November 05, 2026
Here’s what was covered in episode 387:
Macro Musings — Gold improves, copper cools and uranium’s fundamental disconnect gets harder to ignore.
The market’s initial enthusiasm following the elections quickly gave way to another sharp selloff, with AI stocks under pressure and volatility surging.
Nick cautioned against attributing every market move to the election results. Technology shares were already experiencing substantial selling during the New Orleans Investment Conference last week, before voters went to the polls.
The broader macro backdrop remains the more important consideration. Third-quarter GDP growth came in at 3.4%, and Nick expects both growth and inflation to slow over the next several months. That combination could pressure stocks while eventually giving the Federal Reserve room to retreat from its hawkish stance.
Copper has weakened from approximately $6.60 to $6.20 per pound, including a roughly 3% one-day decline this week. Its chart has been making lower highs since mid-September, and Nick would want to see a recovery above approximately $6.50 before calling the near-term setup bullish again.
He remains constructive over the longer term but would be less inclined to name copper the metal of 2027 after its exceptional 2026 run. A trading range between $6 and $7 over the next 12–18 months would not surprise him.
Near-term forecasts point toward adequate supplies of refined copper before larger structural deficits emerge later in the decade. Gerardo remains more optimistic about 2027 because he believes analysts continue underestimating mine disruptions, declining grades and the difficulty major producers face meeting production guidance.
Both agree that $6-$7 copper can support excellent economics for the right companies.
Nick pointed to Freeport’s planned multibillion-dollar expansion at its Bagdad operations in Arizona as evidence that producers remain willing to commit substantial capital. He also noted that one of the Brazilian copper producers he follows reported record third-quarter cash flow despite the weakness in its shares.
Gold is beginning to look better relative to copper.
The dollar and Treasury yields have rolled over from their recent highs. The DXY approached 103 before retreating, while the 10-year yield has eased from its October peak. Expectations for another quarter-point Fed hike in December also fell from approximately 88% to 66% over a couple of days.
Nick believes slower growth and inflation could force the Fed to acknowledge that it began tightening too late. A retreat from hawkish policy would provide a catalyst for the next advance in precious metals.
The charts have not confirmed that turn yet.
Gold needs to reclaim approximately $4,170 convincingly, while silver needs to move back above $54–$55. Until the policy outlook becomes clearer, Nick can envision gold moving between roughly $3,800–$3,900 and $4,100, with silver trading between approximately $47 and $54.
Elevated volatility means large daily moves can occur in both directions. A $150 rally in gold does not establish a new bullish trend any more than a $150 decline ends the longer-term investment case.
Uranium presents what Gerardo considers the clearest disconnect between commodity fundamentals and equity prices.
Spot uranium has risen to approximately $92.50 per pound, narrowing the gap with long-term contracting prices approaching $100. Meanwhile, uranium equities have been cut roughly in half. The URA ETF has fallen from approximately $62 in January to around $30.
Reactor upgrades, life extensions, new construction and government financing continue strengthening the demand outlook. A major wave of new uranium supply has not arrived to offset those requirements.
Nevertheless, the equity charts remain weak. Nick sees a potential gap-fill move toward approximately $28 in URA before a more durable bottom develops.
He has retained cash and intends to deploy more over the next six weeks, but he is balancing attractive valuations against the possibility of additional selling before year-end.
Market Takes — New Orleans brings interested buyers, active exploration and a familiar bear label.
Nick and Gerardo returned from the New Orleans Investment Conference encouraged by attendance, subscriber conversations and the amount of capital looking for opportunities in resources.
Many attendees came from adjacent industries, including real estate and banking. Some had entered mining stocks near the early-year highs and received a quick education in the sector’s volatility. Their continued attendance suggests they are still interested in learning and participating.
The mood remained constructive despite several difficult market days. Nick and Gerardo’s evening workshop drew a strong audience, and exhibit-hall tours attracted engaged investors asking substantive questions.
Nick also addressed being labeled a bear during the mining-share panel.
His position remains cautious in the short term and bullish over a longer horizon. Asked which inning of the resource bull market investors were in, he offered a fifth-inning answer rather than assuming the entire advance was only beginning.
That assessment does not mean the opportunity has ended. Debt and spending remain unresolved, Western supply chains still lack sufficient new production and the long-term drivers for precious and critical metals remain in place.
Gerardo emphasized matching investments with the right time horizon.
Junior explorers are poorly suited to investors who need dependable monthly liquidity. The ability to hold through tax-loss selling, a tightening cycle or several quarters of weak sentiment matters enormously.
That patience must be supported by execution. Companies should continue creating value through drilling, resource growth, acquisitions, mergers or other meaningful progress.
Gerardo believes investors with available capital can use the next 30–45 days to accumulate selectively as tax-loss selling intensifies. A company trading well below its earlier price becomes more interesting when its underlying assets and prospects have improved.
He also discussed a reported bank closure in Paraguay that left depositors unable to access their money. The discussion reinforced their concerns about counterparty risk and the role of gold as an asset outside the banking system.
Bizarro Banter — A blue wave brings new faces and familiar questions about power, spending and taxes.
Gerardo welcomed the opportunity for change following the Democratic election sweep, particularly in Texas, while emphasizing that winning an election and governing effectively are different accomplishments.
He was encouraged by James Talarico’s willingness to work across party lines and Gina Hinojosa’s stated approach to economic development and data centers.
As Gerardo described it, Hinojosa intends to honor existing data-center permits while applying greater scrutiny to future projects’ electricity demand, water use and effects on surrounding communities. He sees that as a reasonable approach to development rather than an attempt to stop investment entirely.
His optimism comes with an expectation of accountability. Democrats will need to demonstrate that they can address practical problems, and Republicans will need to reconsider the promises they failed to deliver.
Nick remains more skeptical that either party will meaningfully reduce debt, spending or military intervention. He does see value in divided government, where Congress and the White House can constrain one another.
Both were encouraged by voters showing a willingness to abandon party loyalties when elected officials fail to serve their interests. Less tribalism and more scrutiny of actual results would be a positive development.
The number of younger candidates entering office also fits their longstanding Fourth Turning framework: a new generation is beginning to replace older political leadership during a period of institutional distrust.
Nick then turned to state ballot measures.
In Idaho, he contrasted the attention given to choosing a state firearm with the continued restrictions on abortion and the difficulties surrounding access to reproductive healthcare.
In Washington, he criticized the failure of the income-tax repeal initiative. His concern is that branding the policy a “millionaire’s tax” obscures the possibility that it will eventually be applied to everyone.
He also objected to ballot language invoking school-funding losses when the revenue is assigned to the general fund rather than specifically earmarked for education.
Nick views voters’ willingness to approve additional taxes as another Fourth Turning theme. He noted Washington’s deteriorating tax competitiveness and the growing burden of state and local taxation.
He welcomed the vote supporting sex-based eligibility rules for girls’ sports, while remaining critical of how officials and media organizations describe the issue.
Gerardo closed the political discussion with cautious optimism that younger leaders might be more willing to cooperate on practical solutions. Nick’s test remains what those leaders actually do once they hold power.
Premium Portfolio Picks — Reader questions on Sirios and MineHub, adding to Gladiator and PMET.
A subscriber asked Gerardo about the share consolidation at Sirios Resources (TSX-V: SOI)(OTC: SIREF).
He supports it.
Sirios is a Junior Resource Monthly recommendation, and the share structure was one of his principal reservations when he first evaluated the company. With more than 600 million shares outstanding and a substantial legacy shareholder base, he believed the capitalization needed attention.
Management had previously acknowledged the issue and indicated that a name change and consolidation could form part of the solution.
Gerardo remains enthusiastic about the quality of the James Bay gold deposit and its exploration potential. He described approximately three million resource ounces and believes an upcoming update could move that figure toward four million.
Those additional ounces remain an expectation until the resource update is published. His underlying view is that the market assigns too little value to the existing gold and its potential growth, particularly in a world of approximately $4,000 gold.
The second subscriber question concerned MineHub’s (TSX-V: MHUB)(OTC: MHUBF) October selloff, which has since become considerably more severe.
Shares that traded around C$0.60 in October closed near C$0.33 this week, close to their recent C$0.32 low.
Nick spoke with the chairman and identified several company-specific issues alongside the broader market pressure.
Revenue has taken longer to develop than investors expected. MineHub works with large producers, financial institutions and other complex organizations whose implementation decisions can move slowly. Even after a customer approves a project, execution can sit on someone’s desk for months.
Prospective customers are also evaluating competing platforms, extending the sales process even when MineHub believes its offering is superior.
Nick remains encouraged by the platform’s industry relationships, including ING and Wheaton, new customer additions and expansion beyond mining into areas such as pulp and paper, recycling and cement. Revenue is growing, but the business has not reached the commercial scale or profitability shareholders anticipated as quickly as they hoped.
Financing is another consideration.
MineHub announced an approximately $1.5 million raise. Nick believes the difficulties at Abaxx, a strategic shareholder and previous source of capital, may be part of the backdrop to that requirement.
He described the sharp decline in Abaxx shares and the uncertainty following a short-seller report. His connection between that situation and MineHub’s financing needs was an interpretation of the circumstances.
Encouragingly, MineHub’s financing is being supported largely by insiders and strategic investors. Nick also noted that certain warrants had been extended through the end of 2027.
Private Placement Intel has participated in MineHub financings. Nick still sees value in the platform, but the share-price decline reflects commercialization delays and funding needs as well as tax-loss pressure.
Gerardo then highlighted upcoming exploration catalysts.
Kingsmen Resources (TSX-V: KNG)(OTC: KNGRF) recently reported encouraging results, and he expects further news, including the important Saddle target assays, over the coming weeks.
Hannan Metals (TSX-V: HAN)(OTC: HANNF) has completed its Swedish drill program. Gerardo spoke with the exploration manager and was encouraged by the efficiency of the work and the decision to extend some holes beyond their planned depths.
The company drilled approximately 1,200 meters against an initial plan of 1,000 meters. Gerardo considers that encouraging, while emphasizing that the assays will determine what the drilling actually found. He hopes to see results before Christmas.
Nick disclosed two additions to his personal holdings during the past week: Gladiator Metals (TSX-V: GLAD)(OTC: GDTRF) and PMET Resources (TSX: PMET)(OTC: PMETF).
Gladiator reported a 36-meter intercept grading 2.6% copper, including 20 meters at 3.6% copper. Those figures are copper grades, not copper-equivalent calculations.
Nick believes the results demonstrate the team’s growing understanding of the mineralization. The company raised approximately C$35 million in a BlackRock-led financing around C$2.75 per share, while the shares have since fallen toward C$1.50.
Its treasury supports a substantial forward drilling program, with additional high-priority targets remaining. Nick sees the combination of funding, strong results and a much lower share price as sufficient reason to increase his position.
He also added to PMET following its latest resource update.
Nick highlighted the company’s cesium resource alongside its lithium and tantalum exposure, as well as emerging federal financial support. He continues to consider the deposit world class.
Lithium prices and the equity chart remain weak, however. He acknowledges that PMET could become cheaper before year-end and is adding incrementally rather than assuming the bottom is already established.
Beyond those two purchases, Nick is still evaluating where to deploy his remaining cash. That may include a new silver position and additional purchases of existing holdings that have continued creating value while their shares declined.
Both hosts expect the next several weeks to remain uncomfortable. Their focus is on companies with the funding, assets and catalysts to emerge from tax-loss season in a stronger fundamental position.
November 05, 2026
Here’s what was covered in episode 387:
Macro Musings — Gold improves, copper cools and uranium’s fundamental disconnect gets harder to ignore.
The market’s initial enthusiasm following the elections quickly gave way to another sharp selloff, with AI stocks under pressure and volatility surging.
Nick cautioned against attributing every market move to the election results. Technology shares were already experiencing substantial selling during the New Orleans Investment Conference last week, before voters went to the polls.
The broader macro backdrop remains the more important consideration. Third-quarter GDP growth came in at 3.4%, and Nick expects both growth and inflation to slow over the next several months. That combination could pressure stocks while eventually giving the Federal Reserve room to retreat from its hawkish stance.
Copper has weakened from approximately $6.60 to $6.20 per pound, including a roughly 3% one-day decline this week. Its chart has been making lower highs since mid-September, and Nick would want to see a recovery above approximately $6.50 before calling the near-term setup bullish again.
He remains constructive over the longer term but would be less inclined to name copper the metal of 2027 after its exceptional 2026 run. A trading range between $6 and $7 over the next 12–18 months would not surprise him.
Near-term forecasts point toward adequate supplies of refined copper before larger structural deficits emerge later in the decade. Gerardo remains more optimistic about 2027 because he believes analysts continue underestimating mine disruptions, declining grades and the difficulty major producers face meeting production guidance.
Both agree that $6-$7 copper can support excellent economics for the right companies.
Nick pointed to Freeport’s planned multibillion-dollar expansion at its Bagdad operations in Arizona as evidence that producers remain willing to commit substantial capital. He also noted that one of the Brazilian copper producers he follows reported record third-quarter cash flow despite the weakness in its shares.
Gold is beginning to look better relative to copper.
The dollar and Treasury yields have rolled over from their recent highs. The DXY approached 103 before retreating, while the 10-year yield has eased from its October peak. Expectations for another quarter-point Fed hike in December also fell from approximately 88% to 66% over a couple of days.
Nick believes slower growth and inflation could force the Fed to acknowledge that it began tightening too late. A retreat from hawkish policy would provide a catalyst for the next advance in precious metals.
The charts have not confirmed that turn yet.
Gold needs to reclaim approximately $4,170 convincingly, while silver needs to move back above $54–$55. Until the policy outlook becomes clearer, Nick can envision gold moving between roughly $3,800–$3,900 and $4,100, with silver trading between approximately $47 and $54.
Elevated volatility means large daily moves can occur in both directions. A $150 rally in gold does not establish a new bullish trend any more than a $150 decline ends the longer-term investment case.
Uranium presents what Gerardo considers the clearest disconnect between commodity fundamentals and equity prices.
Spot uranium has risen to approximately $92.50 per pound, narrowing the gap with long-term contracting prices approaching $100. Meanwhile, uranium equities have been cut roughly in half. The URA ETF has fallen from approximately $62 in January to around $30.
Reactor upgrades, life extensions, new construction and government financing continue strengthening the demand outlook. A major wave of new uranium supply has not arrived to offset those requirements.
Nevertheless, the equity charts remain weak. Nick sees a potential gap-fill move toward approximately $28 in URA before a more durable bottom develops.
He has retained cash and intends to deploy more over the next six weeks, but he is balancing attractive valuations against the possibility of additional selling before year-end.
Market Takes — New Orleans brings interested buyers, active exploration and a familiar bear label.
Nick and Gerardo returned from the New Orleans Investment Conference encouraged by attendance, subscriber conversations and the amount of capital looking for opportunities in resources.
Many attendees came from adjacent industries, including real estate and banking. Some had entered mining stocks near the early-year highs and received a quick education in the sector’s volatility. Their continued attendance suggests they are still interested in learning and participating.
The mood remained constructive despite several difficult market days. Nick and Gerardo’s evening workshop drew a strong audience, and exhibit-hall tours attracted engaged investors asking substantive questions.
Nick also addressed being labeled a bear during the mining-share panel.
His position remains cautious in the short term and bullish over a longer horizon. Asked which inning of the resource bull market investors were in, he offered a fifth-inning answer rather than assuming the entire advance was only beginning.
That assessment does not mean the opportunity has ended. Debt and spending remain unresolved, Western supply chains still lack sufficient new production and the long-term drivers for precious and critical metals remain in place.
Gerardo emphasized matching investments with the right time horizon.
Junior explorers are poorly suited to investors who need dependable monthly liquidity. The ability to hold through tax-loss selling, a tightening cycle or several quarters of weak sentiment matters enormously.
That patience must be supported by execution. Companies should continue creating value through drilling, resource growth, acquisitions, mergers or other meaningful progress.
Gerardo believes investors with available capital can use the next 30–45 days to accumulate selectively as tax-loss selling intensifies. A company trading well below its earlier price becomes more interesting when its underlying assets and prospects have improved.
He also discussed a reported bank closure in Paraguay that left depositors unable to access their money. The discussion reinforced their concerns about counterparty risk and the role of gold as an asset outside the banking system.
Bizarro Banter — A blue wave brings new faces and familiar questions about power, spending and taxes.
Gerardo welcomed the opportunity for change following the Democratic election sweep, particularly in Texas, while emphasizing that winning an election and governing effectively are different accomplishments.
He was encouraged by James Talarico’s willingness to work across party lines and Gina Hinojosa’s stated approach to economic development and data centers.
As Gerardo described it, Hinojosa intends to honor existing data-center permits while applying greater scrutiny to future projects’ electricity demand, water use and effects on surrounding communities. He sees that as a reasonable approach to development rather than an attempt to stop investment entirely.
His optimism comes with an expectation of accountability. Democrats will need to demonstrate that they can address practical problems, and Republicans will need to reconsider the promises they failed to deliver.
Nick remains more skeptical that either party will meaningfully reduce debt, spending or military intervention. He does see value in divided government, where Congress and the White House can constrain one another.
Both were encouraged by voters showing a willingness to abandon party loyalties when elected officials fail to serve their interests. Less tribalism and more scrutiny of actual results would be a positive development.
The number of younger candidates entering office also fits their longstanding Fourth Turning framework: a new generation is beginning to replace older political leadership during a period of institutional distrust.
Nick then turned to state ballot measures.
In Idaho, he contrasted the attention given to choosing a state firearm with the continued restrictions on abortion and the difficulties surrounding access to reproductive healthcare.
In Washington, he criticized the failure of the income-tax repeal initiative. His concern is that branding the policy a “millionaire’s tax” obscures the possibility that it will eventually be applied to everyone.
He also objected to ballot language invoking school-funding losses when the revenue is assigned to the general fund rather than specifically earmarked for education.
Nick views voters’ willingness to approve additional taxes as another Fourth Turning theme. He noted Washington’s deteriorating tax competitiveness and the growing burden of state and local taxation.
He welcomed the vote supporting sex-based eligibility rules for girls’ sports, while remaining critical of how officials and media organizations describe the issue.
Gerardo closed the political discussion with cautious optimism that younger leaders might be more willing to cooperate on practical solutions. Nick’s test remains what those leaders actually do once they hold power.
Premium Portfolio Picks — Reader questions on Sirios and MineHub, adding to Gladiator and PMET.
A subscriber asked Gerardo about the share consolidation at Sirios Resources (TSX-V: SOI)(OTC: SIREF).
He supports it.
Sirios is a Junior Resource Monthly recommendation, and the share structure was one of his principal reservations when he first evaluated the company. With more than 600 million shares outstanding and a substantial legacy shareholder base, he believed the capitalization needed attention.
Management had previously acknowledged the issue and indicated that a name change and consolidation could form part of the solution.
Gerardo remains enthusiastic about the quality of the James Bay gold deposit and its exploration potential. He described approximately three million resource ounces and believes an upcoming update could move that figure toward four million.
Those additional ounces remain an expectation until the resource update is published. His underlying view is that the market assigns too little value to the existing gold and its potential growth, particularly in a world of approximately $4,000 gold.
The second subscriber question concerned MineHub’s (TSX-V: MHUB)(OTC: MHUBF) October selloff, which has since become considerably more severe.
Shares that traded around C$0.60 in October closed near C$0.33 this week, close to their recent C$0.32 low.
Nick spoke with the chairman and identified several company-specific issues alongside the broader market pressure.
Revenue has taken longer to develop than investors expected. MineHub works with large producers, financial institutions and other complex organizations whose implementation decisions can move slowly. Even after a customer approves a project, execution can sit on someone’s desk for months.
Prospective customers are also evaluating competing platforms, extending the sales process even when MineHub believes its offering is superior.
Nick remains encouraged by the platform’s industry relationships, including ING and Wheaton, new customer additions and expansion beyond mining into areas such as pulp and paper, recycling and cement. Revenue is growing, but the business has not reached the commercial scale or profitability shareholders anticipated as quickly as they hoped.
Financing is another consideration.
MineHub announced an approximately $1.5 million raise. Nick believes the difficulties at Abaxx, a strategic shareholder and previous source of capital, may be part of the backdrop to that requirement.
He described the sharp decline in Abaxx shares and the uncertainty following a short-seller report. His connection between that situation and MineHub’s financing needs was an interpretation of the circumstances.
Encouragingly, MineHub’s financing is being supported largely by insiders and strategic investors. Nick also noted that certain warrants had been extended through the end of 2027.
Private Placement Intel has participated in MineHub financings. Nick still sees value in the platform, but the share-price decline reflects commercialization delays and funding needs as well as tax-loss pressure.
Gerardo then highlighted upcoming exploration catalysts.
Kingsmen Resources (TSX-V: KNG)(OTC: KNGRF) recently reported encouraging results, and he expects further news, including the important Saddle target assays, over the coming weeks.
Hannan Metals (TSX-V: HAN)(OTC: HANNF) has completed its Swedish drill program. Gerardo spoke with the exploration manager and was encouraged by the efficiency of the work and the decision to extend some holes beyond their planned depths.
The company drilled approximately 1,200 meters against an initial plan of 1,000 meters. Gerardo considers that encouraging, while emphasizing that the assays will determine what the drilling actually found. He hopes to see results before Christmas.
Nick disclosed two additions to his personal holdings during the past week: Gladiator Metals (TSX-V: GLAD)(OTC: GDTRF) and PMET Resources (TSX: PMET)(OTC: PMETF).
Gladiator reported a 36-meter intercept grading 2.6% copper, including 20 meters at 3.6% copper. Those figures are copper grades, not copper-equivalent calculations.
Nick believes the results demonstrate the team’s growing understanding of the mineralization. The company raised approximately C$35 million in a BlackRock-led financing around C$2.75 per share, while the shares have since fallen toward C$1.50.
Its treasury supports a substantial forward drilling program, with additional high-priority targets remaining. Nick sees the combination of funding, strong results and a much lower share price as sufficient reason to increase his position.
He also added to PMET following its latest resource update.
Nick highlighted the company’s cesium resource alongside its lithium and tantalum exposure, as well as emerging federal financial support. He continues to consider the deposit world class.
Lithium prices and the equity chart remain weak, however. He acknowledges that PMET could become cheaper before year-end and is adding incrementally rather than assuming the bottom is already established.
Beyond those two purchases, Nick is still evaluating where to deploy his remaining cash. That may include a new silver position and additional purchases of existing holdings that have continued creating value while their shares declined.
Both hosts expect the next several weeks to remain uncomfortable. Their focus is on companies with the funding, assets and catalysts to emerge from tax-loss season in a stronger fundamental position.
November 05, 2026
Here’s what was covered in episode 387:
Macro Musings — Gold improves, copper cools and uranium’s fundamental disconnect gets harder to ignore.
The market’s initial enthusiasm following the elections quickly gave way to another sharp selloff, with AI stocks under pressure and volatility surging.
Nick cautioned against attributing every market move to the election results. Technology shares were already experiencing substantial selling during the New Orleans Investment Conference last week, before voters went to the polls.
The broader macro backdrop remains the more important consideration. Third-quarter GDP growth came in at 3.4%, and Nick expects both growth and inflation to slow over the next several months. That combination could pressure stocks while eventually giving the Federal Reserve room to retreat from its hawkish stance.
Copper has weakened from approximately $6.60 to $6.20 per pound, including a roughly 3% one-day decline this week. Its chart has been making lower highs since mid-September, and Nick would want to see a recovery above approximately $6.50 before calling the near-term setup bullish again.
He remains constructive over the longer term but would be less inclined to name copper the metal of 2027 after its exceptional 2026 run. A trading range between $6 and $7 over the next 12–18 months would not surprise him.
Near-term forecasts point toward adequate supplies of refined copper before larger structural deficits emerge later in the decade. Gerardo remains more optimistic about 2027 because he believes analysts continue underestimating mine disruptions, declining grades and the difficulty major producers face meeting production guidance.
Both agree that $6-$7 copper can support excellent economics for the right companies.
Nick pointed to Freeport’s planned multibillion-dollar expansion at its Bagdad operations in Arizona as evidence that producers remain willing to commit substantial capital. He also noted that one of the Brazilian copper producers he follows reported record third-quarter cash flow despite the weakness in its shares.
Gold is beginning to look better relative to copper.
The dollar and Treasury yields have rolled over from their recent highs. The DXY approached 103 before retreating, while the 10-year yield has eased from its October peak. Expectations for another quarter-point Fed hike in December also fell from approximately 88% to 66% over a couple of days.
Nick believes slower growth and inflation could force the Fed to acknowledge that it began tightening too late. A retreat from hawkish policy would provide a catalyst for the next advance in precious metals.
The charts have not confirmed that turn yet.
Gold needs to reclaim approximately $4,170 convincingly, while silver needs to move back above $54–$55. Until the policy outlook becomes clearer, Nick can envision gold moving between roughly $3,800–$3,900 and $4,100, with silver trading between approximately $47 and $54.
Elevated volatility means large daily moves can occur in both directions. A $150 rally in gold does not establish a new bullish trend any more than a $150 decline ends the longer-term investment case.
Uranium presents what Gerardo considers the clearest disconnect between commodity fundamentals and equity prices.
Spot uranium has risen to approximately $92.50 per pound, narrowing the gap with long-term contracting prices approaching $100. Meanwhile, uranium equities have been cut roughly in half. The URA ETF has fallen from approximately $62 in January to around $30.
Reactor upgrades, life extensions, new construction and government financing continue strengthening the demand outlook. A major wave of new uranium supply has not arrived to offset those requirements.
Nevertheless, the equity charts remain weak. Nick sees a potential gap-fill move toward approximately $28 in URA before a more durable bottom develops.
He has retained cash and intends to deploy more over the next six weeks, but he is balancing attractive valuations against the possibility of additional selling before year-end.
Market Takes — New Orleans brings interested buyers, active exploration and a familiar bear label.
Nick and Gerardo returned from the New Orleans Investment Conference encouraged by attendance, subscriber conversations and the amount of capital looking for opportunities in resources.
Many attendees came from adjacent industries, including real estate and banking. Some had entered mining stocks near the early-year highs and received a quick education in the sector’s volatility. Their continued attendance suggests they are still interested in learning and participating.
The mood remained constructive despite several difficult market days. Nick and Gerardo’s evening workshop drew a strong audience, and exhibit-hall tours attracted engaged investors asking substantive questions.
Nick also addressed being labeled a bear during the mining-share panel.
His position remains cautious in the short term and bullish over a longer horizon. Asked which inning of the resource bull market investors were in, he offered a fifth-inning answer rather than assuming the entire advance was only beginning.
That assessment does not mean the opportunity has ended. Debt and spending remain unresolved, Western supply chains still lack sufficient new production and the long-term drivers for precious and critical metals remain in place.
Gerardo emphasized matching investments with the right time horizon.
Junior explorers are poorly suited to investors who need dependable monthly liquidity. The ability to hold through tax-loss selling, a tightening cycle or several quarters of weak sentiment matters enormously.
That patience must be supported by execution. Companies should continue creating value through drilling, resource growth, acquisitions, mergers or other meaningful progress.
Gerardo believes investors with available capital can use the next 30–45 days to accumulate selectively as tax-loss selling intensifies. A company trading well below its earlier price becomes more interesting when its underlying assets and prospects have improved.
He also discussed a reported bank closure in Paraguay that left depositors unable to access their money. The discussion reinforced their concerns about counterparty risk and the role of gold as an asset outside the banking system.
Bizarro Banter — A blue wave brings new faces and familiar questions about power, spending and taxes.
Gerardo welcomed the opportunity for change following the Democratic election sweep, particularly in Texas, while emphasizing that winning an election and governing effectively are different accomplishments.
He was encouraged by James Talarico’s willingness to work across party lines and Gina Hinojosa’s stated approach to economic development and data centers.
As Gerardo described it, Hinojosa intends to honor existing data-center permits while applying greater scrutiny to future projects’ electricity demand, water use and effects on surrounding communities. He sees that as a reasonable approach to development rather than an attempt to stop investment entirely.
His optimism comes with an expectation of accountability. Democrats will need to demonstrate that they can address practical problems, and Republicans will need to reconsider the promises they failed to deliver.
Nick remains more skeptical that either party will meaningfully reduce debt, spending or military intervention. He does see value in divided government, where Congress and the White House can constrain one another.
Both were encouraged by voters showing a willingness to abandon party loyalties when elected officials fail to serve their interests. Less tribalism and more scrutiny of actual results would be a positive development.
The number of younger candidates entering office also fits their longstanding Fourth Turning framework: a new generation is beginning to replace older political leadership during a period of institutional distrust.
Nick then turned to state ballot measures.
In Idaho, he contrasted the attention given to choosing a state firearm with the continued restrictions on abortion and the difficulties surrounding access to reproductive healthcare.
In Washington, he criticized the failure of the income-tax repeal initiative. His concern is that branding the policy a “millionaire’s tax” obscures the possibility that it will eventually be applied to everyone.
He also objected to ballot language invoking school-funding losses when the revenue is assigned to the general fund rather than specifically earmarked for education.
Nick views voters’ willingness to approve additional taxes as another Fourth Turning theme. He noted Washington’s deteriorating tax competitiveness and the growing burden of state and local taxation.
He welcomed the vote supporting sex-based eligibility rules for girls’ sports, while remaining critical of how officials and media organizations describe the issue.
Gerardo closed the political discussion with cautious optimism that younger leaders might be more willing to cooperate on practical solutions. Nick’s test remains what those leaders actually do once they hold power.
Premium Portfolio Picks — Reader questions on Sirios and MineHub, adding to Gladiator and PMET.
A subscriber asked Gerardo about the share consolidation at Sirios Resources (TSX-V: SOI)(OTC: SIREF).
He supports it.
Sirios is a Junior Resource Monthly recommendation, and the share structure was one of his principal reservations when he first evaluated the company. With more than 600 million shares outstanding and a substantial legacy shareholder base, he believed the capitalization needed attention.
Management had previously acknowledged the issue and indicated that a name change and consolidation could form part of the solution.
Gerardo remains enthusiastic about the quality of the James Bay gold deposit and its exploration potential. He described approximately three million resource ounces and believes an upcoming update could move that figure toward four million.
Those additional ounces remain an expectation until the resource update is published. His underlying view is that the market assigns too little value to the existing gold and its potential growth, particularly in a world of approximately $4,000 gold.
The second subscriber question concerned MineHub’s (TSX-V: MHUB)(OTC: MHUBF) October selloff, which has since become considerably more severe.
Shares that traded around C$0.60 in October closed near C$0.33 this week, close to their recent C$0.32 low.
Nick spoke with the chairman and identified several company-specific issues alongside the broader market pressure.
Revenue has taken longer to develop than investors expected. MineHub works with large producers, financial institutions and other complex organizations whose implementation decisions can move slowly. Even after a customer approves a project, execution can sit on someone’s desk for months.
Prospective customers are also evaluating competing platforms, extending the sales process even when MineHub believes its offering is superior.
Nick remains encouraged by the platform’s industry relationships, including ING and Wheaton, new customer additions and expansion beyond mining into areas such as pulp and paper, recycling and cement. Revenue is growing, but the business has not reached the commercial scale or profitability shareholders anticipated as quickly as they hoped.
Financing is another consideration.
MineHub announced an approximately $1.5 million raise. Nick believes the difficulties at Abaxx, a strategic shareholder and previous source of capital, may be part of the backdrop to that requirement.
He described the sharp decline in Abaxx shares and the uncertainty following a short-seller report. His connection between that situation and MineHub’s financing needs was an interpretation of the circumstances.
Encouragingly, MineHub’s financing is being supported largely by insiders and strategic investors. Nick also noted that certain warrants had been extended through the end of 2027.
Private Placement Intel has participated in MineHub financings. Nick still sees value in the platform, but the share-price decline reflects commercialization delays and funding needs as well as tax-loss pressure.
Gerardo then highlighted upcoming exploration catalysts.
Kingsmen Resources (TSX-V: KNG)(OTC: KNGRF) recently reported encouraging results, and he expects further news, including the important Saddle target assays, over the coming weeks.
Hannan Metals (TSX-V: HAN)(OTC: HANNF) has completed its Swedish drill program. Gerardo spoke with the exploration manager and was encouraged by the efficiency of the work and the decision to extend some holes beyond their planned depths.
The company drilled approximately 1,200 meters against an initial plan of 1,000 meters. Gerardo considers that encouraging, while emphasizing that the assays will determine what the drilling actually found. He hopes to see results before Christmas.
Nick disclosed two additions to his personal holdings during the past week: Gladiator Metals (TSX-V: GLAD)(OTC: GDTRF) and PMET Resources (TSX: PMET)(OTC: PMETF).
Gladiator reported a 36-meter intercept grading 2.6% copper, including 20 meters at 3.6% copper. Those figures are copper grades, not copper-equivalent calculations.
Nick believes the results demonstrate the team’s growing understanding of the mineralization. The company raised approximately C$35 million in a BlackRock-led financing around C$2.75 per share, while the shares have since fallen toward C$1.50.
Its treasury supports a substantial forward drilling program, with additional high-priority targets remaining. Nick sees the combination of funding, strong results and a much lower share price as sufficient reason to increase his position.
He also added to PMET following its latest resource update.
Nick highlighted the company’s cesium resource alongside its lithium and tantalum exposure, as well as emerging federal financial support. He continues to consider the deposit world class.
Lithium prices and the equity chart remain weak, however. He acknowledges that PMET could become cheaper before year-end and is adding incrementally rather than assuming the bottom is already established.
Beyond those two purchases, Nick is still evaluating where to deploy his remaining cash. That may include a new silver position and additional purchases of existing holdings that have continued creating value while their shares declined.
Both hosts expect the next several weeks to remain uncomfortable. Their focus is on companies with the funding, assets and catalysts to emerge from tax-loss season in a stronger fundamental position.