China is quietly reshaping its financial future. In my latest conversation with Sprott CEO John Ciampaglia, we discussed how China is reducing its exposure to Treasuries while accumulating gold and investing in strategic natural resources. John made a fascinating observation: “They're converting unproductive assets to productive assets.” This is about far more than gold. It is about how nations are positioning themselves for the next era of the global economy. You can watch the full interview here: youtube.com/watch?v=THyquRvn… Watch:

The Netherlands is moving gold from North America to London Germany continues to face calls to bring more of its gold home Central banks are reviewing the security of their reserves The world’s gold is being repositioned Meanwhile, China is building: youtu.be/udzLUe_bCZA?si=REMU…

GOLD TELEGRAPH CONVERSATION 20: JOHN CIAMPAGLIA "If you cut off the supply chain, you literally cripple $6 trillion of the global economy." In this discussion, John explores the changing role of gold in the international financial system, the remarkable growth of Sprott's physical uranium trust, the global resurgence of nuclear energy, and China's influence over critical mineral supply chains. We also examine why governments are increasingly treating natural resources as strategic assets, how financial sanctions and geopolitical tensions are reshaping global markets, and whether the world is entering a new commodity supercycle. John Ciampaglia is the CEO of Sprott Asset Management. Thank you for joining me, John. TIMESTAMPS: (00:39) – John Ciampaglia's Career & the Journey to Sprott (03:49) – Lessons From Traditional Finance & the Precious Metals Industry (05:51) – Working Alongside Eric Sprott & His Investment Philosophy (08:52) – How Sprott Built Its Physical Commodity Investment Trusts (14:38) – The Remarkable Growth of Sprott's Physical Uranium Trust (17:03) – Why Sprott Buys & Holds Physical Uranium (19:15) – Uranium Supply Deficits & the Economics of New Mines (23:16) – The Challenges of Bringing New Uranium Mines Into Production (25:39) – Uranium's Growing Strategic Importance (29:30) – The Global Nuclear Energy Renaissance & Energy Security (31:16) – How Vulnerable Are Western Nuclear Fuel Supply Chains? (33:21) – Can the West Rebuild Its Critical Mineral Supply Chains? (35:53) – China's Mineral Dominance & the Potential Commodity Supercycle (41:29) – Stockpiling & the Changing Dynamics of Commodity Markets (45:03) – China's Gold Accumulation & a Structural Shift in Global Markets (50:46) – The Weaponization of Finance & Critical Mineral Supply Chains (53:53) – Are We Entering a New Era for Natural Resources? (58:28) – Debt, Financial Risks & What People May Be Overlooking

A former U.S. Treasury official just made a remarkable observation about China: “China has been much better at hiding its dollars than it’s been about getting out of the dollar.” Now consider something else. Nobody outside Beijing knows exactly how much gold China really holds. A U.S. Treasury official has acknowledged that uncertainty to me in the past. This is a massive story. I will have more on this in the weeks ahead.

CNBC published an article today titled: “How a gold-buying spree helps the yuan go global.” Hong Kong. Gold imports. The yuan. Diversification away from the dollar. The mainstream is starting to see it. My video last week connects all the dots: youtube.com/watch?v=udzLUe_b…

BREAKING NEWS: JUDY SHELTON HAS JOINED THE U.S. TREASURY DEPARTMENT AS COUNSELOR TO THE SECRETARY. Judy has spent decades thinking deeply about monetary policy, sound money, gold, and the architecture of the global financial system. To now see her bringing those ideas and that experience into discussions at the highest levels of the U.S. Treasury is incredibly exciting. My conversation with Judy on The Gold Telegraph will always be one of the highlights of my career. Beyond her extraordinary intellect, she is thoughtful, gracious, and deeply committed to the ideas she believes in. Full documentary: youtu.be/USGjSU5yXh8?si=999H… Congratulations, my friend. Very well deserved. @judyshel

One of the most powerful @robert_ivanhoe lines today: “Why are we still running net present value models on mining when, if you don’t have the metals to defend yourself, you are dead?” Very true. Securing the metals you need is increasingly about sovereignty.

“If a sovereign’s own Treasury holdings can be frozen by someone else’s policy decision, what actually counts as safe anymore? Many people seem to have arrived at the same conclusion: Gold is the way to go.” Read my article: goldtelegraph.substack.com/p…

"There's no such thing as paper bananas. I can't feed you a paper banana. I can't feed you a paper copper contract." — Robert Friedland (@robert_ivanhoe) The world keeps forgetting the difference between a price and a promise. Paper contracts can manufacture the illusion of a market... right up until redemption day, when everyone tries to collect on the same promise at once, and the paper turns out to be exactly what it always was: Paper. I got mocked for saying this during the digital real estate mania, when people were paying millions of dollars for a plot of land in a universe that didn't exist and built on a currency that didn't exist either; it is a classic example of being lost in a dream without any grounding in what is real. Elements are the one thing that's actually real. Everything else... currencies, contracts, metaverses Is just a story built on top of them.

GOLD TELEGRAPH CONVERSATION 19: ANDY SCHECTMAN "I don't tell people to buy gold to become wealthy. I tell them to consider buying it because it is wealth." In this discussion, Andy breaks down why he believes gold is being reintegrated into the global monetary system, how BRICS and the Global South are building financial infrastructure outside the traditional Western system, why "detreasurization" could become one of the defining trends of the coming decade, and how the United States could ultimately use a higher gold price to devalue the dollar and reindustrialize its economy. Andy Schectman is the President and Owner of Miles Franklin. Thank you for joining me, Andy. @MilesFranklinCo TIMESTAMPS: (00:43) – The Origins of Miles Franklin & Andy’s Journey Into Gold (07:51) – How the Physical & Paper Gold Markets Have Changed (17:09) – Why This Monetary Moment Feels Different (24:02) – What Does the World Look Like on the Other Side of This? (39:02) – Gold, Counterparty Risk & the Weaponization of Finance (40:56) – Russian Gold, Sanctions & the Parallel Gold Market (47:14) – Does China Own Far More Gold Than It Reports? (53:44) – BRICS, Gold & the Future of Global Settlement (01:00:47) – Who Becomes the Marginal Buyer of U.S. Treasuries? (01:05:15) – Japan’s Role in Global Asset Prices & Western Bond Markets (01:08:19) – How Quickly Could the Yen Carry Trade Unwind? (01:11:51) – What Has Surprised Andy Most Over His Career?

The U.S. Treasury is now buying back $6 BILLION of its own longer-term debt. You really can’t make this stuff up. This is exactly why I published “We Never Learn” on Sunday. Read it here: goldtelegraph.substack.com/p…

Now is the time to watch Dr. Copper. I've been pounding the table on copper for years like many others. It's the thermometer of the global economy and the glue holding the entire industrial world together. There is nothing like watching a thick piece of chalcopyrite come out of the earth's crust. To think… that moment is getting rarer, because copper deposits are becoming brutally hard to find. More than 60% of the annual increase in discovered copper volume came from expansions at existing mining complexes, NOT new discoveries. That is a wild statistic to think about. We are staring down a supply deficit of historic proportions, and the way we're finding more copper isn't through bold discoveries… It's by squeezing more out of what we already have. The market is waking up. And we need staggering volumes of copper to power the AI future the mainstream is desperate to build. As my friend @CraigParry_ puts it: The supply side of the equation is severely constrained. That constraint is the opportunity. Never forget: First principles start with the periodic table. Everything you see and touch is built from what comes out of the ground first.

Former Goldcorp CEO Chuck Jeannes explains why central banks are buying gold: Two reasons. 1. Russia’s dollar reserves were frozen after the invasion of Ukraine. 2. U.S. debt continues to climb. His conclusion is simple: If countries want to diversify away from the U.S. dollar, gold is one of the obvious choices. And central banks are making that choice. Watch the full conversation: youtube.com/watch?v=sf3MvMqM…

Mining has some brilliant people. @CraigParry_ is one of the best. Give my friend Craig a follow. I’ve learned so much from him over the years. He’s a true mining legend, and we’ve had countless conversations about where this industry is heading, particularly in copper.

GOLD TELEGRAPH CONVERSATION 18: CHUCK JEANNES "What is it that you think might happen geopolitically or in the macroeconomic financial world that would have countries around the world decide to buy more dollars rather than fewer?" In this conversation, Chuck shares the lessons he learned leading Goldcorp through one of the greatest gold bull markets in history, why central banks are diversifying away from the U.S. dollar and into gold, why he believes gold could reach $7,000, and what he sees as the opportunity ahead for Equinox Gold and the broader gold mining sector. Chuck Jeannes is Chairman of Equinox Gold and the former President and CEO of Goldcorp, where he led one of the world's largest gold mining companies through a transformative period for the industry. Thank you for joining me, Chuck. TIMESTAMPS: (00:46) – Chuck Jeannes Journey Into the Mining Industry (03:36) – The Deal That Changed His Career (05:08) – Advice for the Next Generation (08:10) – The Glamis–Goldcorp Merger (09:37) – Taking Over Goldcorp During the Financial Crisis (11:43) – Running a Gold Giant During the 2011 Bull Market (13:05) – Surviving the Gold Bear Market (14:12) – The Biggest Lesson From Building Multiple Mines at Once (15:42) – How Chuck Has Changed as a Leader (18:32) – Gold vs. the U.S. Dollar (19:42) – Why Central Banks Want More Gold (22:16) – What Gold Is Telling Us About the Monetary System (24:18) – The Central Bank Gold Buying Shift (27:23) – Chuck's $7,000 Gold Outlook (30:31) – Why Orla and Equinox Joined Forces (34:25) – Strengthening Equinox Gold's Balance Sheet (37:17) – Why Equinox Trades at a Discount (40:19) – The Path to 1.9 Million Ounces (42:27) – What Is the Market Underestimating? (44:17) – What Success Looks Like for Equinox Gold (46:00) – Where Equinox Could Be One Year From Now (49:23) – What Chuck is Watching

America's Yen Rescue Was Never About Japan It was about protecting the Treasury market from its own largest owner. Read the full article here: goldtelegraph.substack.com/p… The circus is here... 🎪

In my years observing and getting to know some of the most successful mining entrepreneurs in the world, one thing has become clear: The biggest deposits in history were never found by chasing what’s already proven. The value has always been hiding in the unknown… in the blank space on the map nobody’s had the guts to fill in yet. There’s no shortcut to it. Just the slow, unglamorous grind of turning that unknown into something known. That’s not the boring part of the business. That IS the business. That is how legends are made. Here’s a picture from the first time I met Pierre Lassonde, 3 years ago… someone I now consider a friend, and who’s known throughout the industry for creating the iconic Lassonde Curve.

"The scary part to some extent is if 1% of world savings is shifted back into gold, for example, you're going to see gold at $25,000 simply because there's only 221,000 ton of gold on the planet..." - The Legendary Pierre Lassonde Think about this.