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Some gold juniors trade at roughly $100/oz of gold in the ground, compared with up to $500/oz that major producers could potentially justify paying for attractive assets, says investor Michael Gentile.
That’s an 80% difference between the two figures. But Gentile cautioned that a sharp drop in gold prices could cut off financing for weaker juniors, leaving shareholders exposed to significant dilution.
Watch the full conversation on our YouTube channel.
youtu.be/rDdvZSJhkKs?si=IHlJ…
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#Copper - BMO Capital Markets has raised its long-term copper price forecast 47% to $16,000 a metric ton in real terms, or $18,000 nominal by 2030.
BMO Capital Markets has raised its long-term copper price forecast 47% to $16,000 a metric ton in real terms, or $18,000 nominal by 2030.
For 2027, BMO forecasts $14,675, Macquarie $12,750 and BMI $12,900. Deutsche Bank sees $10 a pound, or $22,050 a metric ton, in the second quarter of 2027.
BMO puts the US stockpile at close to 2 million metric tons, about a year of American consumption.
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Copper prices are soaring📈
⚠️The biggest miners are producing less.
🇦🇺BHP, the world's largest copper miner, produced 492kt in Q2. That's down 5% year on year.
It expects to produce 1.65 to 1.80 Mt next year, against 1.95 Mt this year.
🇨🇱Codelco's own mines produced 564kt in H1, down 11%.
Freeport's output fell after the mud rush at 🇮🇩Grasberg.
Meanwhile prices have jumped.
BHP's average realised copper price was $5.74/lb this financial year, up 35%. Freeport got $6.17/lb in Q2, against $4.54 a year earlier.
The reason is geology.
The giant mines are getting old.
At Escondida, the world's largest copper mine, ore grade fell from 1.02% to 0.90%.
That means more rock moved for less metal.
New mines take more than a decade to build, so high prices can't fix supply quickly.
The incentives point one way… Miners earn more from fewer tonnes: Codelco's H1 EBITDA rose 68%.
Grids, data centres and EVs all need copper, and US power demand alone is heading for a fourth straight record.
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#Copper - $6.72, not a new all-time-high, but a sign of life. Strikes, El Niño and resource grade causing supply havoc!
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Copper = "AI metal". There is a high correlation with the NASDAQ/Big Tech now..
Copper price set for 3rd straight monthly gain; aluminum hits 2-month low
mining.com/web/copper-price-…
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#Copper - Deutsche Bank Predicts Copper Could Jump 50% to Hit $10 a Pound!
wsj.com/livecoverage/stock-m…
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China holds 56% of capacity at the world's 21 largest copper refineries, about a third of the global total.
Treatment charges, the fee smelters earn for turning concentrate into metal, have collapsed to zero for 2026, down from $21.25 a tonne.
Chinese plants keep running on sulphuric acid, a by-product worth more than 5,000 yuan a tonne of copper, according to Beijing Antaike.
Despite leading smelters pledging a 10% output cut this year, production rose 7.4% from January to April, with March setting a record 1.33 million tonnes.
Source: ICSG, MiningVisuals
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#Copper - Workers at Antofagasta’s 240,000 metric ton/year Centinela mine reject offer, pave way for strike!
mining.com/web/workers-at-an…
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Meeting global net-zero goals requires mining approximately 1.4 to 1.75 billion tonnes of copper by 2050
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COMEX copper inventories in the US rose 712% from February 2025 to August 2026, while London and Shanghai stocks fell, Sprott says.
Traders moved metal in to capture higher US prices and ahead of a possible tariff on refined copper. The US now holds about 69% of all exchange-monitored copper.
Supply outside the US has tightened. Available metal on the LME has shrunk to 133,725 tonnes, and Chinese buyers paid the highest import premium in nearly four years last week.
Storage at the Port of New Orleans, the main Comex delivery hub, is largely full.
Commerce has recommended a 15% tariff on refined copper from January 1, 2027, subject to a presidential decision that has yet to come.
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Copper may be where the ambitions of the next industrial revolution collide with geological reality.
That’s why I’m so focused on ONE question:
Where does the next serious wave of copper supply come from and where will the next major discoveries be made?
The world needs it.
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Michael Gentile discusses the 'revolt' in bond markets, saying, "We're not going to buy your bonds because you're going to pay us back with massively devalued paper currency." Investors are shifting to #Gold amid economic uncertainty.
Full Video: youtu.be/nkIft2M-9iM
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Close to $11 billion a year in gold revenue is stuck in Canada's permitting queue. Fifteen projects, all with published reserves.
They hold 36.6 million ounces and would add around 2.5 million ounces a year, a 35% to 40% increase on Canada's current output.
On S&P Global's sample, Canada is among the slowest countries in the world for mine development, at 27 years from discovery to production.
In five cases the only thing between the owner and a construction decision is one government signature.
Two of the fifteen are on a fast track.
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This is becoming much bigger than gold and silver.
Copper.
Zinc.
Iron & steel.
Agriculture.
Energy.
More and more commodities are joining the advance.
That breadth is important.
Because major commodity cycles rarely move in isolation.
What started in precious metals is spreading.
And if the long-term cycle we're tracking is right, this could still be the early stages of something much larger.
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Copper prices rose nearly sevenfold between 2000 and 2025. Chilean mine output rose 15% over the same period, Sprott says.
Chile produced 23% of the world's mined copper in 2025. Output fell 6.6% in the first half of 2026.
Cochilco has cut its 2026 forecast to 5.27 million tonnes, below last year's level.
Falling ore grades are expected to cut FY2027 production at Escondida, the world's largest copper mine, by roughly 210,000 tonnes, close to 1% of annual global mined supply.
Copper projects take an average of about 17.5 years to move from discovery to production.
Source: Sprott Copper Report, September 2026
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Global uranium exploration and development spending reached $1.78B across 2023 and 2024, up about 46%, but none of the newly approved projects began producing.
Output hit its highest level since 2016, mainly from restarting idled capacity and expanding existing mines.
Meanwhile, Benchmark expects production growth in Kazakhstan, the top producer, to remain constrained by tight sulfuric acid supplies and shortages of skilled labor.
There is plenty of uranium in the ground. NEA and IAEA data shows identified resources below $260/kgU exceed 8.1 million tonnes, enough to cover even the highest projected demand through 2050.
But with nuclear demand rising and new supply taking about a decade to reach the market, the shortfall will keep widening, Benchmark says.
Benchmark Mineral Intelligence expects the world to be short 18% of the uranium it needs by 2027, with nuclear demand outpacing the development of new mines.
It sees the market already in a marginal deficit this year.
There were 418 commercial reactors operating worldwide on January 1, 2025, with 378 GWe of net capacity requiring about 64,500 tonnes of uranium a year.
Another 23 reactors totalling 19.7 GWe were in suspended operation.
By 2050 annual requirements could run between about 84,800 and 143,900 tonnes, according to the NEA and IAEA.
The agencies put the typical lead time from exploration to an operating mine at 15 to 20 years.
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BHP: "Mining remains undervalued."
Demand for commodities is broader than in previous cycles, especially for copper. Here are two more nice charts from the world's biggest miner. ⛏️👇
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Fed’s decisions driving investors to precious metals, expert dlvr.it/TVWGtS
