Core Insights - James Turk emphasizes the essential connection between liberty and honest money, which he argues can only be provided by gold [1] - He critiques current national currencies and banking systems as being based on outdated and harmful ideas [1] - Turk asserts that nature supplies everything humanity needs for progress, including money, positioning gold as the natural form of currency [1] Company Overview - James Turk is the Founder and Lead Director of Goldmoney, Inc, which is listed on the Toronto Stock Exchange under the ticker XAU [3] - He has a long-standing career in international banking and finance, starting from his graduation in 1969 with a degree in International Economics [3] - Turk's career includes significant roles at The Chase Manhattan Bank and the Abu Dhabi Investment Authority, where he managed investment strategies for precious metals [3] Publications and Contributions - From 1987 to 2008, Turk authored The Freemarket Gold & Money Report, a newsletter focused on investment insights [4] - His writings have been featured in various financial publications, and he has been a prominent speaker at investment conferences discussing gold and monetary systems [4] - Turk launched goldmoney.com in February 2001, providing a platform for buying and selling precious metals online and facilitating their use as a digital currency [5]

Core Viewpoint - An increasing number of states are turning to precious metals as a strategy to protect against potential economic downturns [1] Group 1 - States are recognizing the value of precious metals in safeguarding their economies [1] - The trend indicates a growing interest in gold and silver as reliable assets during economic uncertainty [1] - This shift may lead to increased demand for precious metals in the market [1]

Group 1: Market Analysis - US President Trump expressed willingness to dialogue with Iran, announced plans to exempt some oil - related sanctions, and dispatch the navy to escort tankers through the Strait of Hormuz. However, there are disputes over whether the US Navy has actually provided escort [1] - The Trump administration has asked Israel to stop further air strikes on Iranian energy facilities [1] Group 2: Futures Quotes and Trading Volume - On March 10, 2026, the Shanghai Gold main contract opened at 1,139.00 yuan/gram, closed at 1,150.00 yuan/gram, a change of 0.88% from the previous trading day's close. The trading volume was 41,087 lots, and the open interest was 129,725 lots. At the night session, it opened at 1,150.40 yuan/gram and closed at 1,154.88 yuan/gram, a 0.42% increase from the afternoon close [2] - On March 10, 2026, the Shanghai Silver main contract opened at 21,547.00 yuan/kilogram, closed at 22,758.00 yuan/kilogram, a change of 5.62% from the previous trading day's close. The trading volume was 471,040 lots, and the open interest was 200,036 lots. At the night session, it opened at 22,651 yuan/kilogram and closed at 22,536 yuan/kilogram, a 0.98% decrease from the afternoon close [2] Group 3: US Treasury Yield and Spread Monitoring - On March 10, 2026, the US 10 - year Treasury yield closed at 4.156%, a change of - 0.19 BP from the previous trading day. The spread between the 10 - year and 2 - year Treasury was 0.568%, a change of + 0.02 BP from the previous trading day [3] Group 4: Position and Trading Volume Changes on the Shanghai Futures Exchange - On the Au2604 contract on March 10, 2026, the long position changed by 513 lots compared with the previous day, and the short position changed by - 643 lots. The total trading volume of Shanghai Gold contracts on the previous trading day was 318,758 lots, a change of - 29.34% from the previous trading day [4] - On the Ag2606 contract, the long position changed by 5,870 lots, and the short position changed by 7,918 lots. The total trading volume of silver contracts on the previous trading day was 882,961 lots, a change of - 30.54% from the previous trading day [4] Group 5: Precious Metals ETF Position Tracking - The gold ETF position was 1,070.71 tons, a decrease of 2.61 tons from the previous trading day. The silver ETF position was 15,655 tons, a decrease of 56 tons from the previous trading day [5] Group 6: Precious Metals Arbitrage Tracking - On March 10, 2026, the domestic gold premium was - 5.58 yuan/gram, and the domestic silver premium was - 366.03 yuan/kilogram [6] - The price ratio of the main contracts of gold and silver on the Shanghai Futures Exchange was about 50.53, a change of - 4.49% from the previous trading day. The foreign - market gold - silver ratio was 61.05, a change of 0.97% from the previous trading day [6] Group 7: Fundamental Analysis - On March 10, 2026, the trading volume of gold on the Shanghai Gold Exchange T + d market was 45,916 kilograms, a change of - 34.17% from the previous trading day. The trading volume of silver was 346,662 kilograms, a change of - 25.67% from the previous trading day. The gold delivery volume was 11,872 kilograms, and the silver delivery volume was 30 kilograms [7] Group 8: Strategy - Gold: Cautiously bullish. The Iran situation shows signs of easing, oil prices are oscillating and falling from high levels, market risk appetite is recovering, and the gold price is expected to be in an oscillating and strengthening pattern. The oscillation range of the Au2604 contract may be between 1,130 yuan/gram and 1,170 yuan/gram [8] - Silver: Cautiously bullish. The safe - haven premium of silver may be weaker than that of gold, but the price recovers with the market risk - appetite improvement. It is expected to maintain an oscillating and strengthening pattern, with the price fluctuation range between 22,000 yuan/kilogram and 23,000 yuan/kilogram [8][9] - Arbitrage: Short the gold - silver ratio at high levels [9] - Options: Postpone [9]

Financial Data and Key Metrics Changes - In 2025, Endeavour Silver produced 11 million ounces of silver equivalent metal, a 48% increase compared to 2024 [5] - The company reported record revenue of $468 million, up 115% from 2024, with cost of sales at $385 million and mine operating earnings of $83 million [6] - Adjusted net earnings for Q4 were $4.8 million, or $0.02 per share, impacted by realized losses from derivative contracts and higher financing costs [6][7] Business Line Data and Key Metrics Changes - In Q4, Endeavour produced 2 million ounces of silver and 14,000 ounces of gold, totaling just shy of 4 million silver equivalent ounces, representing a 146% increase compared to Q4 of 2025 [5] - Excluding Coba and Terronera, production increased by 27% compared to the same period last year [6] Market Data and Key Metrics Changes - Silver and gold prices have seen exceptional gains, with gold trading above $5,000 and silver above $90, driven by inflationary pressures and global economic uncertainty [4] - The company is well-positioned to benefit from current silver prices, indicating substantial runway remaining in this cycle [4] Company Strategy and Development Direction - Endeavour Silver's strategic initiatives include the acquisition of Kolpa, achieving commercial production at Terronera, and advancing the Pitarrilla development asset [4][5] - The company plans to invest $68 million in Pitarrilla in 2026, focusing on exploration and technical studies [12] Management's Comments on Operating Environment and Future Outlook - Management emphasized the importance of safety and operational stability, particularly in light of recent security events in Mexico [3] - The company anticipates a substantial reduction in direct operating costs as it transitions to liquefied natural gas in Q2 2026 [8][10] Other Important Information - As of December 31, 2025, the company's cash position was $215 million, providing financial strength to advance strategic initiatives [10] - The company expects to see improvements in throughput and recoveries as operations stabilize at Terronera [11] Q&A Session Summary Question: Can you discuss the mill availability and electrical interruptions at Terronera? - Management confirmed improvements in January and February, with stabilization of electrical disruptions and plans to transition to an LNG plant for better reliability and cost [15][17] Question: What is the guidance on grades at Terronera? - Management indicated that lower grades were due to mining stockwork, with expectations for higher grades in the second half of the year as operations progress [19][22] Question: How will costs drop in 2026? - Management explained that Q1 costs would be higher due to one-time expenditures, but costs are expected to decrease as operations stabilize and higher grades are processed [56][60] Question: What changes in security protocols have been implemented due to recent events in Jalisco? - Management stated that while there would be no dramatic changes in security costs, there would be increased monitoring of transportation lines [64][66] Question: What is the status of the Bolanitos sale and its accounting impact? - The sale closed on January 15, and the company anticipates recognizing an accounting gain in Q1 [72][73]

Core Viewpoint - The content emphasizes the importance of conducting personal research and due diligence before making any financial decisions, particularly in relation to complex financial instruments like cryptocurrencies and CFDs [1]. Group 1 - The website provides general news, personal analysis, and third-party materials intended for educational and research purposes [1]. - It highlights that the information is not a recommendation or advice for investment actions [1]. - The accuracy and reliability of the information are not guaranteed, and users are advised to consult competent advisors [1]. Group 2 - The website discusses the high risk associated with cryptocurrencies and CFDs, indicating that they are complex instruments that can lead to significant financial losses [1]. - It encourages users to fully understand how these financial instruments work before investing [1]. - The content may include advertisements and promotional material, with potential compensation received from third parties [1].

Group 1 - Gold has resumed outperforming the US dollar, marking a "positive crossover" according to Deutsche Bank, which reinforces a bullish outlook on precious metals [2] - This shift from underperformance to outperformance is seen as an encouraging context for the bank's positive stance on gold [3] - The recent performance comes despite challenges such as tech-led equity volatility and hawkish comments from the Federal Reserve [4] Group 2 - Deutsche Bank notes that gold is showing early signs of a positive divergence from the USD beta, which is essential for its forecast of USD 6,000 per ounce [5] - If gold matches the outperformance levels seen in 2024-25, prices could potentially reach USD 6,900 per ounce [5] - Silver is also gaining attention, with a noted "resumption of white metals outperformance versus gold," as indicated by the gold-silver ratio falling to 57 [6] Group 3 - Strong options positioning and renewed Shanghai backwardation suggest an upside risk to Deutsche Bank's year-end silver forecast of USD 100 per ounce [6]

Core Insights - A WallStreetBets trader achieved significant gains by trading gold-linked options, turning a low-cost investment into over $51,000, highlighting the potential for high returns in the gold market [1] - The bullish sentiment among retail investors is evident, with many positioning for continued strength in precious metals amid current economic uncertainties [2] Market Dynamics - Gold prices have fluctuated recently due to factors such as U.S. trade policy uncertainty, geopolitical tensions in the Middle East, and inflation concerns, with bullion rising more than 7% over four sessions before a slight pullback [3] - Major banks like BNP Paribas, Deutsche Bank, and Goldman Sachs maintain bullish long-term forecasts for gold, citing fiscal sustainability and global political instability as key concerns, with UBS projecting gold could reach $6,200 per ounce [4] Trading Strategies - The trader's gains were realized through short-dated GLD call options, which can rapidly appreciate when gold prices rise, appealing to those seeking high exposure with lower upfront capital [5] - Some traders utilize proprietary trading firms to access larger capital pools for trading futures, with firms like Apex Trader Funding offering account sizes from approximately $25,000 to $300,000 [6]

Core Viewpoint - The content emphasizes the importance of conducting personal research and due diligence before making any financial decisions, particularly in relation to complex financial instruments like cryptocurrencies and CFDs [1]. Group 1 - The website provides general news, personal analysis, and third-party materials intended for educational and research purposes [1]. - It explicitly states that the information should not be interpreted as a recommendation or advice for investment actions [1]. - The content is not tailored to individual financial situations, and users are encouraged to consult competent advisors [1]. Group 2 - The website highlights the high risk associated with cryptocurrencies and CFDs, noting that they are complex instruments that can lead to significant financial losses [1]. - Users are advised to carefully consider their understanding of these instruments and their ability to afford potential losses [1]. - The website encourages thorough research before engaging in any financial activities related to these instruments [1].

Core Viewpoint - The gold market in Shenzhen's Shui Bei area remains vibrant post-Spring Festival, with strong consumer demand despite fluctuations in international gold prices, indicating a robust recovery in gold consumption following price corrections [1][5][9]. Group 1: Market Activity - On the first working day of the Year of the Horse, the Shui Bei gold market experienced high foot traffic, with daily visitor numbers reaching between 6,000 to 8,000, peaking over 10,000 during the Spring Festival [5][9]. - Consumers are actively purchasing gold, with many opting for gold jewelry and commemorative gold coins, reflecting a strong market sentiment [3][6]. Group 2: Consumer Behavior - A notable trend is the gifting of gold jewelry, particularly among families, as exemplified by a consumer who purchased a gold bracelet for their mother using a red envelope received during the festival [5]. - The demand for 1-gram commemorative gold coins has surged, leading to temporary shortages in supply during the festive period [6][8]. Group 3: Price Dynamics - International gold prices have shown volatility, with a significant drop of over $400 per ounce from the peak at the end of January, yet the market has quickly rebounded, indicating a release of pent-up consumer demand [5][9]. - Analysts suggest that the fundamental factors supporting gold prices, such as geopolitical tensions and inflation concerns, remain intact, which could lead to further price increases in the near term [11]. Group 4: Industry Outlook - The gold and silver markets are expected to maintain their appeal as safe-haven assets amid ongoing geopolitical risks and economic uncertainties, with predictions of continued strength in prices [11]. - The silver market, while currently less active, is anticipated to see a resurgence in demand, driven by both industrial and financial factors [8][11].

Core Insights - The iShares MSCI Global Silver and Metals Miners ETF (SLVP) and VanEck Gold Miners ETF (GDX) provide distinct investment opportunities in the metals and mining sector, with SLVP focusing on silver and diversified metals while GDX targets gold miners [1][2]. Cost and Size Comparison - SLVP has a lower expense ratio of 0.39% compared to GDX's 0.51% - SLVP offers a higher dividend yield of 1.5% versus GDX's 0.6% - As of February 20, 2026, SLVP has $1.3 billion in assets under management (AUM), while GDX has $33.5 billion [3][4]. Performance and Risk Metrics - Over the past five years, SLVP experienced a maximum drawdown of -56.18%, while GDX had a drawdown of -49.79% - An investment of $1,000 would have grown to $2,718 in SLVP and $3,246 in GDX over the same period [5]. Portfolio Composition - GDX consists of 55 holdings focused solely on gold mining, with major positions in Agnico Eagle Mines (9.73%), Newmont Corp (9.11%), and Barrick Mining Corp (6.65%) [6]. - SLVP holds 30 companies, with a concentration in silver mining, featuring top holdings such as Hecla Mining (15.38%), Indust Penoles (11.9%), and Fresnillo Plc (10.94%) [7]. Market Context - Precious metals have gained significant momentum, with gold and silver prices reaching all-time highs in January 2026, influencing investor decisions between SLVP and GDX based on desired metal exposure [8]. Investment Strategy - GDX is noted for its liquidity and diversification within the gold mining sector, making it a suitable choice for investors seeking exposure without the complexities of individual stock analysis [9][10]. - SLVP is recognized as a leading silver ETF, providing access to top-tier global silver mining companies, which may appeal to investors looking for higher dividend yields and lower costs [12][13].