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

A tricky gold chart is making the rounds on social media.The Bloomberg chart in question shows that gold just surpassed its 1980 all-time high, if you adjust for CPI (official government inflation).Take a gander:At first glance, this might seem scary if you own gold and miners. Some will be tempted to sell their precious metal investments based on this faulty chart.The problem, of course, is that...Read More

The Pax Romana (Roman Peace) was a 200-year golden age in Rome's history.A series of five "good emperors", from Augustus in 27 BC through Marcus Aurelius in 180 AD, set the realm up for success.Augustus kicked off the Pax by centralizing command of Rome's legions and creating the elite Praetorian Guard.By this time, major rival powers had been subdued by the ascendent Roman Army.With Augustus' ref...Read More

Two people who should still be with us are no longer with us.Iryna Zarutska, a Ukrainian refugee who rebuilt her life in Charlotte, North Carolina, with her family, was stabbed by a man who should never have been out on the street.Charlie Kirk, a star in conservative politics and co-founder and executive director of Turning Point USA, was assassinated in cold blood by a professional sniper.Differe...Read More

The Industrial Revolution was, at least initially, a British phenomenon.It started off in the mid-1700s with a number of textile-related tech breakthroughs. The spinning jenny and the water frame made productivity in the sector soar.Traditional weavers, spinners, and other craftspeople quickly found themselves lacking steady work.Technological advances only sped up from there, with Watt steam engi...Read More

Today we're going to do something a little different. Let's look at five critically-important charts which tell the story of this market.First up, the performance of gold miners vs other sectors in 2025.Source: Tavi CostaIncredible outperformance. Gold mining stocks are finally getting the respect they deserve. With spot metal prices soaring, profitability in this sector is exploding.However, we'r...Read More

Today, we'll discuss gold, and its recent, upward price move along with the accelerating decline of the dollar, and by extension the global dollar system. The takeaway is that if you are not positioned in precious metals and miners, then you are not prepared for what's about to hit you.But first, I want to tell you what happened to me last week. Unexpectedly, I wound up over 540 feet beneath sea l...Read More

Gold has broken out to new highs. It's currently trading around $3,640.Silver moved past $40 with gusto and is currently trading at $41.42/oz.Miners are churning out cash flow and starting to attract attention from the generalist investors.A few weeks ago we wondered where the generalists were in Tale of the Gold Miner Tape.The largest gold miner ETF (GDX) is up an impressive 63% so far in 2025.Ye...Read More

Today's AI investment craze suffers from the same flawed assumptions that sparked past bubbles.Without a course correction, the U.S. economy faces a self-inflicted bust.In the mid-2000s, Wall Street's best and brightest were packaging subprime loans into complex securities and assuring the world they were safe. Regulators nodded. Rating agencies blessed them. Investors snapped them up.Few asked th...Read More

The Chinese Communist Party (CCP) put on a big show this week.To celebrate the end of WW2 80 years ago, Beijing conducted a military parade in Tiananmen Square.On display were a bunch of new hypersonic missiles, ICBMs, laser systems, fighter jets, bombers, nuclear torpedos, unmanned ground vehicles (UGVs), drones, and more.China's new DF-61 ICBMThe effectiveness of these weapons is largely unprove...Read More

In early 2009, I bought Apple (AAPL) shares during the crash. The price was around $4.60 (split-adjusted).By early 2010 the price had more than doubled and I decided to take profits. The fear of a "double-dip" recession seemed very real at the time.I missed out on a roughly 50x gain. Everybody's got stories like this one, but it's one of the moments which convinced me to always hold quality invest...Read More

Stimulating though it is, working at Paradigm Press sometimes feels like you're part of a band of Cassandras railing against the end of times. Not the end of the world, just the end of the current world. The way things are. Business as usual, so to speak.However, business is becoming unusual at breakneck speed, although John Q. Public and his wife, Jane, are doing their best to ignore it. That's w...Read More

Last week President Trump took steps to re-name the Department of Defense the "Department of War." The President explained his rationale for the name change: "It used to be called the Department of War and it had a stronger sound. We want defense, but we want offense too ... As Department of War we won everything...and I think we...have to go back to that."At first it sounds like a terrible idea....Read More

It appears that RFK Jr. has been in President Trump's ear about the mRNA COVID vaccines.Since Trump initiated Operation Warp Speed, he has often stated the vaccines are an achievement which saved millions of lives.But suddenly, his tune is changing. POTUS recently posted the following on Truth Social:It is very important that the Drug Companies justify the success of their various Covid Drugs. Man...Read More

I hope you had a good Labor Day weekend. Now, it's back to work. Time to buckle down for the last part of the year, right?Along these lines, I recently visited a defense plant. It occupies an important place in the scheme of America's national security, and I had to sign a nondisclosure agreement (NDA) just to drive up to the front gate and park in the parking lot, let alone go inside and have a t...Read More

When we use the phrase cracking up, we don't mean an immediate and catastrophic collapse. Instead, we refer to a breakdown in the political, economic and geopolitical spheres that imply a severe weakening in the power of the Chinese Communist Party (CCP) and perhaps even the fall of the CCP over the course of the next few years. That would be a momentous development by any measure.Of course, such...Read More

AI-driven trading is taking over the stock market.Jim Rickards estimates that 95% of volume on the NYSE is automated today, and an increasingly large part of that is driven by new AI algorithms.According to Jim, the NYSE trading floor is now "half museum, half TV set". Basically irrelevant.He revealed all this and more in a recent interview with South Korea's Global Money Talk. We'll link to the f...Read More

I'll never forget the first time I realized public health in America was about to change forever. It wasn't in D.C. or at some think tank it was live, on the airwaves, during a call with Dr. Marty Makary.This is a voice you might recognize from the dark days of COVID a Johns Hopkins cancer surgeon and best-selling author who stood up for truth when the whole country was being told to sit down...Read More

Picture this scenario for me.You’re watching the financial news, and every talking head is telling you the same thing: “Trump loves oil. Solar is dead. Buy energy stocks, but stick to the traditional ones.”Meanwhile, your electricity bill just jumped 10% this month.Your local utility is warning about rolling blackouts this summer because they can’t keep up with demand.And e...Read More

The only good part of being on LinkedIn is seeing the idiotic posts the alleged "intelligentsia" puts up.There are some people who you'd expect to have a brain, but really don't, especially when it comes to numbers!I've long said innumeracy is a greater danger than illiteracy. And boy, does it show sometimes. Take this meme, that's been floating around:It's supposed to be some snarky hot-take on o...Read More

In August of 2019, former NY Federal Reserve President Bill Dudley launched an attack on President Trump.The attack came in the form of an opinion piece in Bloomberg.In it, he argued that Trump's trade war with China threatened to crash the U.S. economy.So Dudley wrote that the Fed should consider punishing Trump for his bad policies.Here's an excerpt from that 2019 Bloomberg editorial by Dudley (...Read More