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

What a year for gold and silver bugs!Precious metals and mining stocks have surged higher.Gold led the move, with global central banks driving demand.Silver followed on a delayed schedule, but is now rocketing up towards its all-time high of near $50.And over the past few months, miners have soared. With bullion prices high, and fuel costs low, mining stocks are churning out cash flow.My favorite...Read More

For however long the government shutdown lasts, 750,000 federal employees will have to do without paychecks.Meanwhile, Congress, those noble guardians of our Republic, will continue getting paid. We can rest assured that Nancy Pelosi and Chuck Schumer will still be able to put food on the table.Here in Maryland, the shutdown is a big deal. Our state is home to 60 federal agency buildings and 14 mi...Read More

Happy September 30th. As Q3/2025 winds up, some things are glaringly apparent, and other things are not so clear. What will President Trump say today to those 800-plus generals and admirals that have been summoned to Quantico, Virginia? And what happens if (when) the federal government shuts down tonight? We'll just have to wait and see...Meanwhile, let's discuss precious metals because, if you've...Read More

In my first column after the events of Jan. 6th, 2021, I criticized those who called the protest a "coup," pointing out that, "Some of the same politicians and bureaucrats denouncing the ridiculous farce at the Capitol as if it were the equivalent of 9/11 have been involved for decades in planning and executing real coups overseas. In their real coups, many thousands of civilians have died."The me...Read More

What's the latest breakthrough in artificial intelligence (AI)? The answer may surprise you.We're all aware of the boom in AI-related stocks, AI technology and unrelenting news coverage about AI. You can't open your browser without reading about AI and you can't glance at your stock ticker without noticing the extent to which stock prices have been driven by AI company valuations. That boom may be...Read More

Over the past 10 years, a $10,000 investment in the S&P 500 would have grown to around $38,260. That's based on the SPY ETF with dividends reinvested.But the tech-heavy Nasdaq 100 would have turned every $10,000 into $58,866 over the same period. That's based on the QQQ ETF and also assumes dividends are reinvested.Historically speaking, these are abnormally high returns. Instead of the 8% per...Read More

After I woke up from a long sleep last Saturday morning, fresh back from my trip to Saudi Arabia, I went downstairs to make myself a fresh cup of coffee. It was a fine morning, as some leaves had already fallen in a sign that Autumn was just around the corner. Although the sun shone brightly, the temperature was pleasantly cool. From my seat in the kitchen, I looked up at the arched brick ceiling...Read More

Is China a rising power or a falling star? The answer is both. The most important geopolitical question in the world today is, which one of those trends will dominate? Will China rise to true great power status with a developed economy, high-value added manufacturing and military parity with the U.S.? Or will China collapse into political chaos as it has many times in the long history of its civil...Read More

I've never seen anything like this in my life, and I've been around for a while. Plus, from my reading of history nothing like this has occurred in the U.S. for many decades, maybe a century or more. But something big just happened in America. It affects culture and politics, investments and money, and it behooves us to wrap our collective brain around what occurred.It's the Charlie Kirk story, an...Read More

Warren Buffett famously says that if he were managing a mere $1 million, he could achieve 50% annual returns.It may sound crazy at first, but trust me, Uncle Warren is onto something here.This is the full quote, which was from a Q&A at the 1999 Berkshire Hathaway annual shareholder meeting.“The highest rates of return I've ever achieved were in the 1950s. I killed the Dow. You ought to s...Read More

President Trump is staying true to his “America First” agenda.His mission to use our nation's vast, untapped mineral resources to simultaneously address the nation's gargantuan $37.5 trillion national debt will free us from our widespread reliance on Chinese rare earths and other resources.Earlier this year, the president has already issued executive orders to access our nation’s...Read More

In 1964, U.S. minimum wage was $1.25 an hour.That's 5 quarters, which at the time were made of 90% silver. There was 0.18 oz of silver in each coin.With silver priced at $44/oz today, the melt value of those 5 silver quarters is now $39.So minimum wage in 1964 was equivalent to $39 an hour today, as priced in silver.1964 would be the last year that U.S. quarters and dimes contained silver. The hal...Read More

In the early days of oil exploration, incredibly rich formations were discovered just underneath the surface.In Texas in 1899, a company was formed to drill the Spindletop field, an area known for oil and gas seeping out of the ground.Drilling was still a new science, so it took a few years to strike the oil. But once they did, oh boy...The Lucas Gusher, as it became known, spewed out around 120,0...Read More

Yesterday President Trump announced he would designate Antifa as a "major" terrorist organization.He called the group a "sick, dangerous radical left disaster".An accurate description.POTUS said he would recommend that Antifa's funders be "thoroughly investigated".The right celebrated on social media, joking about George Soros being perp-walked like Hannibal Lecter.Everyone on the right despises A...Read More

Two big dots debt and war. Both are growing. What's the connection?Today, the Fed lowered interest rates, making debt more attractive. Fortune:On Sunday night the president told reporters: "I think you have a big cut" to come out of the Federal Open Market Committee (FOMC) meeting this week. He added: "I don't think he can help but cut. It's perfect for cutting."Trump has been pressuring Powell...Read More

U.S. Attorney General Pam Bondi is easily President Donald J. Trump's worst appointment.I honestly don't know how he could get it so wrong. Bondi has done nothing worthy of note, other than saying she's going to do something of note. No Epstein files. No disclosure of her lobbying work was made during the confirmation process. And now this, perhaps the most disgraceful of all.Hey, Pam! The United...Read More

As a nine-year old kid, I distinctly remember learning that a Mickey Mantle rookie card had sold for $60,000 at auction.That was the beginning of an obsession with baseball cards.To be honest, I wasn't even a big fan of the game. My goal was to make a fortune by acquiring a rookie card of the next megastar: Ken Griffey Jr.All the profits from my illicit candy-selling business at school were funnel...Read More

"This is my broad opinion on AI (artificial intelligence)," said the man speaking to a crowd of over 1,500 students at the University of Tennessee. "For about 95% of what all of you guys are studying, AI will take your jobs in the next five years."This comment is from last March, by the late Charlie Kirk during a visit to U of T's Knoxville campus. Kirk answered a student's question about studying...Read More

The 1970s are known as a "lost decade" for U.S. investors.The S&P 500 returned around -1.1% per year during the 70s. That includes dividends being reinvested, and accounts for inflation.Naturally, certain sectors outperformed. Gold and silver miners, oil stocks, and other commodity producers stood out.Hard assets did so well that by 1980, more than 30% of the S&P 500 consisted of oil and g...Read More

The Federal Reserve is irrelevant unless it's doing damage to the economy. Since the Fed is often doing damage to the economy, it does require our attention.Claiming the Fed is irrelevant seems outlandish. The Fed dominates the headlines. An upcoming meeting of the Federal Open Market Committee (FOMC, the Fed's interest rate policy group) on September 16-17 is already receiving outsized attention...Read More