Who holds the hard assets?
Gold and silver miners, the funds that hold the metals, and the funds that hold bitcoin.
The spine: One claim, with a long lineage: governments that owe more than they can comfortably repay find their way out through inflation, because inflation is the path of least political resistance.
This inflation is coming from broken supply, not from too much money. While it lasts, owning the broad market is not the hedge our earlier views assumed.
Core inflation (excluding food and energy) above 3 percent for two quarters after oil falls back below $85 — that would mean the inflation has become demand-driven and the old hedge is back. Or broad-market multiples expanding while oil stays above $100 — the market disagreeing with the 1970s.
Reports next, in this group
| Company | What it sells | Reports next |
|---|---|---|
| Coeur Mining CDE |
Coeur Mining mines silver and gold and sells the metal. | 4 Nov · expected, per Nasdaq |
| Gold Royalty GROY |
Gold Royalty holds rights to a share of gold output from mines it does not operate. | 4 Nov · expected, per Nasdaq |
| Hecla Mining HL |
Hecla Mining mines silver and gold and sells the metal. | 4 Nov · expected, per Nasdaq |
| Newmont NEM |
Newmont mines and sells gold from large operations around the world. | 22 Oct · expected, per Nasdaq |
| Royal Gold RGLD |
Royal Gold buys royalties and streams on gold, silver and copper mines, collecting a share of their output without running the mines. | 4 Nov · expected, per Nasdaq |
| SPDR Gold Shares GLD |
SPDR Gold Shares is an exchange-traded fund that holds physical gold bullion and issues shares tracking its price. | not yet announced |
| iShares Bitcoin Trust IBIT |
iShares Bitcoin Trust is an exchange-traded fund that holds bitcoin and sells shares that follow its price. | not yet announced |
| iShares Gold Trust IAU |
An exchange-traded fund that holds physical gold bullion and issues shares tracking its price, so investors can own gold without storing it. | not yet announced |
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