Gold-mining margins are surging well ahead of gold prices: Average all-in sustaining cost (AISC) margins surged +134% YoY in Q1 2026, to a record $3,076 per ounce. AISC margin is the amount miners earn per ounce of gold after covering the costs of sustaining their mining operations. This is far above the +70% YoY increase in gold prices over the same period. Furthermore, AISC margins among the 10% of gold miners with the highest production costs rose +32% QoQ, to $2,363 per ounce. Since March 2024, global miner AISC margins have more than tripled, while gold prices have roughly doubled over the same period. Gold miners are realizing massive profits.

Retail investors are piling into gold-mining stocks: The gold miners ETF, $GDX, attracted +$9 million in retail inflows on Wednesday, posting its 6th daily inflow over the last 7 trading sessions. This follows +$17 million recorded on Monday and +$25 million on Friday, the largest daily inflow in at least a year. By comparison, the previous largest daily inflow in 2026 was +$23 million posted in February. Overall, $GDX has attracted +$419 million in inflows so far this month, putting it on track for its largest monthly intake since February. Demand for gold miners is skyrocketing.

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$NEM, the world's largest gold mining company, hit a new record high today, despite the gold price needing to rise another 20% to match its record high. This shows investors are finally pricing in sustained higher gold prices and a lasting increase in miners' future earnings.

New TradFi Perp Listing on edgeX $GDX ETF tracking companies in the global gold mining industry. $LYTE Actively managed ETF focused on photonics and optics companies. $VST Integrated electricity generation and retail company. $SHOP Commerce platform supporting online and in-person sales. Trade to Earn $EDGE & $USDC

$VLO $FCX $FRO The potential HALO 3 Amigos. I am still thinking through whether this is the defining basket for this trade: refined products, copper/gold mining, energy shipping.

GHANA’S COCOA CRISIS DEEPENS — HARVEST SET TO PLUNGE Ghana’s cocoa production is expected to fall by at least 16% next season, as erratic weather, disease and the cocoa tree’s natural low-yield cycle weigh on farms. Heavy rains and the threat of El Niño have compounded problems from swollen shoot disease, particularly in the Western and Western North regions, which together account for more than half of Ghana’s cocoa output. The expected decline threatens to further tighten global cocoa supplies and add pressure to an already vulnerable market. Ghana is also battling ageing farms and illegal gold mining that is taking over cocoa-growing land, while authorities are expanding disease control, farm rehabilitation and fertilizer support to limit the damage.