Whatever ball Mr. Trump has his eye on, it ain’t the one that matters. In all the sound and fury of Trump’s executive orders and confrontations, there is scarcely any mention of the real challenge.
I was a lifelong Republican before becoming an Independent in 2016. I voted for Trump once(2020) in his 3 runs. I would never vote for any candidate put forth by the Democratic Party. So what to think of Trump, and how to gauge his second term after just 2+ weeks in office? Certainly he is no Milei, as some would wish, but America is not ready for a Milei at this stage. And the fiscal crisis? It was coming no matter what Trump did, or does. Could the sinking of the Titanic been made worse? Certainly. It could have happened more quickly. Trump in his second term is most certainly a disruptive influence both in America and on the world stage, much more so than in his first term when he seemed constantly back on his heels defending himself from attack. I believe he is a different man now, who wouldn’t be given what he has been through. And the world we found ourselves in in 2024 certainly needed disrupting - badly. It has been fascinating to watch the reactions and global genuflections(perhaps more apparent than real) of a second Trump term, something surprising and completely absent from his first term. The WEF speech, the questions from attendees afterward and the tone were simply gobsmacking. Was it real or fake? In my opinion there was never so much Student Body Right in so short a period of time. Again time will tell, but DEI, among other things, was killing the worlds corporations and institutions and they knew it. They too, were ready if not desperate for change, or so it would appear at this very early stage. Do I believe the globalists and deep staters have changed their stripes? Absolutely not. But they may have switched horses, something that bears close and careful watching. All this to say I cannot judge a Trump second term harshly after only two weeks. The headlines are dizzying. I do not trust many of them, however I am very happy that the alternative did not come true last November.
It seems you have hit the nail directly on the head. Better by far than Bill who appears to hate Trump. Of course he is a wind bag. He is however exactly what was needed to get rid of the incompetence of the prior ruling regime, the Covid lies, the DEI, the ESG and the debt. Of course he paints an optimistic future. You can't get elected professing austerity and every politician knows it but that is exactly what the world needs. Austerity should be grasped with a firm hand and with clearer thinking.
Of course Bill is right that you need some wealth to create a wealth fund. The US isn't much different than a family in my opinion. When you are in incredible debt you need to cut back, save and decide on a more frugal and reasonable route. Seems to me that tariffs at least propose some increasing work for Americans and a positive direction without saying you guys are gonna have to work your ass off and eat beans and potatoes for a decade. That would go over like a lead balloon on these pampered youngsters who have seen nothing but free money.
But I do think it is proper to remember we were directly faced with communism in America and Europe and we needed to have this beautiful panacea punctured before we could face reality. I must admit I'm enjoying the short retaliation against these liars and MMT fools. But obviously now we need to get down to work for a decade to make up for their MMT genius. That's humanity.
While I LOVE all the stories about what Trump, Musk, et al are doing, I am closely watching to see where the money we have frozen, curtailed or otherwise "saved" ends up going.
My gut feeling is that we will be pleasantly surprised when DJT begins using some of the recaptured loot to pay down the debt. I could easily be wrong (especially based on his lack of Thrift the first time around), but we shall see. Also, it is very good what Musk is exposing, but doesn't it take Congressional Action to ACTUALLY stop sending money to a particular department or agency? I'd love the posters here with any expertise to offer some much-needed clarification on these issues.
The times they are a'giddy - I figure we're at about the bottom of the 2nd. By the 7th inning stretch we should know for sure if Trump is as good for the USA as he seems to be so far. Meanwhile, enjoy your $15 beer and $9 hot dogs...
Mmm yes, we'll see what the surplus/deficit is. The US needs a surplus to pay down the debt and therein lies the problem. A reduced deficit in the first year would be a great indicator!
I agree with your assessment. Not sure why Bill hates Trump so much. It seems he hates whoever is in office. I guess it’s expedient. What is Bill’s big idea to solve the US debt crisis? Complaining won’t do it.
Interesting comment. I run a small company and on your DEI remarks I wholly agree. Employers already have plenty of non-discrimination regulation, as well as all the other regulation, we did not need anymore. I do not have a problem with any bodies self determination. I do have a problem if you think your any more special than the rest of us who know who we/what are or that you need a special set of rules to cater to you. That branch of more big government was not needed. Martin Luther King forged change that was desperately needed, I do not see the DEI movement as the same issue.
"Do I believe the globalists and deep staters have changed their stripes? Absolutely not. But they may have switched horses, something that bears close and careful watching."
So I must admit that I think Bill is right about Trump from an economic perspective. I also think we need some warning that these glossy ideas Trump is throwing out there aren't going to turn up all roses. I think Bill is saying don't invest cause it ain't gonna work. Trump isn't doing the best things. He is a dreamer not based in reality. I do think this is the only route, however for Trump. We are trying to retain our savings and avoid the big loss. Thanks, Bill for that direction although it is distasteful after listening to lies for 40 years. Trump is a hero to me and a gift from God.
Dan, I hold only HAFN, SRUUF and a small dose. But I'm buying gold for what is obvious, the coming inflation / deflation quandary and retention of savings and avoidance of the big loss or at least minimized loss. I of course wish I had more hold in hand money but there are risks for that for me. So I'm already limited in that respect. Trump has been a stock promoter. I don't expect that to end. He made his money during this MMT nightmare (that's my opinion). I don't expect he is gonna change on a dime. But he sure as hell defeated the communists. It was such a pleasure to see him kick some ass and to see society to get realistic.
As this facade of wealth fades away I suspect there will be a giant move toward gold i.e. the only long term wealth, or money as JP Morgan said. I think credit will be the next card laid and it won't be pretty. I only play GBTC for momentum gains and then I'm out again. But you can't eat money so I have a significant stash of beans, gas and wood and I live next to the largest potato fields in America and since I'm retired I'm thinking deflation won't be all that bad for me. It is all positive right now on the political stage, with Trump, but my limited eyesight sees credit failing miserably and a gradual facing of reality in the economic world for America and everyone else in the western world. I'm ready for it but worried about the results for my kids. Hey that's the civilized foolish world in my view.
I've read all the way to the bottom of 61 comments and treasured the significant rapprochment here, and the candor. Thank you all, friends.
I bear Pres. Trump no ill will; he's in the right place at the right time. I wish he could engineer MAGA, but I'm investing in Max. Safety Mode because he is completely outgunned and the majority in North America continually vote for somebody else, including their own children, to pay their bills.
Atlas shrugs, not because s/he doesn't care, but because it's the only way to be ready to help lift the problem solving peace makers out of the rubble.
That's how it looks from the rock this frog is sitting on.
Great post Brien. When I see DOGE has set its sights on reducing waste at the Pentagon though I might begin to have more faith, but in the meantime, the targets they have lined up look a bit too much like low-hanging fruit to me. Got to start somewhere, I guess, and like you say the US isn't ready for a Milei, so be thankful for small mercies
I am a couple of years older than Bill living in the UK for most of my life. I have followed his financial advice for at least 20 years. Personally, although I often do not quite agree with his views I would not want him to stop commenting and very much enjoy the personal story that he and his colleagues give us every week. I was a dentist and therefore always appreciated the wonderful properties that gold has - never corrodes, fairly low melting point and easy to work with. Sill, in my view the best and longest lasting material with which to restore teeth. So I have always owned some gold. And Bill has encouraged me over the years to continue to invest in more. For that I would thank him and I do not agree with those who want him to stop posting on his own site.
The prudence of owning gold is not rocket surgery. Neither is it brain science. The reason for owning gold is self evident. It's a timeless store of wealth.
A sovereign wealth fund? Filled with what, govt bonds? (Get the joke?)
Or will govt buy stocks on the stock market? Well, that already happens, except it's in the form of Members of Congress and govt bigwigs engaging in insider trading; Nancy Pelosi being the poster girl for that. So under this proposal, we'll have Uncle Sam picking winners & losers -- mostly losers -- instead of Aunt Nancy.
I'm okay w refilling the strategic petroleum reserve. Preferably, w oil high in long-chain hydrocarbon molecules that can be converted into diesel & jet fuel, etc. Not that light stuff that we get from fracking, which is poor feedstock for refineries and requires blending w Canadian heavy, if not Venezuelan.
And govt stockpiles of metal are good, too... Aerospace-grade stuff, for use in event of war. Except some future politician will sell it all off to the cronies.
Best sovereign wealth fund is gold & silver in the safes and strong-boxes of the citizens.
You seem to be pretty knowledgeable. Do you happen to know of a service that specializes in GOLD/Resource miners? I'd like to juice my Gold returns by allocating 5-10% of my portfolio to. Any thoughts would greatly be appreciated.
I was trying to be sneaky and see if Byron King would respond. A Byron King does have a newsletter service (of which I do not subscribe) and was curious if he was the same. It would be a "plus" in my mind if I subscribe to a service that follows Bonner. I'll check out Rickards. Thanks!
I would recommend Mr King over James Rickards. I am a subscriber of his and although his understanding of Macro economics and currencies is wonderful, I would leave the choice of mining companies to experts like Louis James ( Lobo Tiggre) or Mr. King. I subscribe to Louis James' My Take and it is truly excellent and worth the very cheap annual fee.
Thanks Linda! I checked out "My Take" site and was wondering if you could help me before I spend $500. How many open/actionable positions are currently showing?
Hi Brian, What he gives you is an Index of almost every significant mining company in the world , with a summary of their current financials, and their mining and political risks if any, and likely successes. He then rates it as a Buy (Thumbs Up) or a Hold or Sell (Thumbs Down) He does not give you a fixed Portfolio, as he does in Independent Speculator, but gives you all the information you need to create your own portfolio and make your own choices. I can give you a short Example, if Lobo does not mind, : Alamos Gold Takes
Updated Story
Since our last update, Alamos has released an internal economic study on its Puerto Del Aire (PDA) project in Mexico, a high-grade underground deposit adjacent to its Mulatos open-pit mine. The study indicates that PDA is expected to triple the mine’s life, extending production through 2035. Highlights at $1,950 gold include:
After-tax, 5%-discounted net present value: US$269 million ($492 million at $2,500 gold).
Average annual production: 104,000 ounces at 5.6 g/t.
All-in sustaining cost (AISC): $1,003/oz.
Payback: 2.0 years.
Alamos also reported its Q3 financials, including:
Revenue: $360.9 million ($332.6 million in Q2).
Net income: $84.5 million ($70.1 million).
Free cash flow: $87.5 million ($106.9 million).
Record gold production: 152,000 ounces (139,100 ounces).
AISC: $1,425/oz. (up from $1,096 due to higher costs from the Magino operation).
Cash and equivalents: $291.6 million.
Looking ahead, Alamos projects gold production of 575,000–625,000 ounces in 2025, and 630,000–680,000 ounces in 2026.
Updated Take
The economic study for PDA looks solid. The report is based on internal work for what’s essentially a mine extension. It should easily be funded through free cash flow. The work is progressing and adding momentum to the story.
Alamos remains profitable, with Q3 being the first full quarter to include Magino production. Management isn’t concerned about the increased costs at that mine, though I see the increase as a warning sign. It’s something to watch for in the coming quarters.
Overall, the company’s performance remains strong, and my thumbs remain up.
I saw stock piles of raw metals at a DLA site back in the mid 70's. Driving along a road behind buildings they would all be placarded. They were strategic war reserve and they all were sold off eventually.
So I don't know if US Govt. has any of that anymore.
Look at all the activity below. Bill starts every day off with some Trump name calling, derogatory remarks, and telling us that everything that Trump says is a lie. We just got through 4 years of the biggest lie that ever took place in this country. If you want more lies, listen to network media. I believe in looking around. I see smiles on faces, and confidence in trying to move forward from that hologram that set this country back 20 years. As you have said, the primary trend is going to go where it wants. At least we have somebody in the White House that loves America, wants to end wars, and is exposing the waste that has been taking place for over 50 years.
Everything you wrote is spot-on. In addition, Bonner has criticized Trump more in the first two weeks than he did Biden for four years. Even when Biden was president, Bonner was criticizing Trump.
It certainly isn't rocket science. It is so simple society seems to want something more complex that they can't understand and let politicians control it.
Not rocket science but extremely painful. I just hope that Congress (GOP) doesn’t fight him when the pain gets intense with social security, military retirement, federal retirement, medicare, etc.
Trump made some alarming pronouncements on Gaza. He might even mean them. If he does, he wants to complete a total genocide that began when European Zionist began moving back to Palestine, especially after the Holocaust. They were, by this time, hardened, ruthless, terrorists armed with the belief they were doing God’s will. Staunch Evangelicals and even rationalizing Catholics, in America, enforced the lie.
What God do they believe in? What God does Bill believe in?
I watched a video “Rocket News” (There is other information) Trump signing declarations and appointments with a forty minute running dialogue. The man is a genius.
It is a ludicrous statement that the US has no sovereign wealth that it can exploit since it owns 60% of the continental US and Alaska and holdings throughout the world.
On “MartyrMade”, he states Trump might be the only Empire to negotiate its demise on its own terms.
USAID is a devastating blow aimed at the CIA.
The main thrust of MAGA has to be an end to the warfare state and Trump emphatically states that.
I don’t know if he can pull it off; you have to cut the head off the evil snake and burn it or it will resurrect itself.
I love Trump; we actually have a president! He is one of a kind and needed.
"It is a ludicrous statement that the US has no sovereign wealth that it can exploit since it owns 60% of the continental US and Alaska and holdings throughout the world."
That was the first thing that went through my mind when I read Bill's inane statement...
Don't we supposedly have the world's largest gold hoard (infamous Fort Knox Depository) and various other locations? That doesn't count as "sovereign wealth"? If not, then why is the Bonner Portfolio founded on gold? Perhaps Mr. Bonner means that we, the USA, don't have more cash in the bank than we have obligations? Puzzling, interesting, and a little disconcerting. Best always. PM
Thank you for adding this consideration. I have seen it theorized that when crunch time comes, gold will be revalued to even it out. I am not convinced we even have the gold, but one never knows. A time may come when "we" say we don't have the debt, either. There's no real way to know how it plays out. Many thanks and best always. PM
Hi Dan, I've been accumulating GOLD and BTC for a little over 5 years. Really ramped up in 2024. I buy whenever my wife lets me :-). BTC is in a hard wallet and most Gold on paper (PHYZ and BAR). I only wish I had more physical. I follow the BOLD strategy with one of my retirement accounts (thanks for turning me on to that strategy Dan!). I won't think of selling until DOW/GOLD ratio approaches 5. And then execute when Tom gives the green light.
I get it—you don’t like Trump. We all have our hobbies. But your daily diatribes are starting to feel like Groundhog Day with a thesaurus. Maybe it’s time to explore other compelling topics—science, history, the mating habits of penguins—anything to mix it up a little?"
Hi Dan, I have been accumulating gold as Maple Leaf coins since 2012, but am not adding at these recent levels. My holdings are up 220% I am at 20%of my investment portfolio. I am continuing to buy silver as PSLV the Sprott fund, instead of adding silver maple leafs , which I believe is still underpriced. I would only sell a portion if there is a very significant market decline, which would affect the Dow to Gold ratio. However, if inflation surges, and with it mortgage rates, I might have to take a portion to clear the small mortgage left on our house and summer cottage.
Am I buying or selling at these prices? Holding what I bought at half to two thirds the price mostly, buying more as and when I have genuinely spare funds. I believe that the price has a good deal more climbing in it yet..
Good grief Bill. Give the Sturm und Drang a rest for a week or two. He's firing thousands of federal employees who haven't taken his get out of jail free deal, he's pushing eliminating the Department of Education, he's shut down USAID and a host of other cost saving measures, DOGE is coming online and becoming effective and that's just the first two weeks. How bout you give him a chance to do more?
Don't like the pace of things? Why didn't you run for POTUS?
Yup. DJT/Musk are doing all the things Bill has harped about for YEARS. Yet today's jealous drivel is now our standard fare at BPR. It's beyond obvious that the issue is some sort of personal butt-hurt with Bonner when it comes to Trump...
There is no better store of wealth, than something you can touch that has inherent value. And use in trade for something you can eat, or use in staying alive.
Lies? The world has been built up, empires created and subsequently tore down because of them. We must always be vigilant for them, as their weilding can sometimes, nay oftentimes, hack off figurative and literal limbs that we still need in order to survive another day.
In that light, I just wanted to apologize for my "reply" tirade a few days ago, as I used AI as an editing tool at first, and then as a WME (Weapon of Mass Editing) on my fellow BPR readers. It was an uncalled for experiment. I humbly apologize.
Well . Luke I have to agree with You that ai is a tool in the tool box, This tool can turn Your brain into mush, Your independent thinking is the best tool.
Well, that explains a lot and you definitely did yourself "good" for posting this. I do think you give ChatGPT too much credit for the quality of the posts. It can generate a lot of words but it was a mixed bag at best. Not that, as I scanned your posts the other day, I didn't find myself agreeing with some of your points. But like Bonner himself, a good point is always followed by a bad or out-of-context point, usually due to the fact that he focuses on one narrow aspect of what is going on and ignoring everything else that is relevant as well. And, by the way, not that Trump isn't a mixed bag himself.
You might consider making your own independent comments without replying to other posts even if you are, in a general sense without naming names, replying to other comments. I rarely, if ever, reply to a post I don't like. I'll reply to a post I do like instead or to someone replying to me. Just a thought.
I usually leave opinions that I side with a little "like." It's the other ones that sometimes beg for a rebuttal.
Alas, life is too short to be arguing all the time. But when I have a spare moment, its a wonderful sport. Not to mention, oftentimes, a great learning experience.
Kudos on your substack post - it affected me on many different levels. As I once briefly mentioned here, I have devoted my heart, soul and bank account to creating an Agent AI-driven website over the last few months (coincidentally, to make everything more efficient it too relies heavily on the recent advancements in the world of Digital Graphic Arts.) Your words have definitely benefited me in an immediate sense, and opened my mind up to slight changes in direction moving forward with my work. Thanks for posting the link and I would recommend anyone reading this take a few minutes to review and digest what Lucas wrote...
We will be having a lot of those AHA and OH SHIT moments in the days to come. As robots and AI blend together to give us our promised tireless workforce. As long as they can find a power source to suck on every few hours, I suppose.
No need to apologize in my opinion. This has been a long ugly road but the commies have been defeated. Now we have to figure out how to move toward normal free life.
Really. Though as I wrote, it wasn't one of my "best moments." Lesson learned.
As for AI, I use it like the old cartoon B.C's "GURU" at the top of the mountain. For instance, I haven't played with Photoshop in 24 years, and after downloading the latest BETA version, anything I didn't know, I simply asked ChatGPT. It handheld me the entire way.
Well, most of the way.
I still love to fiddle and try things on my own. But everything else, straight to AI to find the answer.
Now it does make mistakes. I try to verify everything it says, but that is sometimes an impossible task. But I've caught it goofing up, a number of times. It just responds
"You're right. Let me rephrase that last answer..."
That GURU on the mountain used to be Google (which I hardly EVER use now other than for email and picture storage), which would show you multiple paths to take and off you went, vetting the website, and the information therein only to spend an inordinate amount of time trying to find that small, critical piece of information that seems like only a handful of people on the planet might know. With AI, its usually just a few sentences away.
Well structured sentences, I might add. Poor ones take you down these other rabbit holes, that can take you days to get out of.
For those that are interested and have a few spare days, Anthropic is running a bounty where you try to RED TEAM their demo website and get it to spill the beans. $10,000 if you can get it to answer all 8 questions. $20,000 if you can find a universal jailbreak.
I think you workers at Bonner, try to do good work, but you need to tell Bill, to go away. He does not have any good to offer, opinions or self. Strick him gone.
Re Dan's question re Gold - I've bought as much as I can already....unless the margin clerks call in loans during the next stock crisis. Then I'll buy the dip, if I can desperately scrape some more fiat up to swap for real money.
Trump - I don't like him at all; but maybe he was necessary, like castor oil.
I was a lifelong Republican before becoming an Independent in 2016. I voted for Trump once(2020) in his 3 runs. I would never vote for any candidate put forth by the Democratic Party. So what to think of Trump, and how to gauge his second term after just 2+ weeks in office? Certainly he is no Milei, as some would wish, but America is not ready for a Milei at this stage. And the fiscal crisis? It was coming no matter what Trump did, or does. Could the sinking of the Titanic been made worse? Certainly. It could have happened more quickly. Trump in his second term is most certainly a disruptive influence both in America and on the world stage, much more so than in his first term when he seemed constantly back on his heels defending himself from attack. I believe he is a different man now, who wouldn’t be given what he has been through. And the world we found ourselves in in 2024 certainly needed disrupting - badly. It has been fascinating to watch the reactions and global genuflections(perhaps more apparent than real) of a second Trump term, something surprising and completely absent from his first term. The WEF speech, the questions from attendees afterward and the tone were simply gobsmacking. Was it real or fake? In my opinion there was never so much Student Body Right in so short a period of time. Again time will tell, but DEI, among other things, was killing the worlds corporations and institutions and they knew it. They too, were ready if not desperate for change, or so it would appear at this very early stage. Do I believe the globalists and deep staters have changed their stripes? Absolutely not. But they may have switched horses, something that bears close and careful watching. All this to say I cannot judge a Trump second term harshly after only two weeks. The headlines are dizzying. I do not trust many of them, however I am very happy that the alternative did not come true last November.
Brien,
It seems you have hit the nail directly on the head. Better by far than Bill who appears to hate Trump. Of course he is a wind bag. He is however exactly what was needed to get rid of the incompetence of the prior ruling regime, the Covid lies, the DEI, the ESG and the debt. Of course he paints an optimistic future. You can't get elected professing austerity and every politician knows it but that is exactly what the world needs. Austerity should be grasped with a firm hand and with clearer thinking.
Of course Bill is right that you need some wealth to create a wealth fund. The US isn't much different than a family in my opinion. When you are in incredible debt you need to cut back, save and decide on a more frugal and reasonable route. Seems to me that tariffs at least propose some increasing work for Americans and a positive direction without saying you guys are gonna have to work your ass off and eat beans and potatoes for a decade. That would go over like a lead balloon on these pampered youngsters who have seen nothing but free money.
But I do think it is proper to remember we were directly faced with communism in America and Europe and we needed to have this beautiful panacea punctured before we could face reality. I must admit I'm enjoying the short retaliation against these liars and MMT fools. But obviously now we need to get down to work for a decade to make up for their MMT genius. That's humanity.
While I LOVE all the stories about what Trump, Musk, et al are doing, I am closely watching to see where the money we have frozen, curtailed or otherwise "saved" ends up going.
My gut feeling is that we will be pleasantly surprised when DJT begins using some of the recaptured loot to pay down the debt. I could easily be wrong (especially based on his lack of Thrift the first time around), but we shall see. Also, it is very good what Musk is exposing, but doesn't it take Congressional Action to ACTUALLY stop sending money to a particular department or agency? I'd love the posters here with any expertise to offer some much-needed clarification on these issues.
The times they are a'giddy - I figure we're at about the bottom of the 2nd. By the 7th inning stretch we should know for sure if Trump is as good for the USA as he seems to be so far. Meanwhile, enjoy your $15 beer and $9 hot dogs...
Mmm yes, we'll see what the surplus/deficit is. The US needs a surplus to pay down the debt and therein lies the problem. A reduced deficit in the first year would be a great indicator!
I agree with your assessment. Not sure why Bill hates Trump so much. It seems he hates whoever is in office. I guess it’s expedient. What is Bill’s big idea to solve the US debt crisis? Complaining won’t do it.
been saying this for the last year, he has zero solutions, just rhetoric.
Interesting comment. I run a small company and on your DEI remarks I wholly agree. Employers already have plenty of non-discrimination regulation, as well as all the other regulation, we did not need anymore. I do not have a problem with any bodies self determination. I do have a problem if you think your any more special than the rest of us who know who we/what are or that you need a special set of rules to cater to you. That branch of more big government was not needed. Martin Luther King forged change that was desperately needed, I do not see the DEI movement as the same issue.
"Do I believe the globalists and deep staters have changed their stripes? Absolutely not. But they may have switched horses, something that bears close and careful watching."
Nailed it, Brien. All told a GREAT post, sir...
So I must admit that I think Bill is right about Trump from an economic perspective. I also think we need some warning that these glossy ideas Trump is throwing out there aren't going to turn up all roses. I think Bill is saying don't invest cause it ain't gonna work. Trump isn't doing the best things. He is a dreamer not based in reality. I do think this is the only route, however for Trump. We are trying to retain our savings and avoid the big loss. Thanks, Bill for that direction although it is distasteful after listening to lies for 40 years. Trump is a hero to me and a gift from God.
Dan, I hold only HAFN, SRUUF and a small dose. But I'm buying gold for what is obvious, the coming inflation / deflation quandary and retention of savings and avoidance of the big loss or at least minimized loss. I of course wish I had more hold in hand money but there are risks for that for me. So I'm already limited in that respect. Trump has been a stock promoter. I don't expect that to end. He made his money during this MMT nightmare (that's my opinion). I don't expect he is gonna change on a dime. But he sure as hell defeated the communists. It was such a pleasure to see him kick some ass and to see society to get realistic.
As this facade of wealth fades away I suspect there will be a giant move toward gold i.e. the only long term wealth, or money as JP Morgan said. I think credit will be the next card laid and it won't be pretty. I only play GBTC for momentum gains and then I'm out again. But you can't eat money so I have a significant stash of beans, gas and wood and I live next to the largest potato fields in America and since I'm retired I'm thinking deflation won't be all that bad for me. It is all positive right now on the political stage, with Trump, but my limited eyesight sees credit failing miserably and a gradual facing of reality in the economic world for America and everyone else in the western world. I'm ready for it but worried about the results for my kids. Hey that's the civilized foolish world in my view.
1) Ivanka Trump was recruited to the WEF'S Young Global Leaders. I still find this worrisome in context.
2) I see no apology for OWS or indication that President Trump understands that he was snookered on that "Deal." Hasn't anybody told him?
3) I very much agree with your last sentence, but I live in a country 95% afflicted with TDS.
I've read all the way to the bottom of 61 comments and treasured the significant rapprochment here, and the candor. Thank you all, friends.
I bear Pres. Trump no ill will; he's in the right place at the right time. I wish he could engineer MAGA, but I'm investing in Max. Safety Mode because he is completely outgunned and the majority in North America continually vote for somebody else, including their own children, to pay their bills.
Atlas shrugs, not because s/he doesn't care, but because it's the only way to be ready to help lift the problem solving peace makers out of the rubble.
That's how it looks from the rock this frog is sitting on.
God bless us, every one.
Great post Brien. When I see DOGE has set its sights on reducing waste at the Pentagon though I might begin to have more faith, but in the meantime, the targets they have lined up look a bit too much like low-hanging fruit to me. Got to start somewhere, I guess, and like you say the US isn't ready for a Milei, so be thankful for small mercies
excellent prose, Bill maybe learn from this... right!
I am a couple of years older than Bill living in the UK for most of my life. I have followed his financial advice for at least 20 years. Personally, although I often do not quite agree with his views I would not want him to stop commenting and very much enjoy the personal story that he and his colleagues give us every week. I was a dentist and therefore always appreciated the wonderful properties that gold has - never corrodes, fairly low melting point and easy to work with. Sill, in my view the best and longest lasting material with which to restore teeth. So I have always owned some gold. And Bill has encouraged me over the years to continue to invest in more. For that I would thank him and I do not agree with those who want him to stop posting on his own site.
The prudence of owning gold is not rocket surgery. Neither is it brain science. The reason for owning gold is self evident. It's a timeless store of wealth.
A sovereign wealth fund? Filled with what, govt bonds? (Get the joke?)
Or will govt buy stocks on the stock market? Well, that already happens, except it's in the form of Members of Congress and govt bigwigs engaging in insider trading; Nancy Pelosi being the poster girl for that. So under this proposal, we'll have Uncle Sam picking winners & losers -- mostly losers -- instead of Aunt Nancy.
I'm okay w refilling the strategic petroleum reserve. Preferably, w oil high in long-chain hydrocarbon molecules that can be converted into diesel & jet fuel, etc. Not that light stuff that we get from fracking, which is poor feedstock for refineries and requires blending w Canadian heavy, if not Venezuelan.
And govt stockpiles of metal are good, too... Aerospace-grade stuff, for use in event of war. Except some future politician will sell it all off to the cronies.
Best sovereign wealth fund is gold & silver in the safes and strong-boxes of the citizens.
Add some Lead to those strong-boxes...
You seem to be pretty knowledgeable. Do you happen to know of a service that specializes in GOLD/Resource miners? I'd like to juice my Gold returns by allocating 5-10% of my portfolio to. Any thoughts would greatly be appreciated.
I. Have Jim Rickards Strategic Intelligence newsletter and his portfolio is filled with different miners.
I was trying to be sneaky and see if Byron King would respond. A Byron King does have a newsletter service (of which I do not subscribe) and was curious if he was the same. It would be a "plus" in my mind if I subscribe to a service that follows Bonner. I'll check out Rickards. Thanks!
I would recommend Mr King over James Rickards. I am a subscriber of his and although his understanding of Macro economics and currencies is wonderful, I would leave the choice of mining companies to experts like Louis James ( Lobo Tiggre) or Mr. King. I subscribe to Louis James' My Take and it is truly excellent and worth the very cheap annual fee.
Thanks Linda! I checked out "My Take" site and was wondering if you could help me before I spend $500. How many open/actionable positions are currently showing?
Hi Brian, What he gives you is an Index of almost every significant mining company in the world , with a summary of their current financials, and their mining and political risks if any, and likely successes. He then rates it as a Buy (Thumbs Up) or a Hold or Sell (Thumbs Down) He does not give you a fixed Portfolio, as he does in Independent Speculator, but gives you all the information you need to create your own portfolio and make your own choices. I can give you a short Example, if Lobo does not mind, : Alamos Gold Takes
Updated Story
Since our last update, Alamos has released an internal economic study on its Puerto Del Aire (PDA) project in Mexico, a high-grade underground deposit adjacent to its Mulatos open-pit mine. The study indicates that PDA is expected to triple the mine’s life, extending production through 2035. Highlights at $1,950 gold include:
After-tax, 5%-discounted net present value: US$269 million ($492 million at $2,500 gold).
Internal rate of return: 46% (73%).
Initial capex: $165 million, leveraging existing infrastructure.
Average annual production: 104,000 ounces at 5.6 g/t.
All-in sustaining cost (AISC): $1,003/oz.
Payback: 2.0 years.
Alamos also reported its Q3 financials, including:
Revenue: $360.9 million ($332.6 million in Q2).
Net income: $84.5 million ($70.1 million).
Free cash flow: $87.5 million ($106.9 million).
Record gold production: 152,000 ounces (139,100 ounces).
AISC: $1,425/oz. (up from $1,096 due to higher costs from the Magino operation).
Cash and equivalents: $291.6 million.
Looking ahead, Alamos projects gold production of 575,000–625,000 ounces in 2025, and 630,000–680,000 ounces in 2026.
Updated Take
The economic study for PDA looks solid. The report is based on internal work for what’s essentially a mine extension. It should easily be funded through free cash flow. The work is progressing and adding momentum to the story.
Alamos remains profitable, with Q3 being the first full quarter to include Magino production. Management isn’t concerned about the increased costs at that mine, though I see the increase as a warning sign. It’s something to watch for in the coming quarters.
Overall, the company’s performance remains strong, and my thumbs remain up.
Cast an eye to Franco-Nevada Corp (FNV).
I bought 2 months ago. I like getting recommendations that confirm my bias (don't we all?). Thanks!
Great minds think alike. Lol
I've only had a great mind for a couple months. how long does it last? :-)
HaHa. I'm hoping a "Flowers for Algernon" situation for either of us is not forming..
I saw stock piles of raw metals at a DLA site back in the mid 70's. Driving along a road behind buildings they would all be placarded. They were strategic war reserve and they all were sold off eventually.
So I don't know if US Govt. has any of that anymore.
Look at all the activity below. Bill starts every day off with some Trump name calling, derogatory remarks, and telling us that everything that Trump says is a lie. We just got through 4 years of the biggest lie that ever took place in this country. If you want more lies, listen to network media. I believe in looking around. I see smiles on faces, and confidence in trying to move forward from that hologram that set this country back 20 years. As you have said, the primary trend is going to go where it wants. At least we have somebody in the White House that loves America, wants to end wars, and is exposing the waste that has been taking place for over 50 years.
Everything you wrote is spot-on. In addition, Bonner has criticized Trump more in the first two weeks than he did Biden for four years. Even when Biden was president, Bonner was criticizing Trump.
Pure nonsense! PHN
The fact that your irrational Hatred blinds you guarantees your moronic ideas will continue to lose.
And that's a beautiful thing...
U talkin to me Stary ? If so ,wish U would make sense. PHN
Feel good metals for security are okay. Our only hope is that Trump can truly shrink the size of our Federal Government.
Do we really need a Dept of Commerce?
Or a Dept of Education?
Are we so adept that we need a department of commerce to tell us how to create businesses or a duplication of education efforts at the state level?
And why are we borrowing 1-2 trillion per year?
Needless to say, it’s time to live within our means. If tax receipts are 3-4 trillion, then that’s all you get to spend.
It’s not rocket science!
It certainly isn't rocket science. It is so simple society seems to want something more complex that they can't understand and let politicians control it.
Not rocket science but extremely painful. I just hope that Congress (GOP) doesn’t fight him when the pain gets intense with social security, military retirement, federal retirement, medicare, etc.
Trump made some alarming pronouncements on Gaza. He might even mean them. If he does, he wants to complete a total genocide that began when European Zionist began moving back to Palestine, especially after the Holocaust. They were, by this time, hardened, ruthless, terrorists armed with the belief they were doing God’s will. Staunch Evangelicals and even rationalizing Catholics, in America, enforced the lie.
What God do they believe in? What God does Bill believe in?
I watched a video “Rocket News” (There is other information) Trump signing declarations and appointments with a forty minute running dialogue. The man is a genius.
It is a ludicrous statement that the US has no sovereign wealth that it can exploit since it owns 60% of the continental US and Alaska and holdings throughout the world.
On “MartyrMade”, he states Trump might be the only Empire to negotiate its demise on its own terms.
USAID is a devastating blow aimed at the CIA.
The main thrust of MAGA has to be an end to the warfare state and Trump emphatically states that.
I don’t know if he can pull it off; you have to cut the head off the evil snake and burn it or it will resurrect itself.
I love Trump; we actually have a president! He is one of a kind and needed.
"It is a ludicrous statement that the US has no sovereign wealth that it can exploit since it owns 60% of the continental US and Alaska and holdings throughout the world."
That was the first thing that went through my mind when I read Bill's inane statement...
Don't we supposedly have the world's largest gold hoard (infamous Fort Knox Depository) and various other locations? That doesn't count as "sovereign wealth"? If not, then why is the Bonner Portfolio founded on gold? Perhaps Mr. Bonner means that we, the USA, don't have more cash in the bank than we have obligations? Puzzling, interesting, and a little disconcerting. Best always. PM
It's value is no where near our debt.
Thank you for adding this consideration. I have seen it theorized that when crunch time comes, gold will be revalued to even it out. I am not convinced we even have the gold, but one never knows. A time may come when "we" say we don't have the debt, either. There's no real way to know how it plays out. Many thanks and best always. PM
If that were to happen a lot of Gold owners will be whooping it up. I agree with your reply, thanks.
Hi Dan, I've been accumulating GOLD and BTC for a little over 5 years. Really ramped up in 2024. I buy whenever my wife lets me :-). BTC is in a hard wallet and most Gold on paper (PHYZ and BAR). I only wish I had more physical. I follow the BOLD strategy with one of my retirement accounts (thanks for turning me on to that strategy Dan!). I won't think of selling until DOW/GOLD ratio approaches 5. And then execute when Tom gives the green light.
I get it—you don’t like Trump. We all have our hobbies. But your daily diatribes are starting to feel like Groundhog Day with a thesaurus. Maybe it’s time to explore other compelling topics—science, history, the mating habits of penguins—anything to mix it up a little?"
LOL!! Great post..."Groundhog Day with a thesaurus" - precious! Not to mention the penguins!!!!!
"We’re in it for what we can get out of it. And now, the whole world knows it."
Hallelujah! Trump has finally put us on the same footing as every other Nation. Well done!!
PS - "Almost everything he says is a lie,r a mistake, or plain nonsense. "
Oh FFS, Bill. Give it a rest.
PPS - HODLING for now, Dan...
Hi Dan, I have been accumulating gold as Maple Leaf coins since 2012, but am not adding at these recent levels. My holdings are up 220% I am at 20%of my investment portfolio. I am continuing to buy silver as PSLV the Sprott fund, instead of adding silver maple leafs , which I believe is still underpriced. I would only sell a portion if there is a very significant market decline, which would affect the Dow to Gold ratio. However, if inflation surges, and with it mortgage rates, I might have to take a portion to clear the small mortgage left on our house and summer cottage.
Am I buying or selling at these prices? Holding what I bought at half to two thirds the price mostly, buying more as and when I have genuinely spare funds. I believe that the price has a good deal more climbing in it yet..
Good grief Bill. Give the Sturm und Drang a rest for a week or two. He's firing thousands of federal employees who haven't taken his get out of jail free deal, he's pushing eliminating the Department of Education, he's shut down USAID and a host of other cost saving measures, DOGE is coming online and becoming effective and that's just the first two weeks. How bout you give him a chance to do more?
Don't like the pace of things? Why didn't you run for POTUS?
Yup. DJT/Musk are doing all the things Bill has harped about for YEARS. Yet today's jealous drivel is now our standard fare at BPR. It's beyond obvious that the issue is some sort of personal butt-hurt with Bonner when it comes to Trump...
There is no better store of wealth, than something you can touch that has inherent value. And use in trade for something you can eat, or use in staying alive.
Lies? The world has been built up, empires created and subsequently tore down because of them. We must always be vigilant for them, as their weilding can sometimes, nay oftentimes, hack off figurative and literal limbs that we still need in order to survive another day.
In that light, I just wanted to apologize for my "reply" tirade a few days ago, as I used AI as an editing tool at first, and then as a WME (Weapon of Mass Editing) on my fellow BPR readers. It was an uncalled for experiment. I humbly apologize.
More on what transpired that day, below.
https://lucaskandia.substack.com/p/how-not-to-use-ai
Well . Luke I have to agree with You that ai is a tool in the tool box, This tool can turn Your brain into mush, Your independent thinking is the best tool.
Well, that explains a lot and you definitely did yourself "good" for posting this. I do think you give ChatGPT too much credit for the quality of the posts. It can generate a lot of words but it was a mixed bag at best. Not that, as I scanned your posts the other day, I didn't find myself agreeing with some of your points. But like Bonner himself, a good point is always followed by a bad or out-of-context point, usually due to the fact that he focuses on one narrow aspect of what is going on and ignoring everything else that is relevant as well. And, by the way, not that Trump isn't a mixed bag himself.
You might consider making your own independent comments without replying to other posts even if you are, in a general sense without naming names, replying to other comments. I rarely, if ever, reply to a post I don't like. I'll reply to a post I do like instead or to someone replying to me. Just a thought.
I usually leave opinions that I side with a little "like." It's the other ones that sometimes beg for a rebuttal.
Alas, life is too short to be arguing all the time. But when I have a spare moment, its a wonderful sport. Not to mention, oftentimes, a great learning experience.
... "it's a wonderful sport." Thanks, Lucas, for the admission. I'll keep that in mind.
Thank you, Lucas. Apology completely accepted.
Kudos on your substack post - it affected me on many different levels. As I once briefly mentioned here, I have devoted my heart, soul and bank account to creating an Agent AI-driven website over the last few months (coincidentally, to make everything more efficient it too relies heavily on the recent advancements in the world of Digital Graphic Arts.) Your words have definitely benefited me in an immediate sense, and opened my mind up to slight changes in direction moving forward with my work. Thanks for posting the link and I would recommend anyone reading this take a few minutes to review and digest what Lucas wrote...
The bot turned out to be much more sophisticated than I supposed. Why it even appears to have achieved a measure of self awareness. 😉
Crazy yes. I wasn't expecting a summary of my behavior like that, from up on high.
Thanks for that SE. I appreciate that.
We will be having a lot of those AHA and OH SHIT moments in the days to come. As robots and AI blend together to give us our promised tireless workforce. As long as they can find a power source to suck on every few hours, I suppose.
No need to apologize in my opinion. This has been a long ugly road but the commies have been defeated. Now we have to figure out how to move toward normal free life.
Yeah Lucas …i was kinda’ wondering why you were so hyped & going off yesterday! Ai… really?
Really. Though as I wrote, it wasn't one of my "best moments." Lesson learned.
As for AI, I use it like the old cartoon B.C's "GURU" at the top of the mountain. For instance, I haven't played with Photoshop in 24 years, and after downloading the latest BETA version, anything I didn't know, I simply asked ChatGPT. It handheld me the entire way.
Well, most of the way.
I still love to fiddle and try things on my own. But everything else, straight to AI to find the answer.
Now it does make mistakes. I try to verify everything it says, but that is sometimes an impossible task. But I've caught it goofing up, a number of times. It just responds
"You're right. Let me rephrase that last answer..."
That GURU on the mountain used to be Google (which I hardly EVER use now other than for email and picture storage), which would show you multiple paths to take and off you went, vetting the website, and the information therein only to spend an inordinate amount of time trying to find that small, critical piece of information that seems like only a handful of people on the planet might know. With AI, its usually just a few sentences away.
Well structured sentences, I might add. Poor ones take you down these other rabbit holes, that can take you days to get out of.
For those that are interested and have a few spare days, Anthropic is running a bounty where you try to RED TEAM their demo website and get it to spill the beans. $10,000 if you can get it to answer all 8 questions. $20,000 if you can find a universal jailbreak.
More info here:
https://www.anthropic.com/research/constitutional-classifiers
I think you workers at Bonner, try to do good work, but you need to tell Bill, to go away. He does not have any good to offer, opinions or self. Strick him gone.
RALPH W.
why in the world do you subscribe to Bonner? Do yourself a favor and read columnists with whom you agree.
Jim much agreed.
Thanks for the reminder that Woketards and Leftists don't have the monopoly on cancel culture :-)
He is frustrating after the long battle but we likely do need a constant reminder of fallaciousness.
Stick U gone !
Re Dan's question re Gold - I've bought as much as I can already....unless the margin clerks call in loans during the next stock crisis. Then I'll buy the dip, if I can desperately scrape some more fiat up to swap for real money.
Trump - I don't like him at all; but maybe he was necessary, like castor oil.
Oh, you yanks are so easily gaslit.
Bill doesn’t write to make us warm and fuzzy.
He writes to make us think.
And that he does. (Lambasting Biden was too easy and most of the readers here would love it. Conformation bias)