ALWAYS CONSULT YOUR INVESTMENT PROFESSIONAL BEFORE MAKING ANY INVESTMENT DECISION
June 16, 2025 | Evaporating Silver
The world is riveted to middle-of-the-night images of Tel Aviv, as missiles rain down from the sky and buildings explode. This is horrifying in terms of human suffering. And it’s exhausting, watching humans find yet another reason to kill each other. But it’s validating for us cynical stackers, as all the silver in those missiles is […]
June 15, 2025 | Goldman Sachs: Uranium’s Structural Deficit Makes the Miners a “Buy
As recently as 2023, nuclear power was seen as a fringe idea, and the uranium miners were on virtually no one’s radar screens. What a difference a couple of years can make. Nuclear is now leading the energy transition, and Wall Street is predicting a multi-decade boom for the miners. Consider this from Goldman Sachs: Is nuclear […]
June 12, 2025 | The Precious Metals Bull Market Enters “Normal” Territory
The past few years have been great for gold but “meh” for silver and precious metals mining stocks. At one point in April, gold was 104 times more valuable than silver, an extreme reading for a ratio that normally tops out in the 80s or low 90s. As for the miners, as “leveraged bets on […]
June 11, 2025 | Why Platinum Is In Our Portfolio
For most of the past couple of years, our gold, silver, and copper ETFs have done pretty well. But the lone platinum ETF in our Portfolio just sat there, hardly moving at all. Then, seemingly out of the blue, platinum’s price spiked, taking our ETF along for the ride: What Happened? Several things combined to convert platinum from […]
June 10, 2025 | The End of the Fiat Currency Experiment, in Seven Charts
Anyone with a grasp of human nature in 1971 would have understood that giving governments monetary printing presses untethered to anything real would produce a world awash in debt. And that’s exactly what we got: For a sense of the scale we’re now working with, consider the concept of “trillion”: A million seconds ago was May 23rd […]
June 9, 2025 | The Housing Bust Is Here: Sellers Outnumber Buyers by 500,000
Here, in very short form, is how housing busts normally happen: A “seller’s market” evolves, where buyers have to pay up to get their first choice. Prices rise gradually, and then quickly, as buyers start to panic and sellers are emboldened to hold out for more. This boom continues until the average buyer can’t afford […]
June 5, 2025 | Gold Is Outperforming Stocks and Bonds – and Silver is Outperforming Gold
Congratulations, gold bugs, your long, painful wait is ending. The following chart shows the three-year rolling average annualized returns for stocks, bonds, and gold, with the latter now winning. Gold is holding its gains even as it moves into its seasonally weakest stretch. No “sell and May and go away” so far. This is great […]
June 4, 2025 | Becoming Invisible, Part 17: Next-Gen PCs Riddled With AI Spyware
About a decade ago, my son built himself a gaming computer, but soon decided he didn’t need it. I bought it from him and have used it for work ever since. Despite its age, it’s still fast, with massive memory and the horsepower to multitask pretty much any combination of programs or websites. I would […]
May 31, 2025 | Art of the Collapse, June 2025
Looks like we’ve finally found some political common ground: No Tax On Tips Passes Senate Unanimously After Clarification That Bribes Can Count As Tips (Babylon Bee) – In a rare display of full bipartisan support, President Donald Trump’s “No Tax On Tips” bill passed through the Senate unanimously after legislators received clarification that bribes can […]
May 27, 2025 | Et tu, Costco?
With its family-friendly bulk packages, high-quality Kirkland store brand, and, more recently, competitively priced gold and silver bars, Costco has always taken care of its customers. So its introduction of yet another way to accumulate ruinous debt feels like a betrayal: Costco launches ‘Buy Now, Pay Later’ service for online purchases (ABC News) – Costco is introducing its […]
May 26, 2025 | Believe It or Not, Gold is Still Out of Favor
After the past year’s epic run, you’d think gold would have displaced at least some other assets in mainstream investors’ portfolios. But apparently not. These two charts have been making the rounds on X, showing that during the previous decade’s gold bull market, gold-related ETFs saw their share of “implied allocations” rise dramatically. But that […]
May 23, 2025 | Is Global Warming Just Another Establishment Scam?
“Global warming” has been a thing ever since “global cooling” went out of style in the 1980s. But two recent developments make it worth a closer look. Most other Establishment narratives, from vaccines to Ukraine to Biden’s health to Trump/Russia collusion, have failed catastrophically over the past decade. Some very dangerous-sounding geo-engineering schemes are being […]
May 22, 2025 | Inflation and the Lies Realtors Have to Tell
Collapse Life just posted an article on house hunting that anyone who’s in that market will relate to. Basically, this is what inflation does to our idea of an acceptable home — and to our understanding of basic terms like “luxury,” “cozy,” and “affordable.” The end of truth comes with luxury vinyl plank flooring What real […]
May 20, 2025 | Recession Watch: Unsustainable Interest Rates And falling Credit Scores
This week, Moody’s, the last bond rating agency that still gave the US a perfect score, joined its peers by cutting Treasury bonds from Aaa to Aa1. To which you might respond, “Duh. How can a country with a debt-to-GDP of 124% be an investment-grade credit at all, let alone AAA? You’d be right, of course. […]
May 19, 2025 | Creeping Fascism: Global Healthcare Takeover
After the mess the public health establishment made of the COVID-19 outbreak, it seems like the last thing anyone should want is to grant those idiots more power for the next pandemic. But that’s what the “supranational” health organizations are trying for. Here’s an excerpt from an article by health analyst Meryl Nass on the shocking deals now being pursued out […]
May 16, 2025 | How Would a New Gold Standard Work? Very well…
A return to some version of a gold standard has morphed from “gold bug fever dream” to “conceivable” in the past few years. Here’s why: Since the 1990s, when Fed chair Alan Greenspan became a global celebrity nicknamed “the Maestro” by a credulous press … … governments have borrowed ever-greater sums, forcing central banks to […]
May 11, 2025 | Britain Steps Back From the Brink
The UK, like much of the rest of Europe, has been committing slow-motion cultural suicide in recent years. By piling up unsustainable debts, deindustrialising in pursuit of “net zero” fantasies, atomising into multiple incompatible subcultures via unconstrained immigration, and persecuting citizens for tweets and other previously accepted forms of dissent, the former liberal democracy had […]
May 5, 2025 | Black Swans: What If Bad People Get Next-Level AI?
This is the first in a series of “heads up” posts on things that might go very wrong very fast, and how to prepare for them. An obvious place to begin is AGI: The global race to develop ever-smarter AIs has an interim goal called Artificial General Intelligence (AGI), which refers to a system capable […]
April 30, 2025 | Art of the Collapse, May 2025
Let’s start, once again, with a warning to never, ever believe anything you see online: April was tax month, so people were more than normally aware of the gap between what we think we’re paying for and what we get: What’s even dumber than taxes and debt? War, of course: Then there’s the trade war. […]
April 28, 2025 | Recession Watch: Real Estate Is Already There
As always, when it comes to real estate, Wolf Richter’s analysis and charts are very helpful. Let’s take the office building story step-by-step: Between 2010 and 2020, millions of square feet of office space were financed with unnaturally cheap credit. During the pandemic, millions of Americans discovered that they prefer working from home and refused to return […]
April 27, 2025 | Health Prepping: Seed Oils Are Poison
Seed oils are getting a lot of bad press, so I’ve been reading ingredient lists with them in mind. The results are heartbreaking. Things that seemed healthy have turned out, thanks to their reliance on seed oils, to fall into the “heavily processed, do not eat” category. A couple of examples: This Thai curry paste […]
April 25, 2025 | More Tales From the Gold Bull Market: Earnings Beats and High-Premium M&A
Agnico Eagle, generally seen as the best-run senior gold miner, just reported blow-out earnings: Agnico Eagle Smashes Q1 Expectations with Record Earnings and Soaring Gold Prices (Kitco News) – Another quarterly earnings report means another record broken for Canada’s largest gold producer. On Thursday, after the North American equity close, Agnico Eagle Mines Limited (NYSE: […]
April 22, 2025 | Mining is Hard: The End of the Cobre Panama Story?
Once-favorable mining jurisdictions are becoming battlegrounds, adding a new layer of risk to an already challenging business. The most ominous example of this trend is the Cobre Panama copper mine, on which one of our portfolio’s royalty companies had bet big. See: Just How Bad Was Franco-Nevada’s Bad News? Franco-Nevada Takes Its Cobre Panama Hit The mine’s […]
April 21, 2025 | How to Judge Those Gold Miner “Free Cash Flow” Numbers
We’re entering the age of free cash flow (FCF), in which gold miners start trumpeting the size and growth of this metric in every public utterance. So we’ll need an analytical tool for judging whose FCF — and by implication, stock — is most valuable. Resourceful Insights’ George Billman just posted a quick way to put a […]
April 20, 2025 | Gold Is Becoming “Monetary Infrastructure”
Why is gold marching steadily higher while everything else is trading chaotically? An X thread from @mcm_ct_usa offers a useful— and for gold bugs, very exciting —explanation. Here’s a condensed version: Gold is quietly being re-monetized—and most people don’t see it. Here’s what’s happening, why it matters, and why it’s not priced in. This is for anyone […]