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 was a time when nations at least pretended to seek moral clarity before marching to war. Today, with the drums pounding louder for a U.S. confrontation with Iran, I'm wondering if anyone in Washington even remembers or ever learned the Catholic Church's "just war" doctrine.Because if they had, they'd know we're nowhere near satisfying it.The Original Red LineThe idea that war can be mora...Read More

At the 2016 Republican Presidential primary debate, Donald J. Trump dressed down Jeb Bush like a misbehaving child.After having already dubbed him as "low-energy Jeb", at this debate Trump attacked the former Florida governor for defending his brother's war in Iraq. He called the invasion a "big, fat mistake".Trump loudly called out the GOP establishment, repeatedly reminding viewers how "they lie...Read More

On March 20, President Trump signed an executive order "Eliminating Information Silos." The order directed heads of federal agencies to make sure officials designated by the president "have full and prompt access to all unclassified agency records, data, software systems, and information technology systems."The executive order did not attract much attention until it was more recently revealed that...Read More

Early last week, I had a strange feeling. Something wasn't right. Indeed, something was wrong with the overall feel of the world: "A disturbance in the Force," to borrow a line from Star Wars.I logged into a trading account and sold about half of a position that I own in a tech company. Then I used the funds to buy physical silver, plus shares in a couple of up-and-coming junior gold-silver explor...Read More

Ballistic missiles zipping into major cities. Sabotage teams on the prowl behind enemy lines. Drones buzzing menacingly above foxholes.Oil refineries ablaze. Ammo depots bursting into mini-mushroom clouds. Air defense systems exploding spectacularly.The world has never seen war footage like this.Clearly the conflicts between Israel and Iran, and Russia and Ukraine, are heating up.But strangely, so...Read More

The phrase "trump card" can be traced back to 15th century English card games."Trump" is a variation of triumph, so a trump card is one with the potential to win a game.In this trade war, China's triumph card is undoubtedly rare earth elements (REEs) and the magnets that are made with them. As we have discussed previously, China has a near-monopoly on many of the critical REEs.Things reached a tip...Read More

Last week, Circle Internet Group (CRCL) made a blockbuster IPO debut.On its first day of trading, the stock surged 168%. By the following day, it was trading 270% above its IPO price of $31.In other words, anyone who invested at the IPO price could have turned $1,000 into $3,700 in just two days. Not bad!Now, what if I told you that you could have been one of those early investors in Circle, with...Read More

Watching sports these days feels completely different than it did a decade ago.These days, half the ads are about gambling. During pre-game shows, analysts seem to spend more time on betting strategies than actual analysis.Major sports leagues like the NFL now openly partner with sports books and gambling platforms. That was once a red line which respectable leagues wouldn't cross.Influencers prom...Read More

Speed. Reliability. Reach.Those are the hallmarks of any great communication system, whether you're a Persian emperor trying to hold together the largest empire on Earth, or an American frontier government trying to link gold miners in California to politicians in Washington.This is the story of two such systems the Royal Road of the Achaemenid Empire and the Pony Express of the American West. S...Read More

For decades, I’ve gazed onto trading screens, watched tickers scroll, and felt both the rush of a moonshot and the sting of a sudden reversal. If you've been around long enough, you know the narrative well. "Silver is overbought," say the experts, pointing to a stretched RSI or a yearly chart that looks more mountain than plateau. And, yes, eventually, the crowd will be right.Tops do form. C...Read More

Are we approaching a peak in the price of gold?According to several mainstream economists, we are indeed.But, they're DEAD wrong and today I'll show you why.See, their argument relies on the inflation-adjusted price of gold.In January of 1980, the price of gold reached a local peak near $850 per ounce.According to official U.S. inflation statistics, $850 in January of 1980 would be equivalent to $...Read More

Today, silver trades at nearly $37 per ounce. It's up sharply in the past month, while shares of silver miners are also rising. Looking back, this new price point is well over double what it was three years ago, in the summer of 2022.Obviously, something is happening with silver. And if you've been stacking metal, and/or buying certain mining shares, you must feel good just now. So today, we'll di...Read More

Whatever happened to the Donald Trump and Elon Musk visit to Fort Knox?You'll recall the buzz from earlier this year. Trump and Musk loudly announced they were going to visit the U.S. bullion depository at Fort Knox, Kentucky to make sure the U.S. gold was actually there. The press was invited to tag along. Musk claimed that his DOGE team was ready to "audit" the gold bars to see that there were n...Read More

I remember the day we filed our very first permit full of optimism, convinced we'd soon unearth America's next great copper deposit.But months blurred into years as our project sank into bureaucratic quicksand: 27 permits... four federal agencies... and environmental studies that dragged on for a decade.We watched costs soar. And investors disappear.Many companies gave up entirely, their dreams...Read More

The word of the day is crashout. That's what the kids say these days instead of cluster*u*k.What we have witnessed over the last 36 hours was indeed a crashout of epic proportions.It started out somewhat innocently, with Musk and Trump sparring over electric vehicle (EV) tax credits and the Big Beautiful Bill (BBB).Source: XBut something bigger was simmering behind the scenes...As we all know by n...Read More

It was a beautiful day for silver investors.The moment we've been waiting for approaches.Poor man's gold broke out to a 13-year high over $36 per ounce, up more than 4% as of 9:30 am.And the miners? Oh boy...A silver miner our friends Jim Rickards and Dan Amoss just recommended to members of Strategic Intelligence is up a hefty 9% on the day. (Members can read the full details here in the latest i...Read More

Long before Powell "paused," Lagarde fibbed, or Yellen got lost mid-sentence, one man quietly built an economy of trust with fire, gold, and grit.His name was Saint Eligius. You probably haven't heard of him unless you’re a medieval goldsmith or a devout Catholic with a taste for obscure hagiographies. But I'd argue he did more for monetary integrity than any central banker alive today.Eli...Read More

After a disturbing weekend where the world flirted with WW3, gold and silver flew higher on Monday.Silver stood out, popping nearly 5%, with the largest silver miner ETF (SIL) rising more than 6%. Spot gold rose mildly, but gold miners jumped by about 5%.This is the strange part of being a gold/silver bug. Bad news can be great for your portfolio.It's important to maintain the right state of mind....Read More

Japanese company Nippon Steel's plan to purchase US Steel was bound to provoke a strong reaction from left- and right-wing economic nationalists. After all, US Steel was once the world's largest company, and it was the first company to be valued at over a billion dollars. US Steel was thus a symbol of America's economic dominance.So it was not surprising that Nippon Steel's purchase of US Steel wa...Read More

Last weekend, the Russia-Ukraine conflict made larger-than-usual headlines. In an audacious move, Ukrainian drones struck numerous Russian targets in rear areas, far from any front lines. It was a "Russian Pearl Harbor," per Ukrainian and some Western news accounts. I'll get into the details below but first...Beware rising to this kind of military click-bait! That is, all wars have their own dynam...Read More