Precious & Industrial Metals
Gold, silver and copper — the miners and the metal.
Newmont Corporation (NEM)
The bull case — 'Fiat Crisis + Synergy' (10% weight) — targets $180, +93% vs spot. It needs the multiple to hold or expand.
AngloGold Ashanti (AU)
The bull case — 'Fiat Crisis' (10% weight) — targets $160, +98% vs spot. It needs the multiple to hold or expand.
Twenty years of gold, silver & copper — and the ten-year theses that follow.
Gold compounded at 16.2% in rand over 21 years; the rand is both a return engine and a shock absorber. Four theses for the decade.
SPDR Gold Shares ETF (GLD)
GLD is the largest physically-backed gold ETF, providing direct exposure to the spot price of gold bullion. At $400.64, GLD has substantially exceeded our prior target of $310, which is now under review. Despite the…
Gold Producers: Bull & Bear Case
The structural bull case for gold producers over five years, underpinned by central bank demand, fiscal dominance, and supply constraints. Five tickers with differentiated trading strategies and defined entry criteria.