Every year, exploration companies plan their summer drill programs, raise capital to fund those programs, and then mobilize to camp in May and June. This predictable seasonality often results in stocks bottoming in March/April and then rising into the summer, peaking sometime in September just as results begin to trickle in.  Given that we are in early April, it makes sense to begin looking for under-the-radar Golden Triangle explorers that will be conducting summer drill programs. Sprinkle in some high-impact drill targets, maybe even a tight share structure, and the recent breakout in m ..read more

A long time ago, a man who would later become Federal Reserve Chairman wrote an essay titled “Gold and Economic Freedom“. In it, he expounded on why gold and economic freedom are inseparable, and why deficit spending is a scheme to confiscate wealth.  Alan Greenspan, 1967: “In the absence of the gold standard, there is no way to protect savings from confiscation through inflation. There is no safe store of value. If there were, the government would have to make its holding illegal, as was done in the case of gold. If everyone decided, for example, to convert all his bank deposits to silve ..read more

Last week, I spoke with Jordan Roy-Byrne of The Daily Gold and laid out my thoughts on what it will take for gold to enter nirvana. Today, the FOMC held the Fed Funds Rate steady at 5.50% and published an updated set of dot plots that still shows a consensus for 3 rate cuts in 2024: During his press conference, Chairman Powell maintained a fairly dovish tone that was consistent with his testimony to Congress earlier this month. Powell also noted that it would be appropriate to slow the pace of asset runoff from the Fed’s balance sheet fairly soon. To translate all of this, it m ..read more

With gold surging to a new all-time high above $2,200/oz, it was definitely time for an update conversation with 321gold founder Bob Moriarty. Bob begins by asking me about my take on gold’s relentless rally and we proceed to discuss the unique market sentiment backdrop. Simply put, there is no historical analog for today’s gold, and gold mining sector market environment. Bob believes that sentiment on gold miners is at historical lows, meaning that the sector could see a ferocious rally. We also delve into the US elections, and some junior miners that are worth putting on the radar in 2024. W ..read more

Years from now, we may look back at Friday October 6th, 2023 as being a pivotal turning point for both financial markets and the U.S. economy. That morning, the September nonfarm payrolls report was released, showing a stunning increase of 336,000 nonfarm payrolls in the U.S., defying the consensus estimate of 170,000. Earlier this month, we learned that the Bureau of Labor Statistics revised both the August and September employment numbers lower by a total of 101,000. It is possible that the surprising September number will be revised lower once again when we get the Novem ..read more

This morning, gold has leapt above the vaunted $2,000/oz level for what feels like the 10th time this year: December Gold Futures (30-Minute)  What’s most notable to me about the current gold rally that began two weeks ago is that the bid underneath it has been relentless. During gold’s ascent from ~$1825 to $2009 there have been pullbacks, but they have lasted for hours, not days. Another aspect of gold’s remarkable advance over the last two weeks is that it has occurred against a backdrop of investor negativity and skepticism with regard to the shiny yellow metal. Based upon a number o ..read more

Despite the strong likelihood of another Federal Reserve interest rate increase later this month, gold has seen a rebound of nearly $70 per ounce in recent weeks. This has been buoyed by mild inflation data and early indications of softness in the U.S. labor market, such as a noticeable rise in weekly jobless claims and the first lower-than-expected figures on monthly non-farm payrolls since early 2022. If we take the market’s pricing, which implies a ~95% probability of the Fed raising the Fed Funds Rate (FFR) to 5.50% at their meeting on July 26th, at face value, then we are facing a si ..read more

“The mood swings of the securities markets resemble the movement of a pendulum. Although the midpoint of its arc best describes the location of the pendulum “on average,” it actually spends very little of its time there. Instead, it is almost always swinging toward or away from the extremes of its arc. But whenever the pendulum is near either extreme, it is inevitable that it will move back toward the midpoint sooner or later. In fact, it is the movement toward the extreme itself that supplies the energy for the swing back.”  ~ Howard Marks This quote from Howard Marks, which likens the f ..read more

On the evening of May 3rd, gold rallied to $2085.40. However, this has been followed by a subsequent ~$150/oz decline. The reversal from a familiar price level (~$2,080) has led to the emergence of a potential triple-top, which is now evident on the monthly chart. Gold (Monthly) I’ve noticed some people wondering if such a thing as a triple-top exists in technical analysis. The answer is yes, they do exist.  A triple-top, like the triple-bottom that gold hammered out last year, is a very real chart pattern.   The key ingredients for a triple-top are a preceding price ..read more

In this month’s conversation with 321gold founder Bob Moriarty we discuss why the US banking system is a giant casino. Bob believes we need to burn it down and begin again with a system of sound money, including gold and silver. In addition, Bob believes that the global financial system in such a precarious state, and the gold market is so tiny, that it wouldn’t take much for gold to move up $200/oz in a single day. We also spend some time discuss several junior mining companies, including one that Bob recently wrote about. Without further ado, Energy & Gold’s May 2023 conversation with Bo ..read more