miroslav

"it all makes sense until it does not"

[Lance Roberts @LanceRoberts]

BofA’s Bull & Bear Indicator remained firmly in “Sell” territory.

[Mining Stocks Today @MiningStocksHQ]

Agnico Eagle's balance sheet is built differently from every other senior miner.

Debt: $197 million.

Cash: $3.1 billion.

That ratio — 15 times more cash than debt — is almost unheard of in an industry that historically runs on leverage.

AEM continues to prioritize balance sheet strength, underscoring its financial discipline.

AEM is trading at a forward P/E of 11.49x — a roughly 21% premium to the Zacks Mining Gold industry average of 9.52x.

That premium is what a debt-light balance sheet buys you.

When gold falls, highly leveraged miners face margin calls, equity raises, and covenant breaches.

When gold falls, AEM deploys its $3.1 billion cash balance to buy assets at distressed prices.

The correction created exactly that environment.

AEM has $3.1 billion to put to work.

$AEM on NYSE and TSX.

[Peter Spina ⚒ GoldSeek | SilverSeek @goldseek]

If Clive Maund is right, THIS IS ONE HELLUVA TIME TO BUY (gold-silver stocks)!!

$GDX

[Tablesalt 🇨🇦🇺🇸 @Tablesalt13]

‼️A FULL LIST OF ITEMS HIT BY NEW 50% TRUMP TARIFFS, NO USMCA SHIELD THIS TIME ‼️

👇🏼

Alcoholic beverages (beer, wine, spirits) — Chapter 22 (e.g., headings 2203–2208)
Essential oils (limited)
Wood and wood products — Chapters 44–46
Paper and paperboard products — Chapter 48
Some miscellaneous items (e.g., certain sports equipment)

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Agricultural & Plant Products — Honey, feathers/down, animal by-products, bulbs, live plants, cut flowers, seeds, hops, vegetable materials, gums, extracts, etc.
Dairy, Sugars & Food Preparations — Milk powders, whey, lactose, glucose/fructose syrups, molasses, bakers’ mixes/doughs.
Chemicals & Related — Essential oils, perfumes, cosmetics, polyols (mannitol, sorbitol, glycerol), proteins, glues, starches, paints/inks, lubricants.
Plastics & Rubber — Sheets, bags, containers, tableware, household articles, gaskets, seals.
Hides, Leather & Furs — Raw hides, leather bags/gloves/belts, fur articles.
Wood & Paper — Sawn wood, veneer, plywood, moldings, doors, frames, paper, tissue, cartons, labels.
Textiles & Apparel — Fabrics, nonwovens, carpets, clothing items.
Machinery, Tools & Electronics — Hand tools, turbines, compressors, refrigerating equipment, packing machinery, cameras, monitors, projectors, radar, smartphones/base stations, printed circuits, etc.
Other — Salt, cement, candles, toys/games, furniture, lighting, artwork, antiques, boats, etc.

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Dairy Products (Chapter 04)0402.10.05 — Milk and cream, unsweetened, in powder/granules/flakes, fat content ≤1.5%
0402.10.10 — Milk and cream, unsweetened, in powder/granules/flakes, fat content >1.5% but ≤3%
0402.10.50 — Milk and cream, unsweetened, in powder/granules/flakes, fat content >3%
0402.21.02 — Milk and cream, sweetened, in powder/granules/flakes, fat ≤1.5%, for infant formula or other special uses
0402.21.05 / 0402.21.25 / 0402.21.27 / 0402.21.30 / 0402.21.50 / 0402.21.73 / 0402.21.75 / 0402.21.90 — Sweetened milk and cream in powder/granules (various fat contents and uses)
0402.91.03 / 0402.91.06 — Condensed/evaporated milk and cream, sweetened, various fat levels
0402.99.68 — Other sweetened condensed/evaporated milk and cream nesoi
0404.10.05 / 0404.10.08 / 0404.10.11 / 0404.10.15 / 0404.10.20 / 0404.10.48 / 0404.10.50 / 0404.10.90 — Whey and modified whey (various types, concentrated or with added sugar)
0404.90.10 / 0404.90.28 / 0404.90.30 / 0404.90.50 / 0404.90.70 — Products consisting of natural milk constituents (whey protein concentrates, etc.)

Other Products0506.90.00 — Bones and horn-cores, unworked, defatted, simply prepared
1210.20.00 — Hop cones, crushed, ground, powdered or in the form of pellets
1301.90.91 — Natural gums, resins, gum-resins and oleoresins (other than gum arabic, etc.)
1702.11.00 — Lactose and lactose syrup, containing by weight 99% or more lactose
1702.19.00 — Other lactose and lactose syrup
1702.30.28 / 1702.40.28 / 1702.60.28 — Glucose and glucose syrup (various concentrations)
1702.90.35 / 1702.90.58 / 1702.90.68 — Other sugars, sugar syrups, and artificial honey (fructose, maltose, etc.)
1703.10.30 / 1703.10.50 — Molasses from sugar cane
1703.90.30 / 1703.90.50 — Other molasses
1901.20.35 — Mixes and doughs for the preparation of bakers’ wares
2202.91.00 — Non-alcoholic beer
3301.24.00 — Essential oils of peppermint
3501.10.10 / 3501.10.50 — Casein (various grades)
3501.90.20 / 3501.90.60 — Casein glues and other casein derivatives
3502.20.00 — Milk albumin, including concentrates of two or more whey proteins
3504.00.50 — Peptones and other protein substances and derivatives

[Willem Middelkoop @wmiddelkoop]

Explains why we might have decades of shortages in many commodities ..

[Otavio (Tavi) Costa @TaviCosta]

Mind-blowing.

We’re mining copper discoveries made over 30 years ago.

Not to mention:

Only 5% of copper discoveries have been made in the last decade.

https://t.co/klPtq317PC

[miroslav @nuts2bee]

@Tablesalt13

[miroslav @nuts2bee]

@Osint613

[miroslav @nuts2bee]

@Osint613

[Tracy Shuchart (𝒞𝒽𝒾 ) @chigrl]

Interesting note on gold, every tiny dip below $4K has been bought. Could it go lower? Absolutely. But this level is notable to watch because, not only is it a huge psychological level, but it is holding in the face of rising yields and a stronger dollar. If it holds, that would be a regime change for gold that has been highly reactive to yields and USD.

[Oliver Groß @minenergybiz]

Copper Stocks vs. Copper: Yesterday was the lowest close YTD, as it gave up all relative strength in a weak market for resource equities.

[Tracy Shuchart (𝒞𝒽𝒾 ) @chigrl]

US Corporate Insiders Are Selling Stocks at a Near Record Pace

Corporate insiders sold $77.6 billion of stock during the first half of 2026, a 20% increase from a year ago, according to EPFR Global Market Intelligence. The only time the selling spree was more intense was back in 2021, when markets were flush with pandemic-driven stimulus cash. (Bloomberg)

[Lukas Ekwueme @ekwufinance]

Copper relative to the S&P is in free fall.

- That's a ~90% decline from the previous cycle highs.
- A 900% relative outperformance is needed just to get back to those highs.

Ironically, today's S&P valuations are increasingly being driven by AI infrastructure spending, which itself requires enormous amounts of copper.

- A 1 GW data center requires ~50,000 tonnes of copper.
- The largest planned data centers are approaching 10 GW.

But it's not just data centers:

- Electrification
- Defense spending
- Energy transition
- Reconstruction

All of it requires massive amounts of copper.

In fact, over the next 25 years, we need to mine as much copper as humanity has produced throughout all of history.

Copper remains one of my favorite long-term setups

[Martin Pelletier @MPelletierCIO]

Things you don’t see in a healthy market

[Lukas Ekwueme @ekwufinance]

Goldman: Americans aren't invested in gold.

Americans have just a 0.18% portfolio allocation to gold.

Goldman estimates that every additional 0.01% allocation to gold would increase the gold price by roughly 1.4%.

That's roughly a 14× price multiplier.

We are still early.

[Lukas Ekwueme @ekwufinance]

GDX and GDXJ short interest is at its highest level in almost a decade.

[🏴‍☠️ @calvinfroedge]

It's almost like you should be taking the risk to buy gold miners

[Nicholas Mugalli @RealNickMugalli]

$IBM is the first big casualty from the thesis below. They just preannounced a miss and the stock is down 20% “this quarter we faltered,” the CEO’s words.

Revenue $17.2B vs $17.9B expected.

large deals slipping.
software soft.
consulting flat.

But read why, because Arvind Krishna just confirmed two of my theses in one quote:

“In the last few weeks of June, we saw clients shift their quarterly capex spend toward servers, storage, and memory purchases to secure supply constrained infrastructure ahead of expected price increases.”

So enterprise budgets are finite. And in June, CIOs looked at the memory shortage, and decided that securing hardware before prices rise mattered more than renewing software deals.

The memory shortage didn’t just make $MU rich.

It just ate a SaaS quarter at a hundred year old tech giant and a fifth of its market cap.

This is the SaaS reckoning arriving exactly the way it would…not with cancellations, but with deprioritization.

When companies rank what they can’t live without, supply constrained infrastructure now beats another seat license.

Hardware is scarce, you buy it or lose it.

Software waits.
Software negotiates.
Software “fails to close on expected timelines.” The CEO said they “did not anticipate the magnitude of the capex reprioritization.”

The reprioritization is the trade from here…the enterprise dollar is migrating from renting seats to securing atoms.

And clients “distracted by rapidly evolving, industry wide cybersecurity concerns.”

IBM is the first large cap SaaS name to suffer. It won’t be the last, every enterprise software company on earth is selling into the same budget that just got raided for memory and servers.

Full results July 22…

$PLTR is going to follow & $NOW too

[Otavio (Tavi) Costa @TaviCosta]

Remember when Scott Bessent said to judge him by the 10-year Treasury?

US 10-year real yields just reached their highest level in more than 2 years.

Markets are the ultimate judge of fiscal discipline.

Reminder:

The US simply cannot afford both a war and higher interest rates.

https://t.co/XL4PidBKZo

[Lobo Tiggre @duediligenceguy]

This year's algo-trading is so silly...

When Mr. Market makes a mistake, there is opportunity.

Just don't forget that he can remain irrational longer than most traders can remain solvent.
;-{)}