July 30, 2026
Here’s what was covered in episode 374:
Macro Musings - Kevin Warsh finally spoke, the Fed held rates steady, the bond market sent mixed signals, and gold continued to look increasingly comfortable above $4,000.
Gerardo’s takeaway from Warsh was that the new Fed chair is polished, but his message did not entirely add up. Warsh reiterated that 2% inflation remains the target while simultaneously arguing that the Fed did not need to hike because the market was already doing some of the tightening for it. The Fed voted to hold rates, with three members favoring a 25-basis-point hike.
The immediate reaction was messy. The Dow initially fell more than 1,100 points, while the 30-year Treasury yield pushed to its highest level since 2007. But the shorter end of the curve behaved differently. Nick pulled up the charts during the podcast and showed the 2-year and 10-year yields beginning to cool after the announcement, while the 30-year continued higher.
The bigger development may have been the dollar. After weeks of strength, the DXY fell sharply back below 100. Nick said that if the dollar can close the week there, it would represent a meaningful short-term breakdown — exactly the kind of macro improvement the metals have been waiting for.
Gold, meanwhile, appears increasingly indifferent to what the dollar and yields are doing. Nick showed that gold’s previously strong inverse correlations with both the dollar and the 10-year yield have essentially collapsed toward zero over the past couple of weeks. Gold held the $3,900–$4,000 area, has moved back above $4,100, and the chart increasingly suggests $4,000 may be the new floor.
Nick said he would have no problem with gold consolidating around these levels for a while longer. A sideways market near $4,000 would be healthy and could provide another opportunity to accumulate gold equities, uranium stocks, and selected copper names ahead of the fall.
Market Takes - Copper continues to lead, silver continues to consolidate, uranium remains boring but attractive, and money is rotating aggressively beneath the surface of the broader stock market.
Silver remains caught between roughly $55–$56 support and $60 resistance. Nick said it needs to break conclusively above $60 to return to a clearly bullish short-term trend, but he does not view consolidation around $57–$58 as problematic. Mining earnings are also beginning to come in, with companies like Centerra reporting results that Nick viewed favorably.
Copper remains the strongest major metal. Futures were around $6.50 during the recording, putting copper within striking distance of its May highs near $6.77. Nick thinks that strength may be another sign that inflation is beginning to reappear in industrial commodities after the temporary disinflation that followed oil’s earlier decline.
That raises the question of where the next inflation pulse appears. Oil is back above $100. Copper is strong. Nick said inflation could begin showing up in base metals, lithium, nickel, tin, fertilizers, soft commodities, or some combination as higher energy prices filter through the economy.
Gerardo thinks investors have a relatively small window to finish building resource positions before fall. He continues to expect September through December to be strong for junior resource portfolios, particularly as exploration programs generate assays and other catalysts and new capital begins returning to the sector.
Uranium remains one of the quietest opportunities. Spot continues to hover around $85 and the long-term contract price around $95, but Gerardo expects utility contracting activity to accelerate in the third and fourth quarters. Rising electricity demand from AI and data centers could add another layer of demand, and he believes a move above $90 spot and $100 long term could quickly trigger a 30%–50% rerating across portions of the uranium equity market.
Nick agreed. URNJ has returned to roughly the $22 area where it consolidated during the summer of 2025 before nearly doubling. He does not think the current consolidation is necessarily finished, but sees substantial value across uranium equities and views the summer weakness as preparation for the next leg higher.
The other important market development is rotation. The South Korean KOSPI — driven heavily by semiconductor and technology stocks — has fallen roughly 20%–30% in recent weeks and repeatedly triggered circuit breakers. Nick noted that a meaningful portion of the liquidation involved margin accounts.
The same rotation is occurring inside the S&P 500. Information technology has fallen sharply over the past month, while energy, financials, consumer staples, and health care have taken leadership. Nick pointed again to British American Tobacco (NYSE: BTI) and Target (NYSE: TGT) as examples of names benefiting from that rotation.
Gerardo used the KOSPI and margin liquidations to make a broader point about risk management. Investors need to understand what kind of investor or speculator they actually are. Some people should take profits aggressively. Others are comfortable riding enormous volatility when they believe the underlying thesis remains intact. His example was PMET Resources (TSX: PMET)(OTC: PMETF), formerly Patriot Battery Metals, where he entered around C$0.16, watched the stock climb into the mid-teens, and remains comfortable holding a large core position despite the subsequent decline because his long-term lithium and critical-metals thesis has not changed.
Nick echoed that with an old Jim Dines rule: never trade on margin unless you completely understand the risk, and remember that whether you are rich or poor, it is good to have cash.
Nick still has meaningful dry powder heading into fall. He cleaned up the remaining Hudbay position he received from the Arizona Sonoran transaction and also took profits on a shorter-term OceanaGold trade initiated near the July gold lows. He intends to redeploy that capital into higher-conviction positions he wants to own for the longer-term move and made a new Underground Alpha recommendation this week.
Bizarro Banter - Fauci returned to Congress, the Iran war continued, surveillance technology kept getting creepier, the Epstein files remained missing, and institutional accountability remained difficult to locate.
Gerardo discussed Rand Paul’s latest hearing involving Anthony Fauci. Fauci repeatedly invoked the Fifth Amendment rather than answer questions surrounding COVID, the origin of the virus, U.S. funding connected to research at the Wuhan lab, and prior testimony. Gerardo said he believes there are legitimate questions surrounding conflicts of interest and what Fauci and his organization knew, but also called the hearing a dog-and-pony show because Fauci already received a pardon from President Biden.
Nick agreed with the broader point: both parties protect their own. He tied Biden’s Fauci pardon to Trump’s own controversial pardons, crypto conflicts, nepotism, and the general revolving-door culture in Washington. Regardless of which party controls government, accountability seems to disappear when politically connected people are involved.
Gerardo argued that other issues deserve at least as much attention. He pointed to Flock surveillance cameras and reported cases of law-enforcement officers abusing access to track women, arguing that if individual officers can misuse the technology, the surveillance capabilities available to governments deserve much greater scrutiny.
The Iran war remains another major concern. Nick and Gerardo discussed the difficulty of getting clear casualty figures, attempts to classify some U.S. deaths as occurring during ceasefire periods, repeated declarations that peace is near, and reports that additional reservists may be preparing for deployment. Both continue to believe the cleanest outcome would be a U.S. withdrawal before the conflict expands further.
Gerardo also returned to the Epstein files, noting that the statutory deadline for their release has long passed while politically connected attorneys remain deeply intertwined with the case. His broader message was to keep an eye on the issues that actually matter rather than becoming consumed by political spectacles designed to dominate the news cycle.
Premium Portfolio Picks - Gerardo opened with URZ3 (TSX-V: URZ)(OTC: URZEF) and a major expansion of the company’s Wyoming uranium portfolio.
URZ3 announced the acquisition of three state mineral leases covering approximately 1,920 acres and staked another 437 unpatented mining claims covering roughly 9,000 acres. Altogether, the company expanded its Wyoming position by approximately 10,900 acres.
Gerardo stressed that this is not acreage accumulated simply to advertise a large land package. The new positions are strategically located in Wyoming’s Powder River Basin, one of the most established ISR uranium districts in the United States. ISR can also represent one of the lowest-cost methods of domestic uranium production.
The acquisition helps explain why URZ3 has been relatively quiet over the past several months. Gerardo understands there was considerable competition for some of these leases. With the land position now secured, the team is putting together exploration, targeting, and sampling plans designed to begin generating actual geological value.
Gerardo believes the management team alone would make URZ3 interesting, given its previous uranium successes, but now investors have that team paired with a substantial position in a proven U.S. uranium district. He continues to view the company as exceptionally cheap and expects a meaningful rerating between now and year-end.
Nick paired Gerardo’s URZ3 discussion with North Shore Uranium (TSX-V: NSU)(OTC: NSURF), which includes another part of the team involved in their previous uranium success. Nick reminded listeners that subscribers who financed the prior URZ/Azarga story alongside them ultimately generated very large returns as Azarga advanced the Dewey Burdock project and was eventually acquired.
North Shore now has leadership that includes former Azarga CEO Blake Steele and controls the Rio Puerco uranium project. The project contains a historical uranium resource and is currently being drilled. Nick noted that prior development work at Rio Puerco dates back decades, including shafts that were sunk, and the current thesis is that portions of the mineralization may be amenable to lower-cost ISR recovery.
Nick also reiterated his interest in Sprott Junior Uranium Miners (NASDAQ: URNJ) and Energy Fuels (NYSE: UUUU)(TSX: EFR). He continues to view URNJ as an attractive long-term way to buy the beaten-down junior uranium sector, while Energy Fuels remains one of his preferred ways to gain exposure to uranium and the broader U.S. critical-minerals buildout. Energy Fuels also had additional heavy rare earth processing and mill-development news this week.
Gerardo closed by flagging two of their highest-conviction existing positions where major catalysts remain imminent.
Hannan Metals (TSX-V: HAN)(OTC: HANNF) is expected to report its first batch of assays from Sweden very soon. Those results could determine whether Hannan has made the high-grade discovery Gerardo has been anticipating and could materially change the market’s perception of the company.
Kingsmen Resources (TSX-V: KNG)(OTC: KNGRF) is also expected to deliver additional assays shortly as it continues drilling the Soledad system. Both Nick and Gerardo hold substantial positions, and both companies are entering a period where drill results could provide significant catalysts after months of broader resource-sector consolidation.
Gerardo continues to believe patience will be rewarded as the calendar moves into late summer and fall. Gold is holding $4,000, copper remains bullish, uranium fundamentals remain intact, and many of the junior companies they own are entering the most catalyst-rich portion of their exploration programs.
July 30, 2026
Here’s what was covered in episode 374:
Macro Musings - Kevin Warsh finally spoke, the Fed held rates steady, the bond market sent mixed signals, and gold continued to look increasingly comfortable above $4,000.
Gerardo’s takeaway from Warsh was that the new Fed chair is polished, but his message did not entirely add up. Warsh reiterated that 2% inflation remains the target while simultaneously arguing that the Fed did not need to hike because the market was already doing some of the tightening for it. The Fed voted to hold rates, with three members favoring a 25-basis-point hike.
The immediate reaction was messy. The Dow initially fell more than 1,100 points, while the 30-year Treasury yield pushed to its highest level since 2007. But the shorter end of the curve behaved differently. Nick pulled up the charts during the podcast and showed the 2-year and 10-year yields beginning to cool after the announcement, while the 30-year continued higher.
The bigger development may have been the dollar. After weeks of strength, the DXY fell sharply back below 100. Nick said that if the dollar can close the week there, it would represent a meaningful short-term breakdown — exactly the kind of macro improvement the metals have been waiting for.
Gold, meanwhile, appears increasingly indifferent to what the dollar and yields are doing. Nick showed that gold’s previously strong inverse correlations with both the dollar and the 10-year yield have essentially collapsed toward zero over the past couple of weeks. Gold held the $3,900–$4,000 area, has moved back above $4,100, and the chart increasingly suggests $4,000 may be the new floor.
Nick said he would have no problem with gold consolidating around these levels for a while longer. A sideways market near $4,000 would be healthy and could provide another opportunity to accumulate gold equities, uranium stocks, and selected copper names ahead of the fall.
Market Takes - Copper continues to lead, silver continues to consolidate, uranium remains boring but attractive, and money is rotating aggressively beneath the surface of the broader stock market.
Silver remains caught between roughly $55–$56 support and $60 resistance. Nick said it needs to break conclusively above $60 to return to a clearly bullish short-term trend, but he does not view consolidation around $57–$58 as problematic. Mining earnings are also beginning to come in, with companies like Centerra reporting results that Nick viewed favorably.
Copper remains the strongest major metal. Futures were around $6.50 during the recording, putting copper within striking distance of its May highs near $6.77. Nick thinks that strength may be another sign that inflation is beginning to reappear in industrial commodities after the temporary disinflation that followed oil’s earlier decline.
That raises the question of where the next inflation pulse appears. Oil is back above $100. Copper is strong. Nick said inflation could begin showing up in base metals, lithium, nickel, tin, fertilizers, soft commodities, or some combination as higher energy prices filter through the economy.
Gerardo thinks investors have a relatively small window to finish building resource positions before fall. He continues to expect September through December to be strong for junior resource portfolios, particularly as exploration programs generate assays and other catalysts and new capital begins returning to the sector.
Uranium remains one of the quietest opportunities. Spot continues to hover around $85 and the long-term contract price around $95, but Gerardo expects utility contracting activity to accelerate in the third and fourth quarters. Rising electricity demand from AI and data centers could add another layer of demand, and he believes a move above $90 spot and $100 long term could quickly trigger a 30%–50% rerating across portions of the uranium equity market.
Nick agreed. URNJ has returned to roughly the $22 area where it consolidated during the summer of 2025 before nearly doubling. He does not think the current consolidation is necessarily finished, but sees substantial value across uranium equities and views the summer weakness as preparation for the next leg higher.
The other important market development is rotation. The South Korean KOSPI — driven heavily by semiconductor and technology stocks — has fallen roughly 20%–30% in recent weeks and repeatedly triggered circuit breakers. Nick noted that a meaningful portion of the liquidation involved margin accounts.
The same rotation is occurring inside the S&P 500. Information technology has fallen sharply over the past month, while energy, financials, consumer staples, and health care have taken leadership. Nick pointed again to British American Tobacco (NYSE: BTI) and Target (NYSE: TGT) as examples of names benefiting from that rotation.
Gerardo used the KOSPI and margin liquidations to make a broader point about risk management. Investors need to understand what kind of investor or speculator they actually are. Some people should take profits aggressively. Others are comfortable riding enormous volatility when they believe the underlying thesis remains intact. His example was PMET Resources (TSX: PMET)(OTC: PMETF), formerly Patriot Battery Metals, where he entered around C$0.16, watched the stock climb into the mid-teens, and remains comfortable holding a large core position despite the subsequent decline because his long-term lithium and critical-metals thesis has not changed.
Nick echoed that with an old Jim Dines rule: never trade on margin unless you completely understand the risk, and remember that whether you are rich or poor, it is good to have cash.
Nick still has meaningful dry powder heading into fall. He cleaned up the remaining Hudbay position he received from the Arizona Sonoran transaction and also took profits on a shorter-term OceanaGold trade initiated near the July gold lows. He intends to redeploy that capital into higher-conviction positions he wants to own for the longer-term move and made a new Underground Alpha recommendation this week.
Bizarro Banter - Fauci returned to Congress, the Iran war continued, surveillance technology kept getting creepier, the Epstein files remained missing, and institutional accountability remained difficult to locate.
Gerardo discussed Rand Paul’s latest hearing involving Anthony Fauci. Fauci repeatedly invoked the Fifth Amendment rather than answer questions surrounding COVID, the origin of the virus, U.S. funding connected to research at the Wuhan lab, and prior testimony. Gerardo said he believes there are legitimate questions surrounding conflicts of interest and what Fauci and his organization knew, but also called the hearing a dog-and-pony show because Fauci already received a pardon from President Biden.
Nick agreed with the broader point: both parties protect their own. He tied Biden’s Fauci pardon to Trump’s own controversial pardons, crypto conflicts, nepotism, and the general revolving-door culture in Washington. Regardless of which party controls government, accountability seems to disappear when politically connected people are involved.
Gerardo argued that other issues deserve at least as much attention. He pointed to Flock surveillance cameras and reported cases of law-enforcement officers abusing access to track women, arguing that if individual officers can misuse the technology, the surveillance capabilities available to governments deserve much greater scrutiny.
The Iran war remains another major concern. Nick and Gerardo discussed the difficulty of getting clear casualty figures, attempts to classify some U.S. deaths as occurring during ceasefire periods, repeated declarations that peace is near, and reports that additional reservists may be preparing for deployment. Both continue to believe the cleanest outcome would be a U.S. withdrawal before the conflict expands further.
Gerardo also returned to the Epstein files, noting that the statutory deadline for their release has long passed while politically connected attorneys remain deeply intertwined with the case. His broader message was to keep an eye on the issues that actually matter rather than becoming consumed by political spectacles designed to dominate the news cycle.
Premium Portfolio Picks - Gerardo opened with URZ3 (TSX-V: URZ)(OTC: URZEF) and a major expansion of the company’s Wyoming uranium portfolio.
URZ3 announced the acquisition of three state mineral leases covering approximately 1,920 acres and staked another 437 unpatented mining claims covering roughly 9,000 acres. Altogether, the company expanded its Wyoming position by approximately 10,900 acres.
Gerardo stressed that this is not acreage accumulated simply to advertise a large land package. The new positions are strategically located in Wyoming’s Powder River Basin, one of the most established ISR uranium districts in the United States. ISR can also represent one of the lowest-cost methods of domestic uranium production.
The acquisition helps explain why URZ3 has been relatively quiet over the past several months. Gerardo understands there was considerable competition for some of these leases. With the land position now secured, the team is putting together exploration, targeting, and sampling plans designed to begin generating actual geological value.
Gerardo believes the management team alone would make URZ3 interesting, given its previous uranium successes, but now investors have that team paired with a substantial position in a proven U.S. uranium district. He continues to view the company as exceptionally cheap and expects a meaningful rerating between now and year-end.
Nick paired Gerardo’s URZ3 discussion with North Shore Uranium (TSX-V: NSU)(OTC: NSURF), which includes another part of the team involved in their previous uranium success. Nick reminded listeners that subscribers who financed the prior URZ/Azarga story alongside them ultimately generated very large returns as Azarga advanced the Dewey Burdock project and was eventually acquired.
North Shore now has leadership that includes former Azarga CEO Blake Steele and controls the Rio Puerco uranium project. The project contains a historical uranium resource and is currently being drilled. Nick noted that prior development work at Rio Puerco dates back decades, including shafts that were sunk, and the current thesis is that portions of the mineralization may be amenable to lower-cost ISR recovery.
Nick also reiterated his interest in Sprott Junior Uranium Miners (NASDAQ: URNJ) and Energy Fuels (NYSE: UUUU)(TSX: EFR). He continues to view URNJ as an attractive long-term way to buy the beaten-down junior uranium sector, while Energy Fuels remains one of his preferred ways to gain exposure to uranium and the broader U.S. critical-minerals buildout. Energy Fuels also had additional heavy rare earth processing and mill-development news this week.
Gerardo closed by flagging two of their highest-conviction existing positions where major catalysts remain imminent.
Hannan Metals (TSX-V: HAN)(OTC: HANNF) is expected to report its first batch of assays from Sweden very soon. Those results could determine whether Hannan has made the high-grade discovery Gerardo has been anticipating and could materially change the market’s perception of the company.
Kingsmen Resources (TSX-V: KNG)(OTC: KNGRF) is also expected to deliver additional assays shortly as it continues drilling the Soledad system. Both Nick and Gerardo hold substantial positions, and both companies are entering a period where drill results could provide significant catalysts after months of broader resource-sector consolidation.
Gerardo continues to believe patience will be rewarded as the calendar moves into late summer and fall. Gold is holding $4,000, copper remains bullish, uranium fundamentals remain intact, and many of the junior companies they own are entering the most catalyst-rich portion of their exploration programs.
July 30, 2026
Here’s what was covered in episode 374:
Macro Musings - Kevin Warsh finally spoke, the Fed held rates steady, the bond market sent mixed signals, and gold continued to look increasingly comfortable above $4,000.
Gerardo’s takeaway from Warsh was that the new Fed chair is polished, but his message did not entirely add up. Warsh reiterated that 2% inflation remains the target while simultaneously arguing that the Fed did not need to hike because the market was already doing some of the tightening for it. The Fed voted to hold rates, with three members favoring a 25-basis-point hike.
The immediate reaction was messy. The Dow initially fell more than 1,100 points, while the 30-year Treasury yield pushed to its highest level since 2007. But the shorter end of the curve behaved differently. Nick pulled up the charts during the podcast and showed the 2-year and 10-year yields beginning to cool after the announcement, while the 30-year continued higher.
The bigger development may have been the dollar. After weeks of strength, the DXY fell sharply back below 100. Nick said that if the dollar can close the week there, it would represent a meaningful short-term breakdown — exactly the kind of macro improvement the metals have been waiting for.
Gold, meanwhile, appears increasingly indifferent to what the dollar and yields are doing. Nick showed that gold’s previously strong inverse correlations with both the dollar and the 10-year yield have essentially collapsed toward zero over the past couple of weeks. Gold held the $3,900–$4,000 area, has moved back above $4,100, and the chart increasingly suggests $4,000 may be the new floor.
Nick said he would have no problem with gold consolidating around these levels for a while longer. A sideways market near $4,000 would be healthy and could provide another opportunity to accumulate gold equities, uranium stocks, and selected copper names ahead of the fall.
Market Takes - Copper continues to lead, silver continues to consolidate, uranium remains boring but attractive, and money is rotating aggressively beneath the surface of the broader stock market.
Silver remains caught between roughly $55–$56 support and $60 resistance. Nick said it needs to break conclusively above $60 to return to a clearly bullish short-term trend, but he does not view consolidation around $57–$58 as problematic. Mining earnings are also beginning to come in, with companies like Centerra reporting results that Nick viewed favorably.
Copper remains the strongest major metal. Futures were around $6.50 during the recording, putting copper within striking distance of its May highs near $6.77. Nick thinks that strength may be another sign that inflation is beginning to reappear in industrial commodities after the temporary disinflation that followed oil’s earlier decline.
That raises the question of where the next inflation pulse appears. Oil is back above $100. Copper is strong. Nick said inflation could begin showing up in base metals, lithium, nickel, tin, fertilizers, soft commodities, or some combination as higher energy prices filter through the economy.
Gerardo thinks investors have a relatively small window to finish building resource positions before fall. He continues to expect September through December to be strong for junior resource portfolios, particularly as exploration programs generate assays and other catalysts and new capital begins returning to the sector.
Uranium remains one of the quietest opportunities. Spot continues to hover around $85 and the long-term contract price around $95, but Gerardo expects utility contracting activity to accelerate in the third and fourth quarters. Rising electricity demand from AI and data centers could add another layer of demand, and he believes a move above $90 spot and $100 long term could quickly trigger a 30%–50% rerating across portions of the uranium equity market.
Nick agreed. URNJ has returned to roughly the $22 area where it consolidated during the summer of 2025 before nearly doubling. He does not think the current consolidation is necessarily finished, but sees substantial value across uranium equities and views the summer weakness as preparation for the next leg higher.
The other important market development is rotation. The South Korean KOSPI — driven heavily by semiconductor and technology stocks — has fallen roughly 20%–30% in recent weeks and repeatedly triggered circuit breakers. Nick noted that a meaningful portion of the liquidation involved margin accounts.
The same rotation is occurring inside the S&P 500. Information technology has fallen sharply over the past month, while energy, financials, consumer staples, and health care have taken leadership. Nick pointed again to British American Tobacco (NYSE: BTI) and Target (NYSE: TGT) as examples of names benefiting from that rotation.
Gerardo used the KOSPI and margin liquidations to make a broader point about risk management. Investors need to understand what kind of investor or speculator they actually are. Some people should take profits aggressively. Others are comfortable riding enormous volatility when they believe the underlying thesis remains intact. His example was PMET Resources (TSX: PMET)(OTC: PMETF), formerly Patriot Battery Metals, where he entered around C$0.16, watched the stock climb into the mid-teens, and remains comfortable holding a large core position despite the subsequent decline because his long-term lithium and critical-metals thesis has not changed.
Nick echoed that with an old Jim Dines rule: never trade on margin unless you completely understand the risk, and remember that whether you are rich or poor, it is good to have cash.
Nick still has meaningful dry powder heading into fall. He cleaned up the remaining Hudbay position he received from the Arizona Sonoran transaction and also took profits on a shorter-term OceanaGold trade initiated near the July gold lows. He intends to redeploy that capital into higher-conviction positions he wants to own for the longer-term move and made a new Underground Alpha recommendation this week.
Bizarro Banter - Fauci returned to Congress, the Iran war continued, surveillance technology kept getting creepier, the Epstein files remained missing, and institutional accountability remained difficult to locate.
Gerardo discussed Rand Paul’s latest hearing involving Anthony Fauci. Fauci repeatedly invoked the Fifth Amendment rather than answer questions surrounding COVID, the origin of the virus, U.S. funding connected to research at the Wuhan lab, and prior testimony. Gerardo said he believes there are legitimate questions surrounding conflicts of interest and what Fauci and his organization knew, but also called the hearing a dog-and-pony show because Fauci already received a pardon from President Biden.
Nick agreed with the broader point: both parties protect their own. He tied Biden’s Fauci pardon to Trump’s own controversial pardons, crypto conflicts, nepotism, and the general revolving-door culture in Washington. Regardless of which party controls government, accountability seems to disappear when politically connected people are involved.
Gerardo argued that other issues deserve at least as much attention. He pointed to Flock surveillance cameras and reported cases of law-enforcement officers abusing access to track women, arguing that if individual officers can misuse the technology, the surveillance capabilities available to governments deserve much greater scrutiny.
The Iran war remains another major concern. Nick and Gerardo discussed the difficulty of getting clear casualty figures, attempts to classify some U.S. deaths as occurring during ceasefire periods, repeated declarations that peace is near, and reports that additional reservists may be preparing for deployment. Both continue to believe the cleanest outcome would be a U.S. withdrawal before the conflict expands further.
Gerardo also returned to the Epstein files, noting that the statutory deadline for their release has long passed while politically connected attorneys remain deeply intertwined with the case. His broader message was to keep an eye on the issues that actually matter rather than becoming consumed by political spectacles designed to dominate the news cycle.
Premium Portfolio Picks - Gerardo opened with URZ3 (TSX-V: URZ)(OTC: URZEF) and a major expansion of the company’s Wyoming uranium portfolio.
URZ3 announced the acquisition of three state mineral leases covering approximately 1,920 acres and staked another 437 unpatented mining claims covering roughly 9,000 acres. Altogether, the company expanded its Wyoming position by approximately 10,900 acres.
Gerardo stressed that this is not acreage accumulated simply to advertise a large land package. The new positions are strategically located in Wyoming’s Powder River Basin, one of the most established ISR uranium districts in the United States. ISR can also represent one of the lowest-cost methods of domestic uranium production.
The acquisition helps explain why URZ3 has been relatively quiet over the past several months. Gerardo understands there was considerable competition for some of these leases. With the land position now secured, the team is putting together exploration, targeting, and sampling plans designed to begin generating actual geological value.
Gerardo believes the management team alone would make URZ3 interesting, given its previous uranium successes, but now investors have that team paired with a substantial position in a proven U.S. uranium district. He continues to view the company as exceptionally cheap and expects a meaningful rerating between now and year-end.
Nick paired Gerardo’s URZ3 discussion with North Shore Uranium (TSX-V: NSU)(OTC: NSURF), which includes another part of the team involved in their previous uranium success. Nick reminded listeners that subscribers who financed the prior URZ/Azarga story alongside them ultimately generated very large returns as Azarga advanced the Dewey Burdock project and was eventually acquired.
North Shore now has leadership that includes former Azarga CEO Blake Steele and controls the Rio Puerco uranium project. The project contains a historical uranium resource and is currently being drilled. Nick noted that prior development work at Rio Puerco dates back decades, including shafts that were sunk, and the current thesis is that portions of the mineralization may be amenable to lower-cost ISR recovery.
Nick also reiterated his interest in Sprott Junior Uranium Miners (NASDAQ: URNJ) and Energy Fuels (NYSE: UUUU)(TSX: EFR). He continues to view URNJ as an attractive long-term way to buy the beaten-down junior uranium sector, while Energy Fuels remains one of his preferred ways to gain exposure to uranium and the broader U.S. critical-minerals buildout. Energy Fuels also had additional heavy rare earth processing and mill-development news this week.
Gerardo closed by flagging two of their highest-conviction existing positions where major catalysts remain imminent.
Hannan Metals (TSX-V: HAN)(OTC: HANNF) is expected to report its first batch of assays from Sweden very soon. Those results could determine whether Hannan has made the high-grade discovery Gerardo has been anticipating and could materially change the market’s perception of the company.
Kingsmen Resources (TSX-V: KNG)(OTC: KNGRF) is also expected to deliver additional assays shortly as it continues drilling the Soledad system. Both Nick and Gerardo hold substantial positions, and both companies are entering a period where drill results could provide significant catalysts after months of broader resource-sector consolidation.
Gerardo continues to believe patience will be rewarded as the calendar moves into late summer and fall. Gold is holding $4,000, copper remains bullish, uranium fundamentals remain intact, and many of the junior companies they own are entering the most catalyst-rich portion of their exploration programs.