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Trump is Losing His Base – Mark Taylor

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I post their work here because I think it’s excellent.

Yes I remember that back in 08. Perhaps that is part of the reason they want to split up the mines. Another is investors wanting something closer to home as what happened in Mexico to those miners. Today the gold mines of Barrick apparently are not heavily hedged…

• Gold Strategy: Barrick focuses on providing investors with unhedged exposure to the gold price, allowing them to benefit directly from high price environments.
• Copper Hedge: The company uses hedging for its copper business (e.g., Lumwana and Reko Diq projects) to manage risk while expanding production.
• Financial Position: Barrick’s strategy relies on holding a strong balance sheet rather than relying on hedging, aimed at maximizing cash flow during high-price cycles. 

Private Dome ‘Northern Sky’
https://www.railpictures.net/photo/892906/

The reason was because they were heavy hedgers which cut deeply into their profits since they had their production sold well under market price during the bull runs. I had 108 other miners and explorers and took out many many ten plus baggers during the 2008 and 2011 run-up’s, and those big hedgers used too much of my available investment capital that I could put into smaller unhedged and more productive miners for much greater returns.  SNG

I am currently working on getting my address updated, and once that is sorted, I can to look into the specific policies regarding shorting.

In the meantime, I have been researching the other stock contango. It was a bit concerning to see that they are working on phasing out most of their hedges by the end of the year,” that they have them” to take advantage of rising prices, though they do seem to have a lot of  projects in motion. Starting up the mining of Dollys finds isn’t going to happen over night. Owning shares was forward planning.

Do you have any shares in Barrick? I understand they are currently working with NEM to split up their mines, specifically separating the local mines from their other holdings. I would be interested to hear your thoughts if you own it.

….“Under NO circumstance do I give you, Charles Schwab, or any other on-line Broker, my permission to lend/lease or otherwise allow anyone else the use the shares in my accounts for any purpose, including shorting.”  

IMO this is the main reason the shares have lagged and continue to lag the physical. The On-line brokers are allowing and profiting from the above, which nullifies every purchase made, by someone using your shares to short the shares you just bought, and the Broker gets paid for allowing it. How this is legally possible I do not know, but IMO it also makes it so those shorted shares, somehow, are not required to be covered. FWIW and IMO! SNG

What I see is that Dolly, by merging with Contango Ore, becomes a part of Contango ore and loses the name Dolly Varden, which I regret since that name appeals to me, but what is gained is all the Dolly Varden properties, mines, great drill results etc go to Contango Ore with the intention to actively MINE the properties ….where Dolly Varden management had no intention of mining; only exploring/ drilling and proving the silver and gold are there. So we may end up owning a PRODUCING mine or three, rather than an exploration only company. The drill results in BC’s Golden Triangle are spectacular, but meaningless unless there is intent to actually build producing mines.

If I didn’t own shares already I would buy them now as Dolly Varden Silver, but would welcome other thoughts and opinions too. SNG

If I buy a little, should I buy Dolly or Contango? Or a little of each?
Don’t worry, not asking for investment advice. Just what would you do.

Thanks for the update on DV.  I hold a small amount, like 300 to keep a eye on it and thought about giving it up a few times.

https://6ix.com/news/dolly-varden-silver-announces-filing-213000223

So can you tell us who that junior gold developer is?

Blizzard? Let’s go Skiing!!
https://www.railpictures.net/photo/892931/

Here’s something to think about in the future if you still have your gold and silver. This is by 2032 although guestimates can say sooner but if you keep going it seems even with unknown slow times, consolidations, it’s not gonna get any cheaper.

Silver prices in 2032 are projected to range from roughly $120 to over $400 per ounce, driven by structural supply deficits, industrial demand (especially in solar/EVs), and increased investment, according to analysts. While some forecasts suggest a more moderate rise to around $128, others predict a potential surge to $400-$430 per ounce. 

Key 2032 Silver Price Forecasts & Drivers:

• High-End Scenarios ($400+): Some analysts predict a rise to $400–$430 per ounce, based on a 45-year technical breakout and severe, long-term supply deficits.
• Moderate Forecasts ($120+): Other projections place the silver price in the $120–$129 range for 2032.
• Market Drivers: The long-term bullish outlook is supported by growing industrial demand, particularly in the renewable energy sector, and concerns about rising prices for industrial processes. 

Disclaimer: These are projections and not financial advice.

Gold Miners Are Blowing Wall Street Away, Margins Are Exploding, & This Tier-1 Asset With 40M Ounces Is The Ultimate Leverage Play On The Rising Gold Price!

The gold mining earnings tidal wave has begun. While the broader market frets about a deflationary impulse, extended stock valuations, and a cracking labor market, the gold mining sector is quietly putting on a clinic, blowing Wall Street estimates out of the water, while maintaining very low valuations and gushing cash.

The combination of soaring gold prices and costs that are rising at a much slower pace is creating an explosion in profitability and free cash flow for the gold miners.

Agnico Eagle Mines ($AEM), one of the best gold mining companies in the world, just gave us a preview of what’s to come, beating on every single metric; EPS, revenue, cash flow, and EBITDA.

They posted a staggering 73.5% operating margin, raised their dividend by 12.5%, and are actively buying back stock. This isn’t a one-off event; it’s a sector-wide repricing.

The miners are gushing cash, and the market has not yet woken up to the sheer scale of this earnings power. But as this trend becomes undeniable, the smart money will look for the most leveraged ways to play the coming gold super-cycle. They always have and this time will be different.

And there is one asset, a 40-million-ounce behemoth in the safest jurisdiction on earth, that offers incredibly explosive leverage to the gold bull that I will detail for you below. Here is what you need to know;

• MINERS ARE CRUSHING IT: Gold miners are reporting blowout earnings, with giants like Agnico Eagle ($AEM) beating on every metric and posting massive 73.5% operating margins.
• MARGIN EXPANSION TIDAL WAVE: With realized gold prices hitting over $4,100/oz in Q4 2025 and Q1 2026 prices trending even higher ($4340-~$5,000), miners are seeing profits explode as cost increases (~12%) are dwarfed by the soaring gold price.
• A HUGE LEVERAGE PLAY: Below I go into great detail about a pure-play gold project in an amazing jurisdiction, and that is one of the largest and highest-grade undeveloped gold deposits on the planet. It is a must read through for the serious gold mining investor.
• BILLIONAIRE BACKED: This gold mining stock is tightly held by the “smartest money” in the resource world, including multiple billionaires and investment firms that I will list below. All of them recognize the project’s generational potential.
• TIER-1 JURISDICTION: This project is located on private land in one of the largest gold-producing states in the U.S., insulating it from the geopolitical risk plaguing other major projects.
• EXPLOSIVE UPSIDE: The project’s NPV is incredibly leveraged to the gold price. At today’s gold prices near $5,000, the value is astronomical.

A gold miners earnings tidal wave is getting ready to crash ashore as early reporting gold miners like AEM are blowing Wall Street away. Margins are exploding, & this one tier-1 asset that I detail below, with 40M ounces, is the ultimate leverage play on this generational bull cycle!

Let’s Dig Into The Following:

1. The earnings tidal wave has arrived and the disconnect between the price of gold and the valuation of the companies that mine it has been a source of frustration for years for many investors. But that is about to change as the new reality inflection point is here. Why as this new reality sets in, the market will begin to search for the best way to gain exposure to the rising gold price and while the senior producers like AEM are fantastic companies, the truly life-changing returns will come from the developers who own world-class assets in safe jurisdictions!
2. There is no better example of this than the wonderfully setup gold mining company I go into detail below on, as the smartest money in the mining investing world has piled into it. This is not a company for short-term traders. It is a tightly-held, pure-play vehicle for a single, world-altering asset in an amazing jurisdiction. The shareholder list is a who’s who of mining billionaires and investment firms. Why when many of the most successful contrarian billionaire investors and investment firms of the past 50 years have come to the same conclusion and concentrated a significant portion of their wealth into this specific junior gold developer, it is a signal that cannot and should not be ignored by any of us!
3. So what is it that has these billionaires so excited? This project is, in a word, a monster. It is one of the largest and highest-grade undeveloped open-pit gold deposits in the world. The sheer scale is difficult to comprehend. To put it in perspective, a 1-million-ounce-per-year producer would be one of the largest gold mines on the planet. Why this project is engineered to be a true Tier-1 asset, and a significant cornerstone of the global gold supply for decades to come!
4. And if you believe gold prices are going higher, which I do, this junior gold developer is one of the ultimate leverage plays to a higher gold price. The stock has been consolidating in a range since October 2025, building a massive base and sits below its 52 week high. When gold breaks out above its current cycle high of ~$5,600, this gold mining stock is poised to break out with incredible force. Why with gold currently trading around ~$5,000/oz, the undiscounted value of the gold in the ground is astronomical, and the NPV is multiples of what is stated in the technical reports. This stock is the rocket ship that all of these large institutional investors have strapped themselves to and is a must review for every single one of us!

AOC Falls Apart on the World Stage When Asked a Simple Foreign Policy Question at Munich Security Conference (VIDEO)

I took it with a pinch of salt…it is Bloomberg after all.

I will check with a local dealer next week and see if they are swamped.

I wonder if all that scrap silver being sold is enough to get supply back in-line with where it should be?

I had a buddy who I convinced to buy years ago around $12. He sold his 4K oz. right at the top – got $107 per oz.

Articles like that make me wonder if I’m going to regret not joining him.

It’s not the US dollar Chinas worried about, it’s theirs.