Vol. 5, Issue 5

By Tom Dyson

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Vol. 5, Issue 4

By Tom Dyson

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Vol. 5, Issue 3

By Tom Dyson

The Korean stock market fell 7% yesterday. Then it fell another 12% today…for a total loss of 24.6% from its peak last Friday.

Until this week, the Korean stock market was the world’s hottest stock market…up 76% in 2025… and up another 51% in the first two months of this year. Also, the rise in Korean stocks has only partially been driven by fundamentals. It’s mostly been driven by a retail investment craze for leveraged ETFs and other meme assets.

“Korean retailers are just crazy. They are not like average retail investors in other parts of the world. They are very aggressive,” said Jongmin Shim, Korea equity strategist at CLSA.

Meanwhile, in US markets, nothing seems to be pricing correctly since they started bombing Iran this weekend. The three markets we watch — precious metals, energy and shipping — all seemed to move yesterday in ways that had nothing to do with fundamentals…and everything to do with forced selling.

You probably noticed this, too.

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I wonder, is Korea triggering liquidation across other markets?

I bet it is. The investment markets are just so darn interconnected, leveraged and speculative. As we’ve noted many times in these pages, these “runaway trains of selling” — cascading prices that trigger margin calls, leading to further price declines, causing liquidity to vanish…which sends prices even lower — are a core feature of contemporary markets and the biggest risk to investors.

Shipping is under attack all over the world. Over the last few years, I have tried to catalog all the incidents, but now I’ve lost track because there have been so many of late. Tankers being hit by drones, warships being sunk by submarines (the first US sinking of a ship with a torpedo since WW2), warships sinking submarines, two container vessels attacked just a few hours ago, and yesterday, for the first time ever, they attacked an LNG tanker. It belonged to Russia. Ukraine blew it up in the Mediterranean, using drone boats. Here are some pictures of the massive fireball…

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Vol. 5, Issue 2

By Tom Dyson

Has anyone tried to sell any physical precious metals in the past week? I’d love to hear from you…and hear about your experience. I specifically want to know what discount the dealer offered you and if you noticed any other customers trading gold and silver. If so, were they buying or selling?

If you don’t want me to republish your message, just let me know. And if we do republish your message, we’ll keep you anonymous, as we always do. Please write to me at research@bonnerprivateresearch.com.

Twice before in my life I’ve had in my grasp life-changing profits from an investment that was heading into orbit. Both times I blew the opportunity to make millions of dollars by selling too soon.

This precious metals bull market is the third opportunity for me. And I’m not making that mistake again.

So in a way, I’ve been preparing for this moment for my whole life. Over the last ten years, I’ve told everyone who’d listen to buy gold and silver, including my parents, my brothers, my cousins and my friends, and of course my readers.

(My friends and family are all on the distribution list of this newsletter.)

One time, we were in China, visiting Zangye National Park in the far west of the country. We shared a private tour with two local tourists. One of them spoke a little English and had just begun to trade stocks. On the long journey home, I explained the gold thesis to her, which she quickly grasped. This was in 2019. I like to imagine she later made a great profit in gold. There have been many other similar stories over the years.

I know I’m vulnerable to selling too soon. So when I built my gold and silver trade this time, I took precautions that would make it incredibly difficult for me to sell my metals too soon. Which means I’m a forced holder at this point…destined to ride this bull market all the way.

It’s Ride or Die for me.

That said, I couldn’t fault anyone for trimming a few ounces at current prices, to lock in some profits and reduce some volatility. Market sentiment is white hot at the moment… and I’m bracing myself to expect anything next, including a 50% draw-down or another doubling. It’s impossible to know.

Last week we took profits on half our position in SLVR, the hybrid silver bullion and silver mining stock ETF we added last summer. We’d doubled our money in six months, so now we can let the other half ride with no risk.

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January 2026, Vol. 5, Issue 1

By Tom Dyson

Two more dark fleet tanker seizures today…

The coast guard working with the US military has seized a dark fleet Venezuela-linked VLCC named Marinera in waters near Iceland. They were chasing it for two weeks, according to Reuters. The tanker appears to be empty, so I’m not sure why seizing it was such a priority. It was also being chaperoned by a Russian submarine. Perhaps there’s more to this story than the news is reporting.

The US government also seized another Venezuela-linked tanker this morning in the Caribbean, the Sophia. This one was loaded.

As you well know, there’s a large black market for oil and oil transportation, which we’ve been watching for years. This morning’s news is just further confirmation that they’re trying to shut this black market down.

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November 2025 , Vol. 4, Issue 11

By Tom Dyson

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October 2025

Vol. 4, Issue 10

By Tom Dyson

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September 2025

Vol. 4, Issue 9

By Tom Dyson, Investment Director

NEW TRADE ALERT: It took us a month, but we’re now going to complete the yield-boosting trade we started last Oct…

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Monthly Strategy Report

August 2025

Vol. 4, Issue 8

The Fed’s interest rate committee met today. They decided to keep short term dollar rates where they are… at 4.25%. And they suggested that they won’t change them at the next meeting either.

There were two dissenting votes on the committee. Michelle Bowman and Christopher Waller both voted to cut rates by 25 basis points (it was the first time there were two dissenting votes at an FOMC meeting since 1993...interesting).

A rate of 4.25%. Not a bad compound growth rate for holding cash or ultra-short term government bills. We have 40% of our portfolio allocated to cash, which I’ve said many times is the holding that makes me most uncomfortable.

But at 4.25% a year, I figure we’re more or less breaking even with inflation. And we retain the optionality to buy other assets should an opportunity present itself. It’s not an asset we want to ‘marry’ but it is an asset we should be very happy to ‘date’ for now.

Meanwhile, the hard asset section of the stock market plunged today… gold, silver, commodities, shipping, stocks, bitcoin… they are all down. The dollar is much stronger against other paper currencies. Copper fell 20% this afternoon…

It’s revealing. It seems other investors feel the same discomfort I feel about holding cash and they have positioned themselves for lower interest rates, more stimulus and more debasement. But maybe we should appreciate cash more?

Regardless of emotions, it’s essential to hold cash and we’ll continue to keep a 40% allocation… and collect 4.25% from it (along with the other cash strategies we use to enhance our return. More on these below.)

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Monthly Strategy Report

July 2025

Vol. 4, Issue 7

Bombs fall on Iran. The president insults Jerome Powell. The government embraces crypto as a path to sell more bonds. Then they announce the third larg…

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June 2025 Vol. 4, Issue 6

By Tom Dyson

Shipping is set to begin using the Red Sea again.

The Houthis have promised – for now – not to attack passing ships any more. Evergreen and CMA-CGM, two of the world’s largest shipping lines, will probably be the first companies to use the route soon without navy escorts.

Others will watch, to make sure it’s safe. Then, after a while, things will go back to normal. The Suez route is too important to be closed. It was inevitable that traffic would return sooner or later…

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Monthly Strategy Report

May 2025 , Vol. 4, Issue 5

By Tom Dyson

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Monthly Strategy Report, Vol. 4, Issue 4

By Tom Dyson

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Vol. 4, Issue 3

Jaipur, India

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One outcome of the Israel-Hamas peace de…

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Chiswick, West London

By Tom Dyson, Investment Director

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Chiswick, West London

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Wednesday, October 30th, 2024

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Chiswick, West London

Once purchasing power is gone, it’s gone forever. 

Over the past five years, the CPI is up 23% and the PPI is up 25%. Truflation is up 25% since September 2019, and t…

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