Gold continues to shine incredibly brightly during this magnificent historical rally, and we continue our Chronicles of this mighty Generational Gold Bull Market and TNR Gold's Shotgun Gold Project. Gold surged to a new highest daily closing in history at $3,690 on September 16, 2029, followed by a weekly ATH made at $3,686 on September 19, 2025.
Gold has celebrated its historical breakout from the 45-year trend line, printing another series of back-to-back all-time highs made at $3,643 on September 10 and 12, and at $3,679 on September 15, 2025.
Gold has demonstrated incredible performance in the 21st century, providing "The Ultimate Hedge" for all portfolios constructed with stocks, bonds and crypto assets. Asian societies understand the unique qualities of Gold very well.
Bloomberg reports: "Gold sets a new inflation-adjusted peak as bull run continues". We are in the generational Gold Bull Market, but nothing grows straight into the sky, and another healthy consolidation will be welcomed for this magnificent Gold Bull Market before breaking $4,000 level.
This Gold rally was ignited by the relentless buying by Central Banks diversifying their assets from the US Dollar-denominated assets by selling US Treasuries, and now investors jumped on this trend by driving Gold ETFs higher.
One more "conspiracy theory" becomes reality. Bloomberg reports: "Most buying by Central banks is undeclared".
Gold's next move is to climb to the next elevated level following this breakout on its way to $5,000 and over $10,000 after the healthy consolidation stage to digest the incredible gains Gold has made this year already. The new FED interest rate cuts cycle, ballooning debt and economic uncertainty will drive Gold to new all-time highs this year.
"The Great Rotation" will be fueling this powerful megatrend. Equities are being stretched into Bubble territory, while there is no Gold Bubble yet. Increased allocations to Gold will feed the Gold Bull Market.
Gold miners and exploration companies should be continuing their breakout relative to Gold and jump to the new highs, outperforming the advance of Gold during the next healthy consolidation stage.
The Gold Miners vs Semiconductors chart from Graddhy illustrates the magnitude of the potential move during "The Great Rotation" event. Gold miners and exploration companies are set up for an explosive move during the sector rotation following the unwinding of the AI "Irrational Exuberance". You can find more historical charts and observations in our Chronicles of this Generational Gold Bull Market.
"Imagine tapping into Alaska's gold-rich Tintina Gold Belt, where TNR Gold's Shotgun Project shines with an inferred resource of 706,000 ounces at 1.1 grams per tonne. Located just 190 km south of the world-class Donlin Gold Project”
“Shotgun Gold offers a prime opportunity for a major mining partnership. With its advanced exploration stage, multiple high-potential targets, and geological similarities to nearby giants, this project is poised for growth.”
Gold made its previous highest daily closing in history at $3,636 on September 8, 2029, following the very impressive breakout after the recent much-needed consolidation phase.
This powerful breakthrough has been striking one all-time high daily closing after another: $5,532 on September 2, $3,558 on September 3 and $3,585 on September 5, 2025.
Before it, Gold made daily and monthly all-time highs at $3,447 on August 29, following the previous highest monthly and quarterly closing in history made at $3,302 on June 30, 2025. $3,302 not only marked the highest monthly and quarterly closing in the metal's history, but also followed the previous record set for the highest daily closing at $3,433 on June 13, 2025.
Gold has recently demonstrated remarkable resilience and upward momentum, achieving these new historic milestones. It was a very powerful show of strength by this mighty Generational Gold Bull Market when Gold consolidated around this parabolic curve, on the chart above, and above $3,000 before surging to new all-time highs.
China bought Gold in August for a tenth straight month after returning to the market in November. So far, after a 7-month pause, China bought 5T in November, 10.3T in December, 5T in January and February, 2.8T in March, 2.2T in April, 1.9T in May, 2.2T in June, 1.9T in July and 1.9T in August 2025.
Investors have been net sellers of Gold ETFs for 4 years. Last year, investors in Asia started buying Gold ETFs significantly, while investors in Europe were selling, and only this year have investors been buying Gold ETFs in all markets. Now, Gold ETF Inflows outshine Central Banks in supporting Gold.
Gold miners are minting money with expanded margins and are now catching up with the rising Gold price. We have a perfect setup for the new Gold Bull Market. For the rest of this decade, the Bull Market for Gold Miners and Gold Exploration Companies will be a major part of it.
The smart money is taking profits in Gold and looking upstream for the new M&A targets. These investments lift Gold producers first; even a minimal spillover in the Gold exploration companies will create fireworks there.
This coming wave of M&A among Gold producers and investments made by Rob McEwen, Erik Sprott, and other Gold gurus in promising new projects will drive the next stage of remarkable gains for wise investors.
Now you should really pay some serious attention to our main Story: why NovaGold is holding its stake in TNR Gold and why I believe that the time for the Shotgun Gold Project in Alaska is coming very close to its launch on the new orbit of valuation and development.
"My belief is TNR's Shotgun Gold Project can potentially grow and become a foremost, immediate satellite site Gold deposit to Donlin Gold's Mining Camp infrastructure. This vision is based on our exploration work and academic studies like the ones from Dr Tim Baker in which Shotgun Gold Project is not only listed alongside Donlin Creek as one of the "Major Porphyry Gold Deposits" but is also projected to contain the similar porphyry intrusion-related type system as Donlin."
Kirill Klip, Executive Chairman
TNR Gold Corp.
Angela Harmantas from Proactive wrote about the new report on TNR Gold from Fundamental Research Corp:
"TNR Gold’s portfolio spans various mining assets, with a key focus on its Shotgun gold project in Alaska and royalties in two advanced-stage projects in Argentina: the Mariana lithium project, owned by Ganfeng Lithium, and the Los Azules copper-gold project, held by McEwen Copper."
"TNR Gold is about to make a strategic shift in its business model and position itself as a revenue-generating royalty firm, according to analysts at Fundamental Research Corp.
Production began earlier this year at the Mariana lithium project, owned by China’s Ganfeng Lithium, with TNR set to begin receiving royalty payments as early as the fourth quarter of 2025.
Based on current spot lithium prices, Fundamental Research estimates annual royalty revenue from Mariana could reach C$1 million." (Angela Harmantas)
"The company's other flagship royalty asset is on the Los Azules copper-gold project in Argentina, controlled by privately held McEwen Copper Inc, a division of McEwen Mining Inc (TSX:MUX, NYSE:MUX). The large-scale, open-pittable deposit holds an estimated 38 billion pounds of copper, 4.7 million ounces of gold, and 159 million ounces of silver. McEwen plans to complete a resource update and feasibility study this quarter, with construction targeted for 2026 and production slated to start by 2029.FRC projects that TNR’s royalty from Los Azules could generate annual revenues of up to C$10 million at current copper prices.
The firm reiterated its Buy rating and increased a fair value estimate from C$0.28 to C$0.30 per share, compared with a current trading price of C$0.09." (Angela Harmantas)
"Elsewhere, at the Shotgun gold project in Alaska, TNR is actively seeking a JV partner to advance the project to a Preliminary Economic Assessment (PEA). Shotgun hosts inferred resources totaling 706 Koz of gold at a grade of 1.1 grams per tonne. Analysts believe the project has expansion potential, with the Shotgun Ridge deposit remaining open along strike and at depth." (Angela Harmantas)
Disclaimer: Please be aware that any opinions, estimates or forecasts regarding the performance of TNR Gold Corp. in any research reports do not represent the opinions, estimates or forecasts of TNR Gold Corp. or of its management.
TNR Gold – AmeriGold – Shotgun Gold
The Company’s strategy with the Shotgun Gold Project is to attract a partnership with one of the major gold mining companies. TNR is actively introducing the project to interested parties. We may be at the beginning of a great discovery. There is a clear path to moving this project forward using current geological and geophysical research to target drilling to expand the resource and form the basis of a preliminary economic analysis. The next step is to acquire a partner who shares our vision and recognises the growth potential and value to be added to the Shotgun project over time.
I believe that in order to maximise shareholder value and reach the potential valuations presented above, we must preserve capital, reduce the number of outstanding shares and not invest in Alaska with our own capital.
Our strategy, which we presented to potential strategic partners, involves creating a JV with one of the major gold mining companies. Our partner will invest substantial capital in developing the Shotgun Gold Project while earning a stake in the project.
TNR Gold shareholders will benefit from the strategic partner’s capital being invested “in the ground” and industry expertise, including operations in Alaska.
Management is investigating the best value-creation strategies for the Shotgun Gold Project. It has established the corporate structure of AmeriGold – the stand-alone company that could potentially inherit the Shotgun Gold Project JV operations after the contemplated potential spinout from TNR Gold.
Alastair Ford: TNR Gold’s Recent Rejection of a Takeover Bid From Lithium Royalty Has Shone a Spotlight on the Value of Its Royalty and Exploration Portfolio
Please read my legal disclaimer. There is NO investment advice on any of Kirill Klip's feeds and blogs. Always consult a qualified financial adviser before making any investment decisions.
Do Your Own Research.
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