As we have discussed, nothing is growing straight into the sky. I personally prefer the very much needed healthy consolidation for the Gold Bull Market now, ideally above $3,000.
During this consolidation, Gold Miners should start outperforming the Gold performance. The chart below, "Gold Miners vs Gold", shows where the main action should be from now on.
The next chart demonstrates "The Great Rotation" in action. Equities were being stretched into Bubble territory, while there is no Gold Bubble yet. Investors are selling overpriced equities and buying Gold. Increased allocations to Gold will feed the Gold Bull Market.
The next chart illustrates how investors will fuel the Gold Bull Market during "The Great Rotation". After being net sellers for straight 4 years, investors are buying into Gold ETFs in all markets this year.
Implied allocations to Gold are still extremely low at 2% compared to 8% in 2011. There is no Gold Bubble yet. Gold confirmed "The Ultimate Hedge" status for all portfolios constructed with equities, bonds and crypto assets. Increased allocations to Gold will fuel this magnificent Gold Bull Market.
Gold Miners are printing money now with their expanding margins. Despite the incredible Gold Bull Market advance, implied allocations to Gold Miners are still at a multi-year low and below 0.3%. They are only now breaking out from their downtrend since 2011. This is where the new fortunes will be created in the coming years of this decade.
Gold finished the previous week on a very powerful note, surging through $3,200 and making a new highest daily closing in history at $3,236 on April 11, 2025.
Gold struck a previous ATH at $3,176 just a day before on April 10, 2025, after it sympathised with the bloodbath massacre in the markets after "Liberation Day" for a few days and allowed some selling to cover margin calls following the brutal assault of Mr Market.
Now we know the pain threshold for this administration. The total disintegration in the bond markets and treasuries helped to clear the air. The 30-year Treasury Yield soared to 5.02% on April 9, 2025, its highest level since October 2023.
As we have discussed, "The Great Depression" scenario was too much even for this reality show and "Trump Put" was crystallised. After the waterfall market shock, the wise voices prevailed, and President Trump declared victory, pausing "reciprocal tariffs" for 90 days to follow up in negotiations.
We have a couple of major takeaways from this very brave and reckless lobotomy approach to cure headaches. Gold has exceeded all expectations and confirmed its "The Ultimate Hedge" status for all portfolios constructed with equities, bonds and crypto assets. We discussed it here for a very long time, but now more and more investors have come to the same conclusion. Gold dropped only for a couple of days, allowing it to be sold by those who had been hurt by the margin calls, and it surged to new all-time highs immediately after that.
But an even more dramatic revelation, by the size of the market and involved professional parties, came when bonds and treasuries failed to provide any refuge for the scared investors running from the bleeding stock markets to the "safety" of bond markets and the US Dollar. Everything was sold indiscriminately: stocks, bonds, treasuries, and the US Dollar. Only Gold kept standing above the sea of blood running on the streets.
Markets have recovered following the announcement of the pivot in the "negotiation approach", but this PTSD will follow deeply shaken Mr Market from now on. There is uncertainty when there are no rules. This uncertainty will bring the new discount to the valuations of equities, and the same uncertainty will bring an additional premium to the Gold valuation.
Nothing is growing straight into the sky, as we discussed before. I personally prefer the very much needed healthy consolidation for the Gold Bull Market now, ideally above $3,000. But I will take every incredible advance by Gold as a sign that "The Great Rotation" is here already. Now we can start talking not only about investors selling overpriced general equities and buying Gold and Gold-related equities. We will see "The Great Rotation" with the increased allocations to Gold by the institutions managing trillions of dollars worth of assets in Central Banks, insurance, pension funds and sovereign wealth funds.
Gold Miners were sold with general equities in the market crash, and now they are recovering following the surge in the Gold price. They are printing money with increased margins, reflecting rising Gold prices and falling Oil prices. The chart of Gold Miners vs. DOW shows that "The Great Rotation" have only started following the breakout of the multi-year downtrend, and we have a long way to go just to match the previous valuations of the Gold-related equities.
Gold started the previous week in style, striking new Daily, Monthly, and Quarterly ATHs at $3,124 on March 31. Gold made a new highest daily closing in history at $3,134 on "Liberation Day", April 2, 2025, just after the tariff rates announcement.
The bloodbath in all markets followed the next trading day, with the DOW falling 4%, the S&P 500 shredding 4.8%, and the NASDAQ crashing 6% on April 3. This was followed by "The Black Friday," with the DOW tumbling 5.5%, the S&P 500 plummeting 5.97%, and the NASDAQ plunging 5.82% on April 4, 2025.
As you remember, Gold has been sending its very loud warning signal in advance for quite a bit of time by going parabolic after the breakout of the multi-year "Cap and Handle" pattern. Equities were priced for perfection, and valuations have been extremely extended into "The Bubble" territory. The Great Martis' call of "The Top" for general equities on December 21, 2024, stands on its own with its timing and boldness in our Chronicles of "The Great Gold Bull Market".
Gold has performed as "The Ultimate Hedge" for all portfolios constructed with equities, bonds and crypto assets and finished this dramatic week above $3,000, printing $3,037 on April 4, 2025! Following its parabolic advance, Gold has entered a healthy consolidation, which I was talking about, ideally above $3,000. It is welcomed at this stage and will allow Mr Market to digest the incredible gains Gold has made this year already.
This year, investors are buying Gold ETFs in all markets. They will propel this mighty Gold Bull Market to new highs. Gold ETF attracted $12 Billion in two months. Traders piled into Gold ETF as the bullion's price hit record highs.
China bought Gold in March for a fifth 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, and 2.8T in March 2025.
This economic uncertainty will bring a discount to the valuations of the general equities, and the same uncertainty will bring an additional premium to the Gold Market and Gold-related equities. Investors are terrified with VIX hitting 45.31 by the end of "The Black Friday" on April 4, 2025. It is higher than during "The Black Monday" on August 5, 2024. The general equities can now be in for a long journey of adjusting the Mr Market's expectations. He is paranoid and scared today by "The Trade War", tariffs and governing by "policy announcements" on social media. "The Great Rotation" will continue to fuel the Gold Bull Market as more and more investors will be finding "The Real Assets" and "Solid Values".
The main problem now can be that this tariff's bloody massacre of the markets has only started. Hopefully, markets will be searching for any clues of the four-dimensional chess of "The Trade War" negotiations and can even rally from this oversold level after finding them. But it will be only Bear Market rallies.
There is no "FED PUT" in place, at least now, at these market valuations extremely stretched into "The Bubble" territory. The FED is being cornered by demands for lower rates and the inevitable inflation pressure following the implementation of tariffs.
President Trump is demonstrating by all means these days that there is no "Trump Put" in place as well, unless the waterfall market shock adds to the wise voices, and he will declare victory and follow up in negotiations, reducing announced tariffs. Otherwise, you will be reading a lot of historical perspectives on the previous "Trade Wars" and major tariff announcements. History never repeats itself, but it rhymes. As usual, there were signs of things to come, and we have discussed it here very extensively.
“Beware the investment activity that produces applause; the great moves are usually greeted by yawns” Warren Buffett
"Just a couple of years ago, every crypto ape was laughing at Warren Buffett, and some potheads from the media were calling SBF “The Next Warren Buffett" and "JP Morgan" of Crypto, now SBF is calling his mum from jail."
“Remember that the stock market is a manic depressive.” Warren Buffett
You should buy from Mr Market when he is depressed and sell to him when he is in “The Irrational Exuberance” stage.
We have to study again in depth how Gold and Gold-related equities behaved during recessions, bursting "The Tech Bubble" in 2000, "The Great Financial Crisis", and even during "The Great Depression" - Gold Miners shone during "The Great Depression".
Miners and Exploration companies represent a unique countercyclical investment opportunity. Gold Miners surged again after the Great Depression during the 1973-74 crisis, while the S&P 500 plummeted.
"The Great Rotation" out of overvalued general equities. Gold Miners surged again after "The Great Depression" during the entire Gold Bull Market from 1970 to 1980.
The last Gold Stocks Bull Market started in 2000 as "The Tech Bubble" burst. As we discussed before, we are at the onset of "The Great Rotation" out of overvalued stocks into Commodities, Gold and Gold-related equities.
As we discussed in January, this chart presented the countercyclical setup for Metal Explorers vs. the S&P 500 in 2024. You can review the updated charts and my thoughts following the main stages of this unfolding generational investment opportunity for intelligent investors.
The week before, Gold continued its ascendance over $3,000 and made a new highest daily and weekly closings in history at $3,084 on March 28, 2025. Previously, Gold made ATH at $2,057 on March 27, 2025. Healthy consolidation, ideally above $3,000, will be welcomed at this stage to digest the incredible gains Gold has made this year already.
The previous week, Gold celebrated its ascendance over $3,000 in style and made a new highest daily closing in history at $3,047 on March 19, 2025. This fascinating week for Gold ended on a very powerful note with a weekly closing of over $3,000.
The new highest weekly closing for Gold in history was printed at $3,024 on March 21, 2025. Previously, Gold hit back-to-back ATHs at $3,001 on March 17 and $3,034 on March 18, 2025. Now, I would like to see a healthy consolidation, ideally above $3,000, to digest the incredible gains made this year already.
Despite Gold hitting all-time highs, there is "No Gold Bubble Yet", while the market valuations of general equities are already overextended and in "Bubble territory". Investors have been net sellers of Gold ETFs for four years straight. Last year, investors in Asia started buying Gold ETFs significantly while investors in Europe were selling, and only this year are investors buying Gold ETFs in all markets. They will propel this mighty Gold Bull Market to new highs.
Gold Miners should lead the market during the next phase of much-needed healthy consolidation. "The Great Rotation" out of the general equities into the Real Assets, Gold and Gold Miners will fuel this powerful Bull Market in the making. Profits made in the Gold and Silver markets are making their way into the senior miners first. Only later will new money be allocated to the junior mining sector by investors seeking higher leverage to the rising price of Gold.
China bought Gold in February for a fourth 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 5T in February 2025.
The whole world will probably be shocked if China ever reveals the amount of its actual Gold reserves, which are held by numerous entities under China's control, including the citizens of China and the vast Chinese diaspora.
India's Gold Reserves are surging following China's lead. Emerging market demand is driving the price of Gold higher.
Gold confirmed its status as the Ultimate Hedge for all portfolios constructed with stocks, bonds and crypto assets during the Trade War and tariff worries.
Gold has demonstrated incredible performance in the 21st century. It will not surprise our readers that the Gold performance beats the S&P 500 this century.
Profits made in the Gold and Silver markets are making their way into the senior miners first. Only later, new money is allocated to the junior mining sector by investors seeking higher leverage to the rising price of Gold. Finally, we can see junior Miners breaking out of the downtrend that started in 2011.
Gold surged to over $3,000, but there is no Gold Bubble yet. Most investment crowds are still blissfully unaware of the tectonic shifts in our societies driving this renaissance of true solid values and Gold representing Real Money. Gold is still a long way from its inflation-adjusted peak.
In February, Gold celebrated its ascent by striking one all-time high after another.
Without any hesitation, Gold rushed to the new highest daily closing in history and printed $2,953 on February 24, smashing before it ATH of $2,940 on February 20, at $2,935 on February 18, $2,928 on February 13, and $2,908 on February 10, 2025.
Gold finished February in style and made a new highest monthly closing in history on February 28, 2025.
Investors are finally becoming the driving force for this Gold Bull Market, following Central Banks. Gold ETFs in China attracted more funds. Month-to-date inflows in February were close to record highs.
Bitcoin has experienced some dizziness after the recent highs and faced its moment alone with gravity last week, crashing below 80,000.
Gold ETF fund flow increased dramatically in February, while Crypto ETFs have experienced record outflows.
Tavi Costa provides perspective for this historical Gold rally and record Gold purchases by Central Banks with his chart illustrating US Gold Reserves as a percentage of government debt.
This fascinating chart from Formula Stocks shows "Gold Miners Will Move More Than 40X from 2024". Now it is time for Gold Miners to start making headlines, while Gold will be consolidating before its next big move up.
With rising Gold prices, Gold Miners' revenue growth has been the highest in the last 15 years.
Gold Miners' cash flow per share is rising quickly, and their prices do not reflect this fundamental change.
Gold Miners' cash flow per share has risen to the highest level since 2012. With their expanding margins, Gold miners are literally printing money now. This news is slowly making its way among investors still chasing AI and Crypto Dragons.
M&A is the only way for majors to rebuild the falling Gold Reserves and keep the Gold production from falling over the cliff. Gold Majors are ready to buy time and pay for the best Gold deposits in the making after juniors made their discoveries many years ago. Stable mining jurisdictions where you can keep your rewards for Gold discovery after backbreaking work and a lot of luck will attract industry attention first.
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.
Kirill Klip, Executive Chairman
TNR Gold Corp.
Angela Harmantes from Proactive is writing 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."
The analysts have raised their share price target for TNR from $0.24 to $0.28 per share, highlighting the imminent cash flow potential from this strategic investment."
(Angela Harmantes)
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.
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.
Previously, Gold struck 3 ATHs in a row and marched to the ATH at $2,867 on February 5, striking ATHs at $2,815 on February 3 and at $2,842 on February 4, 2025.
China bought Gold in January for a straight third month after returning to the market in November. So far, China bought 5T in November, 10T in December and 5T in January 2025, after a 7-month pause.
Gold demand hits new record in 2024
"Central banks and investors drive market strength
Total gold demand (including OTC investment) rose 1% y/y in Q4 to reach a new quarterly high and contribute to a record annual total of 4,974t.
Central banks continued to hoover up gold at an eye-watering pace: buying exceeded 1,000t for the third year in a row, accelerating sharply in Q4 to 333t.
Annual investment reached a four-year high of 1,180t (+25%). Gold ETFs had a sizable impact: 2024 marked the first year since 2020 in which holdings were essentially unchanged, in contrast to the heavy outflows of the prior three years.
Full-year bar and coin demand was in line with 2023 at 1,186t. The composition shifted as bar investment grew and coin buying reduced.
Annual technology demand was also additive to the global total: it grew by 21t (+7%) in 2024, largely driven by continued growth in AI adoption.
Gold jewellery was the clear outlier: annual consumption dropped 11% to 1,877t as consumers could only afford to buy in lower quantities. Nonetheless, spend on gold jewellery jumped 9% to US$144bn." (World Gold Council)
Central banks continue to accumulate Gold while retail investors chase Crypto Dragons.
Previously, Gold surged to the new highest daily, weekly and monthly closing in history at $2,798 on January 31, 2025.
It happened the next day after Gold struck the previous ATH daily closing at $2,793 on January 30, 2025. This very brief consolidation phase lasted only a couple of months. Gold made the previous ATH daily closing at $2,788 on October 30, 2024.
China was back in the market and buying Gold again in December, following its first reported purchases, which were made in November after a 7-month pause. Gold contained its slide that started after the new ATH hit at $2,788 in October and renewed its uptrend in December following the news from China that its central bank resumed buying Gold in November for the first time in seven months.
Gold finished 2024 in style, surging 27% and striking a strong note with the new highest yearly closing in history at $2,624. Now we are in the much-needed consolidation phase of this Gold Bull Market following the parabolic breakout from the powerful bullish "Cup and Handle" technical formation.
Gold contained its slide, which started after the new ATH hit at $2,788 in October. It continued consolidating and tracking an uptrend in December following the news from China that its central bank resumed buying Gold in November for the first time in seven months.
Next for Gold is a climb to $5,000 and over $10,000 after this healthy consolidation stage to digest the incredible gains of the last year. You can review the updated charts and my thoughts following the main stages of this unfolding generational investment opportunity for intelligent investors.
On October 30, Gold made a new highest daily close in history at $2,788 and finished that month on a powerful note, making a new monthly ATH at $2,742 on October 31, 2024.
Gold made previous ATHs at $2,775 on October 29 and at $2,748 on October 25, 2024. Gold has been celebrating breaking out above $2,700 for just a few days and decisively made a previous ATH at $2,746 on October 22, 2024. Healthy consolidation will be welcomed at this stage so this magnificent Gold Bull Market can digest the gains after this year's fantastic parabolic breakout move. Still, we are not in Gold Bubble territory yet.
"There is No Gold Bubble yet". Most investment crowds are still blissfully unaware of the tectonic shifts in our societies driving this renaissance of true solid values and Gold representing Real Money. The share of Gold ETF in Equity ETFs is still below the post-2013 average and below 3%. This share hit a high above 17% in 2011, signifying the top of the Gold parabolic move at that time.
Graddhy's chart "Gold vs Currency Supply (M2)" also confirms that "There is No Gold Bubble Yet". This incredible Gold Bull has only started its run. We are talking here about the global reset of the financial system.
Gold hits a record high above $2,700! Gold made a new highest daily closing in history at $2,721 on October 18, 2024. The previous ATH, at $2,694, was hit just a day before, on October 17, 2024.
After a brief consolidation, Gold surged to another highest daily closing in history at $2,674 on October 16, 2024. This time, Gold took just a few weeks to digest its explosive parabolic move to strike a new ATH; the previous all-time high was made at $2,673 on September 26, 2024.
Gold finished the third quarter of 2024 in style, showing its might and striking the new highest monthly and quarterly closings in history at $2,635 on September 30. Nothing grows straight into the sky, and this mighty Gold Bull Market will continue its ascent to $5,000 and over $10,000 following the healthy consolidation stage.
This mighty Gold Bull Market enters the much-needed consolidation stage, which will be built on the solid base of the monthly all-time high closings, confirming the solid uptrend established after the magnificent breakout this year. Gold finished trading in September with a decisive monthly candle and the highest monthly closing in history at $2,635.
Gold finished the third quarter on a remarkably strong note and made a new highest quarterly closing in history, at $2,635, on September 30, 2024. The previous all-time high quarterly closing was created by Gold in the second quarter this year at $2,327 on June 28, 2024.
The FT provides more information about the forces driving this marvellous Gold Bull Market: "Chinese Gold trading activity explodes".
As we have discussed, the whole world will probably be shocked if China ever reveals the amount of its true Gold reserves, which are held by numerous entities under China's control, including the citizens of China and the vast Chinese diaspora.
Bloomberg confirms that Hedge Funds are boosting bets on Gold. As discussed last week, Greed and FOMO will drive hedge fund managers to gain exposure to the Gold and Mining Sectors, risking to underperform the more wise, forward-looking peers building their positions in the Real Hard Assets and Commodities.
Gold continued its parabolic move last week, making the new highest daily close in history at $2,673 on September 26, 2024. In its relentless ascent to new highs, Gold was striking one all-time high daily closing after another again: $2,629 on September 23, 2024; $2,658 on September 24, 2024; and $2,659 on September 25, 2024. After the fantastic break-out phase, the much-needed consolidation phase will be welcomed now for the health of this mighty Gold Bull Market.
It is time for Gold Miners to move decisively up, breaking out and outperforming Gold advances during this healthy consolidation phase for the mighty Gold Bull Market. Financial reports about the increased operation margins and profits for the major Gold Miners should bring headlines and new investors into the sector.
Greed and FOMO will drive hedge fund managers to gain exposure to the Gold and Mining Sectors, risking underperforming the more wise and forward-looking peers building their positions in the Real Hard Assets and Commodities.
Gold was going parabolic, overtaking $2,600 in one breath and striking the new highest daily and weekly closings in history at $2,622 on September 20, 2024. That new breakout phase came after a striking series of new ATHs: $2,558 on September 12; $2,580 on September 13; $2,584 on September 16; and $2,587 on September 19, 2024. Nothing grows straight into the sky, and consolidation will be welcomed for the Gold Bull market at this stage.
Graddhy has published "The Wild Gold Chart", with a potential technical target price of $48,000. My target of $10,000 for Gold seems less outrageous and can be considered a perfectly reasonable milestone from this perspective.
Graddhy shows on the 53-year chart the history of 3 Gold Bull moves. He is painting the beautiful road map for Gold to surge in the third wave of this Bull Market towards his targets in the $10,000 - $15,000 range per ounce.
Gold surged to $2,450 and made the previous highest daily close in history at $2,426 on May 20, 2024. Before that, Gold hit ATH at $2,414 on May 17, 2024. That jump followed a brief consolidation following the previous vertical climb of back-to-back all-time highs.
The history of Gold Cycles provided by Tavi Costa illustrates the main drivers of this new mighty Gold Bull Market. This is just the beginning of the new leg up after the breakout from the giant "Cup and Handle" technical formation.
Every consolidation phase will provide new opportunities and allow new investors to shift towards true, solid values. New fortunes will be created by this powerful, dramatic rebalancing of the geopolitical and financial systems based on debt and its common denominator, the US Dollar.
Bloomberg reports that Gold's return in 50 years exceeds bonds. Can Gentlemen prefer Gold from now on as well? Gold becomes a major diversifier and the ultimate hedge on the institutional level for portfolios constructed with stocks, bonds and crypto assets.
Gold surged to the previous ATH at $2,391 on April 19, 2024. During that week, Gold again rushed from one ATH to another at $2,382 on April 15, 2024, and $2,383 on April 16.
Gold smashed a new intraday all-time high at $2,430 on April 12, 2024, after it made a previous ATH at $2,377 on April 11, 2024. During that week, Gold surged from one ATH to another at $2,339 on April 8, 2024, and $2,355 on April 9, 2024.
The week before, Gold surged to a new all-time high daily close at $2,330 on April 5, 2024. That new all-time high followed an awe-inspiring week when Gold smashed one ATH after another: $2,249 on April 1, 2024; $2,280 on April 2, 2024; and $2,300 on April 3, 2024.
We had another set of the magnificent "Super White Soldiers". This incredible Gold price advance was based on the solid foundation of the new monthly and quarterly all-time highs at $2,234 established on March 28, 2024.
This powerful move arrived after Gold smashed previous all-time highs at $2,204 on March 20, 2024, and $2,184 on March 11, 2024. Before it, the price of Gold hit $2,179 on March 8, 2024. As we have discussed, Gold needed to explode, breaking out from this giant "Cup and Handle" formation to new highs that rose throughout the first week of March.
Today's important observation is that Gold is hitting new ATHs while Gold ETF holdings are only just turning up. This Gold breakout was driven by Central Banks and countries like China accumulating Gold.
Only nowadays do we see inflows into Gold ETFs. Investors chasing FOMO, the rising Gold price will be the next driving force for this magnificent Gold Bull Market.
Gold ETF rebounded in July. ETFs saw record outflow in the first half of 2024.
We had a confirmed breakout for Gold on the monthly chart with a mighty candle for March. It followed the previous breakout confirmation with magnificent "Super White Soldiers" - back-to-back all-time highs: $2,160 on March 7, $2,148 on March 6, $2,128 on March 5, $2,115 on March 4 and $2,083 on March 1, 2024.
Gold sends a loud and clear signal that something is breaking up in the financial system. "Smart Money", China, and Central Banks are buying Gold as real insurance for the coming crisis.
Every insurance is only as good as the counterparty providing it. Who will be able to meet all claims in the end? Gold is nobody's obligation and has become "The Ultimate Hedge" for all portfolios constructed with bonds, equities and crypto.
Central Banks Buying Gold, Gamblers Buying Crypto.
Barron provides another indication that the general market "Irrational Exuberance" party may be over.
"Smart Money" is already rotating into Gold, Real Hard Assets and Commodities.
Gold miners are minting money with expanded margins and are still recovering and 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.
Gold miners are only now waking up relative to the incredible performance of Gold in recent months. Higher Gold prices still have to make their way and expand margins, creating profit and slipping into the financial statements to be noticed by the investment crowds.
This chart from Tavi Costa illustrates very well the recent advance of junior miners relative to senior miners and Gold prices. Profits made in the Gold and Silver markets are making their way into senior miners first. Only later is new money being allocated to the junior mining sector by investors seeking higher leverage to the rising Gold price.
We have been waiting for the breakout from this giant Cup-and-Handle formation after the "pandemic" all-time high at $2,070 made by Gold in August 2020.
Graddhy is painting a beautiful road map for Gold to surge in the third wave of this Bull Market towards his targets in the $10,000 - $15,000 range per ounce. In the coming months, we can expect new all-time highs for Gold following this breakout, which opens the road to climbing to new record prices of $2,500, $5,000 and over $10,000 per ounce of Gold.
The US National Debt is over $36 Trillion and is unsustainable. The ability to continue paying interest and increase this debt depends on the faith in the value of the US Dollar and the appetite for US Treasuries.
After a brief "deleveraging", the global financial system is back to increasing debt-to-GDP ratio. Total Global Debt stock is at a record $315 Trillion.
It will not be so surprising that we have already reached the maximum stupidity point of no return. Wall Street will make the same one-trick pony with Bitcoin and all "FED Freedom Fighters": build the House positions in the Crypto Casino, make it easy to buy for retail "investors" by establishing ETFs, pump it UP and sell it to the salivating FOMO-chasing crowd as the new investment dream.
The last important thing is to notice that smart money has also moved on and has been pumping the AI Bubble like there is no tomorrow for quite a bit of time already. Society made a dramatic journey very fast from "FED Freedom Fighters" to Tether - "the Central Bank of Crypto" - and to BlackRock pumping Bitcoin with all the deadly force of the Wall Street Machine and selling it to the amused Lambs dreaming about their LAMBOs.
"The simple question to answer is: "Can theoretically some super-smart specially gifted people digitise ENRON's brave advanced accounting, Bernie Madoff's and Lehman Brothers' "Best Investment Practices"; encrypt it all for safely with a lot of BS, put it on a blockchain and give it as a finished product to ReTail to enjoy? In the end, it seems, that this is exactly what they really want to keep them happy while they are FOMO chasing their Day Dreams with LAMBos". A lot of Circus entertainment and some Bread for some, sometimes. All the same, just encrypted with a lot of hard to understand Crypto Tech jargon and other BS spices, so it tastes so good."
"I would say, why not? After all, other "One Thousand and One" known to humans scams are already being tortured by elliptic-curve cryptography in the Dark Crypto Web and put on different blockchains. Needless to say, that Circus has left already, probably, with all treasure troves, only clowns are still here."
False prophets did their dirty deeds and deceived millions by misguiding them and turning them away from productive investments and the real store of value represented by Gold. These cults can be run for a long time, but make no mistake: the divine laws of time and gravity will bring down all sandcastles.
"The Black Monday" event on August 5, 2024, confirmed Gold's unique status as "The Ultimate Hedge". Gold is nobody's obligation and has become "The Ultimate Hedge" for all portfolios constructed with bonds, equities and crypto.
Jeroen Blokland's chart demonstrates how investors were literally selling Bitcoin to buy Gold as geopolitical mentions spiked.
Bitcoin has experienced some dizziness after the recent highs and faced its moment alone with gravity last week of February 2025, crashing below $80,000. Gold ETF fund flow increased dramatically in February, while Crypto ETFs have experienced record outflows.
"Gold is coiling into the very powerful spring and knocking on the new all-time high "Heaven's Door". As with all generational Bull Markets, any price suppression and market manipulation can lead only to one thing: another opportunity to accumulate the best stories in the Gold mining junior space where new fortunes will be created in the next few years to come.
Nobody knows the future, but history can teach us about manias and "irrational exuberance" spilling over from chasing Crypto Dragons into real assets and solid values that some junior miners can represent in the marketplace."
Gold price action points to the obvious: any manipulation provides another unique opportunity to accumulate it. Ruthless Mr Market is separating YouTube traders and their money. The wise ones are given another chance and more time to learn and find The Best Stories among junior miners, which will build new fortunes.
"Only the patient investors who still can read, analyse and use the powerful organic intelligence tool - calculator, will be rewarded by the ruthless Mr Market. Only you can decide what to do after your own research and due diligence."
"We are getting closer to The Next Catalyst for Gold. The whole new generation of investors has to learn the hard way history lessons. They must find real, solid values after being used, disillusioned and thrown away by "The Ponzi on Steroids". "The Thousand and One" digitized scams known to humans remain scams even on the blockchains."
Yields are rising again, and the prices of Treasuries are going down while the prices of Gold are going up. We have a great rotation out of the US Treasuries into Gold.
"There is no Gold 2.0, there are over 5,000 years of humankind's history with Gold. Investors are tired of losing money by chasing Crypto Dragons and Bitcoin Dreams in the Tether Metaverse."
We have The Peak Gold Supply in place, which will drive the new M&A cycle for the Gold industry. Gold miners are printing money again with expanding margins and will have to start looking more aggressively for new major Gold projects.
“We are building The Green Energy Metals Royalty and Gold Company. Our business model provides the unique entry point into the creation of supply chains for critical materials like energy metals which are powering Tesla Energy rEVolution and Gold industry which is providing the ultimate hedge during this part of the economic cycle. Our shareholders are participating in the building of The Green Energy Metals Royalty and Gold Company. In our portfolio, we have a unique combination of assets providing exposure to different parts of mining cycle: starting with the power of blue sky discovery and including partnerships with industry leaders like McEwen Mining, Ganfeng Lithium and Lundin Mining as operators on the projects that will potentially generate royalty cashflows to contribute significant value for our shareholders.”
Kirill Klip, Executive Chairman TNR Gold Corp.
Today, I would like to present our strategy for the Shotgun Gold Project in more detail for all our shareholders.
Kirill Klip, Executive Chairman
TNR Gold Corp.
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 recognizes 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.
This article is for information only and provides publicly available information, as well as my personal vision and valuation matrix of TNR Gold. I am the largest individual shareholder of our Company. Nothing in this blog post constitutes investment advice, offer or solicitation of the sale of any securities. As always, please carefully read all our legal disclaimers and conduct your own due diligence.
Thank you for your support of TNR Gold!
Tesla Nicola rEVolution and Gold.
