February 05, 2026
Here’s what was covered in episode 352:
Macro Musings - Gold, silver, and copper are still in a bull market — but the path is going to be violent. We talked about how consolidations that used to take weeks now take days, sometimes hours, and Thursday’s whipsaw was the perfect example: silver went from $90 to $65 in a single session. This is what a market looks like when paper positioning, leverage, and volatility are elevated. Nick walked through why S&P volatility has been manageable even with tech-heavy selling, while precious metals volatility has been the real story. The gold volatility gauge (GVZ) has been high enough to produce outsized daily ranges, and that’s exactly what we’re living through. On the macro backdrop, the message stayed consistent: inflation is still cooling, growth is still there, and the rate picture isn’t signaling a hawkish regime. The dollar remains weak overall, and the two-year yield continues to suggest the Federal Reserve isn’t gearing up to hike — which is fuel for the metals complex as the year progresses.
Market Takes - The takeaway this week was simple: don’t confuse volatility with failure. We said it plainly — gold can pull back and still be bullish, silver can retrace hard and still be fine, and copper can dip without breaking the bigger trend. If you’d been told a year ago we’d be talking about $4,800 gold and $74 silver as “stressful,” you would’ve laughed — and that perspective matters. We also emphasized how distorted tape action gets when volatility spikes. Strong earnings and good drill results can still sell off in the moment, not because fundamentals suddenly changed, but because liquidity, positioning, and risk management take over. That’s why we kept repeating the discipline: know what you own, know why you own it, and use pullbacks to build positions — not to panic-sell them. We also hit uranium: the market’s fixation on spot misses the bigger driver, which is contracting. Utilities are negotiating long-term pounds in a wide range, and the bigger question is what happens when availability tightens further and the ceiling moves higher. We closed this section with a quick Crypto Cycle note: Chris flagged a crypto winter setup, Bitcoin fell below $70,000 this week, and his view is a cyclical bear market that could bottom later this year around $58,000 or lower depending on the macro. The point wasn’t doom — it was process: sometimes doing nothing is the right move, and patience can be an asset class.
Bizarro Banter - We went where the headlines won’t. The Epstein scandal and the government’s handling of the files is beyond grotesque, and we said it plainly: redacting predators while exposing victims is cruelty — and the absence of meaningful arrests is the scandal layered on top of the scandal. The story is being managed instead of resolved: Speaker Mike Johnson dismissing it as “partying,” the broader donor-protection reality, and the global nature of the network. We talked about how the same elite ecosystem that preaches rules for everyone else operates through backchannels, favors, and protection — and how partisan tribalism keeps people from uniting around the obvious moral line: anybody involved in trafficking and abuse should be pursued and prosecuted, period. Brett Ratner, director of the “Melania” movie, is in the files. Kathy Ruemmler, who was White House Counsel to Obama, is in the files. Brad Karp, chairman of Trump-preferred law firm Paul Weiss, is in the file. Bill Gates is in the files. Elon Musk is in the files. Giants owner Steve Tisch is in the files. British royalty are in the files. The Rothschilds are in the files. Former Israeli Prime Minister Ehud Barak is in the files. It’s both sides. It’s the global elite. And it’s rotten.
We tied that rot directly to the Constitution and read the text on air. We read the First Amendment because speech, press, and peaceful assembly are not optional privileges. We read the Second Amendment because “shall not be infringed” is not complicated English. And we read the Fourth Amendment because warrants, probable cause, and limits on searches and seizures are foundational — and the idea that any agency is “above” those constraints is an insult to the law of the land. We named names in that discussion as well, including Mike Johnson and John Cornyn, and we talked about examples being cited publicly to justify conduct that the Constitution explicitly prohibits. We also brought it home to Spokane, because this isn’t just Washington, D.C. Nick laid out the upcoming city council fight over rules designed to limit public comment — the local version of institutions moving the goalposts in real time to reduce accountability. Then we broadened it again: legacy media is getting gutted, institutions that used to expose abuse are being weakened, and the timing doesn’t feel accidental.
Premium Portfolio Picks - We highlighted a few actionable names and one private deal. First, we revisited Kutcho Copper (TSX-V: KC)(OTC: KCCFF), which we flagged weeks ago as undervalued while everything else was ripping. Since then, it’s surged roughly 125% in about a month and announced financing to get aggressive again — a reminder that patience and structure matter in bear markets, and that value catches up fast when the tape turns.
Nick talked about buying more Daura Gold (TSX-V: DGC)(OTC: DGCOF) into weakness ahead of paper coming free-trading from a prior financing. The thesis is straightforward: a key Peruvian asset next to Highlander Silver, a meaningful valuation gap versus what the neighborhood has already been rewarded for, plus multiple catalysts ahead — including drilling on an optioned Argentine project from Latin Metals (TSX-V: LMS)(OTC: LMSQF) while Peru permitting and social license progress continues. He also mentioned placing an order for Denison Mines (NYSE: DNN)(TSX: DML) on further uranium weakness, framing it as a higher-quality way to lean into uranium volatility with a company that has both a development pipeline and leverage across the exploration ecosystem, plus its SABRE approach to recovery.
Gerardo added two more: ion Rock Resources (TSX-V: ROAR)(OTC: LRRIF) pulling back into the high-$0.30s/low-$0.40s ahead of expected assays, and Hannan Metals (TSX-V: HAN)(OTC: HANNF) back near $0.71 — still a core holding, still viewed as a monster in waiting, and still the kind of name that can surprise when the next meaningful catalyst lands even if permitting timelines stretch. Gerardo also reiterated his top personal holdings — PMET Resources (TSX: PMET)(OTC: PMETF), Hannan, Lion Rock, and Kingsmen Resources (TSX-V: KNG)(OTC: KNGRF).
Finally, we talked private placements. Our new deal is a small, tightly sized gold-antimony company in Australia with the kind of geology that has been rewarded in this market, and the kind of strategic “kicker” that governments are now openly prioritizing. The financing is only $2 million and moving quickly, with allocations already being spoken for. The Private Placement Intel note goes out today, and if you want access to these seats at the table, this is the window.
February 05, 2026
Here’s what was covered in episode 352:
Macro Musings - Gold, silver, and copper are still in a bull market — but the path is going to be violent. We talked about how consolidations that used to take weeks now take days, sometimes hours, and Thursday’s whipsaw was the perfect example: silver went from $90 to $65 in a single session. This is what a market looks like when paper positioning, leverage, and volatility are elevated. Nick walked through why S&P volatility has been manageable even with tech-heavy selling, while precious metals volatility has been the real story. The gold volatility gauge (GVZ) has been high enough to produce outsized daily ranges, and that’s exactly what we’re living through. On the macro backdrop, the message stayed consistent: inflation is still cooling, growth is still there, and the rate picture isn’t signaling a hawkish regime. The dollar remains weak overall, and the two-year yield continues to suggest the Federal Reserve isn’t gearing up to hike — which is fuel for the metals complex as the year progresses.
Market Takes - The takeaway this week was simple: don’t confuse volatility with failure. We said it plainly — gold can pull back and still be bullish, silver can retrace hard and still be fine, and copper can dip without breaking the bigger trend. If you’d been told a year ago we’d be talking about $4,800 gold and $74 silver as “stressful,” you would’ve laughed — and that perspective matters. We also emphasized how distorted tape action gets when volatility spikes. Strong earnings and good drill results can still sell off in the moment, not because fundamentals suddenly changed, but because liquidity, positioning, and risk management take over. That’s why we kept repeating the discipline: know what you own, know why you own it, and use pullbacks to build positions — not to panic-sell them. We also hit uranium: the market’s fixation on spot misses the bigger driver, which is contracting. Utilities are negotiating long-term pounds in a wide range, and the bigger question is what happens when availability tightens further and the ceiling moves higher. We closed this section with a quick Crypto Cycle note: Chris flagged a crypto winter setup, Bitcoin fell below $70,000 this week, and his view is a cyclical bear market that could bottom later this year around $58,000 or lower depending on the macro. The point wasn’t doom — it was process: sometimes doing nothing is the right move, and patience can be an asset class.
Bizarro Banter - We went where the headlines won’t. The Epstein scandal and the government’s handling of the files is beyond grotesque, and we said it plainly: redacting predators while exposing victims is cruelty — and the absence of meaningful arrests is the scandal layered on top of the scandal. The story is being managed instead of resolved: Speaker Mike Johnson dismissing it as “partying,” the broader donor-protection reality, and the global nature of the network. We talked about how the same elite ecosystem that preaches rules for everyone else operates through backchannels, favors, and protection — and how partisan tribalism keeps people from uniting around the obvious moral line: anybody involved in trafficking and abuse should be pursued and prosecuted, period. Brett Ratner, director of the “Melania” movie, is in the files. Kathy Ruemmler, who was White House Counsel to Obama, is in the files. Brad Karp, chairman of Trump-preferred law firm Paul Weiss, is in the file. Bill Gates is in the files. Elon Musk is in the files. Giants owner Steve Tisch is in the files. British royalty are in the files. The Rothschilds are in the files. Former Israeli Prime Minister Ehud Barak is in the files. It’s both sides. It’s the global elite. And it’s rotten.
We tied that rot directly to the Constitution and read the text on air. We read the First Amendment because speech, press, and peaceful assembly are not optional privileges. We read the Second Amendment because “shall not be infringed” is not complicated English. And we read the Fourth Amendment because warrants, probable cause, and limits on searches and seizures are foundational — and the idea that any agency is “above” those constraints is an insult to the law of the land. We named names in that discussion as well, including Mike Johnson and John Cornyn, and we talked about examples being cited publicly to justify conduct that the Constitution explicitly prohibits. We also brought it home to Spokane, because this isn’t just Washington, D.C. Nick laid out the upcoming city council fight over rules designed to limit public comment — the local version of institutions moving the goalposts in real time to reduce accountability. Then we broadened it again: legacy media is getting gutted, institutions that used to expose abuse are being weakened, and the timing doesn’t feel accidental.
Premium Portfolio Picks - We highlighted a few actionable names and one private deal. First, we revisited Kutcho Copper (TSX-V: KC)(OTC: KCCFF), which we flagged weeks ago as undervalued while everything else was ripping. Since then, it’s surged roughly 125% in about a month and announced financing to get aggressive again — a reminder that patience and structure matter in bear markets, and that value catches up fast when the tape turns.
Nick talked about buying more Daura Gold (TSX-V: DGC)(OTC: DGCOF) into weakness ahead of paper coming free-trading from a prior financing. The thesis is straightforward: a key Peruvian asset next to Highlander Silver, a meaningful valuation gap versus what the neighborhood has already been rewarded for, plus multiple catalysts ahead — including drilling on an optioned Argentine project from Latin Metals (TSX-V: LMS)(OTC: LMSQF) while Peru permitting and social license progress continues. He also mentioned placing an order for Denison Mines (NYSE: DNN)(TSX: DML) on further uranium weakness, framing it as a higher-quality way to lean into uranium volatility with a company that has both a development pipeline and leverage across the exploration ecosystem, plus its SABRE approach to recovery.
Gerardo added two more: ion Rock Resources (TSX-V: ROAR)(OTC: LRRIF) pulling back into the high-$0.30s/low-$0.40s ahead of expected assays, and Hannan Metals (TSX-V: HAN)(OTC: HANNF) back near $0.71 — still a core holding, still viewed as a monster in waiting, and still the kind of name that can surprise when the next meaningful catalyst lands even if permitting timelines stretch. Gerardo also reiterated his top personal holdings — PMET Resources (TSX: PMET)(OTC: PMETF), Hannan, Lion Rock, and Kingsmen Resources (TSX-V: KNG)(OTC: KNGRF).
Finally, we talked private placements. Our new deal is a small, tightly sized gold-antimony company in Australia with the kind of geology that has been rewarded in this market, and the kind of strategic “kicker” that governments are now openly prioritizing. The financing is only $2 million and moving quickly, with allocations already being spoken for. The Private Placement Intel note goes out today, and if you want access to these seats at the table, this is the window.
February 05, 2026
Here’s what was covered in episode 352:
Macro Musings - Gold, silver, and copper are still in a bull market — but the path is going to be violent. We talked about how consolidations that used to take weeks now take days, sometimes hours, and Thursday’s whipsaw was the perfect example: silver went from $90 to $65 in a single session. This is what a market looks like when paper positioning, leverage, and volatility are elevated. Nick walked through why S&P volatility has been manageable even with tech-heavy selling, while precious metals volatility has been the real story. The gold volatility gauge (GVZ) has been high enough to produce outsized daily ranges, and that’s exactly what we’re living through. On the macro backdrop, the message stayed consistent: inflation is still cooling, growth is still there, and the rate picture isn’t signaling a hawkish regime. The dollar remains weak overall, and the two-year yield continues to suggest the Federal Reserve isn’t gearing up to hike — which is fuel for the metals complex as the year progresses.
Market Takes - The takeaway this week was simple: don’t confuse volatility with failure. We said it plainly — gold can pull back and still be bullish, silver can retrace hard and still be fine, and copper can dip without breaking the bigger trend. If you’d been told a year ago we’d be talking about $4,800 gold and $74 silver as “stressful,” you would’ve laughed — and that perspective matters. We also emphasized how distorted tape action gets when volatility spikes. Strong earnings and good drill results can still sell off in the moment, not because fundamentals suddenly changed, but because liquidity, positioning, and risk management take over. That’s why we kept repeating the discipline: know what you own, know why you own it, and use pullbacks to build positions — not to panic-sell them. We also hit uranium: the market’s fixation on spot misses the bigger driver, which is contracting. Utilities are negotiating long-term pounds in a wide range, and the bigger question is what happens when availability tightens further and the ceiling moves higher. We closed this section with a quick Crypto Cycle note: Chris flagged a crypto winter setup, Bitcoin fell below $70,000 this week, and his view is a cyclical bear market that could bottom later this year around $58,000 or lower depending on the macro. The point wasn’t doom — it was process: sometimes doing nothing is the right move, and patience can be an asset class.
Bizarro Banter - We went where the headlines won’t. The Epstein scandal and the government’s handling of the files is beyond grotesque, and we said it plainly: redacting predators while exposing victims is cruelty — and the absence of meaningful arrests is the scandal layered on top of the scandal. The story is being managed instead of resolved: Speaker Mike Johnson dismissing it as “partying,” the broader donor-protection reality, and the global nature of the network. We talked about how the same elite ecosystem that preaches rules for everyone else operates through backchannels, favors, and protection — and how partisan tribalism keeps people from uniting around the obvious moral line: anybody involved in trafficking and abuse should be pursued and prosecuted, period. Brett Ratner, director of the “Melania” movie, is in the files. Kathy Ruemmler, who was White House Counsel to Obama, is in the files. Brad Karp, chairman of Trump-preferred law firm Paul Weiss, is in the file. Bill Gates is in the files. Elon Musk is in the files. Giants owner Steve Tisch is in the files. British royalty are in the files. The Rothschilds are in the files. Former Israeli Prime Minister Ehud Barak is in the files. It’s both sides. It’s the global elite. And it’s rotten.
We tied that rot directly to the Constitution and read the text on air. We read the First Amendment because speech, press, and peaceful assembly are not optional privileges. We read the Second Amendment because “shall not be infringed” is not complicated English. And we read the Fourth Amendment because warrants, probable cause, and limits on searches and seizures are foundational — and the idea that any agency is “above” those constraints is an insult to the law of the land. We named names in that discussion as well, including Mike Johnson and John Cornyn, and we talked about examples being cited publicly to justify conduct that the Constitution explicitly prohibits. We also brought it home to Spokane, because this isn’t just Washington, D.C. Nick laid out the upcoming city council fight over rules designed to limit public comment — the local version of institutions moving the goalposts in real time to reduce accountability. Then we broadened it again: legacy media is getting gutted, institutions that used to expose abuse are being weakened, and the timing doesn’t feel accidental.
Premium Portfolio Picks - We highlighted a few actionable names and one private deal. First, we revisited Kutcho Copper (TSX-V: KC)(OTC: KCCFF), which we flagged weeks ago as undervalued while everything else was ripping. Since then, it’s surged roughly 125% in about a month and announced financing to get aggressive again — a reminder that patience and structure matter in bear markets, and that value catches up fast when the tape turns.
Nick talked about buying more Daura Gold (TSX-V: DGC)(OTC: DGCOF) into weakness ahead of paper coming free-trading from a prior financing. The thesis is straightforward: a key Peruvian asset next to Highlander Silver, a meaningful valuation gap versus what the neighborhood has already been rewarded for, plus multiple catalysts ahead — including drilling on an optioned Argentine project from Latin Metals (TSX-V: LMS)(OTC: LMSQF) while Peru permitting and social license progress continues. He also mentioned placing an order for Denison Mines (NYSE: DNN)(TSX: DML) on further uranium weakness, framing it as a higher-quality way to lean into uranium volatility with a company that has both a development pipeline and leverage across the exploration ecosystem, plus its SABRE approach to recovery.
Gerardo added two more: ion Rock Resources (TSX-V: ROAR)(OTC: LRRIF) pulling back into the high-$0.30s/low-$0.40s ahead of expected assays, and Hannan Metals (TSX-V: HAN)(OTC: HANNF) back near $0.71 — still a core holding, still viewed as a monster in waiting, and still the kind of name that can surprise when the next meaningful catalyst lands even if permitting timelines stretch. Gerardo also reiterated his top personal holdings — PMET Resources (TSX: PMET)(OTC: PMETF), Hannan, Lion Rock, and Kingsmen Resources (TSX-V: KNG)(OTC: KNGRF).
Finally, we talked private placements. Our new deal is a small, tightly sized gold-antimony company in Australia with the kind of geology that has been rewarded in this market, and the kind of strategic “kicker” that governments are now openly prioritizing. The financing is only $2 million and moving quickly, with allocations already being spoken for. The Private Placement Intel note goes out today, and if you want access to these seats at the table, this is the window.