Tangible Investing

"I leave this institution with a sense of a good job done" Missed the inflation target for 5.5 years, 3.8% inflation, chaos in French streets, sovereign spreads blowing up, and continued economic decline. Makes one wonder what a bad job would have looked like. youtube.com/shorts/aefPjJ2g0…

Gold and silver prices coming dangerously close to capitulation levels – Jesse Colombo (Kitco News) – #Gold and #silver are testing key support zones which, if definitively breached, could result in a broad capitulation in precious metals, according to Jesse Colombo @TheBubbleBubble , independent precious metals analyst and founder of the BubbleBubble Report. Colombo said Friday’s price action is somewhat unusual, because it's not driven by a clear surge in the dollar. kitco.com/news/article/2026-…

The number of nasty, angry, vicious messages over the past hours is not something I have seen in years. Since sub $2K gold and near $20 silver. Emotions are very strong right now. Fear is 3 x more powerful than Greed (market energy wise). This is a painful consolidation in a much larger secular bull market. Next week is US elections, the restart of WW3 in the Middle East (?), and no end in sight to the disastrous fiscal, political, cultural, debt crises facing the U.S… and much of the world. As much as I pray for peace and stability, fixing this underlying disasters, I see little of this in the current chaos, just more of an acceleration of instabilities. A lot of risks and a lot of trust being lost in the system, its debts and its currencies… deteriorating over many years, decades and will take many more years to play out. A lot is at play and will take place over the coming months. The drivers for gold remain very positive. Only a massive general liquidity crisis is going to seriously sink the prices from here. The general markets do look to be facing a larger sell-off at the moment too. Gold and silver may have been leading indicators again. They will likely reverse the first if a general market panic sell off ensues. At the moment, conditions appear to be that of price and emotional capitulation. Strong fundamentals will exert themselves over the market, the panicked sellers and arrogant shorts are positioning the market for a strong snap back higher. My two ounces.. as kids are flying all over me!

The copper supply crisis just got measurably worse. China just throttled exports from one of the world's biggest copper mines, at a time when the world needs copper more than ever. And the knock-on effects will hit AI and the wider tech world faster than most people expect. Exports from Oyu Tolgoi in Mongolia are down 70% in two weeks. The mine is run by Rio Tinto and sends its copper to Chinese smelters by truck, through a border crossing in the Gobi desert. Convoys have fallen from 12 or 13 a day to about 4. The official line is that China is upgrading the crossing, including facial recognition checks on truck drivers, and the work could run until the end of December. But here's why that matters so much: Oyu Tolgoi produced 113,500 tonnes of copper last quarter, more than half of everything Rio mined. Every truck stuck at the border is copper that can't reach its buyers. Local media in Mongolia put the hit at about $300M so far, rising to $1.2B if this runs to the end of the year. Then on Thursday the mine took a second blow. A tremor shook the underground section, the part Rio is counting on for most of its future growth, and Rio halted all underground mining. It is now restarting step by step after safety checks, but it shows how much rides on a single mine. Copper is trading around $14,000 a tonne, and buyers in China are paying a record premium to get their hands on physical metal. Some smelters in northern China now risk running short of supply. That's where AI comes in. Every new data centre is wired with copper, from the power lines feeding it to the connections inside every server rack, and the grid upgrades needed to keep them running use even more. Less copper reaching smelters means tighter supply and higher costs for all of it. After months of warnings, this is what a fragile copper supply chain looks like in practice. Global supply leans on a handful of giant mines, and too many of them sit on routes that one government can slow down with an equipment upgrade. New discoveries in the Americas matter more than ever because of it. A copper discovery takes 15 to 20 years to become a working mine, so the supply the world needs in the 2030s and 2040s has to be found now, in places with open routes to market. It's a big reason we at Coppernico Metals ( $COPR ) are out exploring in Peru. Follow me @IvanjBebek for the latest stories in mining and metals. I'm posting news throughout the week.

Trump: Iran war will end very soon, one way or another.

44% of Americans say they have trouble affording basic necessities, per PEW

Lundin Gold Reports High-Grade Gold Results including 124.27 g/t Au over 11.00 Metres at FDNS and 242.64 g/t Au over 3.30 Metres at Bonza Sur; Conversion Drilling Commences at FDN East $LUG.TO tinyurl.com/26wj9h35