March 12, 2026
Macro Musings - Markets continue to trade in an environment defined by elevated volatility across multiple asset classes. Gold has pulled back below the $5,100 level, silver slipped down to $81, and copper traded around the mid-$5 range, all still comfortably within bullish ranges despite short-term swings.
The bigger story remains volatility caused by the war on, in, and around Iran. Price swings in commodities have widened dramatically, with gold capable of moving several hundred dollars and oil experiencing some of the most extreme volatility seen since the early days of COVID. Oil volatility recently pushed above 120 — a level rarely seen outside major market disruptions.
In environments like this, the temptation is to react to headlines or chase moves. But historically, those are the moments that punish investors the most. When volatility rises across asset classes — equities, bonds, commodities, and energy — the best strategy is often patience. For long-term investors, that means focusing on process and portfolio construction rather than trying to predict the next geopolitical headline.
Market Takes - Much of the current volatility stems from the escalating bombing campaign in the Middle East, the closure of the Strait of Hormuz, and the market’s attempt to price the potential duration of conflict. Brent oil briefly spiked to near $120 before governments coordinated a release of roughly 400 million barrels from strategic reserves in an attempt to stabilize prices.
The market initially responded with a sharp pullback, but prices quickly rebounded — a signal that traders remain skeptical that supply releases can offset the structural pressures driving energy markets higher.
At the same time, inflation pressures are beginning to re-emerge. Rising energy prices are already pushing up fertilizer costs and fuel prices across the United States, with knock-on effects likely to show up in consumer inflation readings over the coming months.
That macro backdrop — slower growth combined with rising costs — reinforces the broader commodity thesis we’ve been discussing for years. Energy, metals, and critical minerals remain essential inputs to the global economy, and geopolitical instability only highlights how fragile supply chains remain.
Bizarro Banter - Beyond markets, the conversation once again turned to the increasingly surreal political and institutional environment shaping the modern economy.
We discussed rising taxes and fiscal pressures at both the national and local levels, including the recent passage of a new income tax in Washington State aimed at high earners. While marketed as a “millionaire’s tax,” concerns remain that such policies rarely stay limited to their original targets and often expand over time as governments search for new revenue sources.
The broader theme is one we’ve talked about frequently: governments facing mounting debt burdens inevitably look for new ways to extract revenue. Rising taxes, new levies, and regulatory expansions are becoming increasingly common as fiscal pressures mount.
The conversation also touched on the continued fallout from the Epstein network and the broader question of institutional accountability. A recent conviction of the Alexander brothers — real estate investors convicted of drugging and sexually assaulting dozens of women — reignited discussion about the broader culture of impunity that often surrounds powerful elites.
According to testimony and reporting surrounding the case, many people in the real estate and social circles involved were aware of the behavior for years. The case echoes a pattern seen repeatedly in recent scandals: wrongdoing often remains an “open secret” until public scrutiny finally forces accountability.
Whether meaningful accountability expands beyond individual cases remains an open question, but the discussion reflects a growing public frustration with institutions that appear unwilling or unable to police themselves.
Premium Portfolio Picks - The premium portion of the episode focused primarily on reinforcing conviction in existing positions rather than introducing new names.
Gerardo noted that sharp drawdowns are normal in junior resource investing. A discovery can send a stock up 200%, while a misunderstood drill result or short-term market weakness can push shares down 40–50% in days. That volatility is simply part of the game in early-stage exploration.
For that reason, Gerardo emphasized that he continues to focus on companies already discussed on previous episodes, including Hannan Metals (TSX-V: HAN)(OTC: HANNF), PMET Resources (TSX: PMET)(OTC: PMETF), Lion Rock Resources (TSX-V: ROAR)(OTC: LRRIF), and Sirios Resources (TSX-V: SOI)(OTC: SIREF). Each of these companies has a funded treasury, active exploration programs, and exposure to commodities with strong long-term demand drivers. Pullbacks in these names often create opportunities rather than signaling a broken thesis.
Nick echoed that view, noting that many positions across the portfolio are currently trading below their previously published “buy under” prices, providing attractive entry points for readers who may not have built full positions earlier in the cycle. One example he highlighted was Gladiator Metals (TSX-V: GLAD)(OTC: GDTRF), which continues to offer compelling value relative to the scale of drilling underway at its Whitehorse Copper Project in the Yukon.
The only purchase Nick made during the recent volatility was additional shares of Almadex Minerals (TSX-V: DEX)(OTC: AXDDF) after a standing limit order was triggered. Almadex combines exploration upside with a strong balance sheet, including cash, gold holdings, royalties, and company-owned drilling rigs.
Led by geologist Morgan Poliquin — whose career includes multiple significant discoveries — Almadex is currently testing a porphyry lithocap exploration model across projects in the American Southwest. With a solid treasury and ongoing drilling programs, the company represents a well-structured exploration vehicle positioned to benefit from the broader commodity bull market.
March 12, 2026
Macro Musings - Markets continue to trade in an environment defined by elevated volatility across multiple asset classes. Gold has pulled back below the $5,100 level, silver slipped down to $81, and copper traded around the mid-$5 range, all still comfortably within bullish ranges despite short-term swings.
The bigger story remains volatility caused by the war on, in, and around Iran. Price swings in commodities have widened dramatically, with gold capable of moving several hundred dollars and oil experiencing some of the most extreme volatility seen since the early days of COVID. Oil volatility recently pushed above 120 — a level rarely seen outside major market disruptions.
In environments like this, the temptation is to react to headlines or chase moves. But historically, those are the moments that punish investors the most. When volatility rises across asset classes — equities, bonds, commodities, and energy — the best strategy is often patience. For long-term investors, that means focusing on process and portfolio construction rather than trying to predict the next geopolitical headline.
Market Takes - Much of the current volatility stems from the escalating bombing campaign in the Middle East, the closure of the Strait of Hormuz, and the market’s attempt to price the potential duration of conflict. Brent oil briefly spiked to near $120 before governments coordinated a release of roughly 400 million barrels from strategic reserves in an attempt to stabilize prices.
The market initially responded with a sharp pullback, but prices quickly rebounded — a signal that traders remain skeptical that supply releases can offset the structural pressures driving energy markets higher.
At the same time, inflation pressures are beginning to re-emerge. Rising energy prices are already pushing up fertilizer costs and fuel prices across the United States, with knock-on effects likely to show up in consumer inflation readings over the coming months.
That macro backdrop — slower growth combined with rising costs — reinforces the broader commodity thesis we’ve been discussing for years. Energy, metals, and critical minerals remain essential inputs to the global economy, and geopolitical instability only highlights how fragile supply chains remain.
Bizarro Banter - Beyond markets, the conversation once again turned to the increasingly surreal political and institutional environment shaping the modern economy.
We discussed rising taxes and fiscal pressures at both the national and local levels, including the recent passage of a new income tax in Washington State aimed at high earners. While marketed as a “millionaire’s tax,” concerns remain that such policies rarely stay limited to their original targets and often expand over time as governments search for new revenue sources.
The broader theme is one we’ve talked about frequently: governments facing mounting debt burdens inevitably look for new ways to extract revenue. Rising taxes, new levies, and regulatory expansions are becoming increasingly common as fiscal pressures mount.
The conversation also touched on the continued fallout from the Epstein network and the broader question of institutional accountability. A recent conviction of the Alexander brothers — real estate investors convicted of drugging and sexually assaulting dozens of women — reignited discussion about the broader culture of impunity that often surrounds powerful elites.
According to testimony and reporting surrounding the case, many people in the real estate and social circles involved were aware of the behavior for years. The case echoes a pattern seen repeatedly in recent scandals: wrongdoing often remains an “open secret” until public scrutiny finally forces accountability.
Whether meaningful accountability expands beyond individual cases remains an open question, but the discussion reflects a growing public frustration with institutions that appear unwilling or unable to police themselves.
Premium Portfolio Picks - The premium portion of the episode focused primarily on reinforcing conviction in existing positions rather than introducing new names.
Gerardo noted that sharp drawdowns are normal in junior resource investing. A discovery can send a stock up 200%, while a misunderstood drill result or short-term market weakness can push shares down 40–50% in days. That volatility is simply part of the game in early-stage exploration.
For that reason, Gerardo emphasized that he continues to focus on companies already discussed on previous episodes, including Hannan Metals (TSX-V: HAN)(OTC: HANNF), PMET Resources (TSX: PMET)(OTC: PMETF), Lion Rock Resources (TSX-V: ROAR)(OTC: LRRIF), and Sirios Resources (TSX-V: SOI)(OTC: SIREF). Each of these companies has a funded treasury, active exploration programs, and exposure to commodities with strong long-term demand drivers. Pullbacks in these names often create opportunities rather than signaling a broken thesis.
Nick echoed that view, noting that many positions across the portfolio are currently trading below their previously published “buy under” prices, providing attractive entry points for readers who may not have built full positions earlier in the cycle. One example he highlighted was Gladiator Metals (TSX-V: GLAD)(OTC: GDTRF), which continues to offer compelling value relative to the scale of drilling underway at its Whitehorse Copper Project in the Yukon.
The only purchase Nick made during the recent volatility was additional shares of Almadex Minerals (TSX-V: DEX)(OTC: AXDDF) after a standing limit order was triggered. Almadex combines exploration upside with a strong balance sheet, including cash, gold holdings, royalties, and company-owned drilling rigs.
Led by geologist Morgan Poliquin — whose career includes multiple significant discoveries — Almadex is currently testing a porphyry lithocap exploration model across projects in the American Southwest. With a solid treasury and ongoing drilling programs, the company represents a well-structured exploration vehicle positioned to benefit from the broader commodity bull market.
March 12, 2026
Macro Musings - Markets continue to trade in an environment defined by elevated volatility across multiple asset classes. Gold has pulled back below the $5,100 level, silver slipped down to $81, and copper traded around the mid-$5 range, all still comfortably within bullish ranges despite short-term swings.
The bigger story remains volatility caused by the war on, in, and around Iran. Price swings in commodities have widened dramatically, with gold capable of moving several hundred dollars and oil experiencing some of the most extreme volatility seen since the early days of COVID. Oil volatility recently pushed above 120 — a level rarely seen outside major market disruptions.
In environments like this, the temptation is to react to headlines or chase moves. But historically, those are the moments that punish investors the most. When volatility rises across asset classes — equities, bonds, commodities, and energy — the best strategy is often patience. For long-term investors, that means focusing on process and portfolio construction rather than trying to predict the next geopolitical headline.
Market Takes - Much of the current volatility stems from the escalating bombing campaign in the Middle East, the closure of the Strait of Hormuz, and the market’s attempt to price the potential duration of conflict. Brent oil briefly spiked to near $120 before governments coordinated a release of roughly 400 million barrels from strategic reserves in an attempt to stabilize prices.
The market initially responded with a sharp pullback, but prices quickly rebounded — a signal that traders remain skeptical that supply releases can offset the structural pressures driving energy markets higher.
At the same time, inflation pressures are beginning to re-emerge. Rising energy prices are already pushing up fertilizer costs and fuel prices across the United States, with knock-on effects likely to show up in consumer inflation readings over the coming months.
That macro backdrop — slower growth combined with rising costs — reinforces the broader commodity thesis we’ve been discussing for years. Energy, metals, and critical minerals remain essential inputs to the global economy, and geopolitical instability only highlights how fragile supply chains remain.
Bizarro Banter - Beyond markets, the conversation once again turned to the increasingly surreal political and institutional environment shaping the modern economy.
We discussed rising taxes and fiscal pressures at both the national and local levels, including the recent passage of a new income tax in Washington State aimed at high earners. While marketed as a “millionaire’s tax,” concerns remain that such policies rarely stay limited to their original targets and often expand over time as governments search for new revenue sources.
The broader theme is one we’ve talked about frequently: governments facing mounting debt burdens inevitably look for new ways to extract revenue. Rising taxes, new levies, and regulatory expansions are becoming increasingly common as fiscal pressures mount.
The conversation also touched on the continued fallout from the Epstein network and the broader question of institutional accountability. A recent conviction of the Alexander brothers — real estate investors convicted of drugging and sexually assaulting dozens of women — reignited discussion about the broader culture of impunity that often surrounds powerful elites.
According to testimony and reporting surrounding the case, many people in the real estate and social circles involved were aware of the behavior for years. The case echoes a pattern seen repeatedly in recent scandals: wrongdoing often remains an “open secret” until public scrutiny finally forces accountability.
Whether meaningful accountability expands beyond individual cases remains an open question, but the discussion reflects a growing public frustration with institutions that appear unwilling or unable to police themselves.
Premium Portfolio Picks - The premium portion of the episode focused primarily on reinforcing conviction in existing positions rather than introducing new names.
Gerardo noted that sharp drawdowns are normal in junior resource investing. A discovery can send a stock up 200%, while a misunderstood drill result or short-term market weakness can push shares down 40–50% in days. That volatility is simply part of the game in early-stage exploration.
For that reason, Gerardo emphasized that he continues to focus on companies already discussed on previous episodes, including Hannan Metals (TSX-V: HAN)(OTC: HANNF), PMET Resources (TSX: PMET)(OTC: PMETF), Lion Rock Resources (TSX-V: ROAR)(OTC: LRRIF), and Sirios Resources (TSX-V: SOI)(OTC: SIREF). Each of these companies has a funded treasury, active exploration programs, and exposure to commodities with strong long-term demand drivers. Pullbacks in these names often create opportunities rather than signaling a broken thesis.
Nick echoed that view, noting that many positions across the portfolio are currently trading below their previously published “buy under” prices, providing attractive entry points for readers who may not have built full positions earlier in the cycle. One example he highlighted was Gladiator Metals (TSX-V: GLAD)(OTC: GDTRF), which continues to offer compelling value relative to the scale of drilling underway at its Whitehorse Copper Project in the Yukon.
The only purchase Nick made during the recent volatility was additional shares of Almadex Minerals (TSX-V: DEX)(OTC: AXDDF) after a standing limit order was triggered. Almadex combines exploration upside with a strong balance sheet, including cash, gold holdings, royalties, and company-owned drilling rigs.
Led by geologist Morgan Poliquin — whose career includes multiple significant discoveries — Almadex is currently testing a porphyry lithocap exploration model across projects in the American Southwest. With a solid treasury and ongoing drilling programs, the company represents a well-structured exploration vehicle positioned to benefit from the broader commodity bull market.