India is transacting in oil with Russia using gold as collateral, indicating that gold is being redeployed as a settlement medium for bilateral trade outside the dollar system.

Major Drilling's stock was down 15% one day because of lower revenues from junior companies not having money for drilling programs at $2750 gold, which is shocking and shows lack of money in exploration space

Canada's real estate market is showing signs of weakness and the US consumer has stayed strong due to 30-year mortgages at 2.5% from the prior era, but global debt worries remain concerning with China's economic situation deteriorating, Germany not reporting guidance next year, England in recession, making it impossible for the US to have a strong economy when other nations are suffering

The market is disconnected from the fundamentals of the economy as evidenced by retail sales decline impacting companies like Starbucks while market stays elevated driven by mega-7 tech stocks despite Boeing down from $400 to $150, Disney at $95, and other major companies showing weakness

Multiple senior mining companies are paying 4-5% dividend yields and throwing out significant cash flow that weren't seen in previous cycles, and sector has never been in better shape despite Newmont hiccups, with many great companies doing well at better valuations

China is increasing its gold reserves strategically by pulling bids and waiting for price softening before buying, and they view gold as creating their own gold standard as an alternative to holding US dollars backed by $34 trillion in debt

Gold ETFs in the United States hold about 2,600 tons, down from 3,500 tons, showing that the US investor hasn't come in to the gold bull market yet, and the big swing play will happen when US investors recognize why gold and silver are trading the way they are

The gold market is not a western story market but a market for the BRICS nations and autocracies of the world, with central banks creating a new gold standard, yet the gold equity story in North America is largely unknown with funds not coming into gold equity markets because investors are transfixed on Nvidia, Tesla, and Microsoft

The world currently has only one currency with no political attachment, no debt obligation, and no printing press: gold; this makes it the only pure form of money and explains why central banks continue to accumulate it despite all other assets being available.

Global debt has increased from $200 trillion to $300 trillion over the last 10 years while gold supply increases only 1% annually, making gold's purchasing power relative to other currencies very strong because central banks and governments abuse their currency privileges through spending

In 2001 El Dorado and Bemuld were $5 per ounce in the ground with nobody paying attention, establishing precedent that currently $25 per ounce valuations are dirt cheap considering timeline and money spent to get to resource

Ounces per EV metric shouldn't be used by majors who should focus on return on capital, but historical use of $50 per ounce in ground valuations has merit for understanding relative cheapness of current opportunities

Price action creates narrative and narrative creates ETF flows, so current gold all-time highs with narratives emerging about Western investors needing to pay attention to gold will eventually drive ETF money flows into gold and gold equities

When a freighter changes direction in an ocean it usually goes in that direction for a long period of time, and we're just seeing a change in direction among central bankers globally since 2008 where they've been big buyers and escalated in the last 3 years due to weaponization of the US dollar

Interest cost on US debt has surpassed military spending and with Medicaid and Social Security being increasingly taxed by the aging of America, there is growing concern about deficit sustainability, yet both candidates in the 2024 election don't talk about deficits because they can't change them and will keep spending

We've had 40 years since 1981 when Volcker ended inflation of continued asset appreciation in bonds, stocks, and real estate despite speed bumps, but three years ago money was free which created bad behavior with people overpaying and overleveraging for assets, and we still have highly leveraged and overpriced assets today

In 2003 gold was bought when it was $360-380 and when it went through $400 while the Dixie US dollar index broke 100, gold took off and the gold stocks really took off, and now with Dixie at 103 it touched 107 a few weeks ago before long rates started rising causing dollar to rally, showing that equities and gold are still to be bought especially equities because no one's paying attention

Silver is a leverage play on gold, finally catching up here, but one problem with silver is that when prices hit $31-32 there were lots of legacy positions and physical holdings that broke even causing investors to exit, forcing the market to eat through that level before continuing

In August India lowered their import tax on silver from 15% to 8%, opening up the ability for their citizens to buy more silver because gold price was moving higher, representing another component of physical side demand

There are very few pure silver plays with over 52% silver production as primary silver because silver is typically a byproduct, and big cap expends aren't happening on big projects where silver is a byproduct of polymetallic deposits