Gerardo Del Real,
Editor
Oct. 7, 2026
Apparently, everything is awesome.
The S&P just hit a brand-new all-time high. This despite the conflict with Iran in the Middle East. This despite the 10-year being at 5.27%. This despite the geopolitical volatility — everything from a cold critical-metals war with China to a never-ending conflict with Iran to bond vigilantes demanding a premium to lend money to governments around the world.
Despite all that, the S&P just hit a brand-new record high.
But that's not the sandbox I play in. The sandbox I play in is the junior resource space — especially exploration. And I do that in the pages of Junior Resource Monthly and Junior Resource Speculator.
Look, in the gold space, $4,000/oz appears to be the new bottom. We've been saying that for the last couple of months. Gold is sitting at $4,125 as we speak. Silver is battling to hold the $60 handle, sitting at $59.98/oz.
Copper is looking like the most attractive of the three metals right now — sitting at $6.64/lb with analysts calling for a 50% rise in the copper price over the next year or so.
I predict copper goes much, much higher over the next several years. It would not surprise me to see an $8 handle sometime next year as structural deficits continue to strain supply.
Uranium continues to be boring, sitting at $89.50/lb on the spot price. While the spot price is boring, the long-term contracting price continues higher as companies like Alphabet and governments like South Korea continue to scramble to secure future uranium supply.
The latest deal includes Google parent Alphabet, which just signed an agreement to buy nuclear energy from Constellation Energy.
Alphabet will add 890 MW of reliable, emissions-free capacity — equivalent to a new reactor — backed by $4.3B+ in private investment.
Lithium, also in the boring category, is down some 25% from recent highs but still positive for the year. I expect a resumption in the lithium upswing here in Q4.
The dollar index has been bullish with mortgage rates now creeping up to the 7.50% range… a level this generation is certainly not accustomed to. It’ll be interesting to see how that works itself out in the housing market.
The dollar index (DXY), sitting just above the 102 level at 102.31, has definitely had an effect on the metals.
We'll see what Kevin and Scott decide to do here at the next Fed meeting and in between.
It's an interesting time, folks. Volatility is going to continue. The bond market is going to continue to be something to watch. But the end game is clear as day. The Fed and Treasury Secretary will move aggressively to inflate the debt away.
The result? A loss of purchasing power for the average person while those who are asset-rich continue to reap the benefits of the insane fiscal and monetary policy that has been normalized over the past several decades.
I don’t like the reason why gold and other assets are going higher but the trend is irreversible. Use any short-term weakness in the metals to position aggressively. The bull market will be with us for years.
Let's get it,
Gerardo Del Real
Editor, Bizarro World