Alexander Deluce

Investor. Entrepreneur. Learner. Writer.

[Alexander Deluce @AlexDeluce]

Don't Underestimate the Power of the Underdog.

[Gold Telegraph ⚡ @GoldTelegraph]

CHINA'S LONG GAME: ENERGY, GOLD AND THE FUTURE OF GLOBAL COMMODITY TRADING

I've been following China's growing influence in global commodity markets for years, as many of you know, and an interesting story is developing that I believe deserves more attention.

To understand what is happening, let's go back to November 2022.

China's state-owned Sinopec signed a landmark 27-year agreement with QatarEnergy to purchase 4 million tonnes of liquefied natural gas annually.

The agreement was reportedly valued at approximately $60 billion, making it one of the largest LNG supply deals announced at the time.

Just weeks later, Chinese President Xi Jinping travelled to Saudi Arabia.

During that visit, Xi encouraged Gulf nations to use the Shanghai Petroleum and Natural Gas Exchange to conduct oil and gas trade in Chinese yuan.

This was an important development.

China was not simply securing long-term energy supplies. It was also encouraging its trading partners to conduct more commodity transactions in its own currency.

Then came March 2023.

China's CNOOC completed a landmark LNG transaction with France's TotalEnergies through the Shanghai exchange.

The shipment involved approximately 65,000 tonnes of LNG originating in the United Arab Emirates.

What made the transaction particularly interesting was that it was settled in Chinese yuan rather than U.S. dollars.

Later that year, China introduced export licensing restrictions on gallium and germanium, two strategically important metals used in semiconductor manufacturing.

These were separate developments, but together they highlighted how commodities were becoming increasingly important to China's economic security and international financial ambitions.

Now, fast forward to November 2026.

Abaxx Exchange, owned by a subsidiary of TSX-listed Abaxx Technologies, announced that it will launch its first offshore Chinese renminbi-denominated LNG futures contract on November 16.

The new contract will allow market participants to hedge international LNG prices in offshore Chinese yuan while remaining linked to a U.S. dollar-denominated physical LNG benchmark.

Why is this significant?

For decades, international energy trading has been built predominantly around U.S. dollar-denominated prices and financial contracts.

China, meanwhile, has spent years expanding its role in global energy markets while encouraging greater international use of the renminbi.

Abaxx is now introducing something that connects these two worlds.

Its new contract will allow international market participants to hedge LNG prices in offshore Chinese yuan through an exchange in Singapore.

But there is an important detail.

The contract is linked to Abaxx's existing physically deliverable North Pacific Asia LNG futures benchmark, which provides for LNG delivery at ports across China, Japan and South Korea.

In other words, Abaxx is creating a renminbi-denominated financial instrument connected to a physical international energy market.

That is an interesting development for a commodity that has historically been traded predominantly in U.S. dollars.

And it raises a larger question.

As China continues expanding its presence in international commodity markets, which exchanges and financial institutions will provide the infrastructure needed to connect those markets?

There is another interesting connection to gold.

Abaxx Exchange already operates physically deliverable gold futures in Singapore, with trading volume increasing significantly in recent months.

In October alone, its gold futures recorded nearly 600,000 contracts traded.

According to Abaxx CEO Josh Crumb, the exchange is also planning to introduce a Chinese yuan-denominated gold futures contract.

If launched, that would extend Abaxx's approach across two important commodity markets:

Gold and LNG.

Physical commodity benchmarks, financial futures and contracts denominated in both U.S. dollars and offshore Chinese renminbi.

These are different instruments, but together they illustrate how international commodity exchanges are developing more flexible ways to connect physical markets with financial trading.

There is another development worth mentioning.

On the same day as Abaxx's announcement, Singapore announced a new gold vaulting service for foreign central banks, with capacity for up to 500 tonnes of bullion.

The two initiatives are separate, but both reflect Singapore's growing ambitions as a global commodity and financial centre.

For decades, the U.S. dollar has dominated international energy and commodity trading.

That dominance remains firmly established.

But the system is not standing still.

Countries are reconsidering how they secure critical resources, which currencies they use in international trade and where they hold their monetary reserves.

Meanwhile, financial exchanges are developing new ways to trade, hedge and settle commodity exposure across different currencies.

I believe this is one of the more important developments to watch in the years ahead.

Because the future of global commodity markets will not be determined solely by who produces the LNG, oil, copper or gold.

It will also be influenced by who builds the financial infrastructure through which those commodities are priced, traded and settled.

Disclosure: I am a shareholder of Abaxx Technologies Inc. (TSX: ABXX). This is not financial advice.

[Gold Telegraph ⚡ @GoldTelegraph]

The $80,000 Gold Property That Changed Canadian Mining

One of the greatest mining turnarounds in Canadian history began with an abandoned gold property purchased for roughly $80,000.

In 2004, Sean Roosen and his partners at Osisko Mining saw an opportunity at Canadian Malartic in Quebec.

The mine had closed in 1965, and the property had passed through several owners, including Barrick Gold.

It was an old mining camp with decades of exploration history.

But Roosen, alongside geologists Robert Wares and John Burzynski, believed there was something much bigger beneath the surface.

What I find incredible about this story is how modest the operation was in those early days.

In 2005, Osisko's exploration team moved into the former mine manager's house.

They turned the garage into a core shack.

Just imagine that for a moment.

A small group of geologists working out of an old house, surrounded by drill core, geological maps and decades of historical records.

They were trying to understand something that previous operators had not fully recognized.

The gold had been there all along.

The question was whether it could be developed on a scale that would completely change the economics of the property.

Osisko began drilling in 2005.

By 2008, the company had outlined more than 6 million ounces of gold reserves.

But finding the gold was only part of the challenge.

Roosen and his team still had to convince investors to provide the enormous amount of capital needed to build a mine.

And they were doing this during a period that included the 2008 global financial crisis.

Ultimately, Osisko raised more than $1 billion to bring Canadian Malartic into production.

In April 2011, the mine poured its first gold.

Three years later, Agnico Eagle and Yamana Gold acquired Osisko in a transaction valued at C$4.1 billion.

I had the opportunity to spend time with Sean Roosen this summer, and in our discussions, I came to appreciate just how much this chapter of his career has stayed with him.

And rightfully so.

Think about the journey from an old mine manager's house and a garage full of drill core to building one of Canada's largest gold mines.

But what makes this story even more remarkable is that the value creation didn't stop there.

In a recent conversation with Sean Boyd, who helped lead Agnico Eagle through the 2014 acquisition of Canadian Malartic, we discussed the remarkable potential of the property.

Boyd explained that Agnico recognized underground potential beyond the existing open-pit operation.

What I found particularly interesting was that subsequent exploration revealed considerably more gold than even the company had originally anticipated.

That is an extraordinary second chapter to an already remarkable story.

A property acquired for roughly $80,000 helped lay the foundation for a multibillion-dollar mining company.

And even after that company was acquired for billions, further exploration continued to reveal value beneath the ground.

I think stories like this deserve more attention.

What has always fascinated me about mining is how much value can be sitting beneath our feet, sometimes for generations, before someone finally recognizes it.

Canadian Malartic is an excellent reminder that even in places explored for decades, there can still be massive opportunities waiting for the right people to see them.

When discoveries like this happen, they can change lives, create opportunities for entire communities and leave a lasting mark on a country's mining history.

And sometimes it all begins with a handful of geologists working out of an old house, logging drill core in the garage, convinced that everyone else has missed something.

Video: The Canadian Malartic Complex

[Gold Telegraph ⚡ @GoldTelegraph]

One of the great modern mining discovery stories.

In 2009, the Lundin Group’s NGEx Resources had a market capitalization of C$40 million.

From that original exploration company came Filo Mining, Josemaria Resources, and NGEx Minerals.

Together, these businesses would go on to represent billions of dollars in value.

In May 2021, Filo Mining announced a remarkable discovery hole at Filo del Sol in Argentina.

Hole FSDH041 intersected:

858 metres at 1.80% copper equivalent, including 163 metres at 5.43% copper equivalent.

The hole ended in mineralization at a depth of 1,046 metres.

Lukas Lundin described the drilling results as among the best intercepts of his career.

Three years later, BHP and Lundin Mining announced a deal valuing Filo alone at C$4.5 billion.

And that was just one of the companies that emerged from the original NGEx platform.

A remarkable case study in exploration, patience, and geological conviction.

[Gold Telegraph ⚡ @GoldTelegraph]

Last month, I explained why Hong Kong is central to China's gold ambitions.

Yesterday, Hong Kong unveiled plans to tokenise 400-ounce gold bars using its HAU price benchmark.

China isn't just buying gold.

It's building the financial system around it.

[Gold Telegraph ⚡ @GoldTelegraph]

Stanley Druckenmiller called it one of the biggest blunders in US Treasury history.

While Americans locked in cheap mortgages, the United States failed to lock in cheap debt.

Now trillions must be refinanced at higher rates.

I break this down in my latest video, featuring Druckenmiller and Doug Casey.

The question: Are we solving issues, or just making the next one bigger?

[Gold Telegraph ⚡ @GoldTelegraph]

I asked Dr. Ron Paul if there was still a realistic way out of America's $40 trillion debt crisis without major inflation or losing control of the dollar.

His answer?

“Basically, no.”

He then made a chilling prediction:

“The debt will be liquidated by the destruction of the currency.”

You can watch the full conversation, here: https://t.co/h7B1t2voLu

[Gold Telegraph ⚡ @GoldTelegraph]

I just sat down with the legendary Ron Paul, and his warning about America's monetary future was extraordinary.

“There has to be a reset.”

We discussed America's $40 trillion debt crisis, the future of the US dollar, and why he believes the monetary system is heading toward a historic change.

Watch: https://t.co/h7B1t2voLu

[Gold Telegraph ⚡ @GoldTelegraph]

GOLD TELEGRAPH CONVERSATION 22:
DR. RON PAUL

"If you had gold, we would have no debt. We wouldn't be in war. There would be no welfare state.”

In this wide-ranging conversation, Dr. Ron Paul delivers a stark warning about America's $40 trillion debt crisis, why he believes a historic monetary reset is inevitable, and how decades of Federal Reserve policy could fundamentally reshape the future of the U.S. dollar.

We explore the consequences of abandoning the gold in 1971, why central banks continue to hold gold, the growing risks of inflation, and why Ron believes the international monetary system is approaching another historic turning point.

Ron reflects on his involvement in the U.S. Gold Commission, his famous exchange with former Federal Reserve Chairman Ben Bernanke, and why he has spent decades fighting for greater transparency surrounding America's monetary system.

We also discuss Fort Knox, his son Senator Rand Paul's recent visit to the facility, why he continues to demand an independent audit of America's gold reserves, and his warning that the country's enormous debt burden will ultimately be liquidated through the destruction of the currency.

Beyond monetary policy, Ron reflects on his remarkable life, his decades in Congress, the lessons he learned about political power in Washington, and why he believes sound money, individual liberty, and personal freedom are fundamentally connected.

Dr. Ron Paul is a former 12-term U.S. Congressman, three-time presidential candidate, physician, author, and one of the most recognizable advocates of sound money and individual liberty.

He is the host of the Ron Paul Liberty Report.

Thank you for joining me @RonPaul.

TIMESTAMPS

(00:49) – Ron Paul's Early Life & the Decision That Changed Everything

(02:50) – Nixon's 1971 Decision to Abandon Gold & the Collapse of Bretton Woods

(06:31) – Why America Never Returned to the Gold Standard

(09:14) – Ben Bernanke, the Federal Reserve & Why Central Banks Hold Gold

(10:48) – Why Central Bankers Fear Gold & the Importance of Sound Money

(13:11) – Central Bank Digital Currencies & the Future of Money

(15:27) – Ron Paul's Warning: A Historic Monetary Reset Is Inevitable

(16:33) – Fort Knox, America's Gold Reserves & the Fight for an Independent Audit

(17:55) – Did Rand Paul Reveal Anything About His Visit to Fort Knox?

(18:19) – Why Hasn't Fort Knox Received a Complete Independent Audit?

(20:48) – America's $40 Trillion Debt Crisis: Is There Any Way Out?

(21:09) – Ron Paul's Warning: The Debt Will Be Liquidated Through the Destruction of the Currency

(23:37) – The Hardest Lessons Ron Paul Learned About Power in Washington

(27:57) – Ron Paul's Legacy & His Message to the Next Generation

(28:32) – Why Ron Paul Believes the Monetary Crisis Is Ultimately a Moral Crisis

[Gold Telegraph ⚡ @GoldTelegraph]

At one point, the United States held nearly 75% of the world's official monetary gold.

Then something extraordinary happened.

Foreign governments started demanding their gold back.

France challenged the system.

And in 1971, President Nixon made a decision that changed the world's money forever.

More than 50 years later, central banks are accumulating gold at a remarkable pace.

My latest explores what happened, why it matters, and what history might be telling us today.

[Gold Telegraph ⚡ @GoldTelegraph]

Doug Casey believes the world is approaching a historic monetary reset.

Watch: https://t.co/DrApsJAejw

He argues that the financial system established after 1971 is reaching its limits, central banks are turning toward gold...

[Gold Telegraph ⚡ @GoldTelegraph]

GOLD TELEGRAPH CONVERSATION 21:
DOUG CASEY

"The world is going to go back to gold. And the only question is at what price?"

In this wide-ranging conversation, Doug Casey explores why he believes the international monetary system is approaching a historic turning point, why central banks are accumulating gold, and how America's growing debt burden could reshape the global financial order.

We discuss the consequences of abandoning the gold standard in 1971, the weaponization of the U.S. dollar, China's monetary ambitions, and why Doug believes a return to gold-backed system could require a dramatically higher gold price.

Beyond monetary policy, Doug reflects on his remarkable career as an investor, his experiences traveling to more than 150 countries, the future of individual freedom, and why he sees extraordinary opportunities in energy and mining stocks.

Doug Casey is a legendary contrarian investor, author of Crisis Investing, and founder of Casey Research.

Thank you for joining me, Doug.

TIMESTAMPS:

(00:29) – Doug Casey's Early Life & Becoming a Contrarian

(03:29) – Discovering Gold, Economics & the Investment World

(06:23) – Buying Gold at $35 & Lessons From Five Decades of Investing

(10:53) – Crisis Investing, Global Travel & Lessons From Around the World

(14:33) – Human Nature, Loyalty & the Importance of Personal Character

(16:54) – Nixon's 1971 Decision to Close the Gold Window

(19:29) – Why Governments Abandoned Gold as Money

(23:18) – Why Gold Is Not Viewed Well by Power

(26:32) – Central Banks, Gold Accumulation & the Future of the U.S. Dollar

(29:11) – Russia's Frozen Reserves & the Weaponization of the Dollar

(37:10) – The Future of Digital Money

(39:52) – Is the International Monetary System Approaching a Historic Reset?

(43:13) – America's Debt Crisis: Default or Inflation?

(45:56) – The IMF, World Bank & Global Financial Institutions

(48:00) – The Decline of Empires

(50:24) – China's Economic Strategy & the Changing World Order

(53:08) – BRICS & the Return to Gold

(57:50) – Doug Casey's Warning...

(59:52) – Artificial Intelligence, Technology & the Future of Civilization

(1:02:09) – Doug Casey's Investment Strategy: Energy & Mining Stocks

(1:06:38) – Unforgettable Experiences Visiting Mining Projects Around the World

(1:09:32) – The Most Important Lessons From a Lifetime of Investing & Travel

[Gold Telegraph ⚡ @GoldTelegraph]

Life has a remarkable way of taking you places you never imagined.

Honoured to speak at the Westcoast Boys Club Network.

From overcoming adversity after high school to building an unconventional career in business, my journey has been anything but ordinary.

Along the way, I’ve had the privilege of meeting and learning from some of the most fascinating people in the world.

I hope sharing some of those experiences gave these young men a little perspective on what is possible.

[Gold Telegraph ⚡ @GoldTelegraph]

Elon Musk predicts that traditional money will become obsolete by around 2036, replaced by physical and fundamental metrics like energy, mass, and raw resources.

Hard assets.

Bingo. @elonmusk

[Gold Telegraph ⚡ @GoldTelegraph]

French 10-year bond yield hits 5% for first time since 2002…

Look out.

Are you that countries are bringing their gold home? https://t.co/jVxPUShMjO

[Gold Telegraph ⚡ @GoldTelegraph]

China is quietly reshaping its financial future.

In my latest conversation with Sprott CEO John Ciampaglia, we discussed how China is reducing its exposure to Treasuries while accumulating gold and investing in strategic natural resources.

John made a fascinating observation:

“They're converting unproductive assets to productive assets.”

This is about far more than gold.

It is about how nations are positioning themselves for the next era of the global economy.

You can watch the full interview here: https://t.co/PJK3xUQ0DS

Watch:

[Gold Telegraph ⚡ @GoldTelegraph]

The Netherlands is moving gold from North America to London

Germany continues to face calls to bring more of its gold home

Central banks are reviewing the security of their reserves

The world’s gold is being repositioned

Meanwhile, China is building: https://t.co/045vNd3uky

[Gold Telegraph ⚡ @GoldTelegraph]

GOLD TELEGRAPH CONVERSATION 20:
JOHN CIAMPAGLIA

"If you cut off the supply chain, you literally cripple $6 trillion of the global economy."

In this discussion, John explores the changing role of gold in the international financial system, the remarkable growth of Sprott's physical uranium trust, the global resurgence of nuclear energy, and China's influence over critical mineral supply chains.

We also examine why governments are increasingly treating natural resources as strategic assets, how financial sanctions and geopolitical tensions are reshaping global markets, and whether the world is entering a new commodity supercycle.

John Ciampaglia is the CEO of Sprott Asset Management.

Thank you for joining me, John.

TIMESTAMPS:

(00:39) – John Ciampaglia's Career & the Journey to Sprott

(03:49) – Lessons From Traditional Finance & the Precious Metals Industry

(05:51) – Working Alongside Eric Sprott & His Investment Philosophy

(08:52) – How Sprott Built Its Physical Commodity Investment Trusts

(14:38) – The Remarkable Growth of Sprott's Physical Uranium Trust

(17:03) – Why Sprott Buys & Holds Physical Uranium

(19:15) – Uranium Supply Deficits & the Economics of New Mines

(23:16) – The Challenges of Bringing New Uranium Mines Into Production

(25:39) – Uranium's Growing Strategic Importance

(29:30) – The Global Nuclear Energy Renaissance & Energy Security

(31:16) – How Vulnerable Are Western Nuclear Fuel Supply Chains?

(33:21) – Can the West Rebuild Its Critical Mineral Supply Chains?

(35:53) – China's Mineral Dominance & the Potential Commodity Supercycle

(41:29) – Stockpiling & the Changing Dynamics of Commodity Markets

(45:03) – China's Gold Accumulation & a Structural Shift in Global Markets

(50:46) – The Weaponization of Finance & Critical Mineral Supply Chains

(53:53) – Are We Entering a New Era for Natural Resources?

(58:28) – Debt, Financial Risks & What People May Be Overlooking

[Gold Telegraph ⚡ @GoldTelegraph]

A former U.S. Treasury official just made a remarkable observation about China:

“China has been much better at hiding its dollars than it’s been about getting out of the dollar.”

Now consider something else.

Nobody outside Beijing knows exactly how much gold China really holds.

A U.S. Treasury official has acknowledged that uncertainty to me in the past.

This is a massive story.

I will have more on this in the weeks ahead.

[Gold Telegraph ⚡ @GoldTelegraph]

CNBC published an article today titled:

“How a gold-buying spree helps the yuan go global.”

Hong Kong.
Gold imports.
The yuan.
Diversification away from the dollar.

The mainstream is starting to see it.

My video last week connects all the dots:
https://t.co/fK8SDmumOd

[Judy Shelton @judyshel]

Alex, you are so kind. Thank you very much for your friendship and support in favor of sound money.