Core Insights - Silver prices have reached a record high of $53.55 an ounce in London, driven by a historic short squeeze and increased demand for safe-haven assets [1] - The surge in silver prices has led to a global search for the metal, with traders booking expensive transatlantic flights for silver bars to capitalize on price differences [2] - High silver lease rates, exceeding 30% on a one-month basis, are creating significant costs for those maintaining short positions [3] Market Dynamics - A recent spike in demand from India has reduced the supply of available silver bars in London, following earlier shipments to New York due to tariff concerns [5] - Despite precious metals being exempt from tariffs since April, traders remain cautious ahead of the conclusion of the US Section 232 probe into critical minerals, which includes silver [6] - Analysts from Goldman Sachs have cautioned about the potential for a price correction in the relatively illiquid silver market, which is significantly smaller than the gold market [7] Trading Behavior - The premium for silver in London was approximately $1.6 an ounce in early trading, down from $3 the previous week, indicating fluctuating market conditions [2] - There is a noted mismatch between paper contracts and physical positioning in the silver market, as highlighted by industry experts [4]

Core Viewpoint - A-Mark Precious Metals, Inc. (AMRK) is showing potential as a stock pick due to a recent "golden cross" event, indicating a bullish trend in its stock price [1][4]. Technical Analysis - A "golden cross" occurs when a stock's short-term moving average (50-day) crosses above its long-term moving average (200-day), signaling a potential bullish breakout [2]. - The formation of a golden cross involves three stages: a downtrend that bottoms out, the crossover of moving averages, and a subsequent upward price movement [3]. Recent Performance - AMRK has increased by 9% over the last four weeks, suggesting positive momentum [4]. - The company holds a 1 (Strong Buy) rating on the Zacks Rank, indicating strong investor interest [4]. Earnings Outlook - AMRK's earnings outlook is positive, with no downward revisions in earnings estimates over the past two months and one upward revision, leading to an increase in the Zacks Consensus Estimate [4][5]. - The combination of favorable earnings revisions and technical indicators positions AMRK for potential gains in the near future [5].

Core Points - Goldmoney Inc. held its 2025 Annual Meeting of Shareholders on October 7, 2025, with 7,699,774 common shares represented, accounting for 60.7% of the total issued and outstanding shares [1] - All five directors proposed by management were elected to the board, with high approval rates ranging from 97.0% to 99.6% for each nominee [2] - BDO Canada LLP was appointed as the auditors for the upcoming year, receiving 99.6% of votes in favor [2] - The unallocated entitlements under the Company's stock option and restricted share unit plans were approved, with 95.8% voting in favor [2] Company Overview - Goldmoney Inc. specializes in the investment and custody of enduring real assets, offering precious metals trading services, secure custody, and storage solutions [3] - The Company also has diversified interests in property investment and jewelry manufacturing [3]

Core Insights - Gold prices reached $4,000 an ounce for the first time, driven by persistent inflation, a government shutdown, and geopolitical risks [1][4] - Gold has surged over 50% this year, influenced by fears of a prolonged funding crisis and escalating trade tensions [10][19] - The demand for gold has increased significantly from both governments and consumers, with central banks, particularly in China and Russia, boosting their reserves [2][24] Price Movements - Gold futures briefly peaked at $4,005.80 before settling just below that level [1][8] - Spot gold traded at $4,002.10, reflecting a 0.6% increase [2][22] - Silver prices also rose by 1.3% to $48.22, while the dollar index fell by 0.4% [3][22] Market Sentiment - Investors are increasingly viewing gold as a hedge against inflation and political uncertainty, reminiscent of the inflationary environment of the 1970s [6][19] - Prominent investors like Ray Dalio and Ken Griffin have expressed concerns about the long-term stability of the US dollar and the implications of fiscal policies [3][7] - The trend of investing in gold is seen as a response to fears of currency depreciation and market volatility [6][22] Central Bank Activity - Central banks are accumulating gold at a record pace, with over 70% of monetary authorities planning to increase their gold holdings this year [24] - The trend is particularly strong among countries like China, India, and Turkey, indicating a strategic shift in reserve management [24] Economic Context - The current economic environment is characterized by high inflation, record borrowing, and heavy government spending, prompting a flight to hard assets like gold [6][19] - The S&P 500 has risen about 14% this year, but the parallel rise in gold prices suggests underlying investor anxiety about future economic conditions [20][22]

Market Overview - The U.S. stock market has reached record highs following the Fed's first rate cut of the year, reducing rates by 25 basis points to 4-4.25% [1] - The Fed's indication of potential further cuts through 2026 and 2027 has bolstered investor confidence in supportive monetary policy despite slowing growth [1] Investment Strategy - Relative price strength is emphasized as a strategy to identify market leaders likely to outperform [2] - Stocks such as Tutor Perini Corporation (TPC), RF Industries, Ltd. (RFIL), and A-Mark Precious Metals, Inc. (AMRK) are recommended based on their relative price strength [2] Stock Performance Metrics - A stock's potential for returns is primarily assessed through earnings and valuation ratios, alongside its price performance relative to peers [3] - Stocks outperforming their industries or benchmarks should be included in investment portfolios for higher return potential [4] Earnings Estimates and Analyst Sentiment - Stocks that have outperformed the S&P 500 over the past 1 to 3 months and show solid fundamentals are considered optimal for investment [5] - Positive revisions in earnings estimates are crucial, as upward revisions typically lead to price gains [6] Screening Parameters - Stocks must show positive relative price changes over 12 weeks, 4 weeks, and 1 week, alongside positive current-quarter estimate revisions [7] - Only Zacks Rank 1 (Strong Buy) stocks, which have historically outperformed the S&P 500, are included in the screening process [8] Company-Specific Insights - Tutor Perini Corporation (TPC) has a 2025 earnings estimate indicating 220.8% growth, with shares up 153.1% over the past year [9][11] - RF Industries (RFIL) projects a 422.2% growth in 2025 earnings, with shares surging 132.2% in a year [9][13] - A-Mark Precious Metals (AMRK) has a 2026 earnings estimate showing 58.1% year-over-year growth, although shares have declined by 40.3% in the past year [9][15]

Core Viewpoint - Wellfield Technologies Inc. and Leonovus Inc. are progressing with a Reverse Take-Over (RTO) transaction involving Tradewind Markets Inc., which will result in Leonovus acquiring Tradewind in exchange for approximately 151,562,500 pre-consolidated common shares, leading to a name change to "Tradewind Precious Metals Exchange Inc." [2][3][12] Group 1: Transaction Details - The RTO will involve Wellfield receiving approximately 24,250,000 Leonovus Shares on a post-consolidation basis, subject to adjustments for Tradewind's net debt at closing [2][12] - Wellfield is entitled to a C$2,000,000 earnout, payable in 10,000,000 Resulting Issuer Shares if certain milestones are met within two years post-transaction [3][4] - The transaction includes an intellectual property support agreement valued at approximately C$1,000,000 and a non-competition agreement for five years [4] Group 2: Financing and Offering - Leonovus and FinanceCo have engaged Research Capital Corporation for a private placement offering aiming for minimum gross proceeds of C$5,000,000 [5][8] - The offering will consist of Debt Equity Subscription Receipts priced at C$2,000 and Equity Subscription Receipts priced at C$0.20 [7][10] - The proceeds from the offering will be allocated for purchasing physical gold and for working capital [28] Group 3: Tradewind's Business Model - Tradewind's VaultChain™ Gold and VaultChain™ Silver programs facilitate digital purchase and secure storage of physical precious metals, currently holding over CAD $334,000,000 in customer assets [6][15] - The platform aims to enhance transaction efficiency by removing traditional intermediaries and is designed for low-cost transactions [6][20] - Future enhancements will include a regulated trading platform for tokenized precious metals and a yield mechanism for VaultChain™ Gold [6][19] Group 4: Market Position and Strategy - Tradewind is positioned to capitalize on the gold market, which sees average daily trading volumes of $145 billion, by combining blockchain technology with the Royal Canadian Mint's custodial expertise [20][24] - The platform aims to simplify the gold purchasing process for various market participants, including gold dealers and retail customers [17][21] - The integration of blockchain technology with traditional finance is expected to redefine gold ownership and trading, enhancing liquidity and accessibility [21][24]

Core Points - Goldmoney Inc. has announced a normal course issuer bid (NCIB) to purchase up to 777,262 common shares, representing approximately 10% of the company's public float as of September 10, 2025 [1][5] - The NCIB will commence on September 23, 2025, and will terminate on September 22, 2026, unless the shares sought have been repurchased earlier [2] - The shares will be purchased on the open market through the Toronto Stock Exchange (TSX) and alternative Canadian trading systems at prevailing market rates [3] - Goldmoney can repurchase a maximum of 1,000 shares per trading day, or 25% of its average daily trading volume (ADTV), which is 3,657 shares [4] - The Board of Directors believes that repurchasing shares may enhance shareholder value and is in the best interest of the company and its shareholders [5] - Goldmoney previously conducted an NCIB from September 23, 2024, to September 22, 2025, repurchasing 864,800 shares at an average price of $8.33 [6] - Goldmoney Inc. is a TSX-listed company involved in precious metals trading, jewelry manufacturing, coin retailing, and property investment [7]

Core Insights - The recent surge in gold prices has heightened the value of gold collections, prompting collectors to consider better security measures for their assets [1][2]. Group 1: Gold Price Trends - The spot price of gold exceeded $3,700 per ounce, reflecting an increase of over $1,000, or 38%, this year, compared to two years ago when the price was approximately half [2]. - This significant price increase has led to a greater focus on the security of gold holdings, as collectors seek to protect their investments [2][3]. Group 2: Storage Recommendations - For small amounts of gold, it is suggested to store them in a discreet safe at home, as traditional safes may attract thieves [4]. - It is advised that collectors have a trusted person aware of the gold's location, as homeowners' insurance often has low coverage limits for gold, sometimes around $200 [5]. - Larger amounts of gold should ideally be stored in a trusted depository, as keeping significant quantities at home is not recommended [6][11]. - Specialized companies offer storage and insurance for precious metals, with fees typically based on the value of the holdings [12][13]. Group 3: Security Practices - Regardless of the storage method chosen, maintaining secrecy about gold holdings is crucial to avoid potential risks [13][14]. - Collectors are advised not to disclose details about their gold possessions to neighbors or others, as this can lead to security vulnerabilities [15].

Core Viewpoint - The recent turmoil in the Shenzhen gold trading market, particularly involving the company "Yue Baoxin," has exposed the hidden risks of high-leverage gambling practices in the industry, coinciding with a significant rise in gold prices. Group 1: Company Overview - "Yue Baoxin" was located in a building where many gold and jewelry businesses operated, primarily catering to industry insiders and speculators [6][10] - The company has been reported to have closed down, leaving behind a disorganized office space and a fish tank with "wealth-attracting" goldfish still swimming [8][12] - Another company, "Shichuang Xincheng," has also been found to be vacant for a longer period and is in the process of being re-rented, indicating a broader trend of instability in the market [8][10] Group 2: Market Dynamics - The gold price in the Shenzhen market reached a high of 839 yuan per gram, up from 700 yuan per gram six months prior, reflecting a significant increase of 19.86% [17] - The market has been characterized by various speculative practices, including short selling and leveraging, which have contributed to the current crisis [6][14] - The "gold price locking" model, which allows investors to secure gold at a predetermined price with minimal upfront capital, has been likened to a form of gambling, with leverage ratios reaching as high as 80 times [15][19] Group 3: Regulatory Concerns - The lack of regulatory oversight in the gold trading sector has been highlighted, with many companies operating in a gray area, leading to potential illegal activities [20][22] - The current legal framework does not adequately address the risks associated with the "gold price locking" model, which has evolved into a high-risk speculative practice [21][22] - Recommendations have been made to increase the barriers to entry for gold trading businesses to prevent further incidents of financial misconduct [20][22]

Core Insights - Investor sentiment remains bullish despite higher inflation due to tariff policies, with the Federal Reserve expected to lower interest rates for the first time this year as the labor market deteriorates [1] Group 1: Stock Recommendations - A-Mark Precious Metals, Inc. (AMRK) is recommended, with a projected earnings increase of 58.1% year-over-year for fiscal 2026 and a 20% upward revision in broker ratings over the past four weeks [7][9] - Daktronics, Inc. (DAKT) is highlighted, expecting a 28.2% earnings growth for fiscal 2026, supported by a 33.3% broker rating upgrade [10][9] - Ranger Energy Services, Inc. (RNGR) is also noted, with anticipated earnings growth of 53.1% year-over-year in 2025 and a 33.3% increase in broker ratings recently [12][9] Group 2: Broker Insights - Brokers provide valuable insights by engaging with top management, analyzing public filings, and participating in conference calls, which helps in evaluating company fundamentals in the context of current economic conditions [3] - While broker stock upgrades are significant, they should not be the sole basis for portfolio construction; additional factors must be considered for long-term returns [4] Group 3: Stock Screening Strategy - A screening strategy is proposed that includes stocks with broker rating upgrades of 1% or more over the last four weeks, current prices above $5, and an average 20-day volume greater than 100,000 [5] - Stocks with a Zacks Rank of 1 (Strong Buy) or 2 (Buy) have a proven record of success, especially when combined with a VGM Score of A or B [6]