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

The sun shone hot. The palm trees swayed. And the beaches glistened.But this was not some tropical island paradise. This was Jersey, a 'tax haven' island in the English Channel. It reminded us of Bermuda with vaguely similar architecture, topography, flora and people. Even the English accents were familiar.We went to visit a friend, and stayed the weekend to visit the island.The idea of a 'tax h...Read More

As most of you know, I spent last week at Rick Rule's annual investment conference.It was a bonanza for natural resource bulls. Especially us gold and silver bugs.We heard from and spoke with some of the best mining companies in the world. From early-stage exploration stocks to giants like Agnico Eagle Mines (AEM). And everything in between.Today we're going to look at two of the fascinating minin...Read More

"If you don't become a multi-millionaire in the next couple of years, you're doing something wrong," quipped Rick Rule in a sidebar to his investment conference last week in Boca Raton, Forida.Rick wasn't kidding. He means it. Although, of course, to do well you must begin with seed money; and no, I don't mean plopping down a few bucks at the local 7-Eleven store for lottery tickets. It takes mone...Read More

Last week the Department of Justice announced that Jeffrey Epstein did not maintain a "client list" of prominent individuals who may have broken the law at Epstein's private island. These individuals could be blackmailed by Epstein and whatever intelligence agencies were working with him.In February, in response to a question about when Epstein's client list would be made public, Attorney General...Read More

MP Materials (NYSE: MP) soared 43% today. The stock is up 171% on the year.We'll explain why in a moment. But first we must set the stage.If you aren't familiar with the rare earths story yet, it's time to catch up.MP is one of the only rare earth miners in the United States. They also refine, separate, and manufacture the powerful magnets created using these key elements.These minerals, and the m...Read More

There's a famous economic law you may not have heard of, but it is valuable to understand.It goes like this: "When a measure becomes a target, it ceases to be a good measure."It's called Goodhart's Law, named after British economist Charles Goodhart. He meant it as a warning to policymakers.If you fixate too much on one data point - like inflation, test scores, or unemployment - you can end up dis...Read More

Let's play a little game of economic whack-a-mole.Every time someone yells, "AI is going to take all our jobs!" someone else pops up and calmly says, "Yes, but it'll create even more!"And they're both right... sort of.Welcome to the world of artificial intelligence, where your job might disappear, but a better one might pop up before you hit the unemployment line. That is, assuming you can reskill...Read More

This week I'm reporting from the Rick Rule Investment Symposium in beautiful Boca Raton, Florida.The event is built for gold and silver bugs. There are around 1,000 of us here.Dozens of publicly-traded mining and royalty companies are represented as sponsors, speakers, and attendees.What makes this conference unique is that Rick only allows companies to sponsor which he has a personal investment i...Read More

This week I'm down in Boca Raton, Florida with Jim Rickards and Byron King at Rick Rule's annual investment conference.Rick is a legend in the natural resource investing space. This conference is a bit like Mecca for gold, silver, and hard asset investors.Rick gave a keynote speech yesterday to kick off the conference. And it was one for the record books.According to Rick, America's financial math...Read More

Today, we'll discuss why you should own gold. But first...Let's say that you walk into a bank. You hand the teller a $10-bill and ask for a roll of quarters, worth $10. Seems easy, right? It's no big deal. Perhaps you want some quarters in case you must feed a parking meter or use the washer-dryer machines at a laundromat.A basic roll of quarters, $10-worth... plus tax. So, the teller hands you a...Read More

A few weeks ago I urged President Trump to make a deal with Iran that would satisfy his stated goal of no nuclear weapons production and would allow Iran to continue its lawful pursuit of civilian nuclear energy. The deal on the table, as described by the Iranian foreign minister himself, was a win-win "update" of Obama's JCPOA "nuclear deal" that could have avoided a costly and counter-productive...Read More

Want to own shares of SpaceX or OpenAI?How about owning shares of other real-world innovators shaping the future?As of today, buying shares in these private companies outright isn't possible for most investors.But a recent move from Robinhood could be the first real glimpse into a future where that changes.It's called tokenized trading, and today I'm breaking it down into simple terms - no crypto...Read More

Is the war still going on between Russia and the Ukraine?Are there still any Palestinians alive in Gaza?Who knows? The news cycle has moved on. No time to think about it. No time for study or reflection…The incoming news rushes in like drones, hot and heavy. Newsweek:Republicans Ask Donald Trump To Revoke Zohran Mamdani’s CitizenshipThat would be one way to eliminate the political thre...Read More

Readers know at least two things about artificial intelligence (AI). The first is that an AI frenzy has been driving the stock market higher for the past three years even with occasional drawdowns along the way. The second is that AI is a revolutionary technology that will change the world and potentially eliminate numerous jobs, including jobs requiring training and technical skills.Both points a...Read More

The sin that dare not speak its name now goes by a fancier title: financial innovation.Yes, I'm talking about usury that nasty little habit of charging interest on loans, once banned by Church councils and now blessed by every central bank in Christendom.But before it became the spiritual backbone of capitalism, usury was considered a crime, not just against man, but against God.In the Old World,...Read More

Just when it seemed like the storm had passed, Elon and President Trump are at each other’s throats again.And like last time, the fight coincides with the Big Beautiful Bill (BBB), which may soon eliminate federal programs which benefit Tesla.As it currently stands, the $7,500 credit on electric vehicles (EVs) is set to expire at the end of September (according to the Senate version of the b...Read More

The US Senate worked through the weekend on the "Big Beautiful Bill." The goal was to pass it quickly to ensure the House will then pass it and send it to President Trump's desk before the July 4th holiday.However, disagreements among Republican Senators over reductions in spending on programs including Medicaid and food stamps as well as language in the bill eliminating "clean energy" tax credits...Read More

Happy 1st of July. The year is now half over, and we've had five and one-third months of President Trump 2.0. His opponents wanted him in jail; instead, he's in the White House.Donald Trump mugshot, Fulton County Sheriff's Office. Courtesy New York Times.Are you tired of winning yet?Odds and Ends, and Important Economic NumbersWill we see a Big, Beautiful Bill this week, or not? Beats me, but I su...Read More

Stocks aren’t climbing a wall of worry.Instead, they're standing atop the wall, arms swinging overhead in triumph, while exuberant pikers chisel away souvenir bricks with their tiny hammers.Sounds like fun, but someone's bound to get hurt.The Nasdaq 100 (QQQ) hit a new all-time high today, and the S&P 500 (SPY) is within 1% of doing the same.Meanwhile, bombs are dropping. Tariff deadline...Read More

Jim Rickards' latest appearance on Steve Bannon's WarRoom show is a must-watch. Today we'll discuss a few highlights then link to the full interview.Jim talks in depth with Steve about a number of hot-button and controversial topics. The Supreme Court bombshell, Iran, immigration, and even Jim's time working with the CIA.The conversation starts out with Jim and Steve discussing the American intell...Read More