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

Donald Trump pledges to Make America Great Again.Kamala Harris pledges... something.Yet she believes her policies will work the identical effect.We are skeptical deeply that either is equal to the task.The United States' debt-to-GDP ratio exceeds 120%.Hard evidence indicates that nations with ratios exceeding 90% are destined to gutter.They are far too burdened by debt to get along much.Debt i...Read More

In the nine days since President Biden announced he was shutting down his reelection campaign, a fresh wave of political prognostications has infiltrated my news feed as market pundits adjust to the new race.As Kamala attempts to pull off an upset victory, the questions I'm fielding are blurring the lines between politics and markets. Almost everyone I interact with in my personal and professional...Read More

The Federal Open Market Committee (FOMC) of the Federal Reserve is meeting today and tomorrow for the purpose of discussing the economy and setting monetary policy going forward.What does it mean for markets and your money? Today we'll explore those questions. Let's first start off with what we know.We know that tomorrow, the Fed will leave its target rate unchanged. That decision will keep the fe...Read More

Americans have just passed through the most eventful and tumultuous four weeks in memory.The only comparisons are 9/11, the fall of the Berlin Wall in 1989, the Watergate/Vietnam days of the 1970s, the riots and assassinations in the 1960s and the Cuban Missile Crisis.First, we had Joe Biden's face-plant debate performance on June 27 when he looked like a corpse and spoke in a demented way.Then ca...Read More

Are we going to be reliving the 1970s? Perhaps we will experience the stagflation of the 1970s in this decade, as financial excesses are worked out and monumental investments to retool our industrial base and infrastructure place a drag on productivity and profits. There is substantial logic in that scenario.As the charts below illustrate, stagflation also crushed the stock market’s speculat...Read More

We all just watched a new, dark chapter of American history unfold, with more to come, no doubt. Shamelessly, the Empire of Lies showed us the raw, rancid stuff of which it is made, and the ugliness of the spectacle is beyond appalling.Maybe you're trying to process the recent, midnight defenestration of President Joe Biden by power players within the Democratic Party. That, and the backroom, rigg...Read More

Last evening the outgoing American president declared the United States an "idea."Is the United States merely an idea?Both left and right divides of the political spectrum despite their exterior antagonisms believe it is an idea.This belief fevers them.The United States is the "shining city on the hill." It is the "indispensable nation."Its central purpose is to dispense democracy wholesale an...Read More

Why does government lie so repeatedly and so atrociously?Why does it fear truth as the vampire fears garlic?The answer, we hazard, reduces to its desperate quest for prestige.Government equals authority. And an authority is an authority.Its word must be the final word. Its word must be the ultimate word.A supreme authority cannot withstand rivals else its authority falls into question.It canno...Read More

I wrote this article over a year ago, but it's got me thinking about Jill Biden. Jill Biden is today's failed first lady. Edith Wilson could've easily shown her how to do it better.What's Edith Wilson got to do with Jill Biden? Read on...Every time I think of Joke Biden, I think of how Jill Biden, the current FLOTUS, tried to keep every under wraps. In this day and age, it's practically impossible...Read More

We're witnessing one of the most tumultuous periods in U.S. political history. And we're only in July.Beginning with Biden's face-plant debate performance, continuing through the attempted assassination of Donald Trump, the nomination of Donald Trump and selection of J.D. Vance as his VP candidate and the Biden announcement that he's not seeking the nomination, this election season is all the chao...Read More

The world may have been surprised by Biden's decision yesterday to drop out of the race for the Democratic Party nomination for president of the United States. But there's one group who were not surprised readers of Strategic Intelligence and The Daily Reckoning.Here's what I wrote in October 2023, almost 10 months ago:The Democrats can’t wait to get rid of Biden. They’re preparing t...Read More

What does it mean to say a politician is a populist? Over 30 years ago, Christopher Lasch observed in his book The True and Only Heaven: Progress and Its Critics that populism had been applied to such a wide swath of individuals and causes that it had lost any specific meaning.This definition from Quizlet is a start: A political approach that strives to appeal to ordinary people who feel that thei...Read More

The New York Times reports that the FBI is looking into the attempt on Mr. Trump's life as "possible domestic terrorism."One must ask: Are they trying to shed new light on this event, or just blowing more smoke up America's backside because that has been the FBI's specialty for at least the past eight years.We'll know if they take the definitive step of labeling the act a "hate crime."The weakne...Read More

How will future historians come at the 2024 presidential election?It stands every chance of being... historic.One candidate has already endured a shooting. That he lingers on may be considered a miracle of God.Merely three prior presidential candidates in United States history Theodore Roosevelt in 1912, Robert Francis Kennedy in 1968 and George Wallace in 1972 were assassins' targets ahead of...Read More

"I love Trump's VP pick!" writes reader J.P...."He's young but also brilliantly smart and articulate. Something we desperately need these days."Monday, Donald Trump outstretched his arm, unfurled his index finger... and tapped Ohio's Sen. J.D. Vance upon the shoulder.Yesterday, we asked you this question:Were you for Donald Trump's vice presidential selection of J.D. Vance? Or were you against it?...Read More

Credit: @Rothmus You'd be forgiven for thinking the Secret Service drew the above game plan.Such willful incompetence has never seen the light of day. Not since Jim Marshall of the Minnesota Vikings ran into the wrong end zone against the 49ers in 1964 have we witnessed a live television screw-up of this caliber. At least Marshall just got confused; he later turned out to be one of the greate...Read More

The attempted assassination of Donald Trump continues to dominate the news as the Republican National Convention is underway in Milwaukee, Wisconsin.In a highly charged moment last night, Trump appeared before the crowd with a bandage covering his ear, as Lee Greenwood sang "God Bless the U.S.A." live.Yesterday also marked another key development in the election season.Trump nominated Ohio senator...Read More

We've talked about it for months...Heck, we might have willed it into existence.For whatever reason, the illusive bull market rotation we've patiently waited on is finally materializing.Today, we'll discuss what a bull market rotation entails, how it works, and, most importantly, how we can profit from the inevitable rallies that could power the market higher in the weeks and months ahead.First, s...Read More

You can't deny that "Joe Biden" did his goodest Thursday night facing down a half-dozen pre-selected reporters representing blob-adjacent news orgs such as Reuters and NPR at the post-NATO meetup damage-control event billed as a "news conference."Only a week after he declared himself to be the "first Black woman vice president," he pivoted to correct the record, telling the D.C. press corps that h...Read More

You're receiving today's issue early because it's very important, and I want to make sure you didn't miss it.All Americans should be relieved and grateful that Donald Trump survived an attempted assassination at a political rally in Butler, Pennsylvania, on Saturday.Elections should be decided at the ballot box, not through violence. Of course, there are many on the political left who celebrated t...Read More