Yardeni hikes SP500 target

New: 

Old:

Sprott Inc. Update

Buys: Mako Mining, Santacruz Silver, tankers, silver miners.

Sells: Dolly Varden, Novagold, Ero Copper, SSR Mining,...

 

Oil Vs. Inventory

Oil should be at $75. The market is pricing in $30 in premium.

 

Grasberg restart delayed

Grasberg produces 1% of global silver supply. 

Gold as percentage of central bank reserves

This gold bull market is far from over. 

Global Money Supply Vs. Gold

Money supply keeps rising, so will gold.

Oil Upside Targets

New Goldman oil targets. 

SGE Silver Deliveries Rising

Shanghai SGE silver deliveries are flowing again. Will silver bottom out? Buy Sotkamo or Starcore to get leverage to silver. 

Gold during crisis

Gold should be fine. 

China Buying Silver Dip

China March 2026 silver imports at record high.

 

Investment attractiveness index - political risk

Jurisdictional risk.

Oil imports: Americas-Europe-Asia

The Americas are fine.

$100 Oil Forever

Energy is a good investment.

Lantern Daily Economic Index Vs. Bond Yields

The LDEI is leading bond yields.

Silver Supply and Demand - Surplus and Deficit

Is silver going into a new reality? 

https://inflationdata.com/articles/inflation-adjusted-silver-prices/

https://www.fundsindia.com/blog/mf-research/silver-lining-is-it-time-to-add-silver-to-your-portfolio/32139

Oil price increases in various countries

South Africa is in trouble.

Turkey selling gold

They can't keep selling forever...

Federal Reserve: To Hike Or Not To Hike

If Powell doesn't listen to the market, gold will soar. 

OPEC Cut and Gold

The biggest OPEC cut in history should be very bullish gold.

Diesel and Crude Deficits

USA exports a lot of fuel. Neighbours like Colombia, Brazil and Mexico will be supplied adequately. Kazakhstan is self-sufficient. South Africa and Australia are in trouble. 

Latin American countries have plenty crude oil. But Australia and South Africa are short of crude. Kazakhstan remains self-sufficient.

Bonds Vs. Gold

Gold is going to outperform bonds for at least another 3 years.  

Pierre Lassonde Gold Indicators

Pierre Lassonde's top indicators for gold: 

1) Budget deficit 

2) Trade deficit 

3) Central bank buying

4) Stagflation 

5) Geopolitical instability 

6) New architecture of global financial order

https://x.com/GoldTelegraph_/status/2035103104413348027?s=20

Oil recession

It's coming.

James Hamilton: Oil demand elasticity

Hormuz destroys 10% of supply. Oil demand destruction needs oil at $140. Hamilton.

Hormuz Oil Forecast

If Hormuz stays closed, oil will keep rising. 

The disruption is unprecedented.

Until Hormuz reopens. The oil futures curve points to a much lower oil price if that happens.

Stagflation Winners: Gold and Oil

Oil supply disruptions benefit oil and gold.

Oil Demand Destruction

Oil demand destruction scenarios. Oil basically can't go above $100 in less than 60 days. 

Hormuz Closure

Watch the Hummus. 

Correlation Economics Interview

An interview about the gold market.  

Gold miners are cheap

Gold and silver miners are the cheapest sector.

India Funds Buying Gold and Silver

India broadens rules for $385 billion stock funds to add GOLD AND SILVER. 

India’s market regulator has allowed the country’s $385 billion actively managed equity funds to park more of their money in gold and silver, giving them greater flexibility at a time when global demand for hard assets is rising. Under revised rules by the Securities and Exchange Board of India, stock funds can invest the remainder of their portfolios — up to 35% of their assets — in gold and silver instruments, as well as in units of infrastructure investment trusts.

PBOC Balance Sheet Vs. Gold Price

 Michael Howell: The real driver of the gold price is China net liquidity injections.

Silver Supply Deficit

Silver supply deficits as far as the eye can see. 

Silver demand is strong.

Sprott Inc. Update

Buys: Barrick, Elemental Royalty

Sells: Sigma Lithium, Peabody, Coeur Mining

 

Goldman: Copper to drop to $5/lb

Copper to drop back to $5/lb according to Goldman Sachs. 

Interview Pixel Research

Interview with Pixel Research. 

China industrial boom and real estate bust

The new China economy. 

Fair-Sinclair Ratio Vs. Gold

Gold should be at $30K. 

Shanghai Silver Inventory Vs. Shanghai Silver Premium

What a beautifully correlated chart. As you can see here, when Shanghai inventories get depleted, stress increases in the China silver market. Silver premiums spike.

The China Gold Premium Parabola

$10K gold by January 2027. 

Inflation adjusted silver price

The peak of silver is $350/ounce. 

Silver supply and demand

Silver demand will outpace silver supply. 

Chris Weber: Silver Going To Unimaginable Levels

Silver will go to unimaginable levels. 

SHFE gold Vs. China gold ETF

SHFE gold inventory is correlated to China gold ETF inventory. Both are rising but are still a very small percentage of global inventory. It is a new rising trend.