Gerardo Del Real,
Editor
Sept. 30, 2026
Back in the office saddle after a busy week at Beaver Creek.
And look, it’s all about the bond market once again, just like it was last week.
The 30-year has now hit a high of 5.61%. That’s the highest level since June 2002. The 10-year is sitting at 5.28%. We haven’t seen those levels since 2007. All of this, of course, is weighing on metals prices.
I told you before that gold had good support all the way down to the $4,000 per ounce level. Thus far, that’s held up beautifully, with gold sitting at $4,185 as we speak. Silver actually looks a little softer than gold, sitting just above the $60 mark at $60.67 per ounce. I’d love to see it hold $60. It’ll be interesting to see what the next couple of days look like.
The personal consumption expenditures price index for August increased at a 3.4% annual rate, down from 3.7% the month prior. Economists surveyed by Dow Jones had been looking for inflation to remain steady at 3.7%.
Core PCE — which excludes food and energy because who needs that stuff — rose 3% year on year, down from 3.3% the month before and also lower than economists had forecast.
Maybe now Kevin has the cover he needs to hold rates in October. Maybe the jobs report ruins that cover.
Again, this is near-term noise. In the mid-to-long term, we are absolutely in the midst of a precious metals bull market. The levels are worth keeping an eye on here in the short term.
Copper actually looks really strong, sitting at $6.61 per pound. Robert Friedland just gave a great speech out in Colorado talking about the structural deficits that have materialized and that will be with us for the next several years.
When it comes to gold, silver, copper and uranium — which is sitting there at that boring $90 per pound level — there are very real structural demands and deficits in play that will be with us for many years and provide a fertile trading environment. Add lithium to that list.
It’s been a little bit of a slower September than I would have liked as far as the equities go. That’s being driven, of course, by the uncertainty in the bond market and the conflict in the Middle East.
The U.S. dollar (DXY) is breaking out, sitting above 101.43 currently. Again, the bond market is calling the shots, and the dollar obviously correlates to the bond market. All of that is in play.
Bessent wanted to play house. We’re going to find out how good he is at that game.
That’s the near-term picture. We’re going to have continued volatility until we get the bond market under control and have some sort of clarity and a path forward regarding the conflict in the Middle East.
In the mid-term, capital is moving from public assets like government debt and into private assets like gold, real estate, art, collectibles, etc. That’s a trend that war accelerates.
I don’t like the reasons — debt, war, government corruption and stupidity — hard assets are appreciating, but they are and will continue to.
It’s busy.
Nick Hodge and I just announced a financing that is available to subscribers of Private Placement Intel.
I just sent an alert yesterday to subscribers of Junior Resource Speculator on a portfolio company I believe has a really good shot at being my next quadruple-digit winner.
And the financing we made available to subscribers of Private Placement Intel is oversubscribed and will be closing in the next few days.
It’s busy, it’s volatile, but there are some spectacular opportunities out there, and we’re making sure to take advantage of them.
Let's get it,
Gerardo Del Real
Editor, Bizarro World