Gerardo Del Real,
Editor
Sept. 16, 2026
It’s Kevin day.
By the time you read this the Fed will have either raised rates or held rates where they are. That’s the noise.
The real action is in the bond market.
The 10-year yield has reached 5.041%, the highest level since July 2007.
The yield on the longer-dated 30-year Treasury bond hit its highest level since June 2007.
The yield crisis has gone global. Except for China.
Yields are now up to 2007 levels in the US, 1998 levels in the UK, 2008 levels in Germany and France, and 1996 levels in Japan.
In China? Government borrowing costs are near their lowest on record.
The UK's bond market is collapsing.
Today, the yield on a 30Y Bond in the UK hit 5.95%, its highest level since March 1998.
Yields in the UK are now 15 times above 2020 levels, with the highest borrowing costs among G7 countries.
Despite the volatility in the market the precious metals have held up the way metals in a bull market hold up; putting in higher lows in anticipation of new highs.
The new highs are coming.
Why? For the same reason the bond vigilantes are demanding higher rates. The debt.
It’s not just the U.S., which is why rates are rising around the world, except for China.
From critical metals to borrowing costs, China continues to put on a clinic.
Growth in the U.S. is actually strong. It’s the debt. It’s the war. It’s the tariffs. It’s the corruption. It’s falling behind three decades in the critical metals space.
That’s what ultimately will allow China to become the financial superpower the U.S. has been since Bretton Woods.
That’s why China has added to its gold reserves for 22 straight months.
The Fed cannot control when the war ends, so it can’t control energy prices, so it can’t control inflation (even the inflation that excludes food and gas).
The war is optional. The debt is unsustainable and not going anywhere but up.
So at the risk of sounding like a broken record, drown out the noise and focus on the trend.
If the war ends tomorrow and inflation comes down and the Fed reverses course and cuts rates, the commodity supercycle is firmly in place.
What you should be doing is what China is doing: Having exposure to precious metals, having exposure to critical metals, getting your fiscal house in order.
Which is why I’m keeping busy doing all of the above. Subscribers of Private Placement Intel just received access to a very attractive gold, copper, silver deal for a company with a tiny market cap and multiple drill programs coming up.
In the coming weeks we’ll be helping finance a company with precious metals and critical metals exposure, with a tiny market cap, in a tier-one jurisdiction.
Subscribers of Junior Resource Speculator will be getting a new pick in the next few days and I’ll be at the Beaver Creek Precious Metals Summit next week vetting new ideas and following up with current positions.
The last 8 months of consolidation in the metals space have been a prelude to the new all-time highs that are coming.
The equities are trading at a significant discount given today’s prices. Those prices will look comically cheap this time next year.
Get positioned. Buckle up.
Let's get it,
Gerardo Del Real
Editor, Bizarro World