As inflation compresses the equity risk premium, earnings growth is shifting from technology to real assets. Gold miners now offer technology-like earnings leverage at commodity valuations.
GOLDWIRE
Higher gold prices are driving operating leverage and margin expansion across a select group of producers, with earnings growth already exceeding current valuation multiples.
A low-cost Kazakhstan gold producer with ~£50m earnings potential, trading at ~7x forward earnings.
Société Générale flags Wall Street's $20,000 gold bets, signaling currency debasement fears.
Why government spending and reserve shifts point to a structurally higher gold price.
J.P. Morgan models a path to $8,500 gold if private investor allocations rise from 3% to 4.6% of financial assets.
A 31-year-old German trader built a $250 million fortune trading Russian oil.
A growing list of global banks now see a credible path to $5,000 per ounce within the next 18 months.
Southeast Asia is quietly assembling the plumbing for a regional bullion-banking system. The most visible catalyst is Laos, which in late 2024 chartered Lao Bullion…
Gold miners are the clear winners of the “debasement trade.”