ALWAYS CONSULT YOUR INVESTMENT PROFESSIONAL BEFORE MAKING ANY INVESTMENT DECISION
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 22, 2025 | 112 Year Cycle of Progressivism In Canada As Well
Canada future-lives-social-mobility-en The fragmentation of Canada is bubbling beneath the surface, as we see in the United States as well as in Europe. There is a huge divide between LEFT and RIGHT politics, and never since the late 19th Century to the 1920 period has there ever been such a stark political divide. There was […]
April 22, 2025 | Defy, Deny, Defund, Depot, Destroy
I must have dreamed a thousand dreams Been haunted by a million screams But I can hear the marching feet They’re moving into the street Now, did you read the news today? They say the danger has gone away But I can see the fire’s still alight They’re burning into the night There’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 21, 2025 | Cashing out of America is Hard on Everyone
Erratic announcements from the Trump administration continue to spook an exodus of capital from asset markets. This morning, the trend intensified following Trump’s latest threats to fire the Federal Reserve Chairman for failing to lower the US overnight rate fast enough. In a speech last week, Fed Chair Powell reiterated concerns that the US core […]
April 21, 2025 | Anti-Deportation – the Democrats’ New Platform
Arizona Governor Katie Hobbs has attempted to paint herself as a moderate in recent years. This has become an increasingly popular trend among Democrats as their party’s popularity plunges. But do not be fooled as these “moderates” still promote “progressive” policies. Hobbs has vetoed Senate Bill 1164, the Arizona ICE Act, which will make […]
April 20, 2025 | Canadian Tourism to US Plummets
Numerous nations have issued unofficial travel advisory warnings to deter citizens from traveling to the United States under Donald Trump. The tensions between the US and Canada have been particularly bad for tourism. Statistics Canada reported a 23% decline in trips via car from the US this February, marking the second consecutive monthly decline, […]
April 20, 2025 | The Uncertainty World
Markets don’t like uncertainty. It is a cliché, but for a very good reason. It is more than a truism. In fact, businesses don’t like uncertainty. You and I don’t like uncertainty in our personal lives. When we go to the store, we want to be certain that what we are looking for is there, […]
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 […]
April 20, 2025 | Outrageously Bullish Forecast Survives Another Week
[Two weeks ago, I made the seemingly outrageous prediction that Trump’s tariff offensive would not cause a recession and that the stock market bear would soon be over. Shares were in a steep plunge at the time, and investors around the world seemed ready to hit the panic button that Sunday night. The S&Ps had […]
April 19, 2025 | Trading Desk Notes for April 19, 2025
The Bull in the china shop = uncertainty, volatility & capital flight The US Dollar Index has fallen ~10% since Inauguration Day (blue ellipse) to the lowest level in nearly three years. Gold has rallied ~$600 (~22%) since Inauguration Day to all-time highs. The Gold Monitor: Gold is surging as the US Dollar falls.. The S&P is […]
April 19, 2025 | Does Trump’s team understand a Trade War with China?
QUESTION: How come nobody in Trump’s team can not explain to Trump that the Trade War with China will push the rates up? It looks very logical to me that if you are aggressive to China, they will continue to sell off bonds, and the sale of USA bonds will push rates higher. If they […]
April 19, 2025 | Tech Talk for Saturday April 19th 2025
The Bottom Line Currency trends are having a significant impact on equity price performance. Continuing weakness in the U.S. Dollar related to political uncertainty and corresponding strength in other currencies (notably the Canadian Dollar) are having a substantial impact on equity prices.
April 18, 2025 | Powell Warns of Stagflation
Socrates has honed in on 2025 becoming a year of great stagflation in the United States. The Federal Reserve has finally admitted that the data is undeniable—the United States will experience stagflation. The economy is declining but prices are rising. Most understand inflation, especially in the post-COVID world, but few understand stagflation. Stagflation is […]
April 17, 2025 | Leverage magnifies up and then down cycles
Buying assets with high loan-to-value ratios tends to magnify price cycles up and down. Leveraging assets like principal residences to get downpayments for other assets leads to a daisy chain of woe for owners, lenders, and the economy. We’re there, and unfortunately, we’ve earned a whopping correction cycle. Today’s interview features Ron Butler, principal broker […]
April 17, 2025 | Britain Ensuring It Will Join the European Great Depression into 2028
While the press bashes Trump over the tariffs and trade war, they continue to ignore the facts and will always take the opposite position from Trump. If Trump said he wanted everyone to live an extra 5 years to help the economy because of declining birth rates, the Press would advocate mass suicide like […]
April 16, 2025 | Expect Near Test Of Last Week’s WTI Low of US$56.06/b. This Should Provide Great Buying Opportunity For Energy Investors.
Products in stock are being bought aggressively by global consumers as they buy what they think will cost much more in the coming months once tariffs hit. Auto lots for new and used cars, electronic products and imported goods are seeing the strongest interest. Tariff negotiations between the US and over 75 countries are progressing […]
April 16, 2025 | Investing in Uncertain Times
Some worthwhile macro observations in this discussion. DoubleLine Deputy CIO Jeffrey Sherman moderates a discussion on April 3, the day after President Donald Trump’s reciprocal tariff announcement, between DoubleLine CEO-CIO Jeffrey Gundlach and Quill Intelligence CEO and Chief Strategist Danielle DiMartino Booth on the current state of the market and economic outlook. The discussion was […]
April 16, 2025 | Tucker Interviews Maxime Bernier Leader of the People’s Party of Canada
It’s hard to overstate how dystopian and threatening Canada has become. An update from longtime Canadian government official Maxime Bernier.
April 16, 2025 | Poetic Justice For Private Equity
Private equity, like so many other Wall Street “innovations,” is a benign-sounding idea that has morphed into a kind of financial cancer. Let’s see if it kills the patient. First, the concept: Private equity refers to the practice of rich guys pooling their money and hunting for companies to buy. Once they get one, they […]
April 15, 2025 | War Fever in Europe Going Crazy
COMMENT: Dear Marty! These are original advertising posters for war bonds from 1914-1918 from the former monarchy. I thought this might be of interest to you. I took the photos myself here. I hereby grant you all rights for publication on your blog. Many people all over the world owe you and your tireless […]
April 15, 2025 | Health Prepping: Did AI Just Cut Cancer Risk by 90%?
Artificial intelligence promises a lot of things. And sometimes it delivers. One possible case in point: Doctors Justus R. Hope and Paul E. Marik specialize in finding new uses for existing drugs, and recently asked an AI to look through all available studies (something way beyond the abilities of human researchers) involving supplements’ impact on cancer risk. […]
April 15, 2025 | Canada’s Housing Market Downturn Grinds into Year Four
Market consensus pegs a 58% probability that the Bank of Canada will hold its overnight rate at 2.75% tomorrow, with a 42% chance of a 25-bp cut to 2.50%. This morning’s milder-than-expected Canadian inflation news, CPI of 2.3% year-over-year in March, was welcome. Canada’s consumer carbon tax ends in April, and oil (WTIC) around $61 […]
April 14, 2025 | Confused? Join the Club: Inflation Plunges While Inflation Expectations Spike
Talk about cross-currents. Oil, which affects the cost of pretty much everything, is down about 15% so far this month. That’s extremely deflationary. Housing, meanwhile, is right up there with oil for its impact on the cost of living. And home price inflation is rapidly headed for zero overall, with many formerly hot markets already […]
April 14, 2025 | Rough Ride Exacting a Toll
Preliminary estimates show that the University of Michigan’s consumer sentiment for the US plunged to 50.8 in April—below forecasts of 54.5—and the lowest level since June 2022. Consumer sentiment has fallen 40% since November 2024 (below since 1970, courtesy of The Financial Times).At the same time, tariff announcements drove year-ahead inflation expectations to 6.7% (from […]