Tony Caruso

Exec. Director / Dr. @CentroMedicoUMA A multidisciplinary Medical clinic. Precious Metals focused investments

[Tony Caruso @Canunu]

#copper

[Robert Friedland @robert_ivanhoe]

Puneet Singh's team at @cantorfitzgerld issued a metals market update this morning, and he makes some very good points on copper:

- The copper price has held its gains year-to-date, due to very tight fundamentals in the physical market. However, copper equities have underperformed.

- The copper supply deficit is expected to continue to grow. From 2030, the deficit is expected to open up significantly, reaching 14 million tonnes (equivalent to 28 Kamoa-Kakula Copper Complexes) by 2040.

- The cost curve of copper producers has been rising significantly and will continue to rise. The marginal cost to operate a copper mine in 2025 was $3.50/lb, up 37% over the prior 6 years... and operating costs will continue to rise due to various inflationary pressures. For a new copper mine with a 15-20% IRR, a margin of up to $2.79/lb above the AISC is needed to justify the investment. This translates to an incentive price of up to $6.29/lb in 2025... Where we are in 2026, it's already higher than that.

- The capital intensity of new copper mines is between $20,000 and $30,000 per tonne of annualized copper produced... at $13,732.50 (LME price today). This is another way of saying we need higher copper prices if we are to get the required investment to meet the oncoming deficit.

So those who invest in growth and build today will be handsomely rewarded.

[Tony Caruso @Canunu]

#gold

[Battle Bank, N.A. @BattleBanking]

Could the government confiscate your gold again?

It's one of the oldest questions in precious metals investing.

The answer isn't as simple as "yes" or "no."

We dug into what actually happened in 1933, why it happened, and why today's monetary system looks very different.

Read the full article: https://t.co/X9nRH8fSqY

#BattleForBetterBanking #RickRule #PreciousMetals
@RealRickRule @ftrotter

[World of Statistics @stats_feed]

US national debt hits a new record: $39.7 trillion

[F. A. Hayek Quotes @FAHayekSays]

“An order that is called a ‘law’ merely because it emanates from the legislative authority is the chief instrument of oppression.”

— Friedrich Hayek

[Tony Caruso @Canunu]

@abaxx_exchange #silver

[Josh Crumb 🆔++ @JoshCrumb]

Yes. @abaxx_exchange has a very useful ex-US, ex-China 9999 USD #Silver contract that solves real supply chain problems—including tariff and export political risk. We’re getting great feedback from the US to London to HK.

We’re not even one quarter into building initial liquidity and we’re already seeing demand for taker liquidity and physical delivery (ie MM/LP incentives dominate volume like every other market launch on earth, but working). As our FCM and trading ecosystem develops, each new contract can scale faster up the liquidity curve.

Early signs suggest our precious metals business alone could support Abaxx Singapore a few years out and provide perpetual optionality for every other contract our world-leading commodity exchange team develops.
$ABXX.TO

[Tony Caruso @Canunu]

#gold

[David Morgan @silverguru22]

#China #Gold

[In Gold We Trust @IGWTreport]

When the first In Gold We Trust report was published in 2007, global public debt stood at 60.9% of GDP. It has turned out to be a useful starting line.

For 2026 the IMF expects 96.8%. The absolute move is larger still: government debt swelled from slightly more than USD 35trn to nearly USD 120trn, almost 3.5 times. Nominal global GDP grew by slightly more than 110% over the same period.

Consolidation after the financial crisis. Consolidation after Covid. The long-term trend did not notice either one.

Unpacked in the latest Nugget from the In Gold We Trust report 2026, "Status Quo of Debt."

[Tony Caruso @Canunu]

#palladium

[Graddhy - Commodities TA+Cycles @graddhybpc]

Palladium has an enormous 40-year parabolic base in the making.
Another 21x move looks very likely.
Should outperform even silver.
The commodities bull is a true get-out-of-rat-race opportunity.

Said palladium was bottoming in the linked post below. It sure was. Been posting that platinum and palladium were about to move big, and now they are. The PGM bull market has now started, and it will be a complete animal.

[Tony Caruso @Canunu]

#silver

[Menē Jewelry @mene]

Introducing pure silver.

Not sterling. 99.9% pure silver at the same standard that defines Menē in 24k gold and pure platinum.

Where gold built dynasties and platinum defined modern luxury, silver has always been the metal of culture and the everyday.

Discover Menē’s Pure Silver Summer Capsule Collection: https://t.co/wl4dbD4ua1

[Tony Caruso @Canunu]

The reality check we all need https://t.co/v0NNvESX05 via @YouTube

[Tony Caruso @Canunu]

#gold

[Eric Yeung 👍🚀🌕 @KingKong9888]

SGE is the physical spot benchmark with T+D forwards while SHFE handles futures with delivery into bank vaults. They interact tightly via arbitrage. Chinese banks move domestic gold between them for warrants when spreads widen, keeping prices aligned but reflecting real Chinese demand.

Recent SHFE vault surges to 100+ tonnes aren’t just tiny arb. VAT rules limit imported gold profitability so domestic flows dominate. 2025 builds far exceeded 2024 despite similar spreads, pointing to strategic bank positioning for HK Delivery Connect, offshore vaults, and broader RMB gold ecosystem.

July 24 deadline sees Chinese banks end domestic retail leveraged paper SGE T+D. That money likely rotates into SHFE futures, potentially widening the basis. Chinese Banks can then ramp SGE VAT-exempt domestic transfers plus imports (via quotas) to feed SHFE and capture arb. Those foreign gold imports tighten Western physical supply and help pull up COMEX/LBMA prices. Smart evolution, not shutdown.

Mainstream covers the inventory spikes and arb but my deeper takes on VAT mechanics, bank intent, and HK pivot add the full picture. China building physical gold strength step by step.

#Gold #Silver #SGE #SHFE

[Saleh Almenawer, MD @SalehAlmenawer]

@TaviCosta @SoundMoneyRpt Silver.

12 tonnes inside every 1 GW AI data center.

The intelligence age isn’t just chips and power.

It’s the metal moving the electrons.

Silver demand from AI is already here, and it’s massive.

[Andrew D. Huberman, Ph.D. @hubermanlab]

We’ve actually trained ourselves to self-distract. It’s based on short term entrainment. But there is a way to retrain focus and to train up intense focus. Dr Tommy Wood MD, PhD explains on the Huberman lab podcast out now.

[Tony Caruso @Canunu]

Good Morning Honza, @honzacern1 your post are the best . Have a a great weekend . Kind regards Tony #siver

[Honza Černý @honzacern1]

Good morning. Looks like #Silver found its bottom. 😆

[Tony Caruso @Canunu]

#gold

[Simon Mikhailovich @S_Mikhailovich]

For the financialist West, gold is a dangerous monetary dissident to be dismissed, ridiculed, suppressed.

For the rest, gold is the sole neutral store of value - scarce, immutable, independent.

[Tony Caruso @Canunu]

#gold

[Tony Caruso @Canunu]

Not good

[The Hormuz Letter @HormuzLetter]

BREAKING: Footage of the bulk carrier Luni sinking in the Strait of Hormuz today after a hull fracture that led to it splitting in two near Bandar Abbas.

This comes as Trump claims to be "Guardian of the Strait of Hormuz."

[JustDario @DarioCpx]

On Wednesday, not a single oil or gas tanker crossed the Strait of Hormuz

This isn't even news anymore

Perhaps we should just all sit back and relax till we hit tank bottoms and then figure things out from there