Mining Portfolio Strategy - The firm launched a new mining-focused portfolio modeled after its concentrated alpha portfolio, holding no more than ten names and allowing up to 50% cash [2][3] - The portfolio is initially leaning heavily into gold, but may include silver or copper miners [5][6] - The firm is allocating to the portfolio gradually over the coming months, acknowledging the recent run-up in mining stocks [7][8] Gold Market Analysis - Gold represents 20% of all central bank reserve assets, surpassing the euro [3] - Gold is now a tier one asset as of July 2025, potentially leading to gold-backed currencies [3][4] - The firm believes a tremendous supercycle for miners is underway due to expanded cash flow margins [4] Stock Selection & Performance - Top holdings include Newmont, Barrick, and Agnico Eagle, with Agnico Eagle being considered the best in breed due to its management and record highs [5][6] - Newmont and Barrick have room to catch up, as they are still below their 2022 and 2021 highs, respectively [7] - Wheaton Precious Metals is highlighted as a well-run company [8] Silver & Copper Opportunities - Silver is considered to have catching up to do with gold, with the gold-silver ratio expanded to 100 [9] - First Majestic Silver is included in the portfolio with the expectation of outperformance if silver rallies [9][10] - The firm monetized a move in copper and is monitoring the potential impact of a 50% tariff on US copper imports [11][12] Copper Tariff Implications - Morgan Stanley estimates that 36% of copper demand in the United States comes from imports, highlighting potential concerns related to the proposed tariff [14] - Freeport-McMoRan is positioned to benefit due to its leading copper mining capacity in the US, particularly at its El Paso, Texas facility [12][13]

For Latin America's central banks, there is little to be lost in waiting for hard data showing the recent rise in inflation rates is temporary before easing further, says @JPSpinetto (via @opinion) https://t.co/iBT0mGGdFS ...

Bitcoin is so much more than just technology adoption.Note that the main reason why bitcoin was made is debasement, i.e. fiat money printing by central banks, resulting in (hyper)inflation and fiat money debasement. https://t.co/jncu6TRQoC ...

Monetization is the permanent increase in the monetary base to fund the government. Central banks buy interest-bearing debt with non-interest-bearing money. https://t.co/8CKfWw7Wmm ...