So the big long is out and that’s their annual report buying gold retrust. And they’ve outdone themselves this year. Of course there’s been a lot to talk about for gold for the year 2024 to 2025 thus far. And they do cover all of it. It’s very thorough. We’re probably going to get a hardcover version of it this year. It’s something we really look forward to every year and we hope you do as well. We’ll have a link to download that from their site in this post. We also have it at the bottom in PDF form for premium subscribers.

So congratulations Ronnie for getting that out there and a labor of love. Very nice. Thank you. There’s our home page. We’ll come back to that in a second. Today we will be talking about gold synthesized from lead for a millisecond. We just mentioned incrementum’s IGWT report. There’s the link you can download it there. Again it’s also at the bottom for premium subscribers. And in premium today well we’re going to talk about who bought yesterday’s dip or who bought gold yesterday. And we pretty much know who did. And we sent out a report to founders on that this morning.

We will do a full write up on that this weekend but we’re going to give you a little bit of a preview of what to expect for premium subscribers. Let’s start with the markets. Ten year yields are down three. The dollar is 100 spot 76 down four. The S&P 500 is 5933 up 19. The VIX is 1747 down 35. Gold is 3175 down 64 dollars undoing all of yesterday’s unchanged rally. Silver 3203 down 57. Copper 456 down 5. WTI 6188 up 10. Natural gas 327 down four. All for Bitcoin 103,000 spot 600. Offered unchanged.

Palladium give or take. Soybeans 1042 down one. Corn 442 up one. And wheat 536 up a tenth of a penny. China stocks mildly higher. There’s the front page. We put out a lot yesterday. There was a lot to talk about. But front and center there’s the piece that we just sent out to founders. That’s the full. That’s the full piece. That was the missing piece of the puzzle for us as to who was buying the dip. And we got it yesterday. Hats hit the zero edge. Thank you. All right. Gold synthesized. The regularly scheduled program.

Gold synthesized from lead for a millisecond. Gold has been created at CERN’s LH3. Not through chemistry but via high energy nuclear transmutation. The Alice experiment, I forget what the acronym means, measured the conversion of lead into gold during near miss lead-lead collision. So basically the particles went like this. They just nipped each other. And you had gold for a second there. It’s pretty much random. While the quantities are microscopic, the mechanism reveals insights into both nuclear interactions and the operational limits of particle accelerators. The generated gold nuclei do not persist.

After creation, they continue along the beam line with high kinetic energy and collide with beam type walls or collimators. These collisions result in the immediate disintegration of the gold into subatomic particles. Well, now that we’ve sarcasm aside, moving on. Related posts yesterday. Well, today, founders. Gold rallies $120 off the lows and then probably gives back $65 of that. Many pie Trump’s deals will definitely weaken the dollar. We’re very sure of that. And we shared that. That’s a founder’s post that we share with premium. That’s the upsell, right? Geopolitics, it will take years for India to catch Pakistan.

That’s a geopolitical update from around the world. Gold’s big bounce rallies $59 off. That’s the morning version and Mali judge, et cetera, et cetera. There you go. Who bought the dip in gold yesterday? Goldman did. Details of the full analysis post this weekend. And that’s the big reveal. Let’s look at the charts. This market is capped in a lower range. Now, I see a lot of gamma hedging in this market. Well, there’s a daily. We’re back at the 50 day moving average. And third time’s the charm. Triple bottoms do not hold. Okay. If you want to call that a triple bottom, I think we’re probably going to break through that today.

If not today, then Monday. You clever bastards. I know what you’re doing now. Okay, so here we go. The market is now whipping itself to death. People are fomoing in long, getting stopped out, fomoing short, getting stopped out. And the money is all falling into gamma traders hands. It’s a market maker’s dream right now. Anyway, there’s really not a lot to add to this except that, well, the market. I got nothing. I mean, this is what it is, right? We had a fish hook for me. It didn’t get above that dotted line, which is where I wanted to buy.

And so there you have it. I think the trade now is if you’re, if you’re a trader is volatility is cheap relative to the moves, but I think it’s going to start appreciating now on options terminology and iron butterflies may be the way to go. I’m Vince. Have a great day. Have a great full analysis this weekend on who the dip buyer was and who potentially the rally seller was. Look for the incremental report, as we mentioned at the beginning over the weekend and remember, they’ve synthesized gold right now. So the only thing left that’s unreplicatable is Bitcoin.

Talk to you later. Vince and Fortuna actually had their earnings out last week and they came back with record free cashflow of $111.3 million in the first quarter, certainly aided by the elevated gold price, which obviously is why we’ve been talking about Fortuna as a company in position to capture that. And it’s also interesting on the call we did with Jorge following the earnings. He talked about the sale of their Yerumoko and San Jose mines, the new composition of the portfolio of the company, and also how they’ve not just been adding ounces, but really targeting low cost ounces.

So he talked a lot about how they’re going to go about doing that. And you can see in the financials that they are already well on their way. And to find out a little bit more about that and hear directly from Jorge himself and that call that we did. Well, that one is coming your way now. [tr:trw].

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