Gerardo Del Real,
Editor
Oct. 21, 2026
Canadian Energy and Natural Resources Minister Tim Hodgson recently told an audience that the world is entering the “largest investment supercycle in the history of the metals and mining industry.”
“Critical minerals are no longer simply industrial commodities,” he said at an event hosted by Canada House in London on Monday. “They are the inputs that will decide which economies can grow, which can compete and which countries will secure their economic futures.”
Hodgson said that’s why the government made the Building Canada Act, which streamlined the regulatory process for large projects such as mines, its first “signature” piece of legislation.
Announcing a piece of legislation and implementing it are two different things, but it’s a start.
It’s also looking to pass the Building Canada Strong Act, a 240-page bill tabled in September that he said would create a process for major project approvals to be reviewed by one federal agency within one year.
That would be a step change from past policy, which has placed permitting in a chokehold at times.
I’ve said for years that securing supply would one day be more important than the price paid for the supply.
BloombergNEF’s forecast says that copper needs $332 BILLION of new mine investment to avoid a deficit starting in 2028… otherwise, we face a shortfall of about 20 million tonnes (44% of demand) by 2050.
The tech bros aren’t going to care if they pay $7.00, $8.00, or $12 for a pound of copper. They’ll just want to make sure there is enough of it to allow their AI, space, and data center fantasies to play out.
So while the focus of the average junior resource speculator is on tax-loss selling season, rising global yields, a sideways consolidation in the precious metals space, surging energy prices due to the conflict in Iran, etc., etc., the trend remains firmly intact.
Commodity prices are headed much higher in the mid-to-long term.
As Nick Hodge has said for the past several months: copper, gold, silver — that's the order of how the metals are looking.
Copper continues to put in a strong performance, sitting at the $6.60/lb level. Copper prices have set records this year. Output from places like Chile is hitting its lowest levels in more than two decades. Goldman Sachs and the major institutions are all calling for higher copper prices.
It would not surprise me to see copper with a $7 handle before the end of the year and then get ready to make a run at $10 over the next couple of years.
Gold is still trading in sideways fashion, sitting at $4,150/oz. It hasn't broken that $4,000 support level. Good to see it well above that right now.
Silver held the $55/oz level really well but still hasn't been able to make a run past the $60 level. Also trading sideways, sitting at $57.85.
Uranium continues to be boring. I continue to tell you uranium being boring is good and that you should be taking advantage of the opportunity the market is giving you. Spot price is currently sitting at $90/lb. Again, I expect uranium to have a strong close to 2026 and a real big push in 2027 given the structural deficits that are materializing in that sector.
The U.S. Dollar Index (DXY) is below the 102 level, sitting at 101.78. That was closer to 103 less than a week ago, so look, the dollar remains in a bullish posture.
So what to do? In the past two months, I’ve written more checks than I had in the previous 10 months put together. That’s how close to a bottom I think we are before a substantial run higher.
Nick and I have offered three private placements to subscribers of Private Placement Intel over the past month on very friendly terms. One of those is already up some 30%. Another is drilling. And the most recent one, which is still live, I believe is the future of project generation.
An AI project generator company that is already attracting the eyes of major financial institutions and some of the most respected technical people in the space.
The next time that private company raises capital, I believe it’ll be at 4 to 5 times this current raise.
The current raise is priced at roughly a $24 million valuation.
Public companies with similar, and I’d argue inferior, moats have valuations ranging from hundreds of millions to billion-dollar market caps.
There’s lots of opportunity out there, and the tailwinds are there. This consolidation will pass. Take advantage of the weakness if you’re able to, and if not, just sit tight and let the market turn in our favor.
Let's get it,
Gerardo Del Real
Editor, Bizarro World