John Rubino Substack - Let’s start with Bill Gates, because he’s one of the more baffling characters in the Epstein drama. I have some liberal friends, and without exception, they think Gates is a good man. A typical conversation goes like this: Me: You know Bill Gates is buying up millions of acres of farmland, right? Liberal friend: He’ll […]

John Rubino Substack - The broad equity indexes — especially the tech-heavy NASDAQ — are falling hard this morning. This was always going to happen at some point, with the real question being how it would affect gold and silver. In other words, will our babies be thrown out with the bathwater when margin calls start forcing leveraged speculators […]

John Rubino Substack - With the world hurtling towards a monetary reset, everyone suddenly wants the gold miners. Just this morning: China’s Zijin Gold to buy Canadian miner Allied Gold for about $4 billion (Reuters) – Chinese miner Zijin Gold will buy Canadian miner Allied gold for C$5.5 billion ($4.02 billion) ​in cash, the companies said on Monday, as […]

John Rubino Substack - About a year ago, a political scientist predicted civil war in the UK. Here’s the intro of a post I published at the time: I just watched a disturbingly plausible video about the rising odds of a UK civil war. The source is David Betz, a professor of “war in the modern world” at King’s College, London. He […]

John Rubino Substack - The odds that $5,000 gold and $100 silver would happen on the same day seemed pretty slim. Yet here we are, with that being a very real possibility: There’s no deep message here. It’s just pretty cool to be right side of history in such a decisive way. Even wilder times are no doubt coming. […]

John Rubino Substack - Back in December, I suggested a strategy for addressing silver’s epic bull market (and resulting correction risk) that involved betting on action, not direction. From that post: Enter the Volatility Spread There’s a simple options strategy for times like this. It’s called a volatility spread, and involves buying mirror-image calls and puts for a given security. […]

John Rubino Substack - Suddenly, the whole world is either selling US assets or threatening to do so. And based on Donald Trump’s recent World Economic Forum speech, in which he demanded control of Greenland and ridiculed multiple globalist scams, “sell America” is a trend with legs. The main beneficiary? Gold, of course. See this from Kitco: Gold blasts through […]

John Rubino Substack - It’s amazing how fast the human mind acclimates to “new normals”. Silver is an obvious case in point. A year ago, $40/oz seemed like a good intermediate-term target. Now, if the price drops below $90, it will be a “crash.” So let’s take a beat and acknowledge the fact that silver — if you actually […]

John Rubino Substack - We still have a while to wait for the gold/silver miners’ Q4 and full-year 2025 earnings. Newmont, one of the early reporters, is scheduled to release its results on February 19. But after that, the deluge. And a fun deluge it’s going to be. Sticking with Newmont, here’s a chart of its past year’s earnings versus […]

John Rubino Substack -   The world remains a pretty dark place. But at least there are a few, um, silver linings: Silver Ape King@SilverApeKing #SILVER 5:40 PM · Jan 12, 2026 · 80.9K Views 97 Replies · 232 Reposts · 2.15K Likes Meanwhile, in geopolitics… Is it all a distraction? At least our kids have good daycare…   S

John Rubino Substack - Contrarian Capitalist’s Rob Smallbone just posted a deep dive into commodities and the developing shortages that make the sector a once-in-a-generation opportunity. Here’s an excerpt: The Commodity Shortage Nobody Is Priced For Why structural supply constraints are forming across silver, copper, and the materials that underpin the global economy Beneath the surface, a growing number of strategically important […]

John Rubino Substack - Think of what’s happening to gold and silver this week as the price of success. They rose so much over the past year that funds that hold commodity futures contracts now have to sell some of their gold/silver positions to maintain the required balance in their portfolios. In other words, this is a very short-term […]

John Rubino Substack - The US government gets plenty of well-deserved criticism, especially from us gold bugs. But it is doing some things right. So credit where credit is due. Consider these two massively sensible policy changes from just the past couple of days: Goodbye Carbs   The Agriculture Department just converted the food pyramid from this carb-heavy monstrosity… …to a […]

John Rubino Substack - “If you want to make God laugh, tell Him your plans” — Woody Allen, It’s a common story these days: An active person works hard and saves for a retirement that, they expect, will feature hiking, biking, and tournament-level pickelball. But when the big day arrives, so does multi-joint osteoarthritis, which makes most of the above […]

John Rubino Substack - Specifically, Institutional buying meets higher Comex margins Comex Margins   The paper metals markets have traditionally responded to spiking prices by raising margin requirements. Players who can’t come up with the extra money have to liquidate their positions, which causes prices to fall. That accounts for at least part of the brutal end to last […]

John Rubino Substack - Americans are watching videos of empty, taxpayer-funded “daycare centers” with bemusement. How, we wonder, can such things exist right under the noses of officials who are supposed to police exactly this kind of blatant fraud? According to El Gato Malo, whose bad cattitude Substack is becoming essential reading, the scam is “a feature, not a bug” in a new […]

John Rubino Substack - As most of you have noticed, the precious metals space on YouTube is being flooded with AI/human hybrid deep dives into the suddenly crazy-volatile silver market. Why now? Who are these people? And how are they suddenly able to produce a tsunami of riveting content? Gold stock analyst Don Durrett just posted an interesting explanation: Don Durrett – […]

John Rubino Substack - Merry Christmas, stackers! Some happy images pulled from my X feed: And an “Asian Guy” video:  

John Rubino Substack - 2025 was the year silver stackers were waiting for. The metal blew through $40/oz, then $50 and $60 without a backward glance, and is now testing $70. Many of you are suddenly rich. Nicely done! But now we’re in an interesting place. Silver’s chart screams “overbought, correction imminent!” while its fundamentals make a parabolic spike […]

John Rubino Substack - President Trump is auditioning candidates for Fed chair (to take office in May 2026), with the main criteria apparently being who will cut rates fastest and deepest. So consider a near-zero Fed Funds rate a given for the coming year. But that’s just the beginning of a very complex process. Let’s start with the fact that the […]

John Rubino Substack - Seemingly overnight, AI-generated content on YouTube and X has become almost indistinguishable from “real” human-made media. Nothing, in other words, can be trusted. How can a society function in that kind of information environment? We are, in short, at a civilization-threatening stage of history. But there is a fix. The following excerpts are from a […]

John Rubino Substack - Here’s another apparently AI-created (performed, assisted, whatever) video that offers an interesting answer to a big question. I have no idea whether any of this is true, but it’s definitely compelling. Let’s start with an excerpt: There’s a saying in the intelligence community: the loudest threats are rarely the most dangerous. It is the quiet […]

John Rubino Substack - Incrementum — source of great gold/silver charts — just posted some new ones that illustrate the epic nature of this bull market. Here are seven, and the stories they tell: Gold in This Century   The following chart shows what would have happened if we had bought gold at nearly any time in this century. The […]

John Rubino Substack - Most countries’ sovereign bond markets have been pretty tame lately. Here, for instance, is the yield on US Treasury notes: But it’s different in Japan, where money is getting dramatically tighter: Normally, when the world is moving in one direction and a single country breaks ranks, it can be dismissed as a temporary glitch that […]

John Rubino Substack - Silver is in the news lately, as it smashes old records and (apparently) wreaks havoc in metals exchanges. But, as usual in global finance, many of the details range from technical to incomprehensible. So here’s an article from Katusa Research that explains some of silver’s recent action and why it’s every bit as bullish as it sounds. […]