February 12, 2026
Here's what was covered in episode 353:
Macro Musings - The metals are correcting, but the bull market remains intact. Gold pulled back more than $100 on the day and silver has retraced sharply from the $119 level seen just weeks ago to roughly $75, but the technical structure is still healthy. Elevated volatility continues to drive exaggerated price swings, and the gold volatility index remains a key factor behind the rapid consolidations. These moves are uncomfortable but normal in a structural bull market fueled by monetary and fiscal realities that haven’t changed.
The larger drivers remain overwhelming. U.S. debt is now approaching $40 trillion and projected by the Congressional Budget Office to hit $64 trillion within the next decade. That trajectory makes fiscal restraint implausible and reinforces gold’s role as a monetary hedge. Meanwhile, central bank buying — especially from China — continues, and rate policy is shifting toward accommodation. The two-year Treasury yield has fallen to multi-month lows as markets increasingly price in rate cuts in the second half of the year. Growth is slowing, but not collapsing. Inflation is moderating, but not disappearing.
Copper and uranium are reinforcing the bullish message. Copper continues consolidating near $6 per pound, and uranium remains anchored around $90 per pound. Both metals are holding elevated levels despite broader market volatility. The structural demand from electrification, AI infrastructure, grid expansion, and energy transition remains firmly in place. The hundreds of billions of dollars being deployed into data centers, compute infrastructure, and electrification require enormous volumes of copper and other hard assets. The long-term supply-demand imbalance remains unresolved, and consolidation at these levels represents strength, not weakness.
Market Takes - Markets are undergoing rotation, not collapse. The leadership that defined the past several years — technology and communications — is beginning to give way to energy, materials, and defensive sectors like consumer staples. This shift reflects a maturing economic cycle, slowing — but still positive — growth, and a repricing of monetary expectations. The ten-year Treasury yield is falling alongside the dollar, reinforcing the favorable backdrop for commodities and precious metals.
The key shift is the rate of change. Economic growth remains positive but is slowing from its previous pace. Inflation is declining but stabilizing at higher-than-target levels. That environment historically benefits hard assets and resource equities. Precious metals volatility will continue to produce sharp pullbacks, but these are opportunities for disciplined investors who understand the macro framework.
Private placement demand reinforces the strength of the cycle. The most recent gold-antimony financing recommended through Private Placement Intel was raised at a $7 million market cap and is already trading at roughly a $12 million valuation, reflecting immediate market recognition of the opportunity. Demand for allocations exceeded supply by more than 2-to-1, forcing reductions in participation to preserve share structure integrity. This type of oversubscription is typical in early-stage bull markets, where capital is chasing limited high-quality opportunities.
Additional financings are already in motion, including a base metals company with exposure to copper and gold in top-tier jurisdictions, as well as a North American gold project backed by a proven team with multi-million-ounce potential. These deals represent asymmetric opportunities that emerge early in commodity bull cycles and often deliver outsized returns as capital rotates into the sector. The next deal will open next week. Click to learn more if you want to participate.
Bizarro Banter - Institutional credibility continues to erode, and the Epstein scandal remains the clearest example. Despite extensive documentation, testimony, and public evidence, meaningful accountability has not materialized. Public officials have openly dismissed calls for transparency, prioritizing market stability over justice. This reinforces the growing perception of a two-tiered system where accountability is unevenly applied and elites remain insulated from consequences.
The implications extend beyond politics. Institutional decay undermines trust in governance, law enforcement, and regulatory systems that underpin economic stability. When institutions fail to enforce laws equally, capital naturally migrates toward assets outside the financial system — gold, commodities, and hard assets that exist beyond institutional control.
The mining sector also faced a stark reminder of jurisdictional risk. The kidnapping and murder of ten miners in Sinaloa highlights the realities of operating in politically unstable regions. Cartel influence varies dramatically by region, and conditions can change rapidly depending on local power dynamics. Mexico remains the world’s largest silver producer and will continue to be a cornerstone of global supply, but jurisdictional risk requires careful evaluation of management teams, security protocols, and regional stability.
Investors must differentiate between isolated incidents and systemic risks. Many regions of Mexico have operated safely for decades, while others remain volatile. Understanding these nuances is essential for navigating risk without abandoning opportunity.
Premium Portfolio Picks - Kingsmen Resources (TSX-V: KNG)(OTC: KNGRF) remains one of the most compelling opportunities in the portfolio despite recent volatility. The stock declined from $2.50 to approximately $1.55, largely due to financing-related selling and short-term liquidity dynamics rather than operational weakness. Roughly 85% of the decline appears driven by structured selling from financing participants hedging positions, while only a small portion reflects broader jurisdictional concerns following unrelated events in Mexico. The underlying asset, jurisdiction, and management team remain intact, and the current valuation represents a significant discount to its intrinsic potential.
Kutcho Copper (TSX-V: KC)(OTC: KCCFF) and Almadex Minerals (TSX-V: DEX)(OTC: AAMMF) continue to demonstrate strong momentum. Both companies reached new all-time highs, with market capitalizations of approximately $69 million and $44 million, respectively. Despite their recent rerating, both remain undervalued relative to asset quality and long-term potential.
Daura Gold (TSX-V: DGC)(OTC: DGCOF) continues to present exceptional asymmetry. With a $28 million market cap and a flagship asset adjacent to Highlander Silver’s billion-dollar deposit, the valuation disconnect remains substantial. The appointment of the original geologist responsible for Highlander’s discovery further strengthens the exploration thesis and increases confidence in continuity of mineralization.
Kincora Copper (TSX-V: KCC)(OTC: BZDLF) offers exposure to world-class porphyry exploration through joint ventures with AngloGold and partnerships backed by industry leaders including Rick Rule and Jeff Phillips. The company’s hybrid prospect generator model provides multiple shots on goal while limiting dilution risk.
Lion Rock Resources (TSX-V: ROAR)(OTC: LRRIF) remains a high-conviction opportunity awaiting drill results. Laboratory delays have slowed assay releases, but the underlying geological potential remains significant. Lithium and gold mineralization at shallow depths could unlock substantial value upon confirmation.
The pipeline of private placements remains robust. Multiple gold and base metals financings are advancing, including projects with multi-million-ounce potential in North America and top-tier jurisdictions globally. Early-stage positioning in these opportunities offers the potential for triple-digit and quadruple-digit returns as the commodity bull market accelerates.
February 12, 2026
Here's what was covered in episode 353:
Macro Musings - The metals are correcting, but the bull market remains intact. Gold pulled back more than $100 on the day and silver has retraced sharply from the $119 level seen just weeks ago to roughly $75, but the technical structure is still healthy. Elevated volatility continues to drive exaggerated price swings, and the gold volatility index remains a key factor behind the rapid consolidations. These moves are uncomfortable but normal in a structural bull market fueled by monetary and fiscal realities that haven’t changed.
The larger drivers remain overwhelming. U.S. debt is now approaching $40 trillion and projected by the Congressional Budget Office to hit $64 trillion within the next decade. That trajectory makes fiscal restraint implausible and reinforces gold’s role as a monetary hedge. Meanwhile, central bank buying — especially from China — continues, and rate policy is shifting toward accommodation. The two-year Treasury yield has fallen to multi-month lows as markets increasingly price in rate cuts in the second half of the year. Growth is slowing, but not collapsing. Inflation is moderating, but not disappearing.
Copper and uranium are reinforcing the bullish message. Copper continues consolidating near $6 per pound, and uranium remains anchored around $90 per pound. Both metals are holding elevated levels despite broader market volatility. The structural demand from electrification, AI infrastructure, grid expansion, and energy transition remains firmly in place. The hundreds of billions of dollars being deployed into data centers, compute infrastructure, and electrification require enormous volumes of copper and other hard assets. The long-term supply-demand imbalance remains unresolved, and consolidation at these levels represents strength, not weakness.
Market Takes - Markets are undergoing rotation, not collapse. The leadership that defined the past several years — technology and communications — is beginning to give way to energy, materials, and defensive sectors like consumer staples. This shift reflects a maturing economic cycle, slowing — but still positive — growth, and a repricing of monetary expectations. The ten-year Treasury yield is falling alongside the dollar, reinforcing the favorable backdrop for commodities and precious metals.
The key shift is the rate of change. Economic growth remains positive but is slowing from its previous pace. Inflation is declining but stabilizing at higher-than-target levels. That environment historically benefits hard assets and resource equities. Precious metals volatility will continue to produce sharp pullbacks, but these are opportunities for disciplined investors who understand the macro framework.
Private placement demand reinforces the strength of the cycle. The most recent gold-antimony financing recommended through Private Placement Intel was raised at a $7 million market cap and is already trading at roughly a $12 million valuation, reflecting immediate market recognition of the opportunity. Demand for allocations exceeded supply by more than 2-to-1, forcing reductions in participation to preserve share structure integrity. This type of oversubscription is typical in early-stage bull markets, where capital is chasing limited high-quality opportunities.
Additional financings are already in motion, including a base metals company with exposure to copper and gold in top-tier jurisdictions, as well as a North American gold project backed by a proven team with multi-million-ounce potential. These deals represent asymmetric opportunities that emerge early in commodity bull cycles and often deliver outsized returns as capital rotates into the sector. The next deal will open next week. Click to learn more if you want to participate.
Bizarro Banter - Institutional credibility continues to erode, and the Epstein scandal remains the clearest example. Despite extensive documentation, testimony, and public evidence, meaningful accountability has not materialized. Public officials have openly dismissed calls for transparency, prioritizing market stability over justice. This reinforces the growing perception of a two-tiered system where accountability is unevenly applied and elites remain insulated from consequences.
The implications extend beyond politics. Institutional decay undermines trust in governance, law enforcement, and regulatory systems that underpin economic stability. When institutions fail to enforce laws equally, capital naturally migrates toward assets outside the financial system — gold, commodities, and hard assets that exist beyond institutional control.
The mining sector also faced a stark reminder of jurisdictional risk. The kidnapping and murder of ten miners in Sinaloa highlights the realities of operating in politically unstable regions. Cartel influence varies dramatically by region, and conditions can change rapidly depending on local power dynamics. Mexico remains the world’s largest silver producer and will continue to be a cornerstone of global supply, but jurisdictional risk requires careful evaluation of management teams, security protocols, and regional stability.
Investors must differentiate between isolated incidents and systemic risks. Many regions of Mexico have operated safely for decades, while others remain volatile. Understanding these nuances is essential for navigating risk without abandoning opportunity.
Premium Portfolio Picks - Kingsmen Resources (TSX-V: KNG)(OTC: KNGRF) remains one of the most compelling opportunities in the portfolio despite recent volatility. The stock declined from $2.50 to approximately $1.55, largely due to financing-related selling and short-term liquidity dynamics rather than operational weakness. Roughly 85% of the decline appears driven by structured selling from financing participants hedging positions, while only a small portion reflects broader jurisdictional concerns following unrelated events in Mexico. The underlying asset, jurisdiction, and management team remain intact, and the current valuation represents a significant discount to its intrinsic potential.
Kutcho Copper (TSX-V: KC)(OTC: KCCFF) and Almadex Minerals (TSX-V: DEX)(OTC: AAMMF) continue to demonstrate strong momentum. Both companies reached new all-time highs, with market capitalizations of approximately $69 million and $44 million, respectively. Despite their recent rerating, both remain undervalued relative to asset quality and long-term potential.
Daura Gold (TSX-V: DGC)(OTC: DGCOF) continues to present exceptional asymmetry. With a $28 million market cap and a flagship asset adjacent to Highlander Silver’s billion-dollar deposit, the valuation disconnect remains substantial. The appointment of the original geologist responsible for Highlander’s discovery further strengthens the exploration thesis and increases confidence in continuity of mineralization.
Kincora Copper (TSX-V: KCC)(OTC: BZDLF) offers exposure to world-class porphyry exploration through joint ventures with AngloGold and partnerships backed by industry leaders including Rick Rule and Jeff Phillips. The company’s hybrid prospect generator model provides multiple shots on goal while limiting dilution risk.
Lion Rock Resources (TSX-V: ROAR)(OTC: LRRIF) remains a high-conviction opportunity awaiting drill results. Laboratory delays have slowed assay releases, but the underlying geological potential remains significant. Lithium and gold mineralization at shallow depths could unlock substantial value upon confirmation.
The pipeline of private placements remains robust. Multiple gold and base metals financings are advancing, including projects with multi-million-ounce potential in North America and top-tier jurisdictions globally. Early-stage positioning in these opportunities offers the potential for triple-digit and quadruple-digit returns as the commodity bull market accelerates.
February 12, 2026
Here's what was covered in episode 353:
Macro Musings - The metals are correcting, but the bull market remains intact. Gold pulled back more than $100 on the day and silver has retraced sharply from the $119 level seen just weeks ago to roughly $75, but the technical structure is still healthy. Elevated volatility continues to drive exaggerated price swings, and the gold volatility index remains a key factor behind the rapid consolidations. These moves are uncomfortable but normal in a structural bull market fueled by monetary and fiscal realities that haven’t changed.
The larger drivers remain overwhelming. U.S. debt is now approaching $40 trillion and projected by the Congressional Budget Office to hit $64 trillion within the next decade. That trajectory makes fiscal restraint implausible and reinforces gold’s role as a monetary hedge. Meanwhile, central bank buying — especially from China — continues, and rate policy is shifting toward accommodation. The two-year Treasury yield has fallen to multi-month lows as markets increasingly price in rate cuts in the second half of the year. Growth is slowing, but not collapsing. Inflation is moderating, but not disappearing.
Copper and uranium are reinforcing the bullish message. Copper continues consolidating near $6 per pound, and uranium remains anchored around $90 per pound. Both metals are holding elevated levels despite broader market volatility. The structural demand from electrification, AI infrastructure, grid expansion, and energy transition remains firmly in place. The hundreds of billions of dollars being deployed into data centers, compute infrastructure, and electrification require enormous volumes of copper and other hard assets. The long-term supply-demand imbalance remains unresolved, and consolidation at these levels represents strength, not weakness.
Market Takes - Markets are undergoing rotation, not collapse. The leadership that defined the past several years — technology and communications — is beginning to give way to energy, materials, and defensive sectors like consumer staples. This shift reflects a maturing economic cycle, slowing — but still positive — growth, and a repricing of monetary expectations. The ten-year Treasury yield is falling alongside the dollar, reinforcing the favorable backdrop for commodities and precious metals.
The key shift is the rate of change. Economic growth remains positive but is slowing from its previous pace. Inflation is declining but stabilizing at higher-than-target levels. That environment historically benefits hard assets and resource equities. Precious metals volatility will continue to produce sharp pullbacks, but these are opportunities for disciplined investors who understand the macro framework.
Private placement demand reinforces the strength of the cycle. The most recent gold-antimony financing recommended through Private Placement Intel was raised at a $7 million market cap and is already trading at roughly a $12 million valuation, reflecting immediate market recognition of the opportunity. Demand for allocations exceeded supply by more than 2-to-1, forcing reductions in participation to preserve share structure integrity. This type of oversubscription is typical in early-stage bull markets, where capital is chasing limited high-quality opportunities.
Additional financings are already in motion, including a base metals company with exposure to copper and gold in top-tier jurisdictions, as well as a North American gold project backed by a proven team with multi-million-ounce potential. These deals represent asymmetric opportunities that emerge early in commodity bull cycles and often deliver outsized returns as capital rotates into the sector. The next deal will open next week. Click to learn more if you want to participate.
Bizarro Banter - Institutional credibility continues to erode, and the Epstein scandal remains the clearest example. Despite extensive documentation, testimony, and public evidence, meaningful accountability has not materialized. Public officials have openly dismissed calls for transparency, prioritizing market stability over justice. This reinforces the growing perception of a two-tiered system where accountability is unevenly applied and elites remain insulated from consequences.
The implications extend beyond politics. Institutional decay undermines trust in governance, law enforcement, and regulatory systems that underpin economic stability. When institutions fail to enforce laws equally, capital naturally migrates toward assets outside the financial system — gold, commodities, and hard assets that exist beyond institutional control.
The mining sector also faced a stark reminder of jurisdictional risk. The kidnapping and murder of ten miners in Sinaloa highlights the realities of operating in politically unstable regions. Cartel influence varies dramatically by region, and conditions can change rapidly depending on local power dynamics. Mexico remains the world’s largest silver producer and will continue to be a cornerstone of global supply, but jurisdictional risk requires careful evaluation of management teams, security protocols, and regional stability.
Investors must differentiate between isolated incidents and systemic risks. Many regions of Mexico have operated safely for decades, while others remain volatile. Understanding these nuances is essential for navigating risk without abandoning opportunity.
Premium Portfolio Picks - Kingsmen Resources (TSX-V: KNG)(OTC: KNGRF) remains one of the most compelling opportunities in the portfolio despite recent volatility. The stock declined from $2.50 to approximately $1.55, largely due to financing-related selling and short-term liquidity dynamics rather than operational weakness. Roughly 85% of the decline appears driven by structured selling from financing participants hedging positions, while only a small portion reflects broader jurisdictional concerns following unrelated events in Mexico. The underlying asset, jurisdiction, and management team remain intact, and the current valuation represents a significant discount to its intrinsic potential.
Kutcho Copper (TSX-V: KC)(OTC: KCCFF) and Almadex Minerals (TSX-V: DEX)(OTC: AAMMF) continue to demonstrate strong momentum. Both companies reached new all-time highs, with market capitalizations of approximately $69 million and $44 million, respectively. Despite their recent rerating, both remain undervalued relative to asset quality and long-term potential.
Daura Gold (TSX-V: DGC)(OTC: DGCOF) continues to present exceptional asymmetry. With a $28 million market cap and a flagship asset adjacent to Highlander Silver’s billion-dollar deposit, the valuation disconnect remains substantial. The appointment of the original geologist responsible for Highlander’s discovery further strengthens the exploration thesis and increases confidence in continuity of mineralization.
Kincora Copper (TSX-V: KCC)(OTC: BZDLF) offers exposure to world-class porphyry exploration through joint ventures with AngloGold and partnerships backed by industry leaders including Rick Rule and Jeff Phillips. The company’s hybrid prospect generator model provides multiple shots on goal while limiting dilution risk.
Lion Rock Resources (TSX-V: ROAR)(OTC: LRRIF) remains a high-conviction opportunity awaiting drill results. Laboratory delays have slowed assay releases, but the underlying geological potential remains significant. Lithium and gold mineralization at shallow depths could unlock substantial value upon confirmation.
The pipeline of private placements remains robust. Multiple gold and base metals financings are advancing, including projects with multi-million-ounce potential in North America and top-tier jurisdictions globally. Early-stage positioning in these opportunities offers the potential for triple-digit and quadruple-digit returns as the commodity bull market accelerates.