accounts for 6.1% of global gold output, making Nevada one of the largest gol...Read More

The Golden Triangle in northwestern British Columbia has historically been a major site of Canadian gold production, beginning as early as the mid 1800s. There was a wave of production in the 1990s which cooled as the gold price declined, but larger scale production resumed in 2017, and the area has seen surging exploration interest over the past year, given that the region has some of the largest...Read More

In this report we outline the Quebec gold mining industry, including its major producers, and a survey of many of the junior miners focused on the province. Quebec accounts for 34% of Canadian gold production (second to Ontario, with 44%) and remains a major focus for both producers and junior miners.Read More

Red Lake has been one of the most prolific gold mining districts in Canada and the world, with exploration having started in the 1920s, and production, which began in the 1930s, continuing to the present day. The district is known for the high grade of its gold, its infrastructure, and strong institutional support, given the long history of mining in the area.Read More

Our specialty is forecasting. We use multiple branches of science in our predictive analytic models including complexity theory, behavioral psychology, Bayes Theorem, neural networks (a form of artificial intelligence or AI), inference, subject matter expertise and good old-fashioned intuition to arrive at the market and geopolitical predictions we offer our readers.Our track record speaks for its...Read More

Last spring, I thought the tech/AI bubble was bursting.That was wrong, or early. Same thing really.I suggested increasing exposure to precious metals and emerging markets.It's worked out well so far. Hard assets and EMs have outperformed significantly.But now a tech crash could once again be on the table. And it threatens to drag everything down with it. For a while at least.Let's dig into why sof...Read More

Today, we'll discuss what happened to gold, silver, metals and mining shares last Friday, and how you should play this game from here. (And as I do the last edits on this article on Tuesday morning, silver and gold prices are both up strongly.)First, I'll note that yesterday was Groundhog Day. And surely, you've seen the movie of that name starring Bill Murray, right? It's classic Americana.Punxsu...Read More

Silver is known as "poor man's gold". A better name would be "everyman's gold".But the name stuck, so let's embrace it.Today we're going to look at what could be called "poor man's silver".Copper.All over the world, people are stockpiling copper bars. The screenshot below is from Chinese social media app Rednote:Source: AFRThere are many videos on these platforms encouraging people to buy copper b...Read More

After a major correction on Friday, gold and silver are dipping again.As I write, silver is trading at around $81/oz and gold at $4,708. Both are still trading above their Friday lows, which is noteworthy.And to keep things in perspective, silver is now trading at levels first reached on... January 9th, 2026. And gold is trading at levels last seen on... January 20th, 2026.Clearly, the bull market...Read More

On August 24, 2006, I joined Dr. Steve Sjuggerud on a trip to Tennessee. He asked me to come with him to visit a zinc smelter, of all things.For those of you who don't know Dr. Steve, he was one of the most successful newsletter writers and investors ever. He retired from Stansberry Research to surf, invest, and live the good life.He wanted to go to Clarkesville Tennessee because the company, Zini...Read More

Gold, silver, and miners are finally dipping after an insane run.Red days are no fun, but this is healthy for long-term bulls. We needed to slow down and consolidate gains. The move was too far, too fast.If you're looking to buy, free up some cash and be patient. This drop could be substantial. Although lately, every dip in gold and silver has been bought with a vengeance. We'll have to see if thi...Read More

One free weekend last May, Pam, Micah, and I decided to take a ride to Bologna, in Emilia-Romagna, a mere three hours by car from our home in Il Piemonte.Friends had told me that Bolognese cuisine is beyond compare, but I wasn't all that excited. Yes, I love Parmigiano Reggiano, Grana Padana (another hard cheese), and balsamic vinegar, all from that part of Italy.But Bologna is also home to the ol...Read More

Well, it's finally here.A major correction in gold and silver. It's pretty gnarly out there.A big dip was inevitable, as we've mentioned a few times lately. Metals have come a very long way in a very short time.But the sharpness of this move has surprised me. As I write, silver is down about 27% on the day to $83. Oof.Thankfully, gold is "only" down 11% and miners are down around 14%.At times like...Read More

Did you believe Jim Rickards when he coined the phrase "Mar-a-Lago Accord"?Did you believe Stephan Miran when he actually wrote the Mar-a-Lago Accord?If you did, you're way ahead of Wall Street. And lightyears ahead of Main Street.No one really believed until two days ago. Not Wall Street. Not the City of London. Not Tokyo, Hong Kong, or Singapore.That's when The Donald told the world the dollar w...Read More

In March of last year, I wrote an article titled "Silver's 3x Upside".Silver was trading at $34.33 at the time.I expected the move to $100 to take until 2028, maybe even longer.Instead, silver shifted into vertical mode during the second half of 2025. It's currently trading at $111.69 per ounce, after briefly reaching $117.Lately, even I've been questioning whether it's time to take some profits.B...Read More

Silver closed trading today in Shanghai, China at $131.31/oz.That's $16 over the U.S. price.During this bull run, China has led the way. As we discussed yesterday, that's where the bulk of silver demand comes from.Silver is still primarily an industrial metal. As the best conductor of electricity, it's highly useful in electric vehicles, solar panels, and even modern weapons systems.We've covered...Read More

"Never open your article by talking about the weather."That' advice comes from one of the high priests of editorial writing, Mark Ford, who ran a bootcamp for writers which I attended long ago. I've not forgotten what he said, so I try to stick to my wheelhouse which is economic issues, energy, metals, geology and military stuff, and various related subjects.But today? Well... Today the weather IS...Read More

We need to talk about the difference between physical gold and gold miners.Physical gold, the actual metal, is insurance. Unlike a country's currency, gold is an asset without being someone else's liability. That means it can't be frozen or sanctioned by another country. That makes it the asset of choice for financial institutions when there is risk of currency debasement and inflation.Inflation s...Read More

My goodness...Gold and silver just keep going.Silver just hit $101/oz, while gold rose above $5,000/oz.Two huge milestones in a single day.For silver, we described this move pretty well as it developed. Industrial demand is soaring from electronics and solar panels. And now that investors are jumping on board, this explosive move is the result.But gold is arguably sending an even more urgent messa...Read More

The World Economic Forum (WEF) is taking place in Davos, Switzerland, this week.Presidents, PMs, CEOs, bankers, and other "elites" have hopped in their private jets to lecture us peasants about climate change. And of course there will be plenty of plotting, scheming, and discussing geopolitics.Having so many swamp dwellers packed into such a small area only happens once a year.Given the chaotic st...Read More

If Ibn Khaldun parachuted into Washington in 2026, he wouldn't ask for directions. He'd ask for a whiteboard.The man spent the 14th century explaining why empires rise, rot, and fall apart under their own weight.The awkward truth? His framework maps onto modern America a little too cleanly.Debt binges. Bloated bureaucracies. Culture-war bread and circuses. Elites who talk about "the people" the wa...Read More

My old friend Steve used to write stories about "Old Turkey". He was a character from Jesse Livermore's Reminiscences of a Stock Operator.Old Turkey was known for his patience in a bull market. Because the hardest thing for most investors to do is nothing. His advice was always to "sit tight" and don't sell during a bull market.When younger traders would tell him to sell and buy back in cheaper, h...Read More

Ancient skulls often have perfect teeth.This may seem strange.Because for 99.99999% of human history, we didn't have toothbrushes or braces. No orthodontic surgeons to remove wisdom teeth.So how were ancient people's dental health so good?Much of the answer lies in how they were used.Gnawing on bones, chomping cartilage, and chewing on roots from a young age.These actions create small stresses whi...Read More

It's been exactly a year since January 20, 2025, when Donald Trump was sworn in for Term 2.0 as President.Today we'll look both back and ahead. We'll consider key events from the past 365 days, and what we can expect could happen next.And right up front: If any modern American President has ripped away the political Band-Aids and exposed the raw, bleeding, longstanding, unhealed, infected, suppura...Read More