You have 3 very interesting developments unfolding in the global gold market: Singapore: Its central bank has launched a service to store gold for foreign central banks, with a capacity of 500 tonnes. China: Beijing is courting foreign central banks to buy and store gold in China through the Shanghai Gold Exchange. Hong Kong: Authorities are seeking participation from foreign central banks in a new gold-clearing system, while aiming to expand gold storage capacity to over 2,000 tonnes. Watch this closely... A scramble is playing out.

The Federal Reserve published research today on why central banks are moving gold out of American vaults. Look at the facts: 1. France has now repatriated all its U.S. held gold. 2. Germany previously moved roughly one-fifth of its U.S. held gold back home. 3. The Netherlands recently transferred two-fifths of its U.S. stored gold to London. Now, what I found very interesting is that the Fed researcher openly acknowledges that gold held domestically can help countries protect themselves against foreign sanctions and asset seizures. The paper also highlights Russia and Turkey, which reduced their exposure to the U.S. dollar while securing gold reserves at home. But there is something else worth worth mentioning: For years, gold has been treated as an afterthought in discussions about the modern monetary system. Yet central banks are moving billions of dollars worth of gold across borders, and NOW the Federal Reserve is publishing research examining WHY. Interesting... no? Things are really starting to change. I think there is a much bigger story unfolding right now. The international monetary system is evolving, and the question of who physically controls a nation's gold reserves is becoming increasingly important. Gold never stopped being a monetary asset. Perhaps the rest of the world is simply being reminded why.

Russia shipped a RECORD 165 metric tons of gold to Hong Kong in the first nine months of 2026. That is more than triple the amount shipped during the same period last year. Russian gold is increasingly flowing east as new trade routes emerge... Meanwhile, China's domestic gold market is seeing significant activity. In late October, trading in the Shanghai Gold Exchange's Au99.99 contract reached its highest weekly level since April. The global gold trade is changing before our eyes.

Gold-producing countries are increasingly using domestic production to build their central bank reserves. Good examples: Kazakhstan, Uzbekistan, Ghana and Bolivia. Instead of relying entirely on international markets, these countries can turn gold mined within their own borders into monetary reserves. This totally debunks those in the mainstream who say: "Gold is not money."

The Pentagon is preparing to stockpile critical minerals and fuel on a scale comparable to the Cold War. The initiative, known as FORTRESS America, is designed to keep the U.S. military operating even if cyberattacks disrupt domestic factories and power grids. Well...

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

Very few industries on Earth let a small group of people take a geological idea, test it with a drill rig, and create billions in value in a matter of years. It doesn't happen often, but when it does, it changes not only people's lives but also a country's future. It all begins with someone believing there is something beneath the ground that the rest of the world has yet to discover. Mother Nature is full of surprises...

China’s central bank has now purchased gold for 24 consecutive months. The People’s Bank of China added another 25.8 tonnes of gold in October, bringing its purchases this year to 129 tonnes. China continues to stockpile…

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.

We spend our limited time on Earth earning something that we hope will allow us to reclaim more time in the future. And when money loses its purchasing power, part of the value of that time disappears with it. This is why sound money is so important. @judyshel

GOLD TELEGRAPH CONVERSATION 23: PETER MARRONE "But this bubble is a lot bigger than the bubbles we've seen before." What happens when the AI bubble bursts? Could the next great wave of investment capital flow into gold? In this wide-ranging conversation, Peter Marrone, the founder of Yamana Gold, shares his outlook on the future of gold, why he believes the technology sector is experiencing a historic bubble, and how a potential rotation of capital could trigger an enormous revaluation of mining companies. Peter believes we are approaching something potentially more significant than the gold bull markets of the early 2000s and the aftermath of the 2008 financial crisis. Peter Marrone is the founder of Yamana Gold and Allied Gold, a former investment banker and lawyer, and one of the mining industry's most accomplished company builders. Thank you for joining me, Peter. TIMESTAMPS (00:00) – Introduction (01:04) – What Continues to Drive Peter? (01:50) – From Italy to Canada: The Early Years (06:22) – Building Yamana Gold Into a $5 Billion Company (08:47) – Why Gold Could Reach $10,000 an Ounce (12:09) – Central Banks, Gold Accumulation & the Future of Reserves (15:21) – Why This Gold Bull Market Could Be Unlike Anything We've Seen Before (17:04) – Why Gold Mining Companies Remain Undervalued (18:05) – Niagara Falls Through a Garden Hose: The Coming Flow of Capital Into Gold (19:00) – Allied Gold & the Ambition to Double Gold Production (25:20) – Why Africa Could Offer Some of the World's Best Mining Returns (28:15) – The $5.5 Billion Chinese Takeover Offer & What Happened Next (32:13) – What else Peter Marrone is involved with (39:05) – How Peter Marrone Identifies Deep Value (41:34) – The Next Generation of Mining Entrepreneurs (43:34) – What the Public Is Missing About the Global Economy (44:31) – The AI Bubble

Congratulations to my friend @Frank_Giustra on the release of his new book, The Money Dilemma. Frank and I have shared many laughs over the years, often about just how absurd our monetary system has become. But behind those laughs are some very serious conversations about money, history, and where the world is heading. I am excited to see him share his perspective with the world. Congrats, Frank.

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

THE WORLD’S TOP 10 COPPER PRODUCERS ▸ Chile ▸ DR Congo ▸ Peru ▸ China ▸ Russia ▸ United States ▸ Zambia ▸ Australia ▸ Indonesia ▸ Kazakhstan Copper is the world's glue. Without it, everything comes to a stop.

America's Yen Rescue Was Never About Japan It was about protecting the Treasury market from its own largest owner. Read the full article here: The circus is here... 🎪

For the life of me, I will never understand why mainstream media refuses to read the Clarity Act. It literally names gold as the commodity backing stablecoins. Something @judyshel and I discussed at length in the recent film. Things are in plain sight; you just have to look.