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

Zombie Ideas That Keep on Losing … The worst of today's political malfeasance is being driven by failed ideologies. Zombie ideas that refuse to die have become enshrined in our collective intellectual legacy. The people behind these have been insulated from the economic costs they impose. Blame the billionaires. – BloombergDominant Social Theme: There are so many bad memes. Why do...Read More

Uruguay's roll-out of marijuana experiment faces election risk … Uruguay is struggling to roll out the commercial production and sale of marijuana and its ground-breaking experiment could be dropped or watered down if an opposition candidate wins this month's presidential election. – ReutersDominant Social Theme: Cannabis legalization is too complex to work. The state has a nea...Read More

Zombie Ideas That Keep on Losing … The worst of today's political malfeasance is being driven by failed ideologies. Zombie ideas that refuse to die have become enshrined in our collective intellectual legacy. The people behind these have been insulated from the economic costs they impose. Blame the billionaires. – BloombergDominant Social Theme: There are so many bad memes. Why do...Read More

Uruguay's roll-out of marijuana experiment faces election risk … Uruguay is struggling to roll out the commercial production and sale of marijuana and its ground-breaking experiment could be dropped or watered down if an opposition candidate wins this month's presidential election. – ReutersDominant Social Theme: Cannabis legalization is too complex to work. The state has a nea...Read More

Here Comes the Internet of Money … Paul Volcker, the acclaimed former chairman of the Federal Reserve, famously questioned the value of financial innovation. He said he saw the point of the automated teller machine ("more of a mechanical innovation than a financial one"), but that was about it. Financial innovation was an unproductive competition for excess profit and a cause of in...Read More

Texas Puts Marijuana Reform on Legislative Agenda for 2015— Marijuana reform in Texas has been a long time coming, but as the end of this momentous year in cannabis legalization draws to a close, it is now on the legislative road map of reform, potentially as soon as 2015. The State Legislature plans to take up decriminalization in January, on the heels of states around states around the cou...Read More

Here Comes the Internet of Money … Paul Volcker, the acclaimed former chairman of the Federal Reserve, famously questioned the value of financial innovation. He said he saw the point of the automated teller machine ("more of a mechanical innovation than a financial one"), but that was about it. Financial innovation was an unproductive competition for excess profit and a cause of in...Read More

Texas Puts Marijuana Reform on Legislative Agenda for 2015— Marijuana reform in Texas has been a long time coming, but as the end of this momentous year in cannabis legalization draws to a close, it is now on the legislative road map of reform, potentially as soon as 2015. The State Legislature plans to take up decriminalization in January, on the heels of states around states around the cou...Read More

Nanny State… The Best Regulator? That's Easy. It's the Market. … As the Goldman Sachs tapes show, regulators almost always fail. In other cases, they cheat consumers out of choices. Leave it to the market. – The Daily BeastDominant Social Theme: Regulation … what good is it?Free-Market Analysis: Remarkably, we continue to see articles about regulatory capture. The l...Read More

Behind the Mask of Altruism: Imperialism, Monsanto and the Gates Foundation in Africa … Since 2006, The Bill & Melinda Gates Foundation has funded the Alliance for a Green Revolution in Africa (AGRA) to the tune of almost $420 million. Activists from Zimbabwe, Nigeria, South Africa, Uganda, and Ethiopia recently attended the US-Africa Food Sovereignty Strategy Summit in Seattle to argue...Read More

Nanny State… The Best Regulator? That's Easy. It's the Market. … As the Goldman Sachs tapes show, regulators almost always fail. In other cases, they cheat consumers out of choices. Leave it to the market. – The Daily BeastDominant Social Theme: Regulation … what good is it?Free-Market Analysis: Remarkably, we continue to see articles about regulatory capture. The l...Read More

Behind the Mask of Altruism: Imperialism, Monsanto and the Gates Foundation in Africa … Since 2006, The Bill & Melinda Gates Foundation has funded the Alliance for a Green Revolution in Africa (AGRA) to the tune of almost $420 million. Activists from Zimbabwe, Nigeria, South Africa, Uganda, and Ethiopia recently attended the US-Africa Food Sovereignty Strategy Summit in Seattle to argue...Read More

The height of idiocy: US Government hijacks the whole Swiss banking system … True story … One of our SMC members just received a package from HSBC giving him and his wife a deadline to comply with FATCA—US' global tax law … Suddenly they had just four weeks to prove that they were not US taxpayers, all because at one point they had purchased a service that gave them a U...Read More

Whole Foods to roll out rankings for produce… Whole Foods plans to start rolling out a system that ranks fruits and vegetables as "good," ''better" or "best" based on the supplier's farming practices. Most notably, the supermarket chain says its "responsibly grown" labeling system for produce and flowers will prohibit the use of several common p...Read More

The height of idiocy: US Government hijacks the whole Swiss banking system … True story … One of our SMC members just received a package from HSBC giving him and his wife a deadline to comply with FATCA—US' global tax law … Suddenly they had just four weeks to prove that they were not US taxpayers, all because at one point they had purchased a service that gave them a U...Read More

Whole Foods to roll out rankings for produce… Whole Foods plans to start rolling out a system that ranks fruits and vegetables as "good," ''better" or "best" based on the supplier's farming practices. Most notably, the supermarket chain says its "responsibly grown" labeling system for produce and flowers will prohibit the use of several common p...Read More

The great Lira revolt has begun in Italy … Italy's Five Star Movement has thrown down the gauntlet, calling for a euro referendum to end depression and save democracy, writes Ambrose Evans-Pritchard … The die is cast in Italy. Beppe Grillo's Five Star movement has launched a petition to drive for Italian withdrawal from Europe's monetary union and for the restoration of eco...Read More

Government wants farmers to quit farming … It seems that U.S. companies would follow the unprecedented action of Japan's equivalent to WalMart if they could figure out how to force farmers to quit farming their land and let the companies grow food crops exactly as they think is "sustainable agriculture." – AgProfessionalDominant Social Themes: Farmers have to work more ef...Read More

The great Lira revolt has begun in Italy … Italy's Five Star Movement has thrown down the gauntlet, calling for a euro referendum to end depression and save democracy, writes Ambrose Evans-Pritchard … The die is cast in Italy. Beppe Grillo's Five Star movement has launched a petition to drive for Italian withdrawal from Europe's monetary union and for the restoration of eco...Read More

Government wants farmers to quit farming … It seems that U.S. companies would follow the unprecedented action of Japan's equivalent to WalMart if they could figure out how to force farmers to quit farming their land and let the companies grow food crops exactly as they think is "sustainable agriculture." – AgProfessionalDominant Social Themes: Farmers have to work more ef...Read More