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

I write you from Riyadh, Saudi Arabia, the home of Islam. Despite growing up in America as a Catholic, I've always loved the Middle East. That's down to my love for Indiana Jones and traveling through the region as a professional and tourist.I've taught here once and in Abu Dhabi many times. I've also traveled through Dubai, Qatar, Turkey, Egypt, Tunisia, and Morocco. The cuisine is delectable, an...Read More

When Barrick Gold took over Randgold in 2019, its marketing dropped Gold from the name to reflect wider interests like copper and appeal to new investors. But it didn't bother to change its registered moniker. Gradually, the Gold crept back in.Now, the Gold has been guillotined, like a statement Barrick Mining (TSX: ABX; NYSE: B) means business this time."Most of the gold companies sort of have gr...Read More

Are we on the brink of an existential war between two nuclear-armed powers? I don't refer to the U.S. and China over Taiwan nor the U.S. and Russia over Ukraine. I'm referring to India and Pakistan. That's the most dangerous corner of the world today. And the answer to the existential question is yes.The immediate cause of the new war between India and Pakistan involving the disputed regions of Ja...Read More

Silver's unique industrial role in solar panels, electric vehicles (EVs) and grid infrastructure is pushing demand to record highs, but miners and analysts are at odds over how to address the growing supply deficit. Demand is forecast to hit around 1.15 billion oz. this year, a moderate decrease from the previous year, according to data from the Washington, D.C.-based Silver Institute, an indust...Read More

My dear friends, I think you are in very big trouble. Whether you believe it or not, YOU ARE AT WAR. And you may lose this war very soon together with all your affluence and freedoms unless you start defending yourselves.-Yuri Bezmenov, 1984In 1970, a Soviet KGB agent named Yuri Bezmenov defected to the West. His story is fascinating. Yuri shared key details on how USSR propaganda and subversion w...Read More

"We want two large glasses of lemonade," said President Donald Trump to the bartender."This is a bar for British officers," replied the diminutive man behind the marble counter."That's alright," said Trump. "We are not particular."After a short, sharp, shouting match, a senior officer walked up and officiously demanded to know, "What's going on?"Trump stared at the bartender and sternly instructed...Read More

On Friday, ratings agency Moody's finally downgraded America's credit rating from AAA to AA+.Yawn.A ratings downgrade is a classic lagging indicator. By the time it happens, the market already knows.And, no, the downgrade had nothing to do with Trump's tariffs. The other big ratings agencies downgraded U.S. credit long ago; S&P in 2011, and Fitch in 2023.Moody's appears to have delayed the ine...Read More

The great Ben Franklin once said, "Money makes money. And the money that money makes, makes more money."This is the essence of a dividend reinvestment program (DRIP). When you own a stock that pays high dividends and reinvest them into more shares of that company, you're compounding.Eventually the additional shares earned through dividend repurchase surpass the original stake. In essence, the divi...Read More

Industry stakeholders should view resource development in a global context because shifting geopolitical dynamics will increasingly determine mining, The Northern Miner Group President Anthony Vaccaro says. "We need to look at our industry through the lens of what's going on in the world through geopolitics," Vaccaro told the CentralMinEX conference last week in Newfoundland."Then we're going to b...Read More

Imagine owning a car that paid for itself.A car that, when you don't need it, is out earning money as a taxi.This is the vision that Elon Musk has been pursuing, and promising to Tesla owners, since at least 2019.Now, Tesla is scheduled to launch its first fleet of "robotaxis" in Austin next month. That’s only weeks away.The performance of Tesla shares may depend on a successful launch of ro...Read More

Our friend and colleague Jim Rickards was on Steve Bannon's War Room show Tuesday, and it may be the most important interview Jim has done this year.In this fascinating discussion, Jim starts with the history of the original petrodollar system. And he knows the subject well, having helped create it.The premise of the 1974 petrodollar agreement was that Saudi Arabia would only sell oil in dollars,...Read More

It may seem odd to hate a stock index. After all, it's just a model of company shares used by fund managers to build ETFs and mutual funds.But once you learn the truth about the Russell 2000 small cap index, you just might hate it too.Today we're going to explore why the Russell 2000 makes a bad foundation for any investment vehicle.Misleading Stats (at Best)Historically, small cap stocks tend to...Read More

Imagine a place with no income tax. Zero taxes on capital gains or dividends, either.Picture not paying any property taxes, and only having to worry about a 5% VAT (value added tax) on most purchases.This is the appeal of the United Arab Emirates (UAE). Due to the factors listed above, the UAE is becoming a hot destination for entrepreneurs and wealthy individuals from all over the world.The count...Read More

Well, that sure was fast. It's been six weeks since President Trump's so-called "Liberation Day," when he announced draconian levels of tariffs at a global-scale. And now, we have a thinly disguised retreat and kowtow to China's Emperor Xi.Despite hoopla, tough talk and bluster, Team Trump walked into a policy minefield. Tariffs on China highlighted how many of America's problems are rooted in tox...Read More

On Thursday May 8th, President Trump told Americans, "you better go out and buy stocks now. This country is going to be like a rocket ship."This morning, right on cue, stocks raced higher in reaction to the new trade deal between the U.S. and China.The Nasdaq jumped 3.5% in trading early Monday, while the S&P 500 moved higher by 2.6%. These moves pushed American indexes back above the level th...Read More

The battle between the Trump administration and the federal courts on the topic of deportation is intensifying.The outlines are clear. Biden and his corrupt cronies left the U.S. southern border wide open for four years. Estimates vary but it's likely 8 million illegal aliens crossed the border. But the actual number could be 10 million or higher. Of course, some just came for a better opportunity...Read More

In the 1987 film Wall Street, Michael Douglas famously played Gordon Gekko, a cutthroat corporate raider.But compared to the Dutch pioneers who founded the world's first publicly-traded company, Gordon Gekko was a softie. Those Dutch guys were literally cutting throats in pursuit of profit.The Dutch East India Company (VOC) was founded in Amsterdam in 1602. Over the century the VOC would dominate...Read More

When I write collapse, I'm not referring just to a financial meltdown. I'm referring to a broad-based social collapse that could call into question the rule of the Chinese Communist Party (CCP), which some historians refer to as the Peasant Dynasty.In order to understand the vulnerability of China, it helps to consider the counter-narrative that the China is a rising great power. We've heard for d...Read More

In today's culture, where virtue-signaling billionaires love to proclaim they'll "give it all away," we must pause and ask: To what end? What purpose does inherited wealth serve? Is it merely a lucky windfall for lazy descendants? Or is it something far more sacred?I argue today that inheritance is not just permissible it is necessary. It's how families grow stronger, freer, and more capable wit...Read More

Spanish conquistadors came to the Americas in search of gold and silver. And they found plenty.But while they were mining, they occasionally found a strange silvery metal unlike any other. They called it "platina", meaning "little silver".At the time, they believed this "platina" was young gold that would take a few more thousand years to mature and turn yellow. This platina was difficult to work...Read More