Europe is fucked... Gas prices are surging. Germany is Europe's largest gas storage hub and accounts for 25% of EU gas consumption. Storage levels are at just 56%... The lowest ever for this time of year. And look at what Europe has done to itself... - Sanctioned Russia, its largest gas supplier. - Qatar is renewing force majeure notices every month. - Refrained from filling gas storage because prices were too high. First, they switched to renewables while simultaneously reducing baseload power capacity, which is needed when the sun isn't shining and the wind isn't blowing. Oh... And guess when the sun isn't shining and the wind isn't blowing? During winter, when gas consumption is at its highest. In other words, Europe is entering winter with dangerously low gas inventories, disrupted supply routes, and an energy system increasingly dependent on the weather. And now gas prices are surging again... The EU is on its path to economic suicide.

This is not 1980... Don't sell your gold. Back then, US debt to GDP was ~30%, which enabled Volcker to hike rates aggressively to kill inflation. But inflation wasn't the only thing he killed... He also plunged the US into a recession. Today, with debt to GDP above 100% and deficits running at 6% of GDP, the US can afford neither a recession nor sustained higher rates. In a recession, deficits blow out to 7-10% of GDP... at a time when foreign investors are increasingly unwilling to fund endless US deficits... Forcing the Fed to let the money printer go wild. Warsh can talk tough like Volcker, but the fiscal situation will force him to inflate the debt away... So that a future Volcker can eventually hike rates to kill inflation. Until that happens, we don't own enough gold for what's coming.

Uranium equities are plunging... completely detached from reality. If we were to look only at the long-term uranium contracting price, which keeps inching higher, one would think uranium equities would be surging... Wrong. And the supply situation makes this divergence even more ridiculous. Kazakhstan, the world's largest uranium producer, accounting for ~40% of global supply, is approaching peak production. Meanwhile, the Arab oil embargo in the 1970s triggered a massive nuclear buildout as countries sought to reduce their dependence on oil. Today, we're witnessing another global push toward nuclear energy, driven by energy security and surging electricity demand from AI. In other words, uranium fundamentals are incredibly strong... but equities aren't reflecting that. That's an opportunity. We don't own enough uranium for what's coming.

Russia is buying the gold dip... 5x the amount planned last month. Between October 7 and November 6, Russia plans to buy $3.3B worth of gold and foreign currency. All oil and gas revenues above the $59/barrel threshold will be directed to the National Wealth Fund to buy gold and foreign currency. The East is buying as much physical gold as possible... they know what's coming

Gold plunges as inflation comes in hotter than expected. The rationale is simple: Higher inflation = higher rates = bad for gold. This might be true in normal times, but not when the US is drowning in debt. Now higher rates not only fight inflation but also kill the economy and the government's ability to service its debt. High debt levels mean you can't afford to fight inflation... In fact, inflation is the solution to overindebtedness. We don't own enough gold for what's coming.

China is putting a floor under the gold price. China's central bank gold purchases: - March: +4.98t | Gold: $5.4k - April: +8.09t | Gold: $4.6k - May: +9.95t | Gold: $4.4k - June: +14.93t | Gold: $4.2k - July: +19.91t | Gold: $4.1k - Aug: +20.22t | Gold: $4.3k - Sep: +23.02t | Gold: $4.3k The lower the gold price went, the more China bought. September marked China's largest monthly purchase in 3 years and its 23rd consecutive month of official gold buying. China is draining physical gold supplies from the global market as it builds a gold-backed financial system. We don't own enough gold for what's coming.