#Gold miners vs S&P are set for a massive bull run

- Gold miners vs S&P are about to break out of a decade-old range
- 2011: Gold miners vs S&P were 3× higher

But this gold cycle is different

- Central banks are net buyers
- Stablecoin providers have emerged as a new demand source
- Trust in the US and USD is at a record low

I expect this gold bull market to be similar to the one in the 1970s

NVIDIA $NVDA has exited its equity stakes in $WRD WeRide, $APLD Applied Digital, and Arm Holdings $ARM as of its latest 13F filing.

The firm is reallocating capital into larger infrastructure nodes, disclosing new multi billion dollar positions in $INTC Intel and $NOK Nokia.

✈️ Notable movement of aircraft to US Bases in Europe => Middle East in the past 48 hrs:

48 x F-16
12 x F-22
18 x F-35A
6 x E-3G Sentry
1 x E-11A BACN
≈ 40 x KC-46A or KC-135 Tankers

Axios reports that there is evidence that US war with Iran is "imminent" and Israel is preparing for a scenario of "war within days," which is expected to include:

1. Weeks-long "full-fledged" war unlike the Venezuela operation, sources say
2. Joint US-Israeli campaign that is much broader in scope than 12-day war in June
3. US armada now consists of 2 aircraft carriers, 12 warships, hundreds of fighter jets, and multiple air defense systems
4. More than 150 US military cargo flights have moved weapons systems and ammunition to the Middle East
5. Another 50 fighter jets in 24 hours, including F-35s, F-22s, and F-16s

Oil prices are surging above $64/barrel on the news.

#GOLD #XAU/USD M15 #Indicator #Signal #Trading #GlobalOneAI

Gold volatility can move fast. Leverage magnifies it.

Trade commodities with up to 250x leverage ➡️ gains.trade/trading#XAU-USD

China is dumping Treasuries and buying #gold

Treasuries depend on policy, politics, and trust.

Gold depends on none of them.

Gold is once again becoming the preferred reserve asset

Striking similarities here #copper is basically repeating the #silver playbook from earlier last year.

the slow grinding upwards channel has lasted about 3 years now, and even though its been trending upwards the entire time, somehow ppl still get bored and move on because they have the attention span of a goldfish.

this channel eventually breaks out but we dont know exactly when, i suspect in the next 4-6 months or so but when it does, it will double FAST.

id rather be 6 months early then one day late because make no mistake, this price action IS the accumulation, when the real breakout happens there will not be any 2nd, 3rd or 4th chances to position accordingly, exactly like what happened in the silver parabola.

Institutional action on $ASPI

Interestingly, into the end of the year 2025 a couple big moves were made.

BlackRock increased its position by +1,328,425 shares (+24.33%).

Vanguard added +1,889,481 shares (+41.83%).

Expectations are a big year for $ASPI

ASP Isotopes ( $ASPI) subsidiary Quantum Leap Energy will establish global HQ in Austin and pursue HALEU enrichment + advanced isotope production tied to a proposed Amarillo “hypergrid” campus.

• #HALEU supply is the key bottleneck for SMRs & advanced reactors

• DOE estimates U.S. demand ~50t/year by 2035 → 500t by 2050

• Texas doubling down on pro-nuclear regulatory & industrial policy environment

• Partnerships span TerraPower, Fermi America, and global isotope markets

This is why the West is losing to China.

In the middle of a resource war in which China is in the lead, Glencore is forced to suspend its 300m investment in its copper smelter in Quebec and is planning to close it by 2027… because of emission targets.

For context:

- China dominates copper smelting with ~60%.
- The Horne smelter is one of the few remaining non-Chinese smelters.
- It represents ~15% of North America’s smelting capacity.
- It is the only smelter in Canada.

Copper is arguably the most important metal… no copper = no electricity.

We can mine all the copper ore we want, but it is useless if we have to ship the concentrate to China for smelting and refining to turn it into usable copper.

The West either needs to get its shit together or capitulate to China.

☢️28 reactors under construction in China

💰$27.4 billion approved in a single batch

⚡️138 gigawatts coming online by 2035

The West looked at those numbers and made a decision.

Compete or concede technology dominance for the next 50 years.

The US just set a target of 400 gigawatts by 2050.

Europe ended years of gridlock with the Franco-German nuclear compromise and the UK, Poland, Czech Republic, and Finland are all building.

But here is the bottleneck ...

Every advanced reactor in this race NuScale Power, Oklo Inc, TerraPower, X-energy runs on #HALEU fuel that only Russia could produce commercially until 2023.

Now there is 1 Western company licensed to make it.

#Nuclear #energy #uranium #China #Russia

🇷🇺🇺🇸🇺🇦The United States and Russia have reportedly agreed to lift sanctions against Moscow in exchange for deals worth $12 trillion — The Economist

Fears are growing among EU leaders that the US president could pressure Ukraine into making significant concessions by June in order to secure a trade agreement with Russia.

🚨 The Nuclear Race Is Not Even Close.

Reactors under construction (June 2025):

🇨🇳 #China: 28
🇮🇳 #India: 6
🇷🇺 #Russia: 4
🇪🇬 Egypt: 4
🇹🇷 Türkiye: 4

#Japan, Korea, UK, Ukraine building 2 each

China alone is building more reactors than the rest of the top countries combined.

This is not about climate headlines.
It’s about:

⚡ Base load power for AI and industry
🔋 Energy security
🌍 Geopolitical leverage

Nuclear is back.
But it’s not being built evenly.

If you want to understand what this means for the global energy balance and the next power cycle,

#energy #nuclear

Thermal coal is going to surge.

- Indonesian government quotas could remove ~100 mt from the market
- Asian countries continue to add coal generation capacity
- China alone is adding 100 coal units this year
- Coal-fired capacity in the US rose 13% YoY

The beauty: everyone thinks coal is dead while demand is hitting all-time highs.

$ASTI $RKLB $ASTS $LUNR $RDW $VOYG | Dave Limp, Blue Origin CEO: "What the US needs is two SpaceX, it needs two launch companies that are competing vigorously against each other to try to give us the most capabilities as a country."

On the agenda: Arctic oil and gas, rare earth mines, a nuclear data center, a tunnel under the Bering Strait… and even the potential return of seized ExxonMobil assets.
Kirill Dmitriev (of the Russian sovereign wealth fund) has met at least nine times with Trump’s special envoy (Steve Witkoff) since April 2025. Trump wants results before the midterm elections; Putin is seeking economic relief in the face of low oil prices and tightened sanctions.

🚨 Who Really Controls Nuclear Power?

🇺🇸 US: 97 GW (94 reactors)
🇫🇷 #France : 63 GW
🇨🇳 #China: 55 GW
🇷🇺 #Russia: 27 GW
🇰🇷 South Korea: 26 GW
🇯🇵 #Japan: 13 GW
🇨🇦 #Canada: 13 GW

If you want to understand where nuclear fits in the next global energy order

#oott #Energy #nuclear

🚨 From $5.2bn To $614m

Glencore’s Energy Trading Back To “Normal”

Still Record volumes

📉 2025 Energy Marketing Numbers

• $614m EBIT in 2025
• Down 32% YoY
• 3rd straight annual decline
• Vs $5.2bn peak in 2022

H1 2025, $40m EBIT.
H2 rebounded, but not enough.

🛢️ Volumes Are Not The Problem

• 4.2 mb/d traded in 2025
• +11% YoY
• Highest since 2020

Still below 2017 peak of 5.6 mb/d.

Barrels up⬆️

Margins down⬇️

• Well-supplied markets
• Softer sentiment
• Lower volatility

⚖️ Broader Marketing Still Profitable

All-commodities marketing:

• $2.3–3.5bn Adjusted EBIT annually

Energy is no longer the outsized driver.

Will 2026 be different?

#energy #oott