本文自南都·湾财社。 采写 |南都·湾财社记者 刘常源 2月24日，农历正月初八，深圳水贝贵金属市场在春节"不打烊"的喧嚣后，迎来了马年首个正式工作日。 尽管国际金价在假期尾声已重拾涨势，于2月23日就已再度突破5100美元/盎司关口，但这并未浇灭全国"淘金客"的热情。节后开工首日，水贝市场依旧人 流如织，黄金销售延续了春节假期的火爆态势。 香港男孩买金手镯赠妈妈 2月24日14时许，水贝国际珠宝交易中心内人流熙熙攘攘，计算器的敲击声、消费者的询价声、导购员的介绍声互相交织。多家黄金零售档口前围满了来 自各地的顾客前来询价买金。 此前因金价冲高而积压的消费需求，在价格回调后迅速释放。水贝一商场相关负责人此前向媒体透露，春节假期期间，商场人流量"爆棚"，日均人流量达 6000至8000人，高峰期甚至破万，而记者大年初八在深圳水贝现场看到，这股热潮并未随假期结束而退去。 黄金档口火爆，马年金钞受青睐 黄金市场的火爆也带火了相关上下游产业。"春节前是最忙的"，从事黄金饰品手模行业两年多的王小姐告诉南都·湾财社记者，节前几天最忙的时候，她 一天可以拍摄十几件黄金饰品用于宣发，而节后返工首日，新的拍摄需求已经"纷至沓来 ...

Table of Contents As filed with the Securities and Exchange Commission on February 17, 2026. Registration No. 333-293083 UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Amendment No. 2 to FORM S-1 REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933 Paloma Acquisition Corp I (Exact name of registrant as specified in its charter) Cayman Islands 6770 N/A (State or other jurisdiction of incorporation or organization) (Primary Standard Industrial Classification Code Number) (I.R.S. Em ...

The iShares MSCI Global Silver and Metals Miners ETF (NYSEMKT:SLVP) and the Sprott Gold Miners ETF (NYSEMKT:SGDM) both offer targeted exposure to precious metals miners, but they take distinct approaches. SLVP tracks global companies heavily involved in silver and metals mining, while SGDM zeroes in on U.S. and Canadian gold producers. This comparison looks at cost, performance, risk, sector tilts, and liquidity to help investors assess which fund may better match their portfolio needs. Snapshot (cost & ...

Core Viewpoint - Gold.com's stock has experienced significant gains in 2026, with a notable increase of 76% as of February 14, 2026, driven by strong financial performance and market conditions [6]. Company Overview - Gold.com is a global precious metals company engaged in wholesale precious metals, direct-to-consumer sales, and secured lending, providing access to gold, silver, platinum, and palladium [5]. - The company's revenue for the trailing twelve months (TTM) is $15.68 billion, with a net income of $12.48 million and a dividend yield of 1.31% [4]. Recent Transactions - Brian Aquilino, the Chief Operating Officer, sold 10,000 shares of common stock for approximately $595,000, reducing his direct holdings to zero [1][2][8]. - The transaction involved the exercise of stock options, which were immediately converted into common shares and sold in the open market [8]. Market Context - The price of physical gold has surged due to global tariffs and geopolitical tensions, contributing to a historic year for gold in 2025 [7]. - Tether, a fintech company, announced a $150 million investment in Gold.com to support the growth of its stablecoin, Tether Gold, which is backed by physical gold [7]. Investment Implications - With strong financials and consistent price gains, Gold.com's stock is positioned as a viable long-term investment, particularly for those willing to accept the inherent volatility of precious metals [9].

Core Insights - The iShares Silver Trust (SLV) and Goldman Sachs Physical Gold ETF (AAAU) provide direct exposure to silver and gold respectively, with significant returns over the past year [2][3] Cost & Size Comparison - SLV has an expense ratio of 0.50% and an AUM of $44.77 billion, while AAAU has a lower expense ratio of 0.18% and an AUM of $3.13 billion [3] - The 1-year return for SLV is 137.63%, significantly higher than AAAU's 73.1% [3] Performance & Risk Comparison - Over the past five years, SLV has a max drawdown of 37.65%, compared to AAAU's 20.94% [4] - The growth of $1,000 invested over five years is $2,764 for SLV and $2,681 for AAAU [4] Market Context - The precious metals market has seen a surge in 2025, with gold and silver prices benefiting from geopolitical and economic tensions [6] - Since the start of 2025, gold prices have nearly doubled, while silver prices have surged by 170% [7] Volatility Considerations - Precious metals are known for their volatility, with silver being twice as volatile as gold, necessitating caution for investors [8] - An example of this volatility is a 27% drop in silver's price in one day on January 30 [8] Investment Opportunities - Both AAAU and SLV are considered effective ways for investors to gain exposure to the precious metals market, provided they are aware of the associated volatility [9]

Core Insights - Eric Sprott executed an open-market purchase of 200,000 shares of Hycroft Mining Holding Corporation for approximately $9.2 million, increasing his indirect ownership to over 40% of the company [1][9] - The transaction reflects a smaller incremental addition to Sprott's holdings, representing only 0.55% of his total indirect shares [7] Transaction Summary - Shares traded: 200,000 [2] - Transaction value: $9.2 million [2] - Post-transaction indirect shares held: 36,753,704 [2] Company Overview - Current share price (as of January 29, 2026): $45.73 [4] - Market capitalization: $2.98 billion [4] - Net income (TTM): -$45.61 million [4] - 1-year price change: 2,080% [4] Company Operations - Hycroft Mining operates the Hycroft mine in Nevada, focusing on gold and silver production across approximately 70,671 acres [8] - The company has measured and indicated mineral resources of 9.6 million ounces of gold and 446.0 million ounces of silver [8] - Revenue is primarily generated from the extraction and sale of gold and silver, targeting commodity buyers and industrial customers [8] Ownership Structure - All shares are held through Sprott Mining Inc., which is fully owned by 2176423 Ontario Ltd, ultimately controlled by Eric Sprott [7] - Sprott has invested over $225 million in Hycroft since June 2025, with shares increasing significantly due to rising gold and silver prices [9] Historical Context - In December 2025, AMC Entertainment sold around 80% of its equity stake in Hycroft to Sprott Mining for $24.1 million, following Sprott's advice to diversify [10]

Core Viewpoint - The iShares MSCI Global Silver and Metals Miners ETF (SLVP) and the iShares Gold Trust (IAU) provide exposure to precious metals but exhibit significant differences in returns, volatility, and portfolio structure [1][2]. Cost & Size - SLVP has an expense ratio of 0.39% and assets under management (AUM) of $1.2 billion, while IAU has a lower expense ratio of 0.25% and significantly larger AUM of $79.6 billion [3][4]. - SLVP offers a dividend yield of 1.5%, whereas IAU does not provide any dividends [4]. Performance & Risk Comparison - Over the past year, SLVP achieved a return of 189.5%, compared to IAU's 73.0% [3]. - The maximum drawdown for SLVP over five years is -55.41%, while IAU does not have a reported maximum drawdown [5]. - An investment of $1,000 in SLVP would grow to $2,518 over five years, while the same investment in IAU would grow to $2,733 [5]. Portfolio Composition - IAU is designed to track gold prices directly, with no equities or other assets, making it one of the largest and most liquid gold ETFs available [6]. - SLVP invests exclusively in global companies focused on silver and metals mining, with a concentrated portfolio of just 30 holdings, including major companies like Hecla Mining, Indust Penoles, and Fresnillo Plc [7]. Investment Implications - Holding shares in mining companies through SLVP may provide better long-term value growth compared to holding physical commodities, as successful businesses tend to grow over time and may offer dividends [9].

Core Viewpoint - Precious metals serve as a hedge against the U.S. dollar, with iShares Silver Trust (SLV) and VanEck Gold Miners ETF (GDX) providing distinct exposure to silver and gold mining equities respectively [1][2] Cost & Size - SLV has an expense ratio of 0.50% and assets under management (AUM) of $47.32 billion, while GDX has an expense ratio of 0.51% and AUM of $30.77 billion [3] - Both ETFs have similar expense ratios, making annual fees negligible for most investors, but only GDX offers dividends [4] Performance & Risk Comparison - Over the past year, SLV returned 139.15% while GDX returned 137.31% [3] - SLV experienced a maximum drawdown of -37.65% over five years, compared to GDX's -46.52% [5] - An investment of $1,000 would have grown to $3,174 in SLV and $2,852 in GDX over five years [5] Portfolio Composition - GDX focuses on gold mining equities, holding 55 companies, with major positions in Agnico Eagle Mines Ltd., Newmont Corp., and Barrick Mining Corp., which together make up nearly 25% of the portfolio [6] - SLV provides direct exposure to silver prices without holding individual companies, making it a pure commodity play [7] Investment Implications - SLV is linked to the volatility of silver, which is estimated to be three times more volatile than gold, presenting significant risks [8] - GDX, while less volatile than SLV, still carries some market volatility risks, making both ETFs suitable for investors willing to accept such risks [9] - Precious metals typically rise in price during periods of U.S. dollar weakness or international economic instability, making both ETFs attractive options [10]

Core Insights - The iShares MSCI Global Silver and Metals Miners ETF (SLVP) and SPDR Gold Shares (GLD) have distinct risk profiles, asset management sizes, and performance histories, with SLVP focusing on volatile silver miners and GLD tracking physical gold bullion [1][2] Cost & Size - SLVP has an expense ratio of 0.39% and AUM of $1.4 billion, while GLD has an expense ratio of 0.40% and AUM of $188.9 billion [3] - The one-year return for SLVP is 187.2%, compared to GLD's 72.4%, and SLVP offers a dividend yield of 1.6%, whereas GLD does not [3][4] Performance & Risk Comparison - Over five years, SLVP experienced a maximum drawdown of -55.56%, while GLD had a maximum drawdown of -21.03% [5] - An investment of $1,000 in SLVP would grow to $2,112 over five years, while the same investment in GLD would grow to $2,554 [5] Fund Composition - GLD is designed to track the price of physical gold, providing a straightforward investment without the need for physical storage or insurance, and is one of the largest and most liquid ETFs globally [6] - SLVP invests exclusively in mining companies, including major holdings like Hecla Mining and First Majestic Silver Corp, leading to more volatile returns due to sensitivity to silver prices and operational risks [7] Investor Considerations - Both SLVP and GLD offer exposure to precious metals but cater to different investor priorities based on their risk tolerance and investment strategy [9]

Price Trends - Platinum futures rose nearly $900 per ounce from the 2025 closing price level, reaching around $2,250 on February 4, 2026, after a high of $2,925.00 on January 26, 2026 [2][3][5] - The daily chart indicates a volatility pattern, with platinum futures dropping 35.7% from the January 26 high to a low of $1,882.00 on February 2, 2026, before recovering above $2,250 on February 3 [5] Historical Context - Platinum was historically priced higher than gold until 2015, but since then, gold has gained a significant premium, reaching over $2,745 per ounce in early 2026 [7] - Platinum is currently considered inexpensive compared to gold, which has been a trend over the past sixteen years [6][7] Market Characteristics - Platinum has more industrial applications than gold, which is primarily a financial metal held by central banks [8] - Platinum production is concentrated mainly in South Africa and Russia, with Russian output being a byproduct of nickel production [8]