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]

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Gold is now better business than drugs for many gangs in Latin America. It has led to a wave of violence linked to illegal mining across the region https://t.co/DGXj8eiWZQ ...

A wave of Chinese gold producers is pushing to raise funds in Hong Kong, seeking to capitalize on rising investor interest in the metal during a record-setting rally https://t.co/tg0Qtmy1KX ...

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WELCOME TO "BLOOMBERG ETF IQ. " I'M SCARLET FU. KATIE: I'M KATIE GREIFELD. REMARKABLE TURNAROUND FOR STOCK SPLIT KATIE: IT HAS BEEN STUNNING. THE MORE THAN $15 TRILLION GLOBAL ETF INDUSTRY, WITH THE FIRST HALF OF 2025 NEARLY IN THE BOOK, STOCKS AT AN ALL-TIME HIGH. S&P 500 ON PAYS FOR ITS BEST QUARTER SINCE DECEMBER 2023. SCARLET: WITH TWO-YEAR YIELDS AT LOWS, WE LOOK AHEAD AT WHAT IS IN STORE FOR THE BOND MARKET RICK RIEDER OF BLACKROCK. KATIE: AND THE NEXT GENERATION OF CRYPTO FUNDS EDGING CLOSER TO AVAIL ...

Legislation & Legal Tender - Texas Governor Abbott signs legislation [1] - Gold and silver are now legal tender for daily transactions in Texas [1]

Gold is now better business than drugs for many gangs in Latin America. It has led to a wave of violence linked to illegal mining across the region https://t.co/xY44VF3QzM ...

Market Trends & Economic Outlook - The market experienced a V-shaped recovery since April, supported by solid economic data [2] - The Fed lowered its GDP forecast and raised its inflation forecast for the second time this year [2] - Investors anticipate some impact from tariffs, but it's largely discounted in the market [2] - The market is expected to be rangebound in the near term due to a lack of immediate catalysts [6] Investment Opportunities & Risks - Gold (GLD) has had a significant run, up over 26% year-to-date, but may experience a pullback in the near term [7] - Central banks are structurally shifting foreign currency reserves out of the dollar and into gold [9] - Emerging markets central banks have increased their gold buying by five times every year [11] - Cybersecurity (CIBR) is a secular theme, with the cybersecurity ETF outperforming the S&P [14] - Cybersecurity threats are expected to become more sophisticated and intense, making companies like Crowd Strike and Palo Alto core portfolio holdings [15] Geopolitical Factors - The Iran-Israeli conflict seems contained and is not expected to have a major market impact [6] - Russia's invasion of Ukraine in 2022 and the freezing of their $300 billion in foreign reserves prompted central banks to diversify into gold [10]