Silver bulls is the tentative title. Today we have three things to discuss. Two we’ll discuss. TD’s Daniel Goley, recently in a note published, discussed Silver’s endgame is approaching. That’s not hyperbole. And considering his call in January this year being proven true, it seems very relevant to what’s going on today right now. Barrick pulls a new month. They pulled out of Canadian mining. Really new month probably pulled a Barrick. But we’ll talk about that a little bit and then we’re going to update the chat for traders. We sent them a special preview of something we’re working on.

All right. There’s the home page. The markets. Ten year yields are up one. The dollar is up 15. 97.65 and change. The S&P 500 is down two. The VIX is 14.66 down four. Gold is 36.49. Up 15 near the highs. Silver is 42.20. Hovering at the high end of the range up 70. Copper is 460. Up a little over a penny. WTI 63.42. Up 92. Watch oil man. It’s getting, it’s getting bouncy. Natural gas 287 unchanged. Bitcoin 115 moving yesterday. Down 400 today. Ethereum 445.33. Up 73. Palladium 1207. Platinum 1398. Up 19. Up 7 respectively.

Gold Silver solidly under 89. 86 and change soybeans. Up a penny. Coin. Coin. Listen to me. Corn. Up two cents. Wheat. Up a penny. So you can see those there. All right. So the home page. We’ll talk about the front and center picture. Front and center story. And we also want to talk about, and we’re going to touch on, I think I moved it off the page by accident. We’re talking about the Barrick thing. But I do want to draw your attention to a couple other posts there in a self-promotional way. Top left-hand founders.

We now expect a 50 basis point cut in September. That’s not our call. That’s standard charter’s call. And they laid out why they thought payrolls would miss and why the revisions would be grossly lower. They were right. And so based on their math, we believe they are properly handicapping how the Fed is now looking at job status. So for example, payrolls aren’t done being too high. They were too high in January, February, and March of this year. So that means the job situation is much, much worse than people would have you believe.

So that’s a must-read for founders. Top right-hand side special. The real money is buying. That’s something we alluded to. Something we picked up on an institutional report. Whoever the real money is they’re buying. Bank. That bank there, that’s ANZ bank. Gold to $4,000, silver to $44,000. A lot of pushback on, oh, big deal. Gold to $4,000. After $3,600, it’s only 10%. Come on, guys. Stop being spoiled. Lower right-hand side, Hartnett 1970s are very definitely back. We keep leaving that up there because it is the blueprint for the future. Hartnett does that very well, we think.

All right. First story. TD’s golly silver endgame approach. Silver is surging trading above $42 an ounce. It’s highest in 14 years with analysts, specifically Daniel here. Warning, inventories could be exhausted within months. TD securities strategist Daniel golly calls this the quote, end game, end quote, noting deficits and shrinking stockpiles as investment demand accelerates. Gold has already hit records above $3,600, but silver may soon follow towards $50. That’s his opinion. We will join that, of course, if trends persist. In addition to the US critical minerals list, it adds further fuel as government hoarding and industrial use will tighten supply.

That’s our two cents. Golly warns the market may overshoot before rebalancing highlighting silver’s increasingly strategic role. So it may balance at $47, but it will likely overshoot first because that’s how you get the supply to come on because price is the last mechanism. And silver price sends a very loud signal when it finally goes. That full analysis is in the premium post TD’s golly silver end game approaches. Next, Barrick. Barrick exits Canadian gold mining with a $1.09 billion hemlow sale. Barrick is exiting Canada after agreeing to sell its last remaining mine, the hemlow operation in Ontario, for up to $1.1 billion.

The deal announced September 11 includes $875 million in cash, $50 million in shares, and up to $165 million in contingent payments starting in 2027. The sale marks the end of Barrick’s Canadian footprint as the company shifts to higher margin gold and copper projects abroad. Clothing is projected later this year. So what’s the message here with Barrick and Newmont doing that? The message is to Canada. Your costs are too high. Some of those costs are because they’re more mature mines, understood, but some of those costs are related to onerous bureaucratic expenses that make drilling more expensive than they need to be, that drive all in sustaining costs up unnecessarily high.

Doesn’t it say something if Barrick, who’s getting their gold stolen over in the Far East, is closing in Canada? I mean, they’re willing to take geopolitical risk over domestic bureaucracy risk. Anyway, just a concept. One other thing I wanted to mention before I forget, why would Newmont delist in Canada is still bothering me? And it doesn’t make sense to me. And here’s what I mean. It’s not easier to short in Canada. They have a very small float in Canada. It doesn’t really cost them anything to list. Why would you not want your footprint there? I mean, it’s not like it’s a big expense.

It’s a marketing tool when your price is on the screen. Anyway, who knows? Maybe they’re just really trying to make a point. Related posts, Newmont delist. We just mentioned that. Goldfix PM, triple tops exist. Another thing, we had some questions in the chat that we answered, triple tops. We commented on why we exited Newmont and why we bought First Majestic yesterday. We bought it up 3%, got lucky, and it kept going. So we’ll see what happens from here on it. But it’s all about silver. It’s all about silver being a critical mineral. If you really want one sentence, silver is a critical mineral, silver go up.

That’s what we think. David Stockman, who is rumored to be a subscriber to Goldfix, and we are a paying subscriber to his services, has a post that called central planning is the problem. It’s one of the ones he shared publicly, so we popped it up there. Bank goal to 4,000, we talked about that, and et cetera, et cetera, moving on. In the chat this morning, we put up another piece. We like to do these. We’re smarter in the morning than we are in the afternoon. Let’s put it that way. So at least we think we’re smarter.

So in the morning, we had some thoughts, and we spoke them and wrote them out, and we shared it with everyone. And while the comments are locked, the opening message there, it’s a work in progress, is not locked. We would suggest you read it if you have stock exposure, especially in AI stocks, and who doesn’t? There are parallels that we think are more real than not, and March was a preview of that. And then plus, we have the regular chat. Data on deck today, consumer sentiment. But the thing that matters is September 17th, Fed Open Market Committee meeting, the two-day meeting with projections and price conference.

25 basis points is what’s predominantly discounted, at least publicly. Privately, people are moving towards the 50 basis point cut. We just say, with regards to gold and silver and even miners, although I don’t think it’ll happen to miners, that by the rumors, sell the news is always in effect on a known event that the market has had time to discount. So it doesn’t change the long term. It just means that if you’re looking for a dip, you may get it on the 17th. Because 50 basis points, don’t expect it. Because 25 basis points, yeah, I think we’ll get a dip.

Anyway, let’s go to the charts. I’m not going to add much today. There’s silver. I will say this. Look at that silver chart, the one hour chart. Just going back, it’s actually very orderly. It’s not your typical silver. This is your typical silver when it gets going. Actually, no, it’s like 4%. That’s the big silver moves. Sorry about the noise. We’re in play. We’ve said it so many ways. We’ll just go through a couple of them. Technically speaking, conversations I’ve had with Jordan and other people, highest, second highest, July’s close was the first, I forget now, the highest mid-year close of silver forever.

Not many people talked about that. Everyone focuses on the quarterly. And that’s certainly more important because it’s more frequent. But the highest mid-year close is like the highest end of year close at mid-year. And we’ve had highest of this, highest of that. And all that does is it makes big macro funds who have been in since January this year, buy more. A new high close, it’s on their radar. It’s like you just, you have to buy. It’s like the pack of gum at the cash register that the three-year-old in your arms reaches for.

They have to buy it now. Or they risk getting fired. I’m not kidding. That’s technically fundamentally. Well, we’re in supply deficit, but that’s an old story. We’re in supply deficit. That’s an old story. The supply shortage is known. It’s when you have the demand that you can’t predict that makes people panic. And I think the shorts in silver have been for the last year scrambling, hoping to get retail to puke so they can make thousand ounce bars so they can deliver to COMEX because silver is a critical mineral. And it has been a critical mineral for years, but now we’re admitting it, which is a little bit of a panic.

So what I’m saying is when a known supply deficit runs into a unknown demand surge, which is going to be accelerated potentially by a Fed cut, well, you have uncertainty and uncertainty brings buying. The tariffs work, the tire fear and the trial run. We do not think tariffs will hit on silver. We think tariffs will be hit on silver the other way, which is going to make it harder for us to get it. Geopolitically, we feel with no evidence except what you and I both see that the BRICS are buying silver more publicly now.

In 24, Russia said they were going to start accumulating in 25. Bank of America said, what would happen if global assets were divested of 1% of treasuries and put it into silver? A lot would happen. There’s no silver in central banks to be lent out anymore. And the BRICS are going to buy it. We firmly believe silver will be a key collateral piece in the BRICS successor to entry of BRICS clear and BRICS pay going forward. Because if you’re a country in the BRICS and you don’t have a lot of gold, you have a lot of silver, silver is going to be your collateral.

You’re going to say, I’m going to use collateral for my currency. And that’s a valid thing to do. So that’s it. Technical, fundamental, geopolitical, and macro. Those are the reasons that silver is going up. Pick it. Perfect storm. Just remember, buy the rumor, sell the news as we go into the day. I’m Vince. Have a great day. Well, thank you, Vincent, as always, for this morning’s show. Hope you had fun watching it there at home and certainly exciting times in the gold and silver space. There haven’t been too many dull days in the past year and a half as we’ve watched this rally take silver back about 40 and gold to new record highs.

So hope you’re having fun out there. And before we wrap up, did want to pass a note along on behalf of Fortuna Mining that is obviously benefiting from the elevated gold price in particular. And especially as they’ve divested two of their mines this year and have really been focusing on being selective about targeting lower cost ounces to increase their margin even further. We did have the CEO of Fortuna Jorge Canoza on the show a couple of weeks ago following their earnings, and he actually had some comments on what they’re going to be doing now that they have a liquidity position of over half a billion dollars because one of the questions that many investors have had is what are they going to do with that? And here’s what Jorge had to say.

We have half a billion dollars worth of liquidity available to us. And as I explained at the beginning of our talk here, Chris, our priority is organic growth because we control our future there. We have control of our destiny. We have, and that’s a luxury, we have the Segele expansion and the Diambasu project moving nicely forward with good exploration results. We have a construction decision in the horizon next year. So that’s our first priority to deploy capital because that’s where we can deliver the most value to our shareholders. Having said that, we’re always looking for opportunities, particularly in West Africa and Latin America, but we are chasing value.

And I want you to take this. We’re chasing value, not ounces. I don’t need ounces. Why I don’t? Because as I explained, I have the capacity to deliver the ounces organically in the Ambasu and Segele. So that’s the cheapest ounces I can give to my shareholders. And if we find a deep value opportunity out there, well, we have also the financial means with that strong balance sheet to pursue it. Well, thank you to Jorge. And hopefully that was helpful to hear just to give you an idea of what Fortuna is planning in the months and years ahead.

Of course, we’ll check back in with Jorge soon enough, but certainly it has been a good year for Fortuna Mining and the shareholders. And to hear more from Jorge and catch that last call following the release of the second quarter earnings, well, that one is coming your way now. [tr:trw].

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