Articles
Beijing Didn't Wait for the Fed
China's central bank bought 650,000 ounces of gold in August, its biggest month since October 2023 and its 22nd straight month of buying, while the Fed, ECB, and Bank of Japan prepare to raise...
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Nobody Dug Faster
Silver's average price rose 42% in 2025 and 2026 mine production is forecast to fall three tenths of one percent. Jason Williams argues the deficit number everyone is arguing about was never the...
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Beyond Green Mining
The World Gold Council estimates that producing one troy ounce of newly mined gold is associated with roughly 1.144 metric tonnes of CO2e. NatGold's first two deposits represent about 122,000 tonnes...
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The Industrial Twin Has Arrived
Last week, the White House declared a national emergency to secure America's bulk power system, warning that dependence on foreign-made electrical equipment has become a national security risk. At...
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The Dot He Wouldn't Draw
Kevin Warsh declined to submit a rate projection at the June FOMC, and the median dot landed at 3.8% — a number no dot on the chart actually was. Jason Williams argues the September 16 projections...
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The Fed Just Turned Off the Headlights
Kevin Warsh used his first Jackson Hole address as Fed chairman to retire routine forward guidance. Gold fell 3%. Brian Hicks argues the market priced the decision and missed the regime change, and...
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$38 Billion Stuck and Waiting for You
Imagine having the opportunity to corner an entire market. In the late 1970s, that’s precisely what two brothers named Hunt decided to do to the global silver market.
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The Flicker Was the Signal
Gold rose 13% off its July 31 bottom. Gold miners rose 40% to 52%. And after record Q2 margins, the sector trades at its cheapest multiple in 41 quarters.
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They Doubled the Buybacks and Nobody Called It Easing
The Fed spent Wednesday debating a rate hike. The Treasury spent Wednesday doubling its long-end bond buybacks — from $2 billion to at least $4 billion per operation — two days after the 30-year...
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Nobody Is Pricing a Cut. Gold Doesn't Care.
Nobody is pricing a September rate cut — the market is pricing a possible hike — and gold has still rallied roughly 8% since July 30. Brian Hicks on why July's -0.6% retail sales miss, a 4.7%...
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It Wasn't the War. It Was 23,000 Jobs.
Gold is back above $4,400 after its best week since mid-January — but the catalyst wasn't the Iran war. It was a July jobs report that showed payrolls falling 23,000 and cracked the Fed's hike...
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The Most Bullish Number in Gold Right Now Is 7.69%
Only 7.69% of gold mining stocks remain on buy signals — a once-or-twice-a-cycle extreme. Jason Williams explains why the sector's field position, central bank buying, and miner margins point to a...
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