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

 Someone, please tell Joke Biden that no matter what he does before Monday, he'll still go down as the worst President the United States has ever had. The divisive Obama is a close second, but recency bias may be creeping in. After all, those who were cognizant adults in the 1970s swear the worst president ever was America's most famous peanut farmer, Jimmy Carter. (I was around but barely ou...Read More

Editor's note: Today we have another special guest article from Dr. Ron Paul. This editorial was originally published at the Ron Paul Institute for Peace and Prosperity.Even though we are two weeks into 2025, I want to suggest some more New Year's resolutions.The Federal Reserve should resolve to stop enabling excessive federal spending by purchasing Treasury bonds, thus monetizing the federal deb...Read More

The European Union's crony-socialism experiment is not going well.Industrial production has been crippled by bad energy policy. Deindustrialization is spreading across the continent.At the same time, smothering regulations have gravely wounded productivity.For example, in Germany, it's almost impossible for companies to fire employees.Think about the chaos caused by this seemingly well-intentioned...Read More

It feels like a lifetime ago...Trump had just won the election. Bullish momentum thrusts were popping up left and right. Small-caps and the major averages were breaking out. Everywhere you looked, stocks were posting new highs.The small-cap Russell 2000 ETF gapped to fresh multi-year highs, letting loose a barrage of speculative breakouts to post its largest single-day return in more than two year...Read More

The past few years have been unusual for gold and interest rates.Both have ripped higher together.Historically, these two are often inversely correlated, meaning when the bond yields are high, gold is weak. And vice versa. But no longer.The chart below shows the price of gold vs. U.S. real interest rates (10y bond yield minus inflation expectations):As you can see, the two traded inversely up unti...Read More

Over the past 10 years, "socially-conscious" investors have shunned sectors such as tobacco, firearms, oil and gas, and alcohol.For example, these huge investment firms refuse to own any tobacco stocks or bonds:Allianz SE: $2.3T AUM (Assets Under Management)CalPERS (California Public Employees’ Retirement System): $469B AUMAXA Group: $950B AUMNorwegian Pension Fund: $1.74T AUMThat's a tiny s...Read More

The walls are closing in on Ukraine's President Zelensky.In a meeting with allies in Germany this week, the embattled leader requested NATO troops on the ground in Ukraine.“Our goal is to find as many instruments as possible to force Russia into peace. I believe that such deployment of partners’ contingents is one of the best instruments. Let’s be more practical in making it poss...Read More

Earlier this week, Donald Trump’s victory in the 2024 presidential election was officially certified by lawmakers in a joint session of Congress.Kamala Harris presided over the ceremony as president of the Senate and faced the awkward task as she formally certified Trump's victory and her own loss.Notably, the Democrats set aside some members' views that Trump is ineligible to return to the...Read More

It's amazing how a country with $36 trillion in debt give or take has suddenly recovered its swagger thanks to its loose-lipped incoming chief executive.Don't get me wrong, Trump absolutely had to get elected to ensure that cackling moron, Kamala Harris, didn't get behind the Resolute Desk. I'm thrilled DJT will be inaugurated again in a couple of weeks.And yet, the MAGA crowd, of which I cons...Read More

Following the global financial crisis, I grew to despise cash.The era of ZIRP (zero interest rate policy) meant yields on savings accounts, CDs, and bonds were pitifully low.For years we were earning less than 1% on cash, while real inflation was more like 3-4%. That translated to a 2-3% annual loss in real purchasing power. This was textbook financial repression.So for a long time, having excess...Read More

In the book Crisis and Leviathan, libertarian thinker Robert Higgs pointed out that the state uses crises to ratchet up its power and control over citizens. With each new "crisis" - often directly or indirectly caused by the state itself - government grows and our freedom shrinks.The root cause of the September 11, 2001 attacks was US interventionism, for example. As I said in a presidential debat...Read More

We waited (and waited) for stocks to find a bottom and recover during the December slide.Then, we crossed our fingers for a low-volume melt up in that magical window between Christmas and New Year's Day.But nothing happened.Santa was a no-show over our little holiday break. We were instead hit with wave after wave of selling as speculators ditched their broken trades and pouted about the lumps of...Read More

The drumbeat of the trade war continues to build momentum.Much depends on the outcome of this conflict between America and China. The stakes are high.Both sides are ramping up sanctions and export restrictions. The U.S. has heavily restricted China's access to AI hardware such as GPUs, and banned export of the equipment necessary to manufacture such tech.The Biden admin slapped 100% tariffs on Chi...Read More

Investors are eyeing gold very carefully right now. And it's not hard to see why.As you can see from the chart below, the yellow metal had a great year...Long-time readers will know that I've been bullish on gold for a while.Many investors have been flocking to gold in the last few years and for good reason. It’s a great diversifier, it protects against inflation, and it’s a safe-hav...Read More

There has been a lot reported in recent days about the return of currency wars. With Trump 2.0 about to begin, let's review his last term and what to expect in the second.Trump badly bungled his transition after first being elected president in 2016. He was not ready with a long list of loyal appointees. Many of his senior appointments such as Rex Tillerson as Secretary of State, James Mattis as S...Read More

AI is set to usher in a new industrial revolution.To prepare, I've been brushing up on past industrial revolutions, starting with the first one, which took place from around 1750 to 1830.A few of the more disruptive inventions from this period include:Steam enginesMechanized factoriesPower looms (textiles)Stocking frames (knitting)Coke smelting (iron tech)The adoption of these tools completely cha...Read More

John Dewey called his ideas "one of the great philosophical contributions of the 19th century."Leo Tolstoy lauded his work as a moral and economic solution to inequality.In 1892, Alfred Russel Wallace declared his book Progress and Poverty “undoubtedly the most remarkable and important book of the present century.” Wallace had earlier helped develop and publicize The Origin of Species....Read More

What's happening with inflation?Allegedly, it's back down in the 3.5% range, give or take; and to do it right one must give and take quite a bit. That is, again, the government number jockeys shamelessly cook the books, as we see from reviewing a site like ShadowStats.com.Source: Shadowstats.comIf the government used the same methodology today as it used back in, say, 1980, we'd see a much higher...Read More

Let's talk about the Bitcoin-Eating Pacman.No, not Michael Saylor...No, not El Salvador...I'm talking about Bitcoin's biggest threat: quantum computers.Before you freak out, let's start here:Bitcoin is fine.Despite the clickbait headlines, it's not about to be nuked into oblivion by quantum computers tomorrow.But let's talk about why you should care, because the quantum threat to Bitcoin is real n...Read More

Carjacking has reached epidemic proportions in major U.S. cities and even some suburban areas. What used to be a somewhat rare crime (or almost unheard of in many areas) has now become commonplace. Here are some headlines just from the past 48 hours as of this writing:"Man critically injured in shootout during attempted car-jacking on West Side"KABB Fox 29, San Antonio"Man stabbed in attempted car...Read More