I have a whopper of a report for you today.
But before we begin, I want to warn you about something that is extremely concerning.
As I’m sure you know, over the years, somebody has been repeatedly impersonating me in order to scam people who read or watch my stuff. They have now gone up a level and created an AI mock up of me with which they are now conducting video calls.
One reader sent me this video message they received. Yes, it’s a bit crap - my shirts aren’t that well ironed - but some people’s detection of AI is not as good as others, and people who don’t know me well could easily fall for it.
What is really concerning is that these fakes are only going to get better.
Apparently this thing is already holding live video calls with people.
I remind you: I do not offer offering options trading, portfolio insights or similar by DM, by WhatsApp or Telegram. If someone messages you offering such a thing, it is not me.
BEWARE!!!!
(Lord knows what the political implications of these deep fakes are - eg one government doing fake video calls with another - but I cannot worry about that. I just don’t want you to be scammed.
Right on to today’s piece.
Gold currently sits at around $4,300 an ounce, even after yesterday’s hike by the Fed. I think it is going higher. My target for the end of the decade is $7,000, with $10,000 possible on a spike.
I have spelt out the reasons for this view a hundred times, so I don’t need to go into them at length here. National currencies are being debased as governments around the world run uncontrollable deficits. At the same time, gold is being re-adopted as a reserve asset and store of wealth by individuals, institutions and central banks.
The weaponisation of the US dollar has accelerated this process. Central banks, particularly across the Silk Road economies, are increasingly diversifying away from US Treasuries and towards gold, because gold carries no liability.
This is, in effect, the remonetisation of gold - not as a medium of exchange, but as a store of wealth and reserve asset.
We are still in my year of consolidation, following the mania of last winter, but it looks as though the lows for gold are now in just below $4,000 with summer weakness is behind us. The lows might be in, but that doesn’t mean we go straight to new highs. More churn is likely and I doubt we see new highs before next year.
Many commentators have put much higher targets on gold. They get more clicks as a result. I think $7,000-$10,000 by 2030 is both sober and achievable.
For the more speculative investor, though, a doubling in gold over the next three or four years may sound a little tame. You want more torque, as they say.
One way of getting it is through leverage: options, futures, spread bets and the like. Another is to invest in gold miners.
If gold reaches $10,000, some of these companies will multiply many times over.
I have been investing in mining companies for many years and know the sector well. Today I’m going to share my ten largest gold-mining positions. You will know some of them already, others you may not.
I’ll explain what each company does, why I invested, where it sits in the mining cycle, what I think it could be worth and what I intend to do with the position.
So here goes.
