RT Bull Theory (@BullTheoryio)🚨 THE $867 BILLION U.S. GOLD SECRET & DOLLAR DEVALUATION 🧵👇1/ Did you know?* U.S. still values its gold at$42.22/oz (1973 price)* Treasury holds 261.5M ounces (≈8,133 tonnes)* On paper: $11B* At market ($3,300/oz): \$867BThat’s a $856B+ shadow reserve hidden in plain sight. 👀---2/ Why $42.22?👉 Before 1971, every dollar was backed by gold👉 Nixon ended the gold standard👉 The official price froze — never updatedSo:* At $42 → $11B* At $3,300 → $867B3/ Why does this matter?This “hid ...

Investment Rating - The report indicates a "sell" signal triggered by a cash level of 3.9%, which is below the threshold of 4.0% [19][90]. Core Insights - The August Global Fund Manager Survey shows the highest bullish sentiment since February 2025, with 68% of investors predicting a soft landing for the global economy [3][7]. - There is a notable rotation in asset allocation, with a shift from European equities to emerging markets, which now holds a net 37% overweight position, the highest since February 2023 [5][26]. - The sentiment regarding AI's impact on productivity is strong, with 55% of investors believing that AI is already boosting productivity [75][79]. Summary by Sections Macro & Policy - 68% of investors predict a soft landing, while only 5% are positioned for a hard landing [3][7]. - Rate cut optimism is at its highest since December 2024, with 54% of respondents expecting the next Fed Chair to resort to quantitative easing or yield curve control [3][46]. Risks - The primary tail risk identified is a trade war triggering a global recession, cited by 29% of investors [54][61]. - The perception of inflation risks has increased, with 27% of investors concerned about inflation preventing Fed rate cuts [61]. Asset Allocation - Global equity allocation is at a net 14% overweight, the highest since February 2025, with a significant rotation towards utilities and energy sectors [5][20]. - A record 91% of investors view US stocks as overvalued, while emerging markets are seen as undervalued by a net 49% [67]. Crypto & Gold - Only 9% of investors have exposure to crypto, with an average allocation of 3.2%, while 48% have exposure to gold, averaging 4.1% [6][71]. - The total portfolio exposure to crypto is just 0.3%, and to gold is 2.2% after adjusting for those without allocations [6][71]. Investor Sentiment - The overall sentiment regarding the global economy has slightly deteriorated, with a net 41% of investors expecting a weaker economy in the next 12 months [36][97]. - Expectations for higher inflation have risen, with a net 18% of investors anticipating an increase in global CPI [42][100]. AI Perception - 52% of investors do not believe that AI stocks are in a bubble, while 41% think they are [79]. - The belief that AI is already increasing productivity has grown from 42% to 55% since July [75].

Welcome to the New Normal 🚨One of the most surreal aspects of financial markets since the 2008 Global Financial Crisis is that bitcoiners were right. Not in a “I told you so” way, but rather how broken the market has been since the government decided to implement the QE playbook at every downturn.Everywhere you look you can see someone stuck in the old world yelling and screaming about valuations and frothiness. “This stock is overvalued.” “That stock is overvalued.” “The market is going to crash next week. ...

Investment Rating - The report does not explicitly provide an investment rating for the industry Core Insights - Long-term interest rates have risen or remained elevated in many countries, with China being a notable exception where rates have fallen to a historic low of 1.6% [3][38] - The rise in long-term rates in Japan, the US, and Europe is attributed to a combination of factors, including the shift from quantitative easing (QE) to quantitative tightening (QT) and persistent private-sector financial surpluses [13][17] - The report highlights that the current economic conditions in China resemble Japan's post-bubble period, indicating a balance sheet recession where the private sector is focused on deleveraging rather than borrowing [43][76] Summary by Sections Long-term Interest Rates - Long-term interest rates in Japan and the US have reached their highest levels in over a decade, while China's rates have declined significantly [2][3] - The increase in long-term rates is seen as an inevitable consequence of the transition from QE to QT, which has led to a tightening of monetary policy [16][15] Balance Sheet Recession - The report discusses the concept of a balance sheet recession, where the private sector focuses on saving and debt repayment, leading to a lack of borrowing and spending [10][44] - In Japan, the balance sheet recession began after the asset bubble burst in 1990, while in the US and Europe, it started in 2008 [4][49] Private Sector Financial Surplus - The private sector in Japan, the US, and Europe continues to run financial surpluses, which have remained stable even after 2022 [17][24] - The latest data shows the US private-sector financial surplus at 7.31% of GDP, while the eurozone's surplus stands at 6.35% of GDP [23][24] China's Economic Situation - China's current long-term interest rates signal a need for additional fiscal stimulus, as the economy is in a balance sheet recession similar to Japan's in the 1990s [45][43] - The report suggests that the Chinese government should focus on public works projects to effectively utilize excess savings and stimulate the economy [46][59] Structural Reforms vs. Fiscal Stimulus - The report emphasizes that structural reforms alone are insufficient to address the current economic slump in China, which is primarily driven by balance sheet issues [78][79] - It argues for a shift towards fiscal stimulus measures, as seen in the US's response to the 2008 financial crisis, to effectively combat the recession [87][88]

Summary of Contango Ore (CTGO) Update / Briefing May 08, 2025 Company Overview - **Company**: Contango Ore (CTGO) - **Project Focus**: Johnson Track project located in Lower Cook Inlet, Alaska Key Points and Arguments Project Economics - The Johnson Track project has a **Net Present Value (NPV)** of **$225 million** and an **Internal Rate of Return (IRR)** of **30%** [9][20] - The project is expected to produce approximately **60,000 ounces of gold** in the current year [7] - The average gold equivalent grade is **7.58 grams per ton**, with a resource grade of **9.4 grams per ton** [21][55] - Initial capital costs are estimated at **$214 million**, including **$36 million** for contingencies [22][24] - The project has a **payback period** of just over **one year** [24][32] Mining and Development Strategy - The mining method will primarily utilize **long hole stoping**, which is cost-effective for the underground mine [33][34] - The project will involve a **one-kilometer tunnel** for access, which is designed to facilitate efficient ore extraction [16][41] - The mine plan includes a **seven-year mine life**, with production ramping up in the first year [52][71] - The project is designed to minimize environmental impact, with all development work planned in an unmineralized area to avoid acid rock drainage [19][92] Market Sensitivity and Pricing - The project is sensitive to gold prices, with projections showing an NPV of **$400 million** at **$3,000 gold** and **$600 million** at **$4,000 gold** [26] - The base case gold price used for projections is **$2,200** [38] Capital Allocation and Funding - The company plans to use cash flow from the **Montchaux project** to fund the development of Johnson Track [44][100] - Future funding may involve a combination of **equity and debt**, with a focus on maintaining financial flexibility [61][62] Community Engagement and Permitting - Community engagement is prioritized, particularly with the **Cook Inlet Regional Corporation (Siri)**, which owns the land [85][88] - The permitting process is ongoing, with a focus on ensuring compliance with mining operation standards [41][45] Exploration Potential - There is significant upside potential for increasing the size of the ore body, as the deposit is open at depth and along strike [66][70] - The mineralization style is related to a **porphyry system**, indicating potential for further discoveries [68] Operational Adjustments - The company is considering **ore sorting** as a method to enhance operational efficiency and reduce costs [58][59] - The project is robust even at lower gold prices, maintaining a positive NPV at **$1,800 gold** [60] Environmental Considerations - Environmental management is a key focus, with plans to address water quality and contamination risks during the feasibility study [93][94] Additional Important Content - The company is cautious about using **streaming financing**, preferring traditional debt options due to improved cash flow from operations [95][98] - The **average all-in sustaining cost (ASIC)** is projected at **$860 per gold equivalent ounce**, which includes operational and sustaining capital expenditures [48][49] This summary encapsulates the critical insights from the conference call regarding the Johnson Track project and the strategic direction of Contango Ore.