September 30, 2026
Dear Fellow Investor,
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| Who says they don’t ring a bell at the top?
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| Maybe the problem is that most investors just don’t listen hard enough…because there’s an alarm or two ringing loudly right now.
I’ve often said that all investment markets are, to one degree or another, predictive mechanisms. Stocks discount future earnings and economic growth, commodities anticipate future supply and demand, and currencies reflect expectations for everything from monetary policy to relative economic performance and capital flows.
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| But in my experience, two markets stand above the rest in their ability to sniff out trouble before it becomes obvious to everyone else: gold and bonds.
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| Which makes what we’ve seen over the past few months particularly interesting.
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| Golden Opportunities continues below...
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| Sponsors:
enCore Energy, Verdera Energy, Manhattan Uranium, Manhattan Metals & Silver47 Exploration
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| As gold recovered from its spring-summer correction, Treasury yields were also rising. In fact, for much of that recovery the two were moving higher together, despite the conventional wisdom that says rising yields should be bad for gold.
Usually, there’s a good reason for that conventional wisdom. Higher yields increase the opportunity cost of owning an asset that pays no interest, and when those higher yields reflect strong economic growth, tighter monetary policy and rising real returns, they can present serious competition for gold.
But that’s not what we’ve been seeing.
Instead, I believe gold and Treasury yields have been rising for essentially the same reason: Both markets are increasingly discounting a future in which the dollar will be worth considerably less than it is today.
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| Same Problem, Different Responses
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| Think about what these two markets are actually saying.
When gold rises, investors are paying more dollars for an asset whose defining monetary characteristic is that its supply can’t be expanded at the whim of a central bank or treasury department. When Treasury yields rise, meanwhile, bond investors are demanding more compensation to lend dollars to the U.S. government for an extended period.
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| Those might seem like two very different trades, but in the current environment they reflect the very same concern.
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| Gold buyers are protecting themselves against the future depreciation of the currency, while bond investors are demanding greater compensation for that anticipated depreciation.
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| As the chart shows, gold and the 10-year Treasury yield spent much of gold’s recovery moving higher in unison. The correlation only recently turned negative as yields accelerated to the upside and gold sold off in response to renewed expectations for tighter monetary policy.
I’ll get to that divergence in a moment, because I think it’s important. But first we need to appreciate just how unusual the preceding period was.
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| My friend Jim Grant is famous for his observation that there’s a difference between worrying about the return on your money and worrying about the return of your money.
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| It seems obvious that more and more investors today, from individuals to sovereign nations, are addressing a third consideration: What will that money actually be worth when you get it back?
The bond market seems increasingly concerned about the answer.
And importantly, this isn’t merely a U.S. phenomenon.
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| It’s Not Just The Dollar
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| Sovereign bond yields have been rising across much of the developed world. The circumstances differ from country to country, of course, but the underlying problems are remarkably similar: enormous debt burdens, persistent fiscal deficits, aging populations, growing spending commitments and political systems that have demonstrated very little appetite for the kind of austerity necessary to bring those obligations back into line.
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| Major Developed-Market 10-Year Sovereign Yields
(April 30, 2026 = 100)
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| That’s important because it tells us this isn’t simply a story about one administration, one Treasury secretary, one Fed chairman or even one currency. The bond markets are registering a broader problem with the fiscal trajectory of developed-world governments.
And there are only so many ways out of that problem.
Governments can raise taxes dramatically, slash spending, generate extraordinary real economic growth or default outright. After nearly five decades of ever-easier money and ever-greater debts, none of those options are possible at this point.
Which leaves the time-honored solution: Make the debt worth less.
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| The Implications
— And The Risks —
Are Obvious
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| I have no doubt that you, as a dedicated reader of this letter, know what this means.
At bottom, it means that gold and silver, as the monetary metals, are going to rise to price levels far, far higher than even the recent record heights. Savers who want to preserve their wealth will simply have to maintain significant positions in these bulwarks.
And for building wealth, we’ll need to be actively investing in sectors that leverage the moves in the metals — particularly mining stocks.
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| I address all of these moves in macro, metals and mining in our October issue of Gold Newsletter, scheduled for release tomorrow.
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| In fact, I’m writing that issue today…and I can tell you that it’s jam-packed with not only my latest views on the markets, but also exciting updates on our junior mining stock portfolio.
That includes two red-hot new recommendations:
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| • A company that has quickly and quietly built a commanding, nearly district-level land position in Nevada…and has just released some of the most astounding drill results seen in a long time.
This is a new play that literally no other newsletter writer is yet following, and our readers are going to be among the first in on it.
• A critical metals explorer with a huge position in Africa, intriguing early drill results and some of the most exciting targets ranging from copper to rare earths. All that plus a drum-tight share structure and important catalysts just ahead.
This is another play that no one else is yet following, and your chance to get in ultra-early.
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| You’ll get all this and more in our value-packed October issue of Gold Newsletter being delivered just hours from now.
This market is moving quickly, and you don’t want to be left behind. I strongly urge you to click on the link below to subscribe now.
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| All the best,
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| Brien Lundin
Publisher, Gold Newsletter
CEO, the New Orleans Investment Conference
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| CLICK HERE
To Subscribe To
Gold Newsletter
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| CLICK HERE to watch interviews by Brien Lundin and Kai Hoffmann with many of today's most exciting junior mining companies on the
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