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 $4,042 on October 8, after striking another set of back-to-back ATHs made at $3,961 on October 6, and at $3,980 on October 7, 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.
Bull Theory on X gives a good rundown of the events during the Crypto Crash Black Friday massacre on October 10, 2025:
"TRUMP JUST TRIGGERED THE BIGGEST CRYPTO CRASH
And it was all pre planned. Here’s what happened. Two days before Trump’s Truth Social post, one of Bitcoin’s oldest wallets suddenly started opening large short positions on $BTC and $ETH worth billions. No catalyst. No headlines. Just silent movement onchain. Then came the post. Trump warned that China would face massive tariffs, hinting at a trade escalation. Markets reacted instantly a small dip, some volatility, but nothing major yet. But the real hit came hours later. From the White House podium, Trump officially announced 100% tariffs on all Chinese imports starting November 1.
→ A shock no one priced in. Within minutes, chaos followed:
→ S&P 500 fell over 2% - its sharpest single-day drop since April
→ Bitcoin ₿ plunged to $102K, erasing weeks of gains
→ Altcoins entered freefall, most dropping 70–90% within minutes
→ Over $20B–$22B in positions liquidated (real exposure likely $40B–$50B+)
→ Nearly $1T in crypto market cap wiped out in less than 3 hours
And here’s where things get strange 30 minutes before Trump’s official announcement, that same whale doubled their short exposure. When the market crashed, the positions were closed for an estimated $200M profit. The timing was too perfect to ignore. Was it coincidence or did someone know what was coming? Because minutes after that, it wasn’t just traders getting hit. It looked like a major entity got completely blown off. The crash across large cap alts wasn’t normal volatility. It felt structural as if a fund or desk was forced to unwind positions all at once. Every exchange saw cascading liquidations. Even USDE depegged 35–40%. This wasn’t a retail dump. It was a full leverage cleanse." (Bull Theory on X)
As we have discussed, Gold becomes a major diversifier & "The Ultimate Hedge" on the institutional level for portfolios constructed with stocks, bonds and crypto assets.
Gold confirmed its status as "The Ultimate Hedge" during the Crypto Crash Black Friday massacre and made a new record high weekly closing at $4,017 on October 10, 2025.
We know the pain threshold for this administration after the market crash in April, following the "Liberation Day". 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. We can expect more pressure on the FED to ease the monetary policy, continue the practice of QE, and the introduction of other "money printing" instruments on an unprecedented scale.
It will not surprise our readers that the Gold outperformed global stocks this century. Profits made in the Gold and Silver markets are making their way into the senior miners first.
Chart by Nicholas Winton
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.
You can put the powerful performance of TNR Gold this year in this perspective. TNR Gold Team has delivered more than a 100% increase in our Company share price this year and is now working on achieving the next 100% plus milestone.
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.
Before it, Gold hit several back-to-back all-time highs and surged to a new highest daily and weekly closing in history at $3,887 on October 3, following a previous ATH made at $3,866 on October 1, 2025.
Gold achieved a remarkable milestone, reaching new daily, monthly, and quarterly all-time highs of $3,859 on September 30, following a previous peak of $3,827 on September 29, 2025. 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.
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.
This part of the Gold rally is powered by strong ETF demand. Bloomberg reports that investors scooped up Gold-backed ETFs, whose holdings expanded the most in more than three years in September.
Gold miners are minting money with expanded margins and are now catching up with the rising Gold price. Tavi Costa illustrates it with his remarkable chart of Gold miners' earnings vs share price growth. 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.
Another chart from Bloomberg will come as a surprise for a lot of investors chasing AI and Crypto dreams. "Gold shares are beating chip stocks as bullion surges". As we have discussed, Gold miners and exploration companies are set up for an explosive move during the sector rotation following the unwinding of the AI "Irrational Exuberance".
Previously, Gold surged to a new highest daily closing in history at $3,763 on September 23, 2025, followed by a weekly all-time high closing made at $3,760 on September 26, 2025.
Before it, Gold surged to a new highest daily closing in history at $3,747 on September 22, after striking an all-time high at $3,690 on September 16, 2029, which was followed by a previous weekly ATH made at $3,686 on September 19, 2025.
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". Tavi Costa demonstrates that the Gold adjusted for the US money supply leaves a lot of room for the upside.
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.
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.
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".
"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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