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

There is an old trading story about sardines, and it's surprisingly relevant to silver today.During the gold rush in the late 1800s, miners were striking it rich in remote parts of Alaska.But supplies were scarce and expensive. Eventually a large market for basic goods developed, and some suppliers spent more time trading food for profit rather than selling it for consumption.Sardines were in high...Read More

Every so often, Wall Street rediscovers something that's been sitting in plain sight for years. Right now, it's rediscovering the American consumer. Specifically, the consumer is leveraged to the hilt, running out of oxygen, and basically holding up 70% of the U.S. economy with a credit card that's already maxed out.And the craziest part? Most people think we're safer because housing isn't blowing...Read More

After World War 2, the U.S. emerged as the only major power with its industrial base intact.Europe, the USSR, and Japan were all devastated.The Soviet Union alone had 26 million deaths due to the war. The rest of Europe had approximately another 20 million. Japan lost around 3 million.All the major powers' infrastructure had been annihilated. Except for America.Even before the war, the U.S. was th...Read More

Inflation is a demon. A thief that steals the fruits of our labor.The primary cause of inflation is growth in money supply. More money sloshing around = higher prices, all else being equal.See the chart below, which shows how America's money supply grew a shocking 41% from March 2000 to March 2022.Source: Gov_Fails on XDuring the pandemic the government unleashed unprecedented stimulus. The CARES...Read More

In recent newsletters, we've been critical of aspects of President Trump's foreign policy.But he does deserve significant credit here at home. We've already covered his important work in streamlining the permitting process for drilling and mining projects.Today we're going to discuss another area where the President has made good progress. Reversing the negative effects of DEI, and putting America...Read More

What's that sound outside? It's Santa Claus, bringing gold, silver and cash flow into a sweet package of Christmas cheer. Okay, so he's a couple of weeks early. Just enjoy it. Never turn down a good deal. So, what's happening? Well...What's in Santa's sack? Early 1900s image from Library of Congress.This Monday - aka "yesterday" - news hit the wires that two superb precious metal exploration and d...Read More

Before Russia invaded Ukraine in 2022, we had very little insight into what modern warfare would look like.How would hypersonic and cruise missiles perform? What impact would drones have on the battlefield? How important is artillery in modern warfare? How relevant are tanks? And what about electronic warfare?All these questions have been answered by this war.Today let's review what we've learned...Read More

The Organization of Petroleum Exporting Countries (OPEC) announced at the end of November that it would leave oil production levels flat in the first quarter of 2026. That's an unusual move for the cartel, which usually announces cuts in the face of falling oil prices. And that's our current scenario:However, even with a predicted glut in 2026, the cartel didn't threaten to cut production. That's...Read More

With the War in Ukraine now approaching its fifth year and possibly reaching a climatic stage, it's timely to offer an overview of the situation.This overview has three vectors - the situation on the battlefield, the corruption scandal rocking Kyiv, and the prospects for the success of the Trump peace plan. The thread that connects these three vectors is the role of the Russian Federation and spec...Read More

Two months ago, I made the case that DEI was ironically the best thing that ever happened to white guys. The week after, I elaborated after a subscriber wrote in with a genuine concern.I follow up now because Zero Hedge dropped a bombshell, reporting that America desperately needs half a million highly skilled workers just to keep basic national functions running.For too long, America has construc...Read More

Fortune Magazine reports:Wall Street strategist explains today's political rage with a poverty line that should be $140,000 and the 'Valley of Death' trapping people below it.Analysts believe the election of Mamdani in New York City hinged on the 'affordability' issue.The feds report decent numbers unemployment, inflation, GDP etc. But out on the street, it's becoming more and more difficult for...Read More

Our brains are not naturally wired for trading or investing.We are built for simpler things. Hunting, farming, building, and raising children.So the modern investing landscape can be a nightmare for the human psyche.Today we have the ability to trade nearly any asset, instantly, for free. For a fee, we can use leverage in the form of margin or options.This is a remarkable technological achievement...Read More

From Paradigm Press, we hope that you had a good Thanksgiving holiday. It's December, the year is winding down, and let's get straight to business because there's much to discuss.Today we'll focus on the utter disaster that is U.S. shipbuilding in general, and Navy shipbuilding in particular. It's a mess, as we'll see below. And yes, it's President Trump's mess although it's more than fair to say...Read More

As America enjoyed a long Thanksgiving weekend, something big was happening with silver.The precious metal jumped higher on Friday, rising almost $4 to around $55 per ounce. A fresh all-time high.Interestingly, in the middle of this incredible run, the CME futures exchange shut down completely. Apparently it was due to a cooling issue at a data center, but the timing does seem strange.Many preciou...Read More

The story of the world's first IPO is a wild one.The Dutch East India Company (VOC) was founded in Amsterdam in 1602. Over the next hundred years, the VOC would dominate trade with Asia, wage multiple wars, commit genocide, and build monopolies. Along the way they sold gobs of spices, silks, and opium.But before all of that could happen, the VOC's founders needed to raise money. So in 1602 the Dut...Read More

Last week's surprise release of a draft Ukraine war peace plan has raised hopes that the nearly three-year bloody conflict may finally come to an end. Ukraine has suffered horrible losses that may change the demographics of that country for decades to come.If this peace plan can be negotiated in a way that satisfies all sides and the guns finally go silent, I will be the first to cheer. However, t...Read More

If I looked you in the eye and told you the Rocky Mountains don't exist, you'd think I was crazy.But give me time, and I could make you believe it.I wouldn't need threats or force. I wouldn't really even need a good argument.All I'd need is steady, confident repetition. The kind that comes from the voices you already trust.Say, you lived out on the eastern plains of Colorado. The land is flat and...Read More

On October 31, 2025, the U.S. government agreed to arrange financing of $80 billion for Westinghouse Electric's new nuclear reactors. This is a huge deal for Westinghouse' owners, giant uranium miner Cameco (NYSE: CCJ) and Brookfield Renewable Partners (NYSE: BEP).The deal's announcement sent Cameco's shares soaring, as you can see here:Under the agreement with Westinghouse Electric, the U.S. gove...Read More

"Can I help you, sir?" The young guy behind the counter was very polite."Yes, please," I replied."I'd like a couple of those salmon filets," and I pointed to a tray behind the glass.Salmon filets. Courtesy the Fresh Market store."Absolutely," said the man. "Great choice, by the way," he added.I smiled. "You sound like the server in a restaurant. Whatever you order, they say 'Great choice.' I guess...Read More

'Perhaps there is still time to defeat history.'-Daniel OliverMr. Oliver must be an unreconstructed optimist. An un-mugged Democrat. A man enjoying his first vote...or his second marriage.The history he is referring to is the one we know so well. It is the history of booms and busts...and of great nations laid low by the 'fatal conceit' of their leaders.All bubbles burst.All paper currencies becom...Read More