Helping hundreds of investors hedge against uncertainty with strategic insights into the commodities supercycle I Capital growth I Five decades of experience 🪙
The Commodities Supercycle
Joined March 2026
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Bruce Poole retweeted
GOLDMAN SACHS ON GOLD: ESTIMATES CENTRAL BANK PURCHASES OF 79 TONNES IN AUGUST, WELL ABOVE THE PRE-2022 AVERAGE OF 17 TONNES
Bruce Poole retweeted
Meanwhile…
If gold miners were a standalone sector, they would be the cheapest group in this comparison of US equities.
Roughly a 10% free cash flow yield.
No other sector shown comes close.
tavicosta.substack.com/p/sho…
Bruce Poole retweeted
And just like a beach ball held underwater…
Gold is already back to pre-CPI levels.
Yields are rolling over. The dollar is starting to follow.
This could turn very constructive for precious metals.
tavicosta.substack.com/p/sil…
Bruce Poole retweeted
🥇 GOLD RIPS BACK ABOVE $4,160
Gold has erased the CPI selloff and is now up more than 1% in overnight Asian trade.
Get the key levels before the move. Join our Substack. → wallstreetgold.substack.com
Bruce Poole retweeted
Sprott Uranium Miners (URNM) could 3X minimum from here. Note the divergence chart below.
Won't switch 50% from PMs (#Gold especially), until URNM outperforming Au.
See chart below from Marun Katusa.
Uranium miners are down 45% while uranium sits near $90, close to its highs.
Last time miners got crushed while the metal held up was spring 2025…
The Sprott ETF nearly tripled in nine months
Bruce Poole retweeted
BREAKING: MASSIVE NEWS on #GOLD
China added 740,000 oz (23.0 tonnes) to its Gold Reserve in September, 23 consecutive months of increase
Highest amount of monthly increase since 10/2023 when PBOC added 740,000 oz of gold
In 2026 alone, 3,320,000 oz (103.3 tonnes) have been added to
China’s official gold reserve which now stands at 77,470,000 oz (2409.6 tonnes) while reducing UST holding by $66.4B
China has been actively reducing UST holding while adding gold reserves
1/2026 +40K oz Gold (Range $4332-5589) +$10.9B UST
2/2026 +30K oz Gold (Range $4400-5248) -$1.1B UST
3/2026 +160K oz Gold (Range $4100-5405) -$41.0B UST
4/2026 +260K oz Gold (Range $4561-4880) -$1.2B UST
5/2026 +320K oz Gold (Range. $4480-4730) +$8.2B UST
6/2026 +480K oz Gold (Range $4008-4519) -$25.9B UST
7/2026 +640K oz Gold (Range $3992-4168) -$15.4B UST
8/2026 +650K oz Gold (Range $4090-4698)
9/2026 +740K oz Gold (Range $4168-4540)
BREAKING: MASSIVE NEWS on #GOLD
China added 650,000 oz (20.2 tonnes) to its Gold Reserve in August, 22 consecutive months of increase
Highest amount of monthly increase since 10/2023 when PBOC added 740,000 oz of gold
In 2026 alone, 2,580,000 oz (80.2 tonnes) have been added to
China’s official gold reserve which now stands at 76,730,000 oz (2386.6 tonnes)
China has been actively reducing UST holding while adding gold reserves
1/2026 +40K oz Gold (Range $4332-5589) +$10.9B UST
2/2026 +30K oz Gold (Range $4400-5248) -$1.1B UST
3/2026 +160K oz Gold (Range $4100-5405) -$41.0B UST
4/2026 +260K oz Gold (Range $4561-4880) -$1.2B UST
5/2026 +320K oz Gold (Range. $4480-4730) +$8.2B UST
6/2026 +480K oz Gold (Range $4008-4519) -$25.9B UST
7/2026 +640K oz Gold (Range $3992-4168)
8/2026 +650K oz Gold (Range $4090-4698)
Bruce Poole retweeted
URANIUM MINERS - BOTTOMING?
After a 45% retracement from their highs, uranium miners are now trading 2 standard deviations below their long-term trend.
Getting in addition closer to their 5-year moving average, miners may finally be about to about bottom.
While existing bulls (such as me) may have preferred seeing them rising in a straight line, this gives an opportunity to rebalance portfolios, taking profits on other sectors to buy this deep.
This is what I will do, an document in my next "Portfolio movers" publication.
$URNM used as a proxy.
$URA $UUUU
Bruce Poole retweeted
COMEX warehouse gold inventories are collapsing.
China is draining Western vaults as it builds the infrastructure for gold to become the next reserve asset.
While Westerners are focused on paper contracts, China is happily taking the shiny metal.
Bruce Poole retweeted
👀 💥 $UEC FY2026: first year as a multi-mine U.S. 🇺🇸 ISR #uranium producer.
Q4: 82.7k lb, +157% QoQ
FY26: 229k lb vs 130k in FY25
Sold 400k lb unhedged @ $93.13 — they claim peer-leading
FY cash cost $34.24 / total $39.94
Q4 unit costs −33% as Christensen doubled and Burke Hollow posted its first full quarter
$753M liquid assets, $0 debt
1.26M lb still sitting in inventory
Scale is starting to show up in the cost curve. Production is still a fraction of licensed capacity — this is a ramp, not a run-rate.
Wow 🤯
Source: UEC PR, Sep 29, 2026
UEC reports results👇
Fourth Quarter Production Up
More Than 150% with Significantly Improved Economies of Scale
Unhedged Sales Strategy Delivered Peer Leading Realized Price of $93.13 per Pound
#uranium
prnewswire.com/news-releases…
