Gold’s New Gym Record: Benching $3,700 Ounces

Fueled by Fed rate-cut expectations, a tumbling U.S. dollar, and persistent central bank accumulation, the rally has been nothing short of historic. In 2025 alone, bullion has surged more than 40%, proving once again its resilience as the world’s ultimate safe haven.

From $3,000 in March to $3,700 today, gold’s trajectory highlights a structural shift in global finance. Whether the Fed cuts 25 or 50 basis points, the case for higher gold remains compelling.

The question now: Is $4,000 just around the corner?

Nuclear Security: US Plans to Boost Uranium Stockpile

America is racing to secure its nuclear future. Speaking at the IAEA conference in Vienna, US Energy Secretary Chris Wright underscored the push to expand the strategic uranium reserve.

With Russia still supplying a quarter of US uranium, the risks are too great to ignore. The plan builds on contracts awarded to Energy Fuels Inc. (NYSE: UUUU) and Uranium Energy Corp. (NYSE: UEC), while Centrus Energy Corp. (NYSE: LEU) ramps up enrichment for advanced reactors.

Even venture capital is entering the game, with Peter Thiel’s General Matter Corp. seeking to modernize uranium enrichment.

This is more than energy policy, it’s national security.

$5 Billion US Minerals Fund Could Reshape Global Supply Chains

The U.S. is negotiating with Orion Resource Partners, led by CEO Oskar Lewnowski, to create a $5 billion critical minerals fund. Partnering with the International Development Finance Corp. (DFC), this could become Washington’s most ambitious step yet in the resource race.

The move reflects President Trump’s second-term agenda, with Ben Black (son of Leon Black) nominated to lead the DFC. Orion, already bidding for Chemaf Resources in the Democratic Republic of Congo alongside Virtus Minerals, is competing directly against Chinese-backed firms such as Norinco Group.

The U.S. strategy is backed by recent Pentagon initiatives, including a $400 million investment in MP Materials and renewed cobalt stockpiling, while earlier DFC financing supported Syrah Resources in Mozambique, tied to Tesla’s battery supply chain.

This fund, if finalized, would be a historic fusion of Wall Street capital and U.S. foreign policy power, an unmistakable signal that America intends to dig back into global mining.

Fed Expectations Push Copper to Highest Level Since 2024

Futures on the London Metal Exchange (LME) surged 1% to $10,173 a ton—the highest since June 2024. Traders are betting big that the US Federal Reserve will deliver a rate cut this week, with more easing likely by year-end.

At the same time, Zijin Mining Group Co. reports China’s apparent copper consumption rose by 10% in the first half, keeping demand strong even as warnings of a slowdown loom.

The rally has pushed copper to a 15-month high, equities are breaking records, Treasury yields are slipping, and the dollar is weakening. Industrial metals from aluminum to zinc and nickel are joining the climb, marking a broader global risk-on mood.

This is not just about a price, it’s a reflection of shifting economic sentiment.

Will copper’s surge prove sustainable, or is the market leaning too heavily on Fed optimism?

Thanks for reading this week's newsletter!

We appreciate you taking the time to stay informed and ahead of the game.