<script data-pm-proxy="intercept"></script><?xml version="1.0" encoding="UTF-8"?><rss xmlns:dc="http://purl.org/dc/elements/1.1/" xmlns:content="http://purl.org/rss/1.0/modules/content/" xmlns:atom="http://www.w3.org/2005/Atom" version="2.0" xmlns:itunes="http://www.itunes.com/dtds/podcast-1.0.dtd" xmlns:googleplay="http://www.google.com/schemas/play-podcasts/1.0"><channel><title><![CDATA[Don’s Newsletter]]></title><description><![CDATA[Gold & Silver Mining Stocks ]]></description><link>https://dondurrett.substack.com</link><image><url>https://substackcdn.com/image/fetch/$s_!wfHd!,w_256,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fe47bb245-4d4b-4e36-a4fa-f6025c90e4e1_980x980.png</url><title>Don’s Newsletter</title><link>https://dondurrett.substack.com</link></image><generator>Substack</generator><lastBuildDate>Sat, 05 Sep 2026 05:05:51 GMT</lastBuildDate><atom:link href="/__u/dondurrett.substack.com/feed" rel="self" type="application/rss+xml"/><copyright><![CDATA[Don Durrett]]></copyright><language><![CDATA[en]]></language><webMaster><![CDATA[dondurrett@substack.com]]></webMaster><itunes:owner><itunes:email><![CDATA[dondurrett@substack.com]]></itunes:email><itunes:name><![CDATA[Don Durrett]]></itunes:name></itunes:owner><itunes:author><![CDATA[Don Durrett]]></itunes:author><googleplay:owner><![CDATA[dondurrett@substack.com]]></googleplay:owner><googleplay:email><![CDATA[dondurrett@substack.com]]></googleplay:email><googleplay:author><![CDATA[Don Durrett]]></googleplay:author><itunes:block><![CDATA[Yes]]></itunes:block><item><title><![CDATA[Friday Recap (9/4/2026)]]></title><description><![CDATA[Current (Last Week) -- (% from ATH | ATH)]]></description><link>https://dondurrett.substack.com/p/friday-recap-942026</link><guid isPermaLink="false">https://dondurrett.substack.com/p/friday-recap-942026</guid><dc:creator><![CDATA[Don Durrett]]></dc:creator><pubDate>Sat, 05 Sep 2026 00:54:48 GMT</pubDate><enclosure url="https://substackcdn.com/image/fetch/$s_!ocbo!,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fb9dc58aa-6e76-4250-948a-aa0458e1398f_2580x1410.jpeg" length="0" type="image/jpeg"/><content:encoded><![CDATA[<p><strong>Current (Last Week) -- (% from ATH | ATH)</strong></p><p>AU: $4,427 ($4,454) -- 21% from ATH ($5,608)</p><p>AG: $66 ($66) -- 45% from ATH ($121)</p><p>HUI: 832 (839) -- 16% from ATH (986)</p><p>DXY: 99 (99)</p><p>S&amp;P 500: 7,718 (7,711) --1.2% from ATH (7816)</p><p>10-Year: 4.7% (4.7%)</p><p>When you look at the numbers above, it was one of the quietest weeks of the year. It was a good week to be on vacation. Next week likely won&#8217;t be as quiet. </p><p>The last ATH on the S&amp;P was August 13th at 7816. What I&#8217;m watching is if the S&amp;P can make a new ATH in September. And if it can&#8217;t, how close can it get to the 200 DMA, which is currently around 7150 (and trending higher)? The recent low for the S&amp;P was 7313 on July 29th. Could we see that retested in September? Perhaps. Stay tuned.</p><p>We are currently in negative seasonality for the S&amp;P until mid-October, plus there are several factors currently creating headwinds for the economy. Let&#8217;s list a few: high interest rates, ongoing inflation, high gasoline/diesel prices, bond market concerns in multiple countries, ongoing Iran war, housing market weakness, consumer spending weakness for the bottom half, AI ROI uncertainty, private credit weakness, labor market weakness, cost-of-living issues, Japan currency issues, etc. </p><p>One of these problems could trigger a sell-off in the S&amp;P, or a combination of these factors. It won&#8217;t be a surprise if we retest either 7313 (the cycle low) or the 200 DMA (7150). </p><p>Gold at $4,400 and silver at $66 are still in correction territory. Are they ready to rise in the near term to $5,000 and $70 and break out? My guess is no. I expect to see $4,200 gold before $5,000, and $62 silver before $70. So, be ready to buy the next dip. Expect the dip between now and mid-November. After mid-November, I expect gold and silver to rip until year-end. Best guess. </p><div class="captioned-image-container"><figure><a class="image-link image2 is-viewable-img" target="_blank" href="/__u/substackcdn.com/image/fetch/$s_!ocbo!,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fb9dc58aa-6e76-4250-948a-aa0458e1398f_2580x1410.jpeg" data-component-name="Image2ToDOM"><div class="image2-inset"><picture><source type="image/webp" srcset="/__u/substackcdn.com/image/fetch/$s_!ocbo!, /__u/dondurrett.substack.com/w_424, /__u/dondurrett.substack.com/c_limit, /__u/dondurrett.substack.com/f_webp, /__u/dondurrett.substack.com/q_auto:good, /__u/dondurrett.substack.com/fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fb9dc58aa-6e76-4250-948a-aa0458e1398f_2580x1410.jpeg 424w, /__u/substackcdn.com/image/fetch/$s_!ocbo!, /__u/dondurrett.substack.com/w_848, /__u/dondurrett.substack.com/c_limit, /__u/dondurrett.substack.com/f_webp, 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6.91176M17.4995 12.1841C16.5378 15.2609 13.5967 17.5 10.1178 17.5C6.86118 17.5 4.07589 15.5379 2.94432 12.7632L2.41165 11.3235M2.41165 11.3235L1.5293 15.7353M2.41165 11.3235L6.38224 13.0882"></path></g></svg></button><button tabindex="0" type="button" class="pencraft pc-reset pencraft icon-container view-image"><svg xmlns="http://www.w3.org/2000/svg" width="20" height="20" viewBox="0 0 24 24" fill="none" stroke="currentColor" stroke-width="2" stroke-linecap="round" stroke-linejoin="round" class="lucide lucide-maximize2 lucide-maximize-2"><polyline points="15 3 21 3 21 9"></polyline><polyline points="9 21 3 21 3 15"></polyline><line x1="21" x2="14" y1="3" y2="10"></line><line x1="3" x2="10" y1="21" y2="14"></line></svg></button></div></div></div></a></figure></div><p></p>]]></content:encoded></item><item><title><![CDATA[Mid-Week Macro (9/2/2026)]]></title><description><![CDATA[Mid-Week Macro]]></description><link>https://dondurrett.substack.com/p/mid-week-macro-922026</link><guid isPermaLink="false">https://dondurrett.substack.com/p/mid-week-macro-922026</guid><dc:creator><![CDATA[Don Durrett]]></dc:creator><pubDate>Thu, 03 Sep 2026 02:47:27 GMT</pubDate><enclosure url="https://substackcdn.com/image/fetch/$s_!xFZM!,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fedab7aef-a5c3-46f5-864e-aad4d82e7773_1712x980.jpeg" length="0" type="image/jpeg"/><content:encoded><![CDATA[<div class="captioned-image-container"><figure><a class="image-link image2 is-viewable-img" target="_blank" href="/__u/substackcdn.com/image/fetch/$s_!xFZM!,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fedab7aef-a5c3-46f5-864e-aad4d82e7773_1712x980.jpeg" data-component-name="Image2ToDOM"><div class="image2-inset"><picture><source type="image/webp" srcset="/__u/substackcdn.com/image/fetch/$s_!xFZM!, /__u/dondurrett.substack.com/w_424, /__u/dondurrett.substack.com/c_limit, /__u/dondurrett.substack.com/f_webp, /__u/dondurrett.substack.com/q_auto:good, /__u/dondurrett.substack.com/fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fedab7aef-a5c3-46f5-864e-aad4d82e7773_1712x980.jpeg 424w, /__u/substackcdn.com/image/fetch/$s_!xFZM!, /__u/dondurrett.substack.com/w_848, /__u/dondurrett.substack.com/c_limit, /__u/dondurrett.substack.com/f_webp, /__u/dondurrett.substack.com/q_auto:good, /__u/dondurrett.substack.com/fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fedab7aef-a5c3-46f5-864e-aad4d82e7773_1712x980.jpeg 848w, /__u/substackcdn.com/image/fetch/$s_!xFZM!, /__u/dondurrett.substack.com/w_1272, /__u/dondurrett.substack.com/c_limit, /__u/dondurrett.substack.com/f_webp, /__u/dondurrett.substack.com/q_auto:good, /__u/dondurrett.substack.com/fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fedab7aef-a5c3-46f5-864e-aad4d82e7773_1712x980.jpeg 1272w, /__u/substackcdn.com/image/fetch/$s_!xFZM!, /__u/dondurrett.substack.com/w_1456, /__u/dondurrett.substack.com/c_limit, /__u/dondurrett.substack.com/f_webp, /__u/dondurrett.substack.com/q_auto:good, /__u/dondurrett.substack.com/fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fedab7aef-a5c3-46f5-864e-aad4d82e7773_1712x980.jpeg 1456w" sizes="100vw"><img src="/__u/substackcdn.com/image/fetch/$s_!xFZM!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fedab7aef-a5c3-46f5-864e-aad4d82e7773_1712x980.jpeg" width="1456" height="833" 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/__u/substackcdn.com/image/fetch/$s_!xFZM!, /__u/dondurrett.substack.com/w_1456, /__u/dondurrett.substack.com/c_limit, /__u/dondurrett.substack.com/f_auto, /__u/dondurrett.substack.com/q_auto:good, /__u/dondurrett.substack.com/fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fedab7aef-a5c3-46f5-864e-aad4d82e7773_1712x980.jpeg 1456w" sizes="100vw" fetchpriority="high"></picture><div class="image-link-expand"><div class="pencraft pc-display-flex pc-gap-8 pc-reset"><button tabindex="0" type="button" class="pencraft pc-reset pencraft icon-container restack-image"><svg aria-hidden="true" width="20" height="20" viewBox="0 0 20 20" fill="none" stroke-width="1.5" stroke="var(--color-fg-primary)" stroke-linecap="round" stroke-linejoin="round" xmlns="http://www.w3.org/2000/svg"><g><path d="M2.53001 7.81595C3.49179 4.73911 6.43281 2.5 9.91173 2.5C13.1684 2.5 15.9537 4.46214 17.0852 7.23684L17.6179 8.67647M17.6179 8.67647L18.5002 4.26471M17.6179 8.67647L13.6473 6.91176M17.4995 12.1841C16.5378 15.2609 13.5967 17.5 10.1178 17.5C6.86118 17.5 4.07589 15.5379 2.94432 12.7632L2.41165 11.3235M2.41165 11.3235L1.5293 15.7353M2.41165 11.3235L6.38224 13.0882"></path></g></svg></button><button tabindex="0" type="button" class="pencraft pc-reset pencraft icon-container view-image"><svg xmlns="http://www.w3.org/2000/svg" width="20" height="20" viewBox="0 0 24 24" fill="none" stroke="currentColor" stroke-width="2" stroke-linecap="round" stroke-linejoin="round" class="lucide lucide-maximize2 lucide-maximize-2"><polyline points="15 3 21 3 21 9"></polyline><polyline points="9 21 3 21 3 15"></polyline><line x1="21" x2="14" y1="3" y2="10"></line><line x1="3" x2="10" y1="21" y2="14"></line></svg></button></div></div></div></a></figure></div><p></p><p><strong>Mid-Week Macro</strong></p><p>The S&amp;P 500 reached 7800 on August 4th and then reached an ATH of 7815 on August 13th. Today it is 7665. The 200 DMA is around 7200. We need to keep an eye on the S&amp;P during September. I think there is a good chance we could see a correction this month. The key level is the 200 DMA. If that gets taken out, then usually you will get a whoosh down.</p><p>High interest rates and high energy prices are putting pressure on the S&amp;P. Plus, the lack of leadership creates a dicey situation. The MAG7 ETF (MAGS) had an ATH on May 14th. The stocks in the MAG7 are so large that they pretty much have to lead, but currently they are struggling to lead.</p><p>Since 1980, there has never been a midterm year without an S&amp;P correction of at least 7%, and the average is 15%. Thus, the odds are high we will get at least a 7% correction in September or October.</p><p>Gold and silver want to begin their Leg 2, but seem to be waiting for the S&amp;P to correct first. Leg 2 is the best leg, and today&#8217;s price action reveals the miners are ready to run. Gold and silver were up small amounts today, yet the GDXJ and SILJ were both up 2x the metal price increase. When Leg 2 kicks in, it is going to be epic. However, until we get to November, expect volatility &#8212; 5% moves in both directions.</p><p>Investors are starting to figure out that gold is going a lot higher (and silver will follow). I think $8,000 gold is almost guaranteed in the next 36 months. That means silver will reach $200. The miners are going to fly. I can&#8217;t think of a scenario that stops this outcome. Hint: the Fed and US Treasury are trapped. They have to print, which will generate inflation, which will damage both the bond market and the economy. Got Gold?</p>]]></content:encoded></item><item><title><![CDATA[Weekly Notes (9/2/2026)]]></title><description><![CDATA[Greatland Resources (8/27/2026: FY2026 results.]]></description><link>https://dondurrett.substack.com/p/weekly-notes-922026</link><guid isPermaLink="false">https://dondurrett.substack.com/p/weekly-notes-922026</guid><dc:creator><![CDATA[Don Durrett]]></dc:creator><pubDate>Thu, 03 Sep 2026 02:18:58 GMT</pubDate><enclosure url="https://substackcdn.com/image/fetch/$s_!BHLM!,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F1e8c4fc8-2768-4e3b-b3c5-3b1956761d07_1712x980.jpeg" length="0" type="image/jpeg"/><content:encoded><![CDATA[<div class="captioned-image-container"><figure><a class="image-link image2 is-viewable-img" target="_blank" href="/__u/substackcdn.com/image/fetch/$s_!BHLM!,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F1e8c4fc8-2768-4e3b-b3c5-3b1956761d07_1712x980.jpeg" data-component-name="Image2ToDOM"><div class="image2-inset"><picture><source type="image/webp" srcset="/__u/substackcdn.com/image/fetch/$s_!BHLM!, /__u/dondurrett.substack.com/w_424, /__u/dondurrett.substack.com/c_limit, /__u/dondurrett.substack.com/f_webp, /__u/dondurrett.substack.com/q_auto:good, /__u/dondurrett.substack.com/fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F1e8c4fc8-2768-4e3b-b3c5-3b1956761d07_1712x980.jpeg 424w, /__u/substackcdn.com/image/fetch/$s_!BHLM!, /__u/dondurrett.substack.com/w_848, /__u/dondurrett.substack.com/c_limit, /__u/dondurrett.substack.com/f_webp, /__u/dondurrett.substack.com/q_auto:good, /__u/dondurrett.substack.com/fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F1e8c4fc8-2768-4e3b-b3c5-3b1956761d07_1712x980.jpeg 848w, /__u/substackcdn.com/image/fetch/$s_!BHLM!, /__u/dondurrett.substack.com/w_1272, /__u/dondurrett.substack.com/c_limit, /__u/dondurrett.substack.com/f_webp, /__u/dondurrett.substack.com/q_auto:good, /__u/dondurrett.substack.com/fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F1e8c4fc8-2768-4e3b-b3c5-3b1956761d07_1712x980.jpeg 1272w, /__u/substackcdn.com/image/fetch/$s_!BHLM!, /__u/dondurrett.substack.com/w_1456, /__u/dondurrett.substack.com/c_limit, /__u/dondurrett.substack.com/f_webp, /__u/dondurrett.substack.com/q_auto:good, /__u/dondurrett.substack.com/fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F1e8c4fc8-2768-4e3b-b3c5-3b1956761d07_1712x980.jpeg 1456w" sizes="100vw"><img src="/__u/substackcdn.com/image/fetch/$s_!BHLM!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F1e8c4fc8-2768-4e3b-b3c5-3b1956761d07_1712x980.jpeg" width="1456" height="833" data-attrs="{&quot;src&quot;:&quot;https://substack-post-media.s3.amazonaws.com/public/images/1e8c4fc8-2768-4e3b-b3c5-3b1956761d07_1712x980.jpeg&quot;,&quot;srcNoWatermark&quot;:null,&quot;fullscreen&quot;:null,&quot;imageSize&quot;:null,&quot;height&quot;:833,&quot;width&quot;:1456,&quot;resizeWidth&quot;:null,&quot;bytes&quot;:279774,&quot;alt&quot;:null,&quot;title&quot;:null,&quot;type&quot;:&quot;image/jpeg&quot;,&quot;href&quot;:null,&quot;belowTheFold&quot;:false,&quot;topImage&quot;:true,&quot;internalRedirect&quot;:&quot;https://dondurrett.substack.com/i/213952368?img=https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F1e8c4fc8-2768-4e3b-b3c5-3b1956761d07_1712x980.jpeg&quot;,&quot;isProcessing&quot;:false,&quot;align&quot;:null,&quot;offset&quot;:false}" class="sizing-normal" alt="" srcset="/__u/substackcdn.com/image/fetch/$s_!BHLM!, /__u/dondurrett.substack.com/w_424, /__u/dondurrett.substack.com/c_limit, /__u/dondurrett.substack.com/f_auto, /__u/dondurrett.substack.com/q_auto:good, /__u/dondurrett.substack.com/fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F1e8c4fc8-2768-4e3b-b3c5-3b1956761d07_1712x980.jpeg 424w, /__u/substackcdn.com/image/fetch/$s_!BHLM!, /__u/dondurrett.substack.com/w_848, /__u/dondurrett.substack.com/c_limit, /__u/dondurrett.substack.com/f_auto, /__u/dondurrett.substack.com/q_auto:good, /__u/dondurrett.substack.com/fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F1e8c4fc8-2768-4e3b-b3c5-3b1956761d07_1712x980.jpeg 848w, /__u/substackcdn.com/image/fetch/$s_!BHLM!, /__u/dondurrett.substack.com/w_1272, /__u/dondurrett.substack.com/c_limit, /__u/dondurrett.substack.com/f_auto, /__u/dondurrett.substack.com/q_auto:good, /__u/dondurrett.substack.com/fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F1e8c4fc8-2768-4e3b-b3c5-3b1956761d07_1712x980.jpeg 1272w, /__u/substackcdn.com/image/fetch/$s_!BHLM!, /__u/dondurrett.substack.com/w_1456, /__u/dondurrett.substack.com/c_limit, /__u/dondurrett.substack.com/f_auto, /__u/dondurrett.substack.com/q_auto:good, /__u/dondurrett.substack.com/fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F1e8c4fc8-2768-4e3b-b3c5-3b1956761d07_1712x980.jpeg 1456w" sizes="100vw" fetchpriority="high"></picture><div class="image-link-expand"><div class="pencraft pc-display-flex pc-gap-8 pc-reset"><button tabindex="0" type="button" class="pencraft pc-reset pencraft icon-container restack-image"><svg aria-hidden="true" width="20" height="20" viewBox="0 0 20 20" fill="none" stroke-width="1.5" stroke="var(--color-fg-primary)" stroke-linecap="round" stroke-linejoin="round" xmlns="http://www.w3.org/2000/svg"><g><path d="M2.53001 7.81595C3.49179 4.73911 6.43281 2.5 9.91173 2.5C13.1684 2.5 15.9537 4.46214 17.0852 7.23684L17.6179 8.67647M17.6179 8.67647L18.5002 4.26471M17.6179 8.67647L13.6473 6.91176M17.4995 12.1841C16.5378 15.2609 13.5967 17.5 10.1178 17.5C6.86118 17.5 4.07589 15.5379 2.94432 12.7632L2.41165 11.3235M2.41165 11.3235L1.5293 15.7353M2.41165 11.3235L6.38224 13.0882"></path></g></svg></button><button tabindex="0" type="button" class="pencraft pc-reset pencraft icon-container view-image"><svg xmlns="http://www.w3.org/2000/svg" width="20" height="20" viewBox="0 0 24 24" fill="none" stroke="currentColor" stroke-width="2" stroke-linecap="round" stroke-linejoin="round" class="lucide lucide-maximize2 lucide-maximize-2"><polyline points="15 3 21 3 21 9"></polyline><polyline points="9 21 3 21 3 15"></polyline><line x1="21" x2="14" y1="3" y2="10"></line><line x1="3" x2="10" y1="21" y2="14"></line></svg></button></div></div></div></a></figure></div><p></p><p>Greatland Resources (8/27/2026: FY2026 results. 326K oz at $1600 AISC. FCF $529M. Cash balance $900M. No debt).</p><p>Heliostar Metals (8/27/2026: Begin production at La Colorada. 6 years at 46K/year).</p><p>Stillwater Critical Minerals (8/27/2026: Resource update. 800M tons in Montana).</p><p>Silver Bow Mining (8/27/2026: 7 Feet at 16 opt, or 2M at 550 gpt AG). </p><p>Lake Victor&#8230;</p>
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   ]]></content:encoded></item><item><title><![CDATA[Weekly Podcast Replay (8/29/2026)]]></title><description><![CDATA[Date: 8/29/2026]]></description><link>https://dondurrett.substack.com/p/weekly-podcast-replay-8292026</link><guid isPermaLink="false">https://dondurrett.substack.com/p/weekly-podcast-replay-8292026</guid><dc:creator><![CDATA[Don Durrett]]></dc:creator><pubDate>Sun, 30 Aug 2026 07:51:34 GMT</pubDate><enclosure url="https://substackcdn.com/image/fetch/$s_!FZmz!,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F31978a87-8db7-4a87-af6f-512c4f4bc6d5_1810x698.jpeg" length="0" type="image/jpeg"/><content:encoded><![CDATA[<div class="captioned-image-container"><figure><a class="image-link image2 is-viewable-img" target="_blank" href="/__u/substackcdn.com/image/fetch/$s_!FZmz!,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F31978a87-8db7-4a87-af6f-512c4f4bc6d5_1810x698.jpeg" data-component-name="Image2ToDOM"><div class="image2-inset"><picture><source type="image/webp" srcset="/__u/substackcdn.com/image/fetch/$s_!FZmz!, /__u/dondurrett.substack.com/w_424, /__u/dondurrett.substack.com/c_limit, /__u/dondurrett.substack.com/f_webp, /__u/dondurrett.substack.com/q_auto:good, /__u/dondurrett.substack.com/fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F31978a87-8db7-4a87-af6f-512c4f4bc6d5_1810x698.jpeg 424w, /__u/substackcdn.com/image/fetch/$s_!FZmz!, /__u/dondurrett.substack.com/w_848, /__u/dondurrett.substack.com/c_limit, /__u/dondurrett.substack.com/f_webp, /__u/dondurrett.substack.com/q_auto:good, /__u/dondurrett.substack.com/fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F31978a87-8db7-4a87-af6f-512c4f4bc6d5_1810x698.jpeg 848w, /__u/substackcdn.com/image/fetch/$s_!FZmz!, /__u/dondurrett.substack.com/w_1272, /__u/dondurrett.substack.com/c_limit, /__u/dondurrett.substack.com/f_webp, /__u/dondurrett.substack.com/q_auto:good, /__u/dondurrett.substack.com/fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F31978a87-8db7-4a87-af6f-512c4f4bc6d5_1810x698.jpeg 1272w, /__u/substackcdn.com/image/fetch/$s_!FZmz!, /__u/dondurrett.substack.com/w_1456, /__u/dondurrett.substack.com/c_limit, /__u/dondurrett.substack.com/f_webp, /__u/dondurrett.substack.com/q_auto:good, /__u/dondurrett.substack.com/fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F31978a87-8db7-4a87-af6f-512c4f4bc6d5_1810x698.jpeg 1456w" sizes="100vw"><img src="/__u/substackcdn.com/image/fetch/$s_!FZmz!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F31978a87-8db7-4a87-af6f-512c4f4bc6d5_1810x698.jpeg" width="1456" height="561" data-attrs="{&quot;src&quot;:&quot;https://substack-post-media.s3.amazonaws.com/public/images/31978a87-8db7-4a87-af6f-512c4f4bc6d5_1810x698.jpeg&quot;,&quot;srcNoWatermark&quot;:null,&quot;fullscreen&quot;:null,&quot;imageSize&quot;:null,&quot;height&quot;:561,&quot;width&quot;:1456,&quot;resizeWidth&quot;:null,&quot;bytes&quot;:70182,&quot;alt&quot;:null,&quot;title&quot;:null,&quot;type&quot;:&quot;image/jpeg&quot;,&quot;href&quot;:null,&quot;belowTheFold&quot;:false,&quot;topImage&quot;:true,&quot;internalRedirect&quot;:&quot;https://dondurrett.substack.com/i/206672273?img=https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F31978a87-8db7-4a87-af6f-512c4f4bc6d5_1810x698.jpeg&quot;,&quot;isProcessing&quot;:false,&quot;align&quot;:null,&quot;offset&quot;:false}" class="sizing-normal" alt="" srcset="/__u/substackcdn.com/image/fetch/$s_!FZmz!, /__u/dondurrett.substack.com/w_424, /__u/dondurrett.substack.com/c_limit, /__u/dondurrett.substack.com/f_auto, /__u/dondurrett.substack.com/q_auto:good, /__u/dondurrett.substack.com/fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F31978a87-8db7-4a87-af6f-512c4f4bc6d5_1810x698.jpeg 424w, /__u/substackcdn.com/image/fetch/$s_!FZmz!, /__u/dondurrett.substack.com/w_848, /__u/dondurrett.substack.com/c_limit, /__u/dondurrett.substack.com/f_auto, /__u/dondurrett.substack.com/q_auto:good, /__u/dondurrett.substack.com/fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F31978a87-8db7-4a87-af6f-512c4f4bc6d5_1810x698.jpeg 848w, /__u/substackcdn.com/image/fetch/$s_!FZmz!, /__u/dondurrett.substack.com/w_1272, /__u/dondurrett.substack.com/c_limit, /__u/dondurrett.substack.com/f_auto, /__u/dondurrett.substack.com/q_auto:good, /__u/dondurrett.substack.com/fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F31978a87-8db7-4a87-af6f-512c4f4bc6d5_1810x698.jpeg 1272w, /__u/substackcdn.com/image/fetch/$s_!FZmz!, /__u/dondurrett.substack.com/w_1456, /__u/dondurrett.substack.com/c_limit, /__u/dondurrett.substack.com/f_auto, /__u/dondurrett.substack.com/q_auto:good, /__u/dondurrett.substack.com/fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F31978a87-8db7-4a87-af6f-512c4f4bc6d5_1810x698.jpeg 1456w" sizes="100vw" fetchpriority="high"></picture><div class="image-link-expand"><div class="pencraft pc-display-flex pc-gap-8 pc-reset"><button tabindex="0" type="button" class="pencraft pc-reset pencraft icon-container restack-image"><svg aria-hidden="true" width="20" height="20" viewBox="0 0 20 20" fill="none" stroke-width="1.5" stroke="var(--color-fg-primary)" stroke-linecap="round" stroke-linejoin="round" xmlns="http://www.w3.org/2000/svg"><g><path d="M2.53001 7.81595C3.49179 4.73911 6.43281 2.5 9.91173 2.5C13.1684 2.5 15.9537 4.46214 17.0852 7.23684L17.6179 8.67647M17.6179 8.67647L18.5002 4.26471M17.6179 8.67647L13.6473 6.91176M17.4995 12.1841C16.5378 15.2609 13.5967 17.5 10.1178 17.5C6.86118 17.5 4.07589 15.5379 2.94432 12.7632L2.41165 11.3235M2.41165 11.3235L1.5293 15.7353M2.41165 11.3235L6.38224 13.0882"></path></g></svg></button><button tabindex="0" type="button" class="pencraft pc-reset pencraft icon-container view-image"><svg xmlns="http://www.w3.org/2000/svg" width="20" height="20" viewBox="0 0 24 24" fill="none" stroke="currentColor" stroke-width="2" stroke-linecap="round" stroke-linejoin="round" class="lucide lucide-maximize2 lucide-maximize-2"><polyline points="15 3 21 3 21 9"></polyline><polyline points="9 21 3 21 3 15"></polyline><line x1="21" x2="14" y1="3" y2="10"></line><line x1="3" x2="10" y1="21" y2="14"></line></svg></button></div></div></div></a></figure></div><p></p><p>Date: 8/29/2026</p><p>Replay Video Link:</p><p></p>
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          <a href="/__u/dondurrett.substack.com/p/weekly-podcast-replay-8292026">
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   ]]></content:encoded></item><item><title><![CDATA[Monthly Recap (8/30/2026)]]></title><description><![CDATA[August 30th (Previous Month) Year-End Targets]]></description><link>https://dondurrett.substack.com/p/monthly-recap-8302026</link><guid isPermaLink="false">https://dondurrett.substack.com/p/monthly-recap-8302026</guid><dc:creator><![CDATA[Don Durrett]]></dc:creator><pubDate>Sat, 29 Aug 2026 20:13:37 GMT</pubDate><enclosure url="https://substackcdn.com/image/fetch/$s_!JeqE!,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Ffa99a840-6f83-4107-b883-93ecb9a6ac2f_1712x904.png" length="0" type="image/jpeg"/><content:encoded><![CDATA[<p><strong><span>August 30</span><sup><span>th</span></sup><span> (Previous Month) Year-End Targets</span></strong></p><p style="text-align: justify;"><span>AU: $4,454 ($4050) ATH ($5608) -21% $5500 to $6000</span></p><p style="text-align: justify;"><span>AG: $66 ($58) ATH ($121) -45% $125 to $175</span></p><p style="text-align: justify;"><span>HUI: 839 (638) ATH (986) -15% 1200 to 1400</span></p><p style="text-align: justify;"><span>DXY: 99 (100) 93 to 96</span></p><p style="text-align: justify;"><span>S&amp;P: 7711 (7484) ATH (7816) -1% 4500 to 5000</span></p><p style="text-align: justify;"><span>10-Yr: 4.7% (4.7%) 4.0 to 4.2%</span></p><p style="text-align: justify;"><span>Oil: $83 ($84) $65 to $80</span></p><p style="text-align: justify;"><span>Gold was having an excellent month (up 15%), and then Fed Chair Warsh spoke on Friday (August 28</span><sup><span>th</span></sup><span>) at Jackson Hole with a hawkish tone. Gold promptly dropped $150, and silver dropped $3. The HUI was nearing 880 and got smacked down to 839. Ouch. Well, no big surprise. I expected gold to reach $4,200 before $5,000 once the S&amp;P corrects, which is still my expectation in the near term. The good news is that gold has never looked better (and I&#8217;ve been following it closely since 2004). I don&#8217;t see a path where gold doesn&#8217;t trend to $7,000 to $8,000 over the next 36 months.</span></p><p style="text-align: justify;"><span>I find it amazing how bullish I have become for higher gold prices. I&#8217;ve experienced a clear step up in bullishness. As many of you know, I tend to have a negative bias for the near term, always talking about the next correction. I&#8217;m often called the most bearish gold bull. The other thing I often talk about is that gold can&#8217;t break out until it wins its final battle against the stock market. Thus, I have constantly remained bearish on gold in the near term, waiting for the stock market to roll over.</span></p><p style="text-align: justify;"><span>My overall tone for the past decade (or longer) has been bearish for gold in the near term. Although, I&#8217;ve always said that eventually gold would win. But I have never really seen the end zone. Now I see it.</span></p><p style="text-align: justify;"><span>I sensed it at the beginning of the year, when I said 2026 would be the last year of American Greatness. But I wasn&#8217;t this bullish when the year began. I was more hopeful than bullish. That hopefulness has turned into ebullience. In fact, I&#8217;ve come to realize I wasn&#8217;t bullish enough. I&#8217;ve been warning people that the gold bull market could end in 2028. Now I think it could easily last until 2032. It likely will have legs.</span></p><p style="text-align: justify;"><span>Why my change in outlook? The place to start is why I have been collecting gold/silver miners since 2004, and gold mining stocks since 1991. I didn&#8217;t buy my first crypto until 2016, so from 1991 until 2016, the only stocks I owned or bought were gold/silver miners. My portfolio was always 95%+ in precious metals. I have never doubted my thesis. Since 1991, I have always believed in the outcome &#8211; gold eventually wins.</span></p><p style="text-align: justify;"><span>I own gold/silver miners for only one reason: I expect the debt bubble to lead to some type of monetary reset. Some think that is impossible, but I think it is a fait accompli, and that we are getting close. With Bessent recently helping Japan support their currency so that they won&#8217;t sell our Treasury bonds shows how close we are. Then, when he intervened in the 30-year bond market to lower the long-term interest rate, we got another clear sign. The debt bubble is starting to burst.</span></p><p style="text-align: justify;"><span>Government debt bubbles always burst, and they always burst the same way. There are only two outcomes to a government debt bubble: 1) A default. 2) A reset (explained below). That&#8217;s it, and it is like clockwork. Once the debt gets too big, a doom loop begins. Then, it&#8217;s just a matter of time before you get one of those two outcomes.</span></p><p style="text-align: justify;"><span>There are seven stages (my opinion) to look for when the doom loop begins. Let&#8217;s list them.</span></p><p style="text-align: justify;"><span>1) A debt bubble has emerged. That has clearly become apparent.</span></p><p style="text-align: justify;"><span>2) The debt is acknowledged to be a problem. This is proof that the debt bubble exists.</span></p><p style="text-align: justify;"><span>3) A consensus forms that the debt is an unsolvable problem, and for this reason it begins to be ignored. When did Congress begin ignoring the deficit? My guess is 2001, over two decades ago. It has festered and reached $2T.</span></p><p style="text-align: justify;"><span>4) The debt bubble begins to have ramifications. Proof of this is when central banks started buying gold (see chart below), and foreign countries began either selling US Treasury Bonds (China) or stopped buying them (especially on the long end).</span></p><div class="captioned-image-container"><figure><a class="image-link image2 is-viewable-img" target="_blank" href="/__u/substackcdn.com/image/fetch/$s_!JeqE!,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Ffa99a840-6f83-4107-b883-93ecb9a6ac2f_1712x904.png" data-component-name="Image2ToDOM"><div class="image2-inset"><picture><source type="image/webp" srcset="/__u/substackcdn.com/image/fetch/$s_!JeqE!, /__u/dondurrett.substack.com/w_424, /__u/dondurrett.substack.com/c_limit, /__u/dondurrett.substack.com/f_webp, /__u/dondurrett.substack.com/q_auto:good, /__u/dondurrett.substack.com/fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Ffa99a840-6f83-4107-b883-93ecb9a6ac2f_1712x904.png 424w, /__u/substackcdn.com/image/fetch/$s_!JeqE!, /__u/dondurrett.substack.com/w_848, /__u/dondurrett.substack.com/c_limit, /__u/dondurrett.substack.com/f_webp, /__u/dondurrett.substack.com/q_auto:good, /__u/dondurrett.substack.com/fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Ffa99a840-6f83-4107-b883-93ecb9a6ac2f_1712x904.png 848w, /__u/substackcdn.com/image/fetch/$s_!JeqE!, /__u/dondurrett.substack.com/w_1272, /__u/dondurrett.substack.com/c_limit, /__u/dondurrett.substack.com/f_webp, /__u/dondurrett.substack.com/q_auto:good, /__u/dondurrett.substack.com/fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Ffa99a840-6f83-4107-b883-93ecb9a6ac2f_1712x904.png 1272w, /__u/substackcdn.com/image/fetch/$s_!JeqE!, /__u/dondurrett.substack.com/w_1456, /__u/dondurrett.substack.com/c_limit, /__u/dondurrett.substack.com/f_webp, /__u/dondurrett.substack.com/q_auto:good, /__u/dondurrett.substack.com/fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Ffa99a840-6f83-4107-b883-93ecb9a6ac2f_1712x904.png 1456w" sizes="100vw"><img src="/__u/substackcdn.com/image/fetch/$s_!JeqE!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Ffa99a840-6f83-4107-b883-93ecb9a6ac2f_1712x904.png" width="1456" height="769" data-attrs="{&quot;src&quot;:&quot;https://substack-post-media.s3.amazonaws.com/public/images/fa99a840-6f83-4107-b883-93ecb9a6ac2f_1712x904.png&quot;,&quot;srcNoWatermark&quot;:null,&quot;fullscreen&quot;:null,&quot;imageSize&quot;:null,&quot;height&quot;:769,&quot;width&quot;:1456,&quot;resizeWidth&quot;:null,&quot;bytes&quot;:null,&quot;alt&quot;:null,&quot;title&quot;:null,&quot;type&quot;:null,&quot;href&quot;:null,&quot;belowTheFold&quot;:true,&quot;topImage&quot;:false,&quot;internalRedirect&quot;:null,&quot;isProcessing&quot;:false,&quot;align&quot;:null,&quot;offset&quot;:false}" class="sizing-normal" alt="" srcset="/__u/substackcdn.com/image/fetch/$s_!JeqE!, /__u/dondurrett.substack.com/w_424, /__u/dondurrett.substack.com/c_limit, /__u/dondurrett.substack.com/f_auto, /__u/dondurrett.substack.com/q_auto:good, /__u/dondurrett.substack.com/fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Ffa99a840-6f83-4107-b883-93ecb9a6ac2f_1712x904.png 424w, /__u/substackcdn.com/image/fetch/$s_!JeqE!, /__u/dondurrett.substack.com/w_848, /__u/dondurrett.substack.com/c_limit, /__u/dondurrett.substack.com/f_auto, /__u/dondurrett.substack.com/q_auto:good, /__u/dondurrett.substack.com/fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Ffa99a840-6f83-4107-b883-93ecb9a6ac2f_1712x904.png 848w, /__u/substackcdn.com/image/fetch/$s_!JeqE!, /__u/dondurrett.substack.com/w_1272, /__u/dondurrett.substack.com/c_limit, /__u/dondurrett.substack.com/f_auto, /__u/dondurrett.substack.com/q_auto:good, /__u/dondurrett.substack.com/fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Ffa99a840-6f83-4107-b883-93ecb9a6ac2f_1712x904.png 1272w, /__u/substackcdn.com/image/fetch/$s_!JeqE!, /__u/dondurrett.substack.com/w_1456, /__u/dondurrett.substack.com/c_limit, /__u/dondurrett.substack.com/f_auto, /__u/dondurrett.substack.com/q_auto:good, /__u/dondurrett.substack.com/fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Ffa99a840-6f83-4107-b883-93ecb9a6ac2f_1712x904.png 1456w" sizes="100vw" loading="lazy"></picture><div class="image-link-expand"><div class="pencraft pc-display-flex pc-gap-8 pc-reset"><button tabindex="0" type="button" class="pencraft pc-reset pencraft icon-container restack-image"><svg aria-hidden="true" width="20" height="20" viewBox="0 0 20 20" fill="none" stroke-width="1.5" stroke="var(--color-fg-primary)" stroke-linecap="round" stroke-linejoin="round" xmlns="http://www.w3.org/2000/svg"><g><path d="M2.53001 7.81595C3.49179 4.73911 6.43281 2.5 9.91173 2.5C13.1684 2.5 15.9537 4.46214 17.0852 7.23684L17.6179 8.67647M17.6179 8.67647L18.5002 4.26471M17.6179 8.67647L13.6473 6.91176M17.4995 12.1841C16.5378 15.2609 13.5967 17.5 10.1178 17.5C6.86118 17.5 4.07589 15.5379 2.94432 12.7632L2.41165 11.3235M2.41165 11.3235L1.5293 15.7353M2.41165 11.3235L6.38224 13.0882"></path></g></svg></button><button tabindex="0" type="button" class="pencraft pc-reset pencraft icon-container view-image"><svg xmlns="http://www.w3.org/2000/svg" width="20" height="20" viewBox="0 0 24 24" fill="none" stroke="currentColor" stroke-width="2" stroke-linecap="round" stroke-linejoin="round" class="lucide lucide-maximize2 lucide-maximize-2"><polyline points="15 3 21 3 21 9"></polyline><polyline points="9 21 3 21 3 15"></polyline><line x1="21" x2="14" y1="3" y2="10"></line><line x1="3" x2="10" y1="21" y2="14"></line></svg></button></div></div></div></a></figure></div><p style="text-align: justify;"><span>5) Fed/Treasury intervention begins. This intervention has only one purpose: stability. Any perceived fragility needs to be avoided. We began to see this intervention this summer, when the Fed/Treasury began offering countries in the Middle East and Japan swap lines to prevent them from selling US Treasury bonds. Hint: A healthy bond market could have handled these sales.</span></p><p style="text-align: justify;"><span>6) Investor confidence in US Treasury bonds begins to wane. This is when the doom loop begins to bite, as sellers begin to overwhelm buyers. We are close to this outcome. It is simply a matter of time. This stage is next. Tick-tock. The clock is ticking.</span></p><p style="text-align: justify;"><span>7) The doom loop becomes obvious. At a certain point, most investors will begin to realize the doom loop scenario is playing out. This is when we become close to either a default or a reset (discussed below).</span></p><p style="text-align: justify;"><span>My outlook has become ebullient (for gold to soon win) because the debt-bubble doom loop has reached stage 5 and is entering stage 6. Debt has reached a level where it begins to create problems. Those problems are becoming apparent. This is why gold has been trending and will continue to trend. The US economy has several problems, but the doom loop is the biggest problem.</span></p><p style="text-align: justify;"><span>Once debt reached a level that could not be paid back (probably around 2008), the Fed was forced to focus on one thing: prevent the bond market from becoming fragile. The Fed is supposed to have a dual mandate of price stability and full employment. This is a fa&#231;ade. Those two objectives are nowhere close to their main objective, which is economic stability. To create economic stability, they have to do one thing: ensure economic growth. Can they say this out loud? Of course not.</span></p><p style="text-align: justify;"><span>How do they ensure economic growth? Only one way: print money and expand the money supply. Because without money supply expansion, you don&#8217;t get economic growth. Conversely, without economic growth, government debt becomes an enormous problem. However, the more they print, the more inflation they create. But if they don&#8217;t print, then the economy fails. It&#8217;s a classic Catch-22. This is where we are, and why we have reached stage 5, and are entering stage 6.</span></p><p style="text-align: justify;"><span>Ironically, gold dropped on Friday (August 28</span><sup><span>th</span></sup><span>) because investors now believe the Fed will raise rates in September. Investors are na&#239;ve if they believe we will get a rate hike. Why? Because the Fed can&#8217;t raise rates! Stage 5 has been reached. It&#8217;s too late to fight inflation. The debt bubble problem has gotten too big! Wall Street remains in denial, and that&#8217;s why gold dropped on Friday.</span></p><p style="text-align: justify;"><span>Bessent just showed us that higher rates have become a problem. Wasn&#8217;t anyone paying attention? Higher rates will make the bond market and the economy fragile. Higher rates are currently a lose-lose outcome. Inflation is also bad for the economy, but the bond market and economy come first. Inflation is not their priority because it only hurts a portion of the economy, and why it has been ignored by the Fed for the last two years. Conversely, a fragile bond market or a recession will hurt everyone. Of course, inflation can cause a recession, but the bond market is the bigger threat.</span></p><p style="text-align: justify;"><span>My thesis was always solid, and now it is playing out. Governments throughout history have constantly ignored economic facts. The number one fact is that if you create a debt bubble using debt, there are only two possible outcomes: 1) You pay it back. 2) It bursts. George Bush Sr tried to warn us, but everyone ignored him when he called Reagan&#8217;s economic plan Voodoo economics when they vied for the Republican presidential nomination in 1980. Washington has been using a form of the Reagan economic policy (debt expansion) ever since.</span></p><p style="text-align: justify;"><span>In 2004, I thought the debt bubble would burst when the national debt reached $15T. I did not think we would get to $40T. However, my confidence that it would burst has never waned. Now that we have reached stage 5, we are very close. The banksters trying to push gold down is going to become harder and harder, and uptrends in gold prices are likely to get fast and furious. The wind is soon going to be at gold and silver&#8217;s back.</span></p><p style="text-align: center;"><span>* * * * *</span></p><p><span>In addition to reaching stage 5, the gold miners have finally begun to outperform the metal (see chart below). They did not do this during the first leg, which ended in January. This is a clue that stage 6 has begun, and investors are finally starting to realize that they need to pivot away from the S&amp;P 500 and into miners.</span></p><p><span>You probably felt this with your portfolio. I was shocked to see my portfolio completely retrace in August, with gold well below its ATH of $5,600. This happened because the miners have been outperforming the metal. This will not only continue, but it will pick up speed.</span></p><div class="captioned-image-container"><figure><a class="image-link image2 is-viewable-img" target="_blank" href="/__u/substackcdn.com/image/fetch/$s_!scQL!,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F758dcb15-3cae-4987-8e88-cf0123a3b901_2218x1220.png" data-component-name="Image2ToDOM"><div class="image2-inset"><picture><source type="image/webp" srcset="/__u/substackcdn.com/image/fetch/$s_!scQL!, /__u/dondurrett.substack.com/w_424, /__u/dondurrett.substack.com/c_limit, /__u/dondurrett.substack.com/f_webp, /__u/dondurrett.substack.com/q_auto:good, /__u/dondurrett.substack.com/fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F758dcb15-3cae-4987-8e88-cf0123a3b901_2218x1220.png 424w, /__u/substackcdn.com/image/fetch/$s_!scQL!, /__u/dondurrett.substack.com/w_848, /__u/dondurrett.substack.com/c_limit, /__u/dondurrett.substack.com/f_webp, /__u/dondurrett.substack.com/q_auto:good, /__u/dondurrett.substack.com/fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F758dcb15-3cae-4987-8e88-cf0123a3b901_2218x1220.png 848w, /__u/substackcdn.com/image/fetch/$s_!scQL!, /__u/dondurrett.substack.com/w_1272, /__u/dondurrett.substack.com/c_limit, /__u/dondurrett.substack.com/f_webp, /__u/dondurrett.substack.com/q_auto:good, /__u/dondurrett.substack.com/fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F758dcb15-3cae-4987-8e88-cf0123a3b901_2218x1220.png 1272w, /__u/substackcdn.com/image/fetch/$s_!scQL!, /__u/dondurrett.substack.com/w_1456, /__u/dondurrett.substack.com/c_limit, /__u/dondurrett.substack.com/f_webp, /__u/dondurrett.substack.com/q_auto:good, /__u/dondurrett.substack.com/fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F758dcb15-3cae-4987-8e88-cf0123a3b901_2218x1220.png 1456w" sizes="100vw"><img src="/__u/substackcdn.com/image/fetch/$s_!scQL!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F758dcb15-3cae-4987-8e88-cf0123a3b901_2218x1220.png" width="1456" height="801" data-attrs="{&quot;src&quot;:&quot;https://substack-post-media.s3.amazonaws.com/public/images/758dcb15-3cae-4987-8e88-cf0123a3b901_2218x1220.png&quot;,&quot;srcNoWatermark&quot;:null,&quot;fullscreen&quot;:null,&quot;imageSize&quot;:null,&quot;height&quot;:801,&quot;width&quot;:1456,&quot;resizeWidth&quot;:null,&quot;bytes&quot;:null,&quot;alt&quot;:null,&quot;title&quot;:null,&quot;type&quot;:null,&quot;href&quot;:null,&quot;belowTheFold&quot;:true,&quot;topImage&quot;:false,&quot;internalRedirect&quot;:null,&quot;isProcessing&quot;:false,&quot;align&quot;:null,&quot;offset&quot;:false}" class="sizing-normal" alt="" srcset="/__u/substackcdn.com/image/fetch/$s_!scQL!, /__u/dondurrett.substack.com/w_424, /__u/dondurrett.substack.com/c_limit, /__u/dondurrett.substack.com/f_auto, /__u/dondurrett.substack.com/q_auto:good, /__u/dondurrett.substack.com/fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F758dcb15-3cae-4987-8e88-cf0123a3b901_2218x1220.png 424w, /__u/substackcdn.com/image/fetch/$s_!scQL!, /__u/dondurrett.substack.com/w_848, /__u/dondurrett.substack.com/c_limit, /__u/dondurrett.substack.com/f_auto, /__u/dondurrett.substack.com/q_auto:good, /__u/dondurrett.substack.com/fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F758dcb15-3cae-4987-8e88-cf0123a3b901_2218x1220.png 848w, /__u/substackcdn.com/image/fetch/$s_!scQL!, /__u/dondurrett.substack.com/w_1272, /__u/dondurrett.substack.com/c_limit, /__u/dondurrett.substack.com/f_auto, /__u/dondurrett.substack.com/q_auto:good, /__u/dondurrett.substack.com/fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F758dcb15-3cae-4987-8e88-cf0123a3b901_2218x1220.png 1272w, /__u/substackcdn.com/image/fetch/$s_!scQL!, /__u/dondurrett.substack.com/w_1456, /__u/dondurrett.substack.com/c_limit, /__u/dondurrett.substack.com/f_auto, /__u/dondurrett.substack.com/q_auto:good, /__u/dondurrett.substack.com/fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F758dcb15-3cae-4987-8e88-cf0123a3b901_2218x1220.png 1456w" sizes="100vw" loading="lazy"></picture><div class="image-link-expand"><div class="pencraft pc-display-flex pc-gap-8 pc-reset"><button tabindex="0" type="button" class="pencraft pc-reset pencraft icon-container restack-image"><svg aria-hidden="true" width="20" height="20" viewBox="0 0 20 20" fill="none" stroke-width="1.5" stroke="var(--color-fg-primary)" stroke-linecap="round" stroke-linejoin="round" xmlns="http://www.w3.org/2000/svg"><g><path d="M2.53001 7.81595C3.49179 4.73911 6.43281 2.5 9.91173 2.5C13.1684 2.5 15.9537 4.46214 17.0852 7.23684L17.6179 8.67647M17.6179 8.67647L18.5002 4.26471M17.6179 8.67647L13.6473 6.91176M17.4995 12.1841C16.5378 15.2609 13.5967 17.5 10.1178 17.5C6.86118 17.5 4.07589 15.5379 2.94432 12.7632L2.41165 11.3235M2.41165 11.3235L1.5293 15.7353M2.41165 11.3235L6.38224 13.0882"></path></g></svg></button><button tabindex="0" type="button" class="pencraft pc-reset pencraft icon-container view-image"><svg xmlns="http://www.w3.org/2000/svg" width="20" height="20" viewBox="0 0 24 24" fill="none" stroke="currentColor" stroke-width="2" stroke-linecap="round" stroke-linejoin="round" class="lucide lucide-maximize2 lucide-maximize-2"><polyline points="15 3 21 3 21 9"></polyline><polyline points="9 21 3 21 3 15"></polyline><line x1="21" x2="14" y1="3" y2="10"></line><line x1="3" x2="10" y1="21" y2="14"></line></svg></button></div></div></div></a></figure></div><p style="text-align: justify;"><span>We are waiting for Leg 2 (the next gold run) to begin. It looks like it began in August, but we will need confirmation in September and October. Ultimately, we can expect Leg 2 to reach around $6,500 gold in 2027 (hopefully higher). I&#8217;ve always thought Leg 2 would be the best Leg because this is when sentiment improves. When we get to Leg 3, it will be a bit more precarious because that will be the mania phase.</span></p><p style="text-align: justify;"><span>Let&#8217;s look at the most important chart for gold/silver miners. I&#8217;ve shown you this chart several times in recent months. It&#8217;s the gold/S&amp;P 500 ratio (see below).</span></p><div class="captioned-image-container"><figure><a class="image-link image2 is-viewable-img" target="_blank" href="/__u/substackcdn.com/image/fetch/$s_!8YZN!,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fc097312b-b13b-40d4-bbf9-52db4619c382_2906x1714.png" data-component-name="Image2ToDOM"><div class="image2-inset"><picture><source type="image/webp" srcset="/__u/substackcdn.com/image/fetch/$s_!8YZN!, /__u/dondurrett.substack.com/w_424, /__u/dondurrett.substack.com/c_limit, /__u/dondurrett.substack.com/f_webp, /__u/dondurrett.substack.com/q_auto:good, /__u/dondurrett.substack.com/fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fc097312b-b13b-40d4-bbf9-52db4619c382_2906x1714.png 424w, /__u/substackcdn.com/image/fetch/$s_!8YZN!, /__u/dondurrett.substack.com/w_848, /__u/dondurrett.substack.com/c_limit, /__u/dondurrett.substack.com/f_webp, /__u/dondurrett.substack.com/q_auto:good, /__u/dondurrett.substack.com/fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fc097312b-b13b-40d4-bbf9-52db4619c382_2906x1714.png 848w, /__u/substackcdn.com/image/fetch/$s_!8YZN!, /__u/dondurrett.substack.com/w_1272, /__u/dondurrett.substack.com/c_limit, /__u/dondurrett.substack.com/f_webp, /__u/dondurrett.substack.com/q_auto:good, /__u/dondurrett.substack.com/fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fc097312b-b13b-40d4-bbf9-52db4619c382_2906x1714.png 1272w, /__u/substackcdn.com/image/fetch/$s_!8YZN!, /__u/dondurrett.substack.com/w_1456, /__u/dondurrett.substack.com/c_limit, /__u/dondurrett.substack.com/f_webp, /__u/dondurrett.substack.com/q_auto:good, /__u/dondurrett.substack.com/fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fc097312b-b13b-40d4-bbf9-52db4619c382_2906x1714.png 1456w" sizes="100vw"><img src="/__u/substackcdn.com/image/fetch/$s_!8YZN!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fc097312b-b13b-40d4-bbf9-52db4619c382_2906x1714.png" width="1456" height="859" data-attrs="{&quot;src&quot;:&quot;https://substack-post-media.s3.amazonaws.com/public/images/c097312b-b13b-40d4-bbf9-52db4619c382_2906x1714.png&quot;,&quot;srcNoWatermark&quot;:null,&quot;fullscreen&quot;:null,&quot;imageSize&quot;:null,&quot;height&quot;:859,&quot;width&quot;:1456,&quot;resizeWidth&quot;:null,&quot;bytes&quot;:null,&quot;alt&quot;:null,&quot;title&quot;:null,&quot;type&quot;:null,&quot;href&quot;:null,&quot;belowTheFold&quot;:true,&quot;topImage&quot;:false,&quot;internalRedirect&quot;:null,&quot;isProcessing&quot;:false,&quot;align&quot;:null,&quot;offset&quot;:false}" class="sizing-normal" alt="" srcset="/__u/substackcdn.com/image/fetch/$s_!8YZN!, /__u/dondurrett.substack.com/w_424, /__u/dondurrett.substack.com/c_limit, /__u/dondurrett.substack.com/f_auto, /__u/dondurrett.substack.com/q_auto:good, /__u/dondurrett.substack.com/fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fc097312b-b13b-40d4-bbf9-52db4619c382_2906x1714.png 424w, /__u/substackcdn.com/image/fetch/$s_!8YZN!, /__u/dondurrett.substack.com/w_848, /__u/dondurrett.substack.com/c_limit, /__u/dondurrett.substack.com/f_auto, /__u/dondurrett.substack.com/q_auto:good, /__u/dondurrett.substack.com/fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fc097312b-b13b-40d4-bbf9-52db4619c382_2906x1714.png 848w, /__u/substackcdn.com/image/fetch/$s_!8YZN!, /__u/dondurrett.substack.com/w_1272, /__u/dondurrett.substack.com/c_limit, /__u/dondurrett.substack.com/f_auto, /__u/dondurrett.substack.com/q_auto:good, /__u/dondurrett.substack.com/fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fc097312b-b13b-40d4-bbf9-52db4619c382_2906x1714.png 1272w, /__u/substackcdn.com/image/fetch/$s_!8YZN!, /__u/dondurrett.substack.com/w_1456, /__u/dondurrett.substack.com/c_limit, /__u/dondurrett.substack.com/f_auto, /__u/dondurrett.substack.com/q_auto:good, /__u/dondurrett.substack.com/fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fc097312b-b13b-40d4-bbf9-52db4619c382_2906x1714.png 1456w" sizes="100vw" loading="lazy"></picture><div class="image-link-expand"><div class="pencraft pc-display-flex pc-gap-8 pc-reset"><button tabindex="0" type="button" class="pencraft pc-reset pencraft icon-container restack-image"><svg aria-hidden="true" width="20" height="20" viewBox="0 0 20 20" fill="none" stroke-width="1.5" stroke="var(--color-fg-primary)" stroke-linecap="round" stroke-linejoin="round" xmlns="http://www.w3.org/2000/svg"><g><path d="M2.53001 7.81595C3.49179 4.73911 6.43281 2.5 9.91173 2.5C13.1684 2.5 15.9537 4.46214 17.0852 7.23684L17.6179 8.67647M17.6179 8.67647L18.5002 4.26471M17.6179 8.67647L13.6473 6.91176M17.4995 12.1841C16.5378 15.2609 13.5967 17.5 10.1178 17.5C6.86118 17.5 4.07589 15.5379 2.94432 12.7632L2.41165 11.3235M2.41165 11.3235L1.5293 15.7353M2.41165 11.3235L6.38224 13.0882"></path></g></svg></button><button tabindex="0" type="button" class="pencraft pc-reset pencraft icon-container view-image"><svg xmlns="http://www.w3.org/2000/svg" width="20" height="20" viewBox="0 0 24 24" fill="none" stroke="currentColor" stroke-width="2" stroke-linecap="round" stroke-linejoin="round" class="lucide lucide-maximize2 lucide-maximize-2"><polyline points="15 3 21 3 21 9"></polyline><polyline points="9 21 3 21 3 15"></polyline><line x1="21" x2="14" y1="3" y2="10"></line><line x1="3" x2="10" y1="21" y2="14"></line></svg></button></div></div></div></a></figure></div><p style="text-align: justify;"><span>This chart goes from 1957 until 2026. The ratio is currently .57 ($4,454/7711), which is really just the starting point. We need to get to .7 to break out and enter stage 1 (see chart above). This will coincide with Leg 2. Then we need to get to 1.5 to enter stage 2, which coincides with Leg 3 (reaching $7,000 to $8,000 gold).</span></p><p style="text-align: justify;"><span>So, we are waiting patiently for the S&amp;P 500 to roll over, so that we can watch this chart play out. The next important level is .7, with .8 as a clear breakout that Wall Street can&#8217;t ignore. We will begin to feel the wind at gold&#8217;s back at .7.</span></p><p style="text-align: center;"><span>* * * * *</span></p><p style="text-align: justify;"><span>Below is a chart of silver stock performance in August. I wanted to point out how poorly exploration stocks have done (see green arrows below). Now you know why the value of exploration stocks in my portfolio is currently only 2% of its total value (I have avoided them). Do not bet heavily on drill stories in a bull market. Bet on producers and developers, which will participate in a big way.</span></p><p style="text-align: justify;"><span>Sure, some explorers will do well, but the risk-reward doesn&#8217;t make sense in a bull market with rapidly rising gold/silver prices. You make money on exploration from the drill bit (drill results), and not from rising gold/silver prices. Of course, optionality plays can make sense, but it is not the sweet spot.</span></p><div class="captioned-image-container"><figure><a class="image-link image2 is-viewable-img" target="_blank" href="/__u/substackcdn.com/image/fetch/$s_!vz6c!,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F6a441d25-ad06-4c3b-bd9a-2e188cf0baff_2282x1312.png" data-component-name="Image2ToDOM"><div class="image2-inset"><picture><source type="image/webp" srcset="/__u/substackcdn.com/image/fetch/$s_!vz6c!, /__u/dondurrett.substack.com/w_424, /__u/dondurrett.substack.com/c_limit, /__u/dondurrett.substack.com/f_webp, /__u/dondurrett.substack.com/q_auto:good, /__u/dondurrett.substack.com/fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F6a441d25-ad06-4c3b-bd9a-2e188cf0baff_2282x1312.png 424w, /__u/substackcdn.com/image/fetch/$s_!vz6c!, /__u/dondurrett.substack.com/w_848, /__u/dondurrett.substack.com/c_limit, /__u/dondurrett.substack.com/f_webp, /__u/dondurrett.substack.com/q_auto:good, /__u/dondurrett.substack.com/fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F6a441d25-ad06-4c3b-bd9a-2e188cf0baff_2282x1312.png 848w, /__u/substackcdn.com/image/fetch/$s_!vz6c!, /__u/dondurrett.substack.com/w_1272, /__u/dondurrett.substack.com/c_limit, /__u/dondurrett.substack.com/f_webp, /__u/dondurrett.substack.com/q_auto:good, /__u/dondurrett.substack.com/fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F6a441d25-ad06-4c3b-bd9a-2e188cf0baff_2282x1312.png 1272w, /__u/substackcdn.com/image/fetch/$s_!vz6c!, /__u/dondurrett.substack.com/w_1456, /__u/dondurrett.substack.com/c_limit, /__u/dondurrett.substack.com/f_webp, /__u/dondurrett.substack.com/q_auto:good, /__u/dondurrett.substack.com/fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F6a441d25-ad06-4c3b-bd9a-2e188cf0baff_2282x1312.png 1456w" sizes="100vw"><img src="/__u/substackcdn.com/image/fetch/$s_!vz6c!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F6a441d25-ad06-4c3b-bd9a-2e188cf0baff_2282x1312.png" width="1456" height="837" 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/__u/dondurrett.substack.com/fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F6a441d25-ad06-4c3b-bd9a-2e188cf0baff_2282x1312.png 424w, /__u/substackcdn.com/image/fetch/$s_!vz6c!, /__u/dondurrett.substack.com/w_848, /__u/dondurrett.substack.com/c_limit, /__u/dondurrett.substack.com/f_auto, /__u/dondurrett.substack.com/q_auto:good, /__u/dondurrett.substack.com/fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F6a441d25-ad06-4c3b-bd9a-2e188cf0baff_2282x1312.png 848w, /__u/substackcdn.com/image/fetch/$s_!vz6c!, /__u/dondurrett.substack.com/w_1272, /__u/dondurrett.substack.com/c_limit, /__u/dondurrett.substack.com/f_auto, /__u/dondurrett.substack.com/q_auto:good, /__u/dondurrett.substack.com/fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F6a441d25-ad06-4c3b-bd9a-2e188cf0baff_2282x1312.png 1272w, /__u/substackcdn.com/image/fetch/$s_!vz6c!, /__u/dondurrett.substack.com/w_1456, /__u/dondurrett.substack.com/c_limit, /__u/dondurrett.substack.com/f_auto, /__u/dondurrett.substack.com/q_auto:good, /__u/dondurrett.substack.com/fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F6a441d25-ad06-4c3b-bd9a-2e188cf0baff_2282x1312.png 1456w" sizes="100vw" loading="lazy"></picture><div class="image-link-expand"><div class="pencraft pc-display-flex pc-gap-8 pc-reset"><button tabindex="0" type="button" class="pencraft pc-reset pencraft icon-container restack-image"><svg aria-hidden="true" width="20" height="20" viewBox="0 0 20 20" fill="none" stroke-width="1.5" stroke="var(--color-fg-primary)" stroke-linecap="round" stroke-linejoin="round" xmlns="http://www.w3.org/2000/svg"><g><path d="M2.53001 7.81595C3.49179 4.73911 6.43281 2.5 9.91173 2.5C13.1684 2.5 15.9537 4.46214 17.0852 7.23684L17.6179 8.67647M17.6179 8.67647L18.5002 4.26471M17.6179 8.67647L13.6473 6.91176M17.4995 12.1841C16.5378 15.2609 13.5967 17.5 10.1178 17.5C6.86118 17.5 4.07589 15.5379 2.94432 12.7632L2.41165 11.3235M2.41165 11.3235L1.5293 15.7353M2.41165 11.3235L6.38224 13.0882"></path></g></svg></button><button tabindex="0" type="button" class="pencraft pc-reset pencraft icon-container view-image"><svg xmlns="http://www.w3.org/2000/svg" width="20" height="20" viewBox="0 0 24 24" fill="none" stroke="currentColor" stroke-width="2" stroke-linecap="round" stroke-linejoin="round" class="lucide lucide-maximize2 lucide-maximize-2"><polyline points="15 3 21 3 21 9"></polyline><polyline points="9 21 3 21 3 15"></polyline><line x1="21" x2="14" y1="3" y2="10"></line><line x1="3" x2="10" y1="21" y2="14"></line></svg></button></div></div></div></a></figure></div><p style="text-align: center;"><span>* * * * *</span></p><p style="text-align: justify;"><span>I finished my 4-Part MasterClass video series. They are posted on YouTube. Here is a link:</span></p><p style="text-align: justify;"><a href="https://www.youtube.com/@DonDurrett/videos"><span>https://www.youtube.com/@DonDurrett/videos</span></a></p><p style="text-align: justify;"><span>If you read my book first and then watch these 4 videos, you will gain a lot of knowledge. I also posted a Low Hanging Fruit video of 15 stocks (all are 15-baggers with a good risk-reward). Plus, a video on using the Share Price Forecast Tool.</span></p><p style="text-align: center;"><span>* * * * *</span></p><p style="text-align: justify;"><span>I just realized that I forgot to explain the two options: default or reset.</span></p><p style="text-align: justify;"><span>First of all, I doubt they will do a full default, but I expect some type of default. If you own US Treasury debt or US Dollars, expect some type of rug-pull. The only question is how hard the pull. My guess is that it will be at least a 20% devaluation, and perhaps as high as 40%.</span></p><p style="text-align: justify;"><span>The easiest way to reset is to issue a new currency, and this is what I expect. I think they will go full digital, and we will have to turn in our paper money. This new digital dollar will be valued at 60% to 80% of the old dollar. Best guess.</span></p><p style="text-align: justify;"><span>I also expect them to orphan Euro Dollars (dollars outside of the US borders). Those are not the US&#8217;s responsibility. We can expect Euro Dollars to crash in value. This will lead to the end of the dollar as the global reserve currency.</span></p><p style="text-align: justify;"><span>The question arises, how will the US Government pay interest and principal to foreign owners of US Treasury bonds/bills after the reset? That&#8217;s uncertain. It could be the new digital dollar or perhaps a stablecoin. One thing is certain, they will not get paid 100% of the value of those bonds on the day of the reset. Hint: they can expect a haircut.</span></p><p style="text-align: justify;"><span>This reset is going to be devastating. It will create instant inflation in the US, plus it will reduce the wealth of most Americans. Most assets valued in dollars will be reduced in value. The stock market will likely crash. Home values will drop. Who wins in this scenario? Got Gold? Got Silver? Got Bitcoin? Got Ethereum. I think those four assets will hold their value.</span></p><p style="text-align: justify;"><span>Some of you loathe crypto, but I think it will have a place after the reset. I expect stablecoins to thrive, and if stablecoins thrive, that means Bitcoin and Ethereum will likely survive the tumult. Best guess!</span></p>]]></content:encoded></item><item><title><![CDATA[Next Live Podcast (8/29/2026)]]></title><description><![CDATA[Date: 8/29/2026]]></description><link>https://dondurrett.substack.com/p/next-live-podcast-8292026</link><guid isPermaLink="false">https://dondurrett.substack.com/p/next-live-podcast-8292026</guid><dc:creator><![CDATA[Don Durrett]]></dc:creator><pubDate>Sat, 29 Aug 2026 20:09:23 GMT</pubDate><enclosure url="https://substackcdn.com/image/fetch/$s_!WRiR!,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F4191dd9a-8108-435b-b892-b1c795515c4b_1810x698.jpeg" length="0" type="image/jpeg"/><content:encoded><![CDATA[<div class="captioned-image-container"><figure><a class="image-link image2 is-viewable-img" target="_blank" href="/__u/substackcdn.com/image/fetch/$s_!WRiR!,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F4191dd9a-8108-435b-b892-b1c795515c4b_1810x698.jpeg" data-component-name="Image2ToDOM"><div class="image2-inset"><picture><source type="image/webp" srcset="/__u/substackcdn.com/image/fetch/$s_!WRiR!, /__u/dondurrett.substack.com/w_424, /__u/dondurrett.substack.com/c_limit, /__u/dondurrett.substack.com/f_webp, /__u/dondurrett.substack.com/q_auto:good, /__u/dondurrett.substack.com/fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F4191dd9a-8108-435b-b892-b1c795515c4b_1810x698.jpeg 424w, /__u/substackcdn.com/image/fetch/$s_!WRiR!, /__u/dondurrett.substack.com/w_848, /__u/dondurrett.substack.com/c_limit, /__u/dondurrett.substack.com/f_webp, /__u/dondurrett.substack.com/q_auto:good, 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/__u/substackcdn.com/image/fetch/$s_!WRiR!, /__u/dondurrett.substack.com/w_1456, /__u/dondurrett.substack.com/c_limit, /__u/dondurrett.substack.com/f_auto, /__u/dondurrett.substack.com/q_auto:good, /__u/dondurrett.substack.com/fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F4191dd9a-8108-435b-b892-b1c795515c4b_1810x698.jpeg 1456w" sizes="100vw" fetchpriority="high"></picture><div class="image-link-expand"><div class="pencraft pc-display-flex pc-gap-8 pc-reset"><button tabindex="0" type="button" class="pencraft pc-reset pencraft icon-container restack-image"><svg aria-hidden="true" width="20" height="20" viewBox="0 0 20 20" fill="none" stroke-width="1.5" stroke="var(--color-fg-primary)" stroke-linecap="round" stroke-linejoin="round" xmlns="http://www.w3.org/2000/svg"><g><path d="M2.53001 7.81595C3.49179 4.73911 6.43281 2.5 9.91173 2.5C13.1684 2.5 15.9537 4.46214 17.0852 7.23684L17.6179 8.67647M17.6179 8.67647L18.5002 4.26471M17.6179 8.67647L13.6473 6.91176M17.4995 12.1841C16.5378 15.2609 13.5967 17.5 10.1178 17.5C6.86118 17.5 4.07589 15.5379 2.94432 12.7632L2.41165 11.3235M2.41165 11.3235L1.5293 15.7353M2.41165 11.3235L6.38224 13.0882"></path></g></svg></button><button tabindex="0" type="button" class="pencraft pc-reset pencraft icon-container view-image"><svg xmlns="http://www.w3.org/2000/svg" width="20" height="20" viewBox="0 0 24 24" fill="none" stroke="currentColor" stroke-width="2" stroke-linecap="round" stroke-linejoin="round" class="lucide lucide-maximize2 lucide-maximize-2"><polyline points="15 3 21 3 21 9"></polyline><polyline points="9 21 3 21 3 15"></polyline><line x1="21" x2="14" y1="3" y2="10"></line><line x1="3" x2="10" y1="21" y2="14"></line></svg></button></div></div></div></a></figure></div><p></p><p>Date: 8/29/2026</p><p>Time: 7pm (Los Angeles/Arizona), 10pm (New York).</p><p>Zoom Link below:</p><p>You can also get the Zoom link on the GSD forum using Main Discussion &#8594; Live Zoom Podcast. </p>
      <p>
          <a href="/__u/dondurrett.substack.com/p/next-live-podcast-8292026">
              Read more
          </a>
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   ]]></content:encoded></item><item><title><![CDATA[Friday Recap (8/28/2026)]]></title><description><![CDATA[Current (Last Week) -- (% from ATH | ATH)]]></description><link>https://dondurrett.substack.com/p/friday-recap-8282026</link><guid isPermaLink="false">https://dondurrett.substack.com/p/friday-recap-8282026</guid><dc:creator><![CDATA[Don Durrett]]></dc:creator><pubDate>Fri, 28 Aug 2026 22:39:07 GMT</pubDate><enclosure url="https://substackcdn.com/image/fetch/$s_!ezK7!,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F6dfab9a9-f30d-41fa-b674-531876aa3d19_2648x1444.jpeg" length="0" type="image/jpeg"/><content:encoded><![CDATA[<p><strong>Current (Last Week) -- (% from ATH | ATH)</strong></p><p>AU: $4,454 ($4,602) -- 20% from ATH ($5,608)</p><p>AG: $66 ($69) -- 45% from ATH ($121)</p><p>HUI: 839 (863) -- 15% from ATH (986)</p><p>DXY: 99 (98)</p><p>S&amp;P 500: 7,711 (7,674) --1.3% from ATH (7816)</p><p>10-Year: 4.7% (4.7%)</p><p>Gold was having another good week, and then Fed Chair Warsh spoke today at Jackson Hole with a hawkish tone. Gold promptly dropped $150, and silver dropped $3. The HUI was nearing 880 and got smacked down to 839. Ouch. Well, no big surprise. I expect gold to see $4200 before $5000 once the S&amp;P corrects, which is still my expectation in the near term. The good news is that gold has never looked better, and I&#8217;ve been following it closely since 2004. I don&#8217;t see a path where gold doesn&#8217;t trend to $7,000 to $8,000 over the next 36 months. </p><p>I own gold/silver miners for only one reason: I expect the debt bubble to lead to some type of monetary reset. Some think that is impossible, but I think it is a fait accompli, and that we are getting close. With Bessent recently helping Japan support their currency so that they won&#8217;t sell our Treasury bonds shows how close we are. Then he intervened in the 30-year bond market to lower the interest rate is another clear sign. The debt bubble is starting to burst. </p><p>The debt bubble is in a doom loop. Once debt reaches a level where it is no longer sustainable, it begins to create problems. Those problems are becoming apparent. This is why gold has been trending and will continue to trend. The US economy has several problems, but the doom loop is the biggest problem. What is the doom loop? Once debt reached a level that could not be paid back, the Fed was forced to focus on one thing: prevent the bond market from becoming fragile. How do they do that? Only one way: print money to generate economic growth. Because without economic growth, the debt becomes an enormous problem. However, the more they print, the more inflation they create. But if they don&#8217;t print, then the economy fails. It&#8217;s a classic Catch-22.</p><p>Ironically, gold dropped today because investors now believe the Fed will raise rates in September. Investors are naive because he can&#8217;t raise rates. Bessent just showed us that higher rates are a problem. Wasn&#8217;t anyone paying attention? Higher rates will make the bond market and the economy fragile. Higher rates are a lose-lose. Inflation is also bad for the economy, but the bond market and economy come first. Inflation is not their priority because it only hurts a portion of the economy. Conversely, a broken bond market or broken economy will hurt everyone. Of course, inflation can also break the economy, but the bond market is the bigger threat. </p><div class="captioned-image-container"><figure><a class="image-link image2 is-viewable-img" target="_blank" href="/__u/substackcdn.com/image/fetch/$s_!ezK7!,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F6dfab9a9-f30d-41fa-b674-531876aa3d19_2648x1444.jpeg" data-component-name="Image2ToDOM"><div class="image2-inset"><picture><source type="image/webp" srcset="/__u/substackcdn.com/image/fetch/$s_!ezK7!, /__u/dondurrett.substack.com/w_424, /__u/dondurrett.substack.com/c_limit, /__u/dondurrett.substack.com/f_webp, /__u/dondurrett.substack.com/q_auto:good, /__u/dondurrett.substack.com/fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F6dfab9a9-f30d-41fa-b674-531876aa3d19_2648x1444.jpeg 424w, /__u/substackcdn.com/image/fetch/$s_!ezK7!, /__u/dondurrett.substack.com/w_848, /__u/dondurrett.substack.com/c_limit, /__u/dondurrett.substack.com/f_webp, /__u/dondurrett.substack.com/q_auto:good, /__u/dondurrett.substack.com/fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F6dfab9a9-f30d-41fa-b674-531876aa3d19_2648x1444.jpeg 848w, /__u/substackcdn.com/image/fetch/$s_!ezK7!, /__u/dondurrett.substack.com/w_1272, /__u/dondurrett.substack.com/c_limit, /__u/dondurrett.substack.com/f_webp, /__u/dondurrett.substack.com/q_auto:good, /__u/dondurrett.substack.com/fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F6dfab9a9-f30d-41fa-b674-531876aa3d19_2648x1444.jpeg 1272w, /__u/substackcdn.com/image/fetch/$s_!ezK7!, /__u/dondurrett.substack.com/w_1456, /__u/dondurrett.substack.com/c_limit, /__u/dondurrett.substack.com/f_webp, /__u/dondurrett.substack.com/q_auto:good, 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/__u/dondurrett.substack.com/q_auto:good, /__u/dondurrett.substack.com/fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F6dfab9a9-f30d-41fa-b674-531876aa3d19_2648x1444.jpeg 424w, /__u/substackcdn.com/image/fetch/$s_!ezK7!, /__u/dondurrett.substack.com/w_848, /__u/dondurrett.substack.com/c_limit, /__u/dondurrett.substack.com/f_auto, /__u/dondurrett.substack.com/q_auto:good, /__u/dondurrett.substack.com/fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F6dfab9a9-f30d-41fa-b674-531876aa3d19_2648x1444.jpeg 848w, /__u/substackcdn.com/image/fetch/$s_!ezK7!, /__u/dondurrett.substack.com/w_1272, /__u/dondurrett.substack.com/c_limit, /__u/dondurrett.substack.com/f_auto, /__u/dondurrett.substack.com/q_auto:good, /__u/dondurrett.substack.com/fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F6dfab9a9-f30d-41fa-b674-531876aa3d19_2648x1444.jpeg 1272w, /__u/substackcdn.com/image/fetch/$s_!ezK7!, /__u/dondurrett.substack.com/w_1456, /__u/dondurrett.substack.com/c_limit, /__u/dondurrett.substack.com/f_auto, /__u/dondurrett.substack.com/q_auto:good, /__u/dondurrett.substack.com/fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F6dfab9a9-f30d-41fa-b674-531876aa3d19_2648x1444.jpeg 1456w" sizes="100vw" loading="lazy"></picture><div class="image-link-expand"><div class="pencraft pc-display-flex pc-gap-8 pc-reset"><button tabindex="0" type="button" class="pencraft pc-reset pencraft icon-container restack-image"><svg aria-hidden="true" width="20" height="20" viewBox="0 0 20 20" fill="none" stroke-width="1.5" stroke="var(--color-fg-primary)" stroke-linecap="round" stroke-linejoin="round" xmlns="http://www.w3.org/2000/svg"><g><path d="M2.53001 7.81595C3.49179 4.73911 6.43281 2.5 9.91173 2.5C13.1684 2.5 15.9537 4.46214 17.0852 7.23684L17.6179 8.67647M17.6179 8.67647L18.5002 4.26471M17.6179 8.67647L13.6473 6.91176M17.4995 12.1841C16.5378 15.2609 13.5967 17.5 10.1178 17.5C6.86118 17.5 4.07589 15.5379 2.94432 12.7632L2.41165 11.3235M2.41165 11.3235L1.5293 15.7353M2.41165 11.3235L6.38224 13.0882"></path></g></svg></button><button tabindex="0" type="button" class="pencraft pc-reset pencraft icon-container view-image"><svg xmlns="http://www.w3.org/2000/svg" width="20" height="20" viewBox="0 0 24 24" fill="none" stroke="currentColor" stroke-width="2" stroke-linecap="round" stroke-linejoin="round" class="lucide lucide-maximize2 lucide-maximize-2"><polyline points="15 3 21 3 21 9"></polyline><polyline points="9 21 3 21 3 15"></polyline><line x1="21" x2="14" y1="3" y2="10"></line><line x1="3" x2="10" y1="21" y2="14"></line></svg></button></div></div></div></a></figure></div><p></p>]]></content:encoded></item><item><title><![CDATA[Mid-Week Macro (8/26/2026)]]></title><description><![CDATA[Mid-Week Macro]]></description><link>https://dondurrett.substack.com/p/mid-week-macro-8262026</link><guid isPermaLink="false">https://dondurrett.substack.com/p/mid-week-macro-8262026</guid><dc:creator><![CDATA[Don Durrett]]></dc:creator><pubDate>Thu, 27 Aug 2026 02:33:06 GMT</pubDate><enclosure url="https://substackcdn.com/image/fetch/$s_!giWJ!,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F477d7f51-5859-414e-a5d9-e76cd3ef4afd_1712x980.jpeg" length="0" type="image/jpeg"/><content:encoded><![CDATA[<div class="captioned-image-container"><figure><a class="image-link image2 is-viewable-img" target="_blank" href="/__u/substackcdn.com/image/fetch/$s_!giWJ!,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F477d7f51-5859-414e-a5d9-e76cd3ef4afd_1712x980.jpeg" data-component-name="Image2ToDOM"><div class="image2-inset"><picture><source type="image/webp" srcset="/__u/substackcdn.com/image/fetch/$s_!giWJ!, /__u/dondurrett.substack.com/w_424, /__u/dondurrett.substack.com/c_limit, 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/__u/dondurrett.substack.com/q_auto:good, /__u/dondurrett.substack.com/fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F477d7f51-5859-414e-a5d9-e76cd3ef4afd_1712x980.jpeg 424w, /__u/substackcdn.com/image/fetch/$s_!giWJ!, /__u/dondurrett.substack.com/w_848, /__u/dondurrett.substack.com/c_limit, /__u/dondurrett.substack.com/f_auto, /__u/dondurrett.substack.com/q_auto:good, /__u/dondurrett.substack.com/fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F477d7f51-5859-414e-a5d9-e76cd3ef4afd_1712x980.jpeg 848w, /__u/substackcdn.com/image/fetch/$s_!giWJ!, /__u/dondurrett.substack.com/w_1272, /__u/dondurrett.substack.com/c_limit, /__u/dondurrett.substack.com/f_auto, /__u/dondurrett.substack.com/q_auto:good, /__u/dondurrett.substack.com/fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F477d7f51-5859-414e-a5d9-e76cd3ef4afd_1712x980.jpeg 1272w, /__u/substackcdn.com/image/fetch/$s_!giWJ!, /__u/dondurrett.substack.com/w_1456, /__u/dondurrett.substack.com/c_limit, /__u/dondurrett.substack.com/f_auto, /__u/dondurrett.substack.com/q_auto:good, /__u/dondurrett.substack.com/fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F477d7f51-5859-414e-a5d9-e76cd3ef4afd_1712x980.jpeg 1456w" sizes="100vw" fetchpriority="high"></picture><div class="image-link-expand"><div class="pencraft pc-display-flex pc-gap-8 pc-reset"><button tabindex="0" type="button" class="pencraft pc-reset pencraft icon-container restack-image"><svg aria-hidden="true" width="20" height="20" viewBox="0 0 20 20" fill="none" stroke-width="1.5" stroke="var(--color-fg-primary)" stroke-linecap="round" stroke-linejoin="round" xmlns="http://www.w3.org/2000/svg"><g><path d="M2.53001 7.81595C3.49179 4.73911 6.43281 2.5 9.91173 2.5C13.1684 2.5 15.9537 4.46214 17.0852 7.23684L17.6179 8.67647M17.6179 8.67647L18.5002 4.26471M17.6179 8.67647L13.6473 6.91176M17.4995 12.1841C16.5378 15.2609 13.5967 17.5 10.1178 17.5C6.86118 17.5 4.07589 15.5379 2.94432 12.7632L2.41165 11.3235M2.41165 11.3235L1.5293 15.7353M2.41165 11.3235L6.38224 13.0882"></path></g></svg></button><button tabindex="0" type="button" class="pencraft pc-reset pencraft icon-container view-image"><svg xmlns="http://www.w3.org/2000/svg" width="20" height="20" viewBox="0 0 24 24" fill="none" stroke="currentColor" stroke-width="2" stroke-linecap="round" stroke-linejoin="round" class="lucide lucide-maximize2 lucide-maximize-2"><polyline points="15 3 21 3 21 9"></polyline><polyline points="9 21 3 21 3 15"></polyline><line x1="21" x2="14" y1="3" y2="10"></line><line x1="3" x2="10" y1="21" y2="14"></line></svg></button></div></div></div></a></figure></div><p></p><p><strong>Mid-Week Macro</strong></p><p>We have entered the gauntlet. This is the weakest period of seasonality for the stock market. From now until mid-October, Wall Street has to hold its breath. Will we get a correction? My guess is yes. The only question is how deep? Will it only be 3% to 5%, or will it be deeper? Today, the S&amp;P 500 closed at 7675, which is near an ATH. Can we stay at this level until November? Stay tuned.</p><p>The S&amp;P reached 7700 on August 4th and has been stuck there all month, closing today at 7675. Meanwhile, gold and silver have been trending in August. Gold is at $4600 and silver at $69, and holding on to those August gains. Will this trend continue, with gold outperforming the S&amp;P? Probably not in the near term, but perhaps by year-end.</p><p>Many analysts think gold and silver will continue to trend, and I want them to be right. However, I think we could see a near-term correction in gold/silver if the S&amp;P drops. What comes next: $5000 gold or $4200 gold? My guess is $4200, but I want to be wrong.</p><p>The stock market has serious headwinds. There are three potential factors that could trigger a sell-off on Wall Street: 1) The bond market. 2) AI bubble. 3) Inflation.</p>]]></content:encoded></item><item><title><![CDATA[Weekly Notes (8/26/2026)]]></title><description><![CDATA[Athena Gold (8/20/2026: 5M at 23 gpt AU).]]></description><link>https://dondurrett.substack.com/p/weekly-notes-8262026</link><guid isPermaLink="false">https://dondurrett.substack.com/p/weekly-notes-8262026</guid><dc:creator><![CDATA[Don Durrett]]></dc:creator><pubDate>Thu, 27 Aug 2026 01:37:09 GMT</pubDate><enclosure url="https://substackcdn.com/image/fetch/$s_!Vjjd!,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fb53c8307-a7a7-4756-96c3-4e6f80bce345_1712x980.jpeg" length="0" type="image/jpeg"/><content:encoded><![CDATA[<div class="captioned-image-container"><figure><a class="image-link image2 is-viewable-img" target="_blank" href="/__u/substackcdn.com/image/fetch/$s_!Vjjd!,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fb53c8307-a7a7-4756-96c3-4e6f80bce345_1712x980.jpeg" data-component-name="Image2ToDOM"><div class="image2-inset"><picture><source type="image/webp" srcset="/__u/substackcdn.com/image/fetch/$s_!Vjjd!, /__u/dondurrett.substack.com/w_424, /__u/dondurrett.substack.com/c_limit, /__u/dondurrett.substack.com/f_webp, /__u/dondurrett.substack.com/q_auto:good, /__u/dondurrett.substack.com/fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fb53c8307-a7a7-4756-96c3-4e6f80bce345_1712x980.jpeg 424w, /__u/substackcdn.com/image/fetch/$s_!Vjjd!, /__u/dondurrett.substack.com/w_848, /__u/dondurrett.substack.com/c_limit, /__u/dondurrett.substack.com/f_webp, /__u/dondurrett.substack.com/q_auto:good, /__u/dondurrett.substack.com/fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fb53c8307-a7a7-4756-96c3-4e6f80bce345_1712x980.jpeg 848w, /__u/substackcdn.com/image/fetch/$s_!Vjjd!, /__u/dondurrett.substack.com/w_1272, /__u/dondurrett.substack.com/c_limit, /__u/dondurrett.substack.com/f_webp, /__u/dondurrett.substack.com/q_auto:good, /__u/dondurrett.substack.com/fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fb53c8307-a7a7-4756-96c3-4e6f80bce345_1712x980.jpeg 1272w, /__u/substackcdn.com/image/fetch/$s_!Vjjd!, /__u/dondurrett.substack.com/w_1456, /__u/dondurrett.substack.com/c_limit, /__u/dondurrett.substack.com/f_webp, /__u/dondurrett.substack.com/q_auto:good, /__u/dondurrett.substack.com/fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fb53c8307-a7a7-4756-96c3-4e6f80bce345_1712x980.jpeg 1456w" sizes="100vw"><img src="/__u/substackcdn.com/image/fetch/$s_!Vjjd!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fb53c8307-a7a7-4756-96c3-4e6f80bce345_1712x980.jpeg" width="1456" height="833" data-attrs="{&quot;src&quot;:&quot;https://substack-post-media.s3.amazonaws.com/public/images/b53c8307-a7a7-4756-96c3-4e6f80bce345_1712x980.jpeg&quot;,&quot;srcNoWatermark&quot;:null,&quot;fullscreen&quot;:null,&quot;imageSize&quot;:null,&quot;height&quot;:833,&quot;width&quot;:1456,&quot;resizeWidth&quot;:null,&quot;bytes&quot;:279774,&quot;alt&quot;:null,&quot;title&quot;:null,&quot;type&quot;:&quot;image/jpeg&quot;,&quot;href&quot;:null,&quot;belowTheFold&quot;:false,&quot;topImage&quot;:true,&quot;internalRedirect&quot;:&quot;https://dondurrett.substack.com/i/212935743?img=https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fb53c8307-a7a7-4756-96c3-4e6f80bce345_1712x980.jpeg&quot;,&quot;isProcessing&quot;:false,&quot;align&quot;:null,&quot;offset&quot;:false}" class="sizing-normal" alt="" srcset="/__u/substackcdn.com/image/fetch/$s_!Vjjd!, /__u/dondurrett.substack.com/w_424, /__u/dondurrett.substack.com/c_limit, /__u/dondurrett.substack.com/f_auto, /__u/dondurrett.substack.com/q_auto:good, /__u/dondurrett.substack.com/fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fb53c8307-a7a7-4756-96c3-4e6f80bce345_1712x980.jpeg 424w, /__u/substackcdn.com/image/fetch/$s_!Vjjd!, /__u/dondurrett.substack.com/w_848, /__u/dondurrett.substack.com/c_limit, /__u/dondurrett.substack.com/f_auto, /__u/dondurrett.substack.com/q_auto:good, /__u/dondurrett.substack.com/fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fb53c8307-a7a7-4756-96c3-4e6f80bce345_1712x980.jpeg 848w, /__u/substackcdn.com/image/fetch/$s_!Vjjd!, /__u/dondurrett.substack.com/w_1272, /__u/dondurrett.substack.com/c_limit, /__u/dondurrett.substack.com/f_auto, /__u/dondurrett.substack.com/q_auto:good, /__u/dondurrett.substack.com/fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fb53c8307-a7a7-4756-96c3-4e6f80bce345_1712x980.jpeg 1272w, /__u/substackcdn.com/image/fetch/$s_!Vjjd!, /__u/dondurrett.substack.com/w_1456, /__u/dondurrett.substack.com/c_limit, /__u/dondurrett.substack.com/f_auto, /__u/dondurrett.substack.com/q_auto:good, /__u/dondurrett.substack.com/fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fb53c8307-a7a7-4756-96c3-4e6f80bce345_1712x980.jpeg 1456w" sizes="100vw" fetchpriority="high"></picture><div class="image-link-expand"><div class="pencraft pc-display-flex pc-gap-8 pc-reset"><button tabindex="0" type="button" class="pencraft pc-reset pencraft icon-container restack-image"><svg aria-hidden="true" width="20" height="20" viewBox="0 0 20 20" fill="none" stroke-width="1.5" stroke="var(--color-fg-primary)" stroke-linecap="round" stroke-linejoin="round" xmlns="http://www.w3.org/2000/svg"><g><path d="M2.53001 7.81595C3.49179 4.73911 6.43281 2.5 9.91173 2.5C13.1684 2.5 15.9537 4.46214 17.0852 7.23684L17.6179 8.67647M17.6179 8.67647L18.5002 4.26471M17.6179 8.67647L13.6473 6.91176M17.4995 12.1841C16.5378 15.2609 13.5967 17.5 10.1178 17.5C6.86118 17.5 4.07589 15.5379 2.94432 12.7632L2.41165 11.3235M2.41165 11.3235L1.5293 15.7353M2.41165 11.3235L6.38224 13.0882"></path></g></svg></button><button tabindex="0" type="button" class="pencraft pc-reset pencraft icon-container view-image"><svg xmlns="http://www.w3.org/2000/svg" width="20" height="20" viewBox="0 0 24 24" fill="none" stroke="currentColor" stroke-width="2" stroke-linecap="round" stroke-linejoin="round" class="lucide lucide-maximize2 lucide-maximize-2"><polyline points="15 3 21 3 21 9"></polyline><polyline points="9 21 3 21 3 15"></polyline><line x1="21" x2="14" y1="3" y2="10"></line><line x1="3" x2="10" y1="21" y2="14"></line></svg></button></div></div></div></a></figure></div><p></p><p>Athena Gold (8/20/2026: 5M at 23 gpt AU).</p><p>Lion One Metals (8/20/2026: 4M at 715 gpt AU. 3003 G-M).</p><p>Northern Star (8/20/2026: Fiscal 2027 guidance, began in July. 1.6M oz at $2300 AISC. Cash balance $850M. Debt $600M. Dividend at 25% FCF. Buyback at $350M). </p><p>Artemis Gold (8/20/2026: 85M at 2.3 gpt AU).</p><p>Impact Silver (8/20/2026: Q2 results. 220K oz AGEQ at $3&#8230;</p>
      <p>
          <a href="/__u/dondurrett.substack.com/p/weekly-notes-8262026">
              Read more
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   ]]></content:encoded></item><item><title><![CDATA[New Orleans Investment Conference]]></title><description><![CDATA[Use the link below to sign up for the @Brien_Lundin New Orleans Investment Conference in October.]]></description><link>https://dondurrett.substack.com/p/new-orleans-investment-conference</link><guid isPermaLink="false">https://dondurrett.substack.com/p/new-orleans-investment-conference</guid><dc:creator><![CDATA[Don Durrett]]></dc:creator><pubDate>Wed, 26 Aug 2026 22:39:16 GMT</pubDate><enclosure url="https://substackcdn.com/image/fetch/$s_!BLnN!,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fdc36be2a-3bcc-4c4f-9c37-16212d779823_1570x892.png" length="0" type="image/jpeg"/><content:encoded><![CDATA[<div class="captioned-image-container"><figure><a class="image-link image2 is-viewable-img" target="_blank" href="/__u/substackcdn.com/image/fetch/$s_!BLnN!,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fdc36be2a-3bcc-4c4f-9c37-16212d779823_1570x892.png" data-component-name="Image2ToDOM"><div class="image2-inset"><picture><source type="image/webp" srcset="/__u/substackcdn.com/image/fetch/$s_!BLnN!, /__u/dondurrett.substack.com/w_424, /__u/dondurrett.substack.com/c_limit, /__u/dondurrett.substack.com/f_webp, /__u/dondurrett.substack.com/q_auto:good, /__u/dondurrett.substack.com/fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fdc36be2a-3bcc-4c4f-9c37-16212d779823_1570x892.png 424w, /__u/substackcdn.com/image/fetch/$s_!BLnN!, /__u/dondurrett.substack.com/w_848, /__u/dondurrett.substack.com/c_limit, /__u/dondurrett.substack.com/f_webp, /__u/dondurrett.substack.com/q_auto:good, /__u/dondurrett.substack.com/fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fdc36be2a-3bcc-4c4f-9c37-16212d779823_1570x892.png 848w, /__u/substackcdn.com/image/fetch/$s_!BLnN!, /__u/dondurrett.substack.com/w_1272, /__u/dondurrett.substack.com/c_limit, /__u/dondurrett.substack.com/f_webp, /__u/dondurrett.substack.com/q_auto:good, /__u/dondurrett.substack.com/fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fdc36be2a-3bcc-4c4f-9c37-16212d779823_1570x892.png 1272w, /__u/substackcdn.com/image/fetch/$s_!BLnN!, /__u/dondurrett.substack.com/w_1456, /__u/dondurrett.substack.com/c_limit, /__u/dondurrett.substack.com/f_webp, /__u/dondurrett.substack.com/q_auto:good, /__u/dondurrett.substack.com/fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fdc36be2a-3bcc-4c4f-9c37-16212d779823_1570x892.png 1456w" sizes="100vw"><img src="/__u/substackcdn.com/image/fetch/$s_!BLnN!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fdc36be2a-3bcc-4c4f-9c37-16212d779823_1570x892.png" width="1456" height="827" data-attrs="{&quot;src&quot;:&quot;https://substack-post-media.s3.amazonaws.com/public/images/dc36be2a-3bcc-4c4f-9c37-16212d779823_1570x892.png&quot;,&quot;srcNoWatermark&quot;:null,&quot;fullscreen&quot;:null,&quot;imageSize&quot;:null,&quot;height&quot;:827,&quot;width&quot;:1456,&quot;resizeWidth&quot;:null,&quot;bytes&quot;:2236587,&quot;alt&quot;:null,&quot;title&quot;:null,&quot;type&quot;:&quot;image/png&quot;,&quot;href&quot;:null,&quot;belowTheFold&quot;:false,&quot;topImage&quot;:true,&quot;internalRedirect&quot;:&quot;https://dondurrett.substack.com/i/212920815?img=https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fdc36be2a-3bcc-4c4f-9c37-16212d779823_1570x892.png&quot;,&quot;isProcessing&quot;:false,&quot;align&quot;:null,&quot;offset&quot;:false}" class="sizing-normal" alt="" srcset="/__u/substackcdn.com/image/fetch/$s_!BLnN!, /__u/dondurrett.substack.com/w_424, /__u/dondurrett.substack.com/c_limit, /__u/dondurrett.substack.com/f_auto, /__u/dondurrett.substack.com/q_auto:good, /__u/dondurrett.substack.com/fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fdc36be2a-3bcc-4c4f-9c37-16212d779823_1570x892.png 424w, /__u/substackcdn.com/image/fetch/$s_!BLnN!, /__u/dondurrett.substack.com/w_848, /__u/dondurrett.substack.com/c_limit, /__u/dondurrett.substack.com/f_auto, /__u/dondurrett.substack.com/q_auto:good, /__u/dondurrett.substack.com/fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fdc36be2a-3bcc-4c4f-9c37-16212d779823_1570x892.png 848w, /__u/substackcdn.com/image/fetch/$s_!BLnN!, /__u/dondurrett.substack.com/w_1272, /__u/dondurrett.substack.com/c_limit, /__u/dondurrett.substack.com/f_auto, /__u/dondurrett.substack.com/q_auto:good, /__u/dondurrett.substack.com/fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fdc36be2a-3bcc-4c4f-9c37-16212d779823_1570x892.png 1272w, /__u/substackcdn.com/image/fetch/$s_!BLnN!, /__u/dondurrett.substack.com/w_1456, /__u/dondurrett.substack.com/c_limit, /__u/dondurrett.substack.com/f_auto, /__u/dondurrett.substack.com/q_auto:good, /__u/dondurrett.substack.com/fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fdc36be2a-3bcc-4c4f-9c37-16212d779823_1570x892.png 1456w" sizes="100vw" fetchpriority="high"></picture><div class="image-link-expand"><div class="pencraft pc-display-flex pc-gap-8 pc-reset"><button tabindex="0" type="button" class="pencraft pc-reset pencraft icon-container restack-image"><svg aria-hidden="true" width="20" height="20" viewBox="0 0 20 20" fill="none" stroke-width="1.5" stroke="var(--color-fg-primary)" stroke-linecap="round" stroke-linejoin="round" xmlns="http://www.w3.org/2000/svg"><g><path d="M2.53001 7.81595C3.49179 4.73911 6.43281 2.5 9.91173 2.5C13.1684 2.5 15.9537 4.46214 17.0852 7.23684L17.6179 8.67647M17.6179 8.67647L18.5002 4.26471M17.6179 8.67647L13.6473 6.91176M17.4995 12.1841C16.5378 15.2609 13.5967 17.5 10.1178 17.5C6.86118 17.5 4.07589 15.5379 2.94432 12.7632L2.41165 11.3235M2.41165 11.3235L1.5293 15.7353M2.41165 11.3235L6.38224 13.0882"></path></g></svg></button><button tabindex="0" type="button" class="pencraft pc-reset pencraft icon-container view-image"><svg xmlns="http://www.w3.org/2000/svg" width="20" height="20" viewBox="0 0 24 24" fill="none" stroke="currentColor" stroke-width="2" stroke-linecap="round" stroke-linejoin="round" class="lucide lucide-maximize2 lucide-maximize-2"><polyline points="15 3 21 3 21 9"></polyline><polyline points="9 21 3 21 3 15"></polyline><line x1="21" x2="14" y1="3" y2="10"></line><line x1="3" x2="10" y1="21" y2="14"></line></svg></button></div></div></div></a></figure></div><p></p><p><span>Use the link below to sign up for the @Brien_Lundin New Orleans Investment Conference in October. It&#8217;s a 4-day event. Over 100 mining companies, plus great speakers. </span></p><p><span>I speak on Thursday and Friday (see times below).</span></p><p><span>Also, come get a free book. I&#8217;m going to send 100.</span></p><p><span>Don  Durrett<br>MINING SHARE PANEL:<br>Thursday, 1:45 PM &#8212; 2:30 PM CT<br>Grand Ballrooms A&amp;B, First Floor<br><br>GENERAL SESSION PRESENTATION:<br>Friday, 6:30 PM &#8212; 6:50 PM CT<br>Grand Ballrooms A&amp;B, First Floor</span></p><p><a href="http://neworleansconference.com/durrett"><span>http://neworleansconference.com/durrett</span></a></p>]]></content:encoded></item><item><title><![CDATA[Gold/Silver Miners: Low-Hanging Fruit (August 2026)]]></title><description><![CDATA[Video Link:]]></description><link>https://dondurrett.substack.com/p/goldsilver-miners-low-hanging-fruit</link><guid isPermaLink="false">https://dondurrett.substack.com/p/goldsilver-miners-low-hanging-fruit</guid><dc:creator><![CDATA[Don Durrett]]></dc:creator><pubDate>Wed, 26 Aug 2026 00:39:43 GMT</pubDate><enclosure url="https://substackcdn.com/image/fetch/$s_!jgVA!,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fb141ba27-d4dc-4b25-bd51-8c4c7f6af36e_1810x698.jpeg" length="0" type="image/jpeg"/><content:encoded><![CDATA[<div class="captioned-image-container"><figure><a class="image-link image2 is-viewable-img" target="_blank" href="/__u/substackcdn.com/image/fetch/$s_!jgVA!,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fb141ba27-d4dc-4b25-bd51-8c4c7f6af36e_1810x698.jpeg" data-component-name="Image2ToDOM"><div class="image2-inset"><picture><source type="image/webp" srcset="/__u/substackcdn.com/image/fetch/$s_!jgVA!, /__u/dondurrett.substack.com/w_424, /__u/dondurrett.substack.com/c_limit, /__u/dondurrett.substack.com/f_webp, /__u/dondurrett.substack.com/q_auto:good, /__u/dondurrett.substack.com/fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fb141ba27-d4dc-4b25-bd51-8c4c7f6af36e_1810x698.jpeg 424w, /__u/substackcdn.com/image/fetch/$s_!jgVA!, /__u/dondurrett.substack.com/w_848, /__u/dondurrett.substack.com/c_limit, /__u/dondurrett.substack.com/f_webp, /__u/dondurrett.substack.com/q_auto:good, /__u/dondurrett.substack.com/fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fb141ba27-d4dc-4b25-bd51-8c4c7f6af36e_1810x698.jpeg 848w, /__u/substackcdn.com/image/fetch/$s_!jgVA!, /__u/dondurrett.substack.com/w_1272, /__u/dondurrett.substack.com/c_limit, /__u/dondurrett.substack.com/f_webp, /__u/dondurrett.substack.com/q_auto:good, /__u/dondurrett.substack.com/fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fb141ba27-d4dc-4b25-bd51-8c4c7f6af36e_1810x698.jpeg 1272w, /__u/substackcdn.com/image/fetch/$s_!jgVA!, /__u/dondurrett.substack.com/w_1456, /__u/dondurrett.substack.com/c_limit, /__u/dondurrett.substack.com/f_webp, /__u/dondurrett.substack.com/q_auto:good, /__u/dondurrett.substack.com/fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fb141ba27-d4dc-4b25-bd51-8c4c7f6af36e_1810x698.jpeg 1456w" sizes="100vw"><img src="/__u/substackcdn.com/image/fetch/$s_!jgVA!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fb141ba27-d4dc-4b25-bd51-8c4c7f6af36e_1810x698.jpeg" width="1456" height="561" data-attrs="{&quot;src&quot;:&quot;https://substack-post-media.s3.amazonaws.com/public/images/b141ba27-d4dc-4b25-bd51-8c4c7f6af36e_1810x698.jpeg&quot;,&quot;srcNoWatermark&quot;:null,&quot;fullscreen&quot;:null,&quot;imageSize&quot;:null,&quot;height&quot;:561,&quot;width&quot;:1456,&quot;resizeWidth&quot;:null,&quot;bytes&quot;:70182,&quot;alt&quot;:null,&quot;title&quot;:null,&quot;type&quot;:&quot;image/jpeg&quot;,&quot;href&quot;:null,&quot;belowTheFold&quot;:false,&quot;topImage&quot;:true,&quot;internalRedirect&quot;:&quot;https://dondurrett.substack.com/i/212781954?img=https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fb141ba27-d4dc-4b25-bd51-8c4c7f6af36e_1810x698.jpeg&quot;,&quot;isProcessing&quot;:false,&quot;align&quot;:null,&quot;offset&quot;:false}" class="sizing-normal" alt="" srcset="/__u/substackcdn.com/image/fetch/$s_!jgVA!, /__u/dondurrett.substack.com/w_424, /__u/dondurrett.substack.com/c_limit, /__u/dondurrett.substack.com/f_auto, /__u/dondurrett.substack.com/q_auto:good, /__u/dondurrett.substack.com/fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fb141ba27-d4dc-4b25-bd51-8c4c7f6af36e_1810x698.jpeg 424w, /__u/substackcdn.com/image/fetch/$s_!jgVA!, /__u/dondurrett.substack.com/w_848, /__u/dondurrett.substack.com/c_limit, /__u/dondurrett.substack.com/f_auto, /__u/dondurrett.substack.com/q_auto:good, /__u/dondurrett.substack.com/fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fb141ba27-d4dc-4b25-bd51-8c4c7f6af36e_1810x698.jpeg 848w, /__u/substackcdn.com/image/fetch/$s_!jgVA!, /__u/dondurrett.substack.com/w_1272, /__u/dondurrett.substack.com/c_limit, /__u/dondurrett.substack.com/f_auto, /__u/dondurrett.substack.com/q_auto:good, /__u/dondurrett.substack.com/fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fb141ba27-d4dc-4b25-bd51-8c4c7f6af36e_1810x698.jpeg 1272w, /__u/substackcdn.com/image/fetch/$s_!jgVA!, /__u/dondurrett.substack.com/w_1456, /__u/dondurrett.substack.com/c_limit, /__u/dondurrett.substack.com/f_auto, /__u/dondurrett.substack.com/q_auto:good, /__u/dondurrett.substack.com/fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fb141ba27-d4dc-4b25-bd51-8c4c7f6af36e_1810x698.jpeg 1456w" sizes="100vw" fetchpriority="high"></picture><div class="image-link-expand"><div class="pencraft pc-display-flex pc-gap-8 pc-reset"><button tabindex="0" type="button" class="pencraft pc-reset pencraft icon-container restack-image"><svg aria-hidden="true" width="20" height="20" viewBox="0 0 20 20" fill="none" stroke-width="1.5" stroke="var(--color-fg-primary)" stroke-linecap="round" stroke-linejoin="round" xmlns="http://www.w3.org/2000/svg"><g><path d="M2.53001 7.81595C3.49179 4.73911 6.43281 2.5 9.91173 2.5C13.1684 2.5 15.9537 4.46214 17.0852 7.23684L17.6179 8.67647M17.6179 8.67647L18.5002 4.26471M17.6179 8.67647L13.6473 6.91176M17.4995 12.1841C16.5378 15.2609 13.5967 17.5 10.1178 17.5C6.86118 17.5 4.07589 15.5379 2.94432 12.7632L2.41165 11.3235M2.41165 11.3235L1.5293 15.7353M2.41165 11.3235L6.38224 13.0882"></path></g></svg></button><button tabindex="0" type="button" class="pencraft pc-reset pencraft icon-container view-image"><svg xmlns="http://www.w3.org/2000/svg" width="20" height="20" viewBox="0 0 24 24" fill="none" stroke="currentColor" stroke-width="2" stroke-linecap="round" stroke-linejoin="round" class="lucide lucide-maximize2 lucide-maximize-2"><polyline points="15 3 21 3 21 9"></polyline><polyline points="9 21 3 21 3 15"></polyline><line x1="21" x2="14" y1="3" y2="10"></line><line x1="3" x2="10" y1="21" y2="14"></line></svg></button></div></div></div></a></figure></div><p></p><p><strong>Video Link:</strong></p><p><a href="https://drive.google.com/file/d/11ZacRrd9VuhdntfyLj655bA95wecOM3L/view?usp=drive_link">https://drive.google.com/file/d/11ZacRrd9VuhdntfyLj655bA95wecOM3L/view?usp=drive_link</a></p><p><strong>Transcript Link:</strong></p><p><a href="https://drive.google.com/file/d/1d9VyD77D0oKPP1SEahbYGgc__vemZ8Zw/view?usp=drive_link">https://drive.google.com/file/d/1d9VyD77D0oKPP1SEahbYGgc__vemZ8Zw/view?usp=drive_link</a></p>]]></content:encoded></item><item><title><![CDATA[My Links (8/25/2026)]]></title><description><![CDATA[My Website: https://www.goldstockdata.com/]]></description><link>https://dondurrett.substack.com/p/my-links-8252026</link><guid isPermaLink="false">https://dondurrett.substack.com/p/my-links-8252026</guid><dc:creator><![CDATA[Don Durrett]]></dc:creator><pubDate>Tue, 25 Aug 2026 21:24:34 GMT</pubDate><enclosure url="https://substackcdn.com/image/fetch/$s_!xoVY!,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F2ddae270-e7a7-4c48-8620-b8f56c48f191_1810x698.jpeg" length="0" type="image/jpeg"/><content:encoded><![CDATA[<p></p><div class="captioned-image-container"><figure><a class="image-link image2 is-viewable-img" target="_blank" href="/__u/substackcdn.com/image/fetch/$s_!xoVY!,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F2ddae270-e7a7-4c48-8620-b8f56c48f191_1810x698.jpeg" data-component-name="Image2ToDOM"><div class="image2-inset"><picture><source type="image/webp" srcset="/__u/substackcdn.com/image/fetch/$s_!xoVY!, /__u/dondurrett.substack.com/w_424, /__u/dondurrett.substack.com/c_limit, /__u/dondurrett.substack.com/f_webp, /__u/dondurrett.substack.com/q_auto:good, /__u/dondurrett.substack.com/fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F2ddae270-e7a7-4c48-8620-b8f56c48f191_1810x698.jpeg 424w, /__u/substackcdn.com/image/fetch/$s_!xoVY!, /__u/dondurrett.substack.com/w_848, /__u/dondurrett.substack.com/c_limit, /__u/dondurrett.substack.com/f_webp, /__u/dondurrett.substack.com/q_auto:good, /__u/dondurrett.substack.com/fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F2ddae270-e7a7-4c48-8620-b8f56c48f191_1810x698.jpeg 848w, /__u/substackcdn.com/image/fetch/$s_!xoVY!, /__u/dondurrett.substack.com/w_1272, /__u/dondurrett.substack.com/c_limit, /__u/dondurrett.substack.com/f_webp, /__u/dondurrett.substack.com/q_auto:good, /__u/dondurrett.substack.com/fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F2ddae270-e7a7-4c48-8620-b8f56c48f191_1810x698.jpeg 1272w, /__u/substackcdn.com/image/fetch/$s_!xoVY!, /__u/dondurrett.substack.com/w_1456, /__u/dondurrett.substack.com/c_limit, /__u/dondurrett.substack.com/f_webp, /__u/dondurrett.substack.com/q_auto:good, /__u/dondurrett.substack.com/fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F2ddae270-e7a7-4c48-8620-b8f56c48f191_1810x698.jpeg 1456w" sizes="100vw"><img src="/__u/substackcdn.com/image/fetch/$s_!xoVY!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F2ddae270-e7a7-4c48-8620-b8f56c48f191_1810x698.jpeg" width="1456" height="561" data-attrs="{&quot;src&quot;:&quot;https://substack-post-media.s3.amazonaws.com/public/images/2ddae270-e7a7-4c48-8620-b8f56c48f191_1810x698.jpeg&quot;,&quot;srcNoWatermark&quot;:null,&quot;fullscreen&quot;:null,&quot;imageSize&quot;:null,&quot;height&quot;:561,&quot;width&quot;:1456,&quot;resizeWidth&quot;:null,&quot;bytes&quot;:70182,&quot;alt&quot;:null,&quot;title&quot;:null,&quot;type&quot;:&quot;image/jpeg&quot;,&quot;href&quot;:null,&quot;belowTheFold&quot;:false,&quot;topImage&quot;:true,&quot;internalRedirect&quot;:&quot;https://dondurrett.substack.com/i/212764106?img=https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F2ddae270-e7a7-4c48-8620-b8f56c48f191_1810x698.jpeg&quot;,&quot;isProcessing&quot;:false,&quot;align&quot;:null,&quot;offset&quot;:false}" class="sizing-normal" alt="" srcset="/__u/substackcdn.com/image/fetch/$s_!xoVY!, /__u/dondurrett.substack.com/w_424, /__u/dondurrett.substack.com/c_limit, /__u/dondurrett.substack.com/f_auto, /__u/dondurrett.substack.com/q_auto:good, /__u/dondurrett.substack.com/fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F2ddae270-e7a7-4c48-8620-b8f56c48f191_1810x698.jpeg 424w, /__u/substackcdn.com/image/fetch/$s_!xoVY!, /__u/dondurrett.substack.com/w_848, /__u/dondurrett.substack.com/c_limit, /__u/dondurrett.substack.com/f_auto, /__u/dondurrett.substack.com/q_auto:good, /__u/dondurrett.substack.com/fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F2ddae270-e7a7-4c48-8620-b8f56c48f191_1810x698.jpeg 848w, /__u/substackcdn.com/image/fetch/$s_!xoVY!, /__u/dondurrett.substack.com/w_1272, /__u/dondurrett.substack.com/c_limit, /__u/dondurrett.substack.com/f_auto, /__u/dondurrett.substack.com/q_auto:good, /__u/dondurrett.substack.com/fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F2ddae270-e7a7-4c48-8620-b8f56c48f191_1810x698.jpeg 1272w, /__u/substackcdn.com/image/fetch/$s_!xoVY!, /__u/dondurrett.substack.com/w_1456, /__u/dondurrett.substack.com/c_limit, /__u/dondurrett.substack.com/f_auto, /__u/dondurrett.substack.com/q_auto:good, /__u/dondurrett.substack.com/fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F2ddae270-e7a7-4c48-8620-b8f56c48f191_1810x698.jpeg 1456w" sizes="100vw" fetchpriority="high"></picture><div class="image-link-expand"><div class="pencraft pc-display-flex pc-gap-8 pc-reset"><button tabindex="0" type="button" class="pencraft pc-reset pencraft icon-container restack-image"><svg aria-hidden="true" width="20" height="20" viewBox="0 0 20 20" fill="none" stroke-width="1.5" stroke="var(--color-fg-primary)" stroke-linecap="round" stroke-linejoin="round" xmlns="http://www.w3.org/2000/svg"><g><path d="M2.53001 7.81595C3.49179 4.73911 6.43281 2.5 9.91173 2.5C13.1684 2.5 15.9537 4.46214 17.0852 7.23684L17.6179 8.67647M17.6179 8.67647L18.5002 4.26471M17.6179 8.67647L13.6473 6.91176M17.4995 12.1841C16.5378 15.2609 13.5967 17.5 10.1178 17.5C6.86118 17.5 4.07589 15.5379 2.94432 12.7632L2.41165 11.3235M2.41165 11.3235L1.5293 15.7353M2.41165 11.3235L6.38224 13.0882"></path></g></svg></button><button tabindex="0" type="button" class="pencraft pc-reset pencraft icon-container view-image"><svg xmlns="http://www.w3.org/2000/svg" width="20" height="20" viewBox="0 0 24 24" fill="none" stroke="currentColor" stroke-width="2" stroke-linecap="round" stroke-linejoin="round" class="lucide lucide-maximize2 lucide-maximize-2"><polyline points="15 3 21 3 21 9"></polyline><polyline points="9 21 3 21 3 15"></polyline><line x1="21" x2="14" y1="3" y2="10"></line><line x1="3" x2="10" y1="21" y2="14"></line></svg></button></div></div></div></a></figure></div><p></p><p><strong>My Website:</strong>  <a href="https://www.goldstockdata.com/">https://www.goldstockdata.com/</a></p><p><strong>Twitter/X:  </strong><a href="https://x.com/DonDurrett">https://x.com/DonDurrett</a></p><p><strong>YouTube:</strong>  <a href="https://www.youtube.com/@DonDurrett">https://www.youtube.com/@DonDurrett</a></p><p><strong><span>SeekingAlpha:</span></strong><span>  </span><a href="https://seekingalpha.com/author/don-durrett">https://seekingalpha.com/author/don-durrett</a></p><p><strong>Gold Book: </strong> <a href="https://www.amazon.com/How-Invest-Gold-Silver-investors/dp/1427650241/ref=sr_1_3?ie=UTF8&amp;s=books&amp;qid=1291065729&amp;sr=1-3">https://www.amazon.com/How-Invest-Gold-Silver-investors/dp/1427650241/ref=sr_1_3?ie=UTF8&amp;s=books&amp;qid=1291065729&amp;sr=1-3</a></p><p><strong>Future Book:</strong>  <a href="https://www.amazon.com/Path-Forward-Shift-Into-New/dp/0578713179/ref=sr_1_1?dchild=1&amp;keywords=The+path+forward%3A+a+shift+into+a+new+era&amp;qid=1593131194&amp;sr=8-1">https://www.amazon.com/Path-Forward-Shift-Into-New/dp/0578713179/ref=sr_1_1?dchild=1&amp;keywords=The+path+forward%3A+a+shift+into+a+new+era&amp;qid=1593131194&amp;sr=8-1</a></p>]]></content:encoded></item><item><title><![CDATA[Share Price Forecast Tool (8/23/2026)]]></title><description><![CDATA[Here is a video demo that shows how to use the GSD Share Price Forecast Tool.]]></description><link>https://dondurrett.substack.com/p/share-price-forecast-tool-8232026</link><guid isPermaLink="false">https://dondurrett.substack.com/p/share-price-forecast-tool-8232026</guid><dc:creator><![CDATA[Don Durrett]]></dc:creator><pubDate>Sun, 23 Aug 2026 19:13:32 GMT</pubDate><enclosure url="https://substackcdn.com/image/fetch/$s_!SWcJ!,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F10135782-5f1d-4842-9480-8b9a08cfc0c8_1810x698.jpeg" length="0" type="image/jpeg"/><content:encoded><![CDATA[<div class="captioned-image-container"><figure><a class="image-link image2 is-viewable-img" target="_blank" href="/__u/substackcdn.com/image/fetch/$s_!SWcJ!,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F10135782-5f1d-4842-9480-8b9a08cfc0c8_1810x698.jpeg" data-component-name="Image2ToDOM"><div class="image2-inset"><picture><source type="image/webp" srcset="/__u/substackcdn.com/image/fetch/$s_!SWcJ!, /__u/dondurrett.substack.com/w_424, /__u/dondurrett.substack.com/c_limit, /__u/dondurrett.substack.com/f_webp, /__u/dondurrett.substack.com/q_auto:good, /__u/dondurrett.substack.com/fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F10135782-5f1d-4842-9480-8b9a08cfc0c8_1810x698.jpeg 424w, /__u/substackcdn.com/image/fetch/$s_!SWcJ!, /__u/dondurrett.substack.com/w_848, /__u/dondurrett.substack.com/c_limit, /__u/dondurrett.substack.com/f_webp, /__u/dondurrett.substack.com/q_auto:good, /__u/dondurrett.substack.com/fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F10135782-5f1d-4842-9480-8b9a08cfc0c8_1810x698.jpeg 848w, /__u/substackcdn.com/image/fetch/$s_!SWcJ!, /__u/dondurrett.substack.com/w_1272, /__u/dondurrett.substack.com/c_limit, /__u/dondurrett.substack.com/f_webp, /__u/dondurrett.substack.com/q_auto:good, /__u/dondurrett.substack.com/fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F10135782-5f1d-4842-9480-8b9a08cfc0c8_1810x698.jpeg 1272w, /__u/substackcdn.com/image/fetch/$s_!SWcJ!, /__u/dondurrett.substack.com/w_1456, /__u/dondurrett.substack.com/c_limit, /__u/dondurrett.substack.com/f_webp, /__u/dondurrett.substack.com/q_auto:good, /__u/dondurrett.substack.com/fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F10135782-5f1d-4842-9480-8b9a08cfc0c8_1810x698.jpeg 1456w" sizes="100vw"><img src="/__u/substackcdn.com/image/fetch/$s_!SWcJ!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F10135782-5f1d-4842-9480-8b9a08cfc0c8_1810x698.jpeg" width="1456" height="561" data-attrs="{&quot;src&quot;:&quot;https://substack-post-media.s3.amazonaws.com/public/images/10135782-5f1d-4842-9480-8b9a08cfc0c8_1810x698.jpeg&quot;,&quot;srcNoWatermark&quot;:null,&quot;fullscreen&quot;:null,&quot;imageSize&quot;:null,&quot;height&quot;:561,&quot;width&quot;:1456,&quot;resizeWidth&quot;:null,&quot;bytes&quot;:70182,&quot;alt&quot;:null,&quot;title&quot;:null,&quot;type&quot;:&quot;image/jpeg&quot;,&quot;href&quot;:null,&quot;belowTheFold&quot;:false,&quot;topImage&quot;:true,&quot;internalRedirect&quot;:&quot;https://dondurrett.substack.com/i/212448640?img=https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F10135782-5f1d-4842-9480-8b9a08cfc0c8_1810x698.jpeg&quot;,&quot;isProcessing&quot;:false,&quot;align&quot;:null,&quot;offset&quot;:false}" class="sizing-normal" alt="" srcset="/__u/substackcdn.com/image/fetch/$s_!SWcJ!, /__u/dondurrett.substack.com/w_424, /__u/dondurrett.substack.com/c_limit, /__u/dondurrett.substack.com/f_auto, /__u/dondurrett.substack.com/q_auto:good, /__u/dondurrett.substack.com/fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F10135782-5f1d-4842-9480-8b9a08cfc0c8_1810x698.jpeg 424w, /__u/substackcdn.com/image/fetch/$s_!SWcJ!, /__u/dondurrett.substack.com/w_848, /__u/dondurrett.substack.com/c_limit, /__u/dondurrett.substack.com/f_auto, /__u/dondurrett.substack.com/q_auto:good, /__u/dondurrett.substack.com/fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F10135782-5f1d-4842-9480-8b9a08cfc0c8_1810x698.jpeg 848w, /__u/substackcdn.com/image/fetch/$s_!SWcJ!, /__u/dondurrett.substack.com/w_1272, /__u/dondurrett.substack.com/c_limit, /__u/dondurrett.substack.com/f_auto, /__u/dondurrett.substack.com/q_auto:good, /__u/dondurrett.substack.com/fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F10135782-5f1d-4842-9480-8b9a08cfc0c8_1810x698.jpeg 1272w, /__u/substackcdn.com/image/fetch/$s_!SWcJ!, /__u/dondurrett.substack.com/w_1456, /__u/dondurrett.substack.com/c_limit, /__u/dondurrett.substack.com/f_auto, /__u/dondurrett.substack.com/q_auto:good, /__u/dondurrett.substack.com/fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F10135782-5f1d-4842-9480-8b9a08cfc0c8_1810x698.jpeg 1456w" sizes="100vw" fetchpriority="high"></picture><div class="image-link-expand"><div class="pencraft pc-display-flex pc-gap-8 pc-reset"><button tabindex="0" type="button" class="pencraft pc-reset pencraft icon-container restack-image"><svg aria-hidden="true" width="20" height="20" viewBox="0 0 20 20" fill="none" stroke-width="1.5" stroke="var(--color-fg-primary)" stroke-linecap="round" stroke-linejoin="round" xmlns="http://www.w3.org/2000/svg"><g><path d="M2.53001 7.81595C3.49179 4.73911 6.43281 2.5 9.91173 2.5C13.1684 2.5 15.9537 4.46214 17.0852 7.23684L17.6179 8.67647M17.6179 8.67647L18.5002 4.26471M17.6179 8.67647L13.6473 6.91176M17.4995 12.1841C16.5378 15.2609 13.5967 17.5 10.1178 17.5C6.86118 17.5 4.07589 15.5379 2.94432 12.7632L2.41165 11.3235M2.41165 11.3235L1.5293 15.7353M2.41165 11.3235L6.38224 13.0882"></path></g></svg></button><button tabindex="0" type="button" class="pencraft pc-reset pencraft icon-container view-image"><svg xmlns="http://www.w3.org/2000/svg" width="20" height="20" viewBox="0 0 24 24" fill="none" stroke="currentColor" stroke-width="2" stroke-linecap="round" stroke-linejoin="round" class="lucide lucide-maximize2 lucide-maximize-2"><polyline points="15 3 21 3 21 9"></polyline><polyline points="9 21 3 21 3 15"></polyline><line x1="21" x2="14" y1="3" y2="10"></line><line x1="3" x2="10" y1="21" y2="14"></line></svg></button></div></div></div></a></figure></div><p></p><p>Here is a video demo that shows how to use the GSD Share Price Forecast Tool.</p><p>Video Link:</p><p><a href="https://drive.google.com/file/d/1lRzKHLAlWH3EwobcqZDPW1KkuTEURa-M/view?usp=drive_link">https://drive.google.com/file/d/1lRzKHLAlWH3EwobcqZDPW1KkuTEURa-M/view?usp=drive_link</a></p><p></p><p></p>]]></content:encoded></item><item><title><![CDATA[Weekly Podcast Replay (8/22/2026)]]></title><description><![CDATA[Date: 8/22/2026]]></description><link>https://dondurrett.substack.com/p/weekly-podcast-replay-8222026</link><guid isPermaLink="false">https://dondurrett.substack.com/p/weekly-podcast-replay-8222026</guid><dc:creator><![CDATA[Don Durrett]]></dc:creator><pubDate>Sun, 23 Aug 2026 07:29:32 GMT</pubDate><enclosure url="https://substackcdn.com/image/fetch/$s_!FZmz!,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F31978a87-8db7-4a87-af6f-512c4f4bc6d5_1810x698.jpeg" length="0" type="image/jpeg"/><content:encoded><![CDATA[<div class="captioned-image-container"><figure><a class="image-link image2 is-viewable-img" target="_blank" href="/__u/substackcdn.com/image/fetch/$s_!FZmz!,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F31978a87-8db7-4a87-af6f-512c4f4bc6d5_1810x698.jpeg" data-component-name="Image2ToDOM"><div class="image2-inset"><picture><source type="image/webp" srcset="/__u/substackcdn.com/image/fetch/$s_!FZmz!, /__u/dondurrett.substack.com/w_424, /__u/dondurrett.substack.com/c_limit, /__u/dondurrett.substack.com/f_webp, /__u/dondurrett.substack.com/q_auto:good, /__u/dondurrett.substack.com/fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F31978a87-8db7-4a87-af6f-512c4f4bc6d5_1810x698.jpeg 424w, /__u/substackcdn.com/image/fetch/$s_!FZmz!, /__u/dondurrett.substack.com/w_848, /__u/dondurrett.substack.com/c_limit, /__u/dondurrett.substack.com/f_webp, /__u/dondurrett.substack.com/q_auto:good, /__u/dondurrett.substack.com/fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F31978a87-8db7-4a87-af6f-512c4f4bc6d5_1810x698.jpeg 848w, /__u/substackcdn.com/image/fetch/$s_!FZmz!, /__u/dondurrett.substack.com/w_1272, /__u/dondurrett.substack.com/c_limit, /__u/dondurrett.substack.com/f_webp, /__u/dondurrett.substack.com/q_auto:good, /__u/dondurrett.substack.com/fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F31978a87-8db7-4a87-af6f-512c4f4bc6d5_1810x698.jpeg 1272w, /__u/substackcdn.com/image/fetch/$s_!FZmz!, /__u/dondurrett.substack.com/w_1456, /__u/dondurrett.substack.com/c_limit, /__u/dondurrett.substack.com/f_webp, /__u/dondurrett.substack.com/q_auto:good, /__u/dondurrett.substack.com/fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F31978a87-8db7-4a87-af6f-512c4f4bc6d5_1810x698.jpeg 1456w" sizes="100vw"><img src="/__u/substackcdn.com/image/fetch/$s_!FZmz!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F31978a87-8db7-4a87-af6f-512c4f4bc6d5_1810x698.jpeg" width="1456" height="561" 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/__u/dondurrett.substack.com/q_auto:good, /__u/dondurrett.substack.com/fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F31978a87-8db7-4a87-af6f-512c4f4bc6d5_1810x698.jpeg 424w, /__u/substackcdn.com/image/fetch/$s_!FZmz!, /__u/dondurrett.substack.com/w_848, /__u/dondurrett.substack.com/c_limit, /__u/dondurrett.substack.com/f_auto, /__u/dondurrett.substack.com/q_auto:good, /__u/dondurrett.substack.com/fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F31978a87-8db7-4a87-af6f-512c4f4bc6d5_1810x698.jpeg 848w, /__u/substackcdn.com/image/fetch/$s_!FZmz!, /__u/dondurrett.substack.com/w_1272, /__u/dondurrett.substack.com/c_limit, /__u/dondurrett.substack.com/f_auto, /__u/dondurrett.substack.com/q_auto:good, /__u/dondurrett.substack.com/fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F31978a87-8db7-4a87-af6f-512c4f4bc6d5_1810x698.jpeg 1272w, /__u/substackcdn.com/image/fetch/$s_!FZmz!, /__u/dondurrett.substack.com/w_1456, /__u/dondurrett.substack.com/c_limit, /__u/dondurrett.substack.com/f_auto, /__u/dondurrett.substack.com/q_auto:good, /__u/dondurrett.substack.com/fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F31978a87-8db7-4a87-af6f-512c4f4bc6d5_1810x698.jpeg 1456w" sizes="100vw" fetchpriority="high"></picture><div class="image-link-expand"><div class="pencraft pc-display-flex pc-gap-8 pc-reset"><button tabindex="0" type="button" class="pencraft pc-reset pencraft icon-container restack-image"><svg aria-hidden="true" width="20" height="20" viewBox="0 0 20 20" fill="none" stroke-width="1.5" stroke="var(--color-fg-primary)" stroke-linecap="round" stroke-linejoin="round" xmlns="http://www.w3.org/2000/svg"><g><path d="M2.53001 7.81595C3.49179 4.73911 6.43281 2.5 9.91173 2.5C13.1684 2.5 15.9537 4.46214 17.0852 7.23684L17.6179 8.67647M17.6179 8.67647L18.5002 4.26471M17.6179 8.67647L13.6473 6.91176M17.4995 12.1841C16.5378 15.2609 13.5967 17.5 10.1178 17.5C6.86118 17.5 4.07589 15.5379 2.94432 12.7632L2.41165 11.3235M2.41165 11.3235L1.5293 15.7353M2.41165 11.3235L6.38224 13.0882"></path></g></svg></button><button tabindex="0" type="button" class="pencraft pc-reset pencraft icon-container view-image"><svg xmlns="http://www.w3.org/2000/svg" width="20" height="20" viewBox="0 0 24 24" fill="none" stroke="currentColor" stroke-width="2" stroke-linecap="round" stroke-linejoin="round" class="lucide lucide-maximize2 lucide-maximize-2"><polyline points="15 3 21 3 21 9"></polyline><polyline points="9 21 3 21 3 15"></polyline><line x1="21" x2="14" y1="3" y2="10"></line><line x1="3" x2="10" y1="21" y2="14"></line></svg></button></div></div></div></a></figure></div><p></p><p>Date: 8/22/2026</p><p>Replay Video Link:</p><p></p>
      <p>
          <a href="/__u/dondurrett.substack.com/p/weekly-podcast-replay-8222026">
              Read more
          </a>
      </p>
   ]]></content:encoded></item><item><title><![CDATA[Next Live Podcast (8/22/2026)]]></title><description><![CDATA[Date: 8/22/2026]]></description><link>https://dondurrett.substack.com/p/next-live-podcast-8222026</link><guid isPermaLink="false">https://dondurrett.substack.com/p/next-live-podcast-8222026</guid><dc:creator><![CDATA[Don Durrett]]></dc:creator><pubDate>Sat, 22 Aug 2026 18:17:15 GMT</pubDate><enclosure url="https://substackcdn.com/image/fetch/$s_!WRiR!,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F4191dd9a-8108-435b-b892-b1c795515c4b_1810x698.jpeg" length="0" type="image/jpeg"/><content:encoded><![CDATA[<div class="captioned-image-container"><figure><a class="image-link image2 is-viewable-img" target="_blank" href="/__u/substackcdn.com/image/fetch/$s_!WRiR!,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F4191dd9a-8108-435b-b892-b1c795515c4b_1810x698.jpeg" data-component-name="Image2ToDOM"><div class="image2-inset"><picture><source type="image/webp" srcset="/__u/substackcdn.com/image/fetch/$s_!WRiR!, /__u/dondurrett.substack.com/w_424, /__u/dondurrett.substack.com/c_limit, /__u/dondurrett.substack.com/f_webp, /__u/dondurrett.substack.com/q_auto:good, /__u/dondurrett.substack.com/fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F4191dd9a-8108-435b-b892-b1c795515c4b_1810x698.jpeg 424w, /__u/substackcdn.com/image/fetch/$s_!WRiR!, /__u/dondurrett.substack.com/w_848, /__u/dondurrett.substack.com/c_limit, /__u/dondurrett.substack.com/f_webp, /__u/dondurrett.substack.com/q_auto:good, 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src="/__u/substackcdn.com/image/fetch/$s_!WRiR!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F4191dd9a-8108-435b-b892-b1c795515c4b_1810x698.jpeg" width="1456" height="561" 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/__u/dondurrett.substack.com/q_auto:good, /__u/dondurrett.substack.com/fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F4191dd9a-8108-435b-b892-b1c795515c4b_1810x698.jpeg 424w, /__u/substackcdn.com/image/fetch/$s_!WRiR!, /__u/dondurrett.substack.com/w_848, /__u/dondurrett.substack.com/c_limit, /__u/dondurrett.substack.com/f_auto, /__u/dondurrett.substack.com/q_auto:good, /__u/dondurrett.substack.com/fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F4191dd9a-8108-435b-b892-b1c795515c4b_1810x698.jpeg 848w, /__u/substackcdn.com/image/fetch/$s_!WRiR!, /__u/dondurrett.substack.com/w_1272, /__u/dondurrett.substack.com/c_limit, /__u/dondurrett.substack.com/f_auto, /__u/dondurrett.substack.com/q_auto:good, /__u/dondurrett.substack.com/fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F4191dd9a-8108-435b-b892-b1c795515c4b_1810x698.jpeg 1272w, /__u/substackcdn.com/image/fetch/$s_!WRiR!, /__u/dondurrett.substack.com/w_1456, /__u/dondurrett.substack.com/c_limit, /__u/dondurrett.substack.com/f_auto, /__u/dondurrett.substack.com/q_auto:good, /__u/dondurrett.substack.com/fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F4191dd9a-8108-435b-b892-b1c795515c4b_1810x698.jpeg 1456w" sizes="100vw" fetchpriority="high"></picture><div class="image-link-expand"><div class="pencraft pc-display-flex pc-gap-8 pc-reset"><button tabindex="0" type="button" class="pencraft pc-reset pencraft icon-container restack-image"><svg aria-hidden="true" width="20" height="20" viewBox="0 0 20 20" fill="none" stroke-width="1.5" stroke="var(--color-fg-primary)" stroke-linecap="round" stroke-linejoin="round" xmlns="http://www.w3.org/2000/svg"><g><path d="M2.53001 7.81595C3.49179 4.73911 6.43281 2.5 9.91173 2.5C13.1684 2.5 15.9537 4.46214 17.0852 7.23684L17.6179 8.67647M17.6179 8.67647L18.5002 4.26471M17.6179 8.67647L13.6473 6.91176M17.4995 12.1841C16.5378 15.2609 13.5967 17.5 10.1178 17.5C6.86118 17.5 4.07589 15.5379 2.94432 12.7632L2.41165 11.3235M2.41165 11.3235L1.5293 15.7353M2.41165 11.3235L6.38224 13.0882"></path></g></svg></button><button tabindex="0" type="button" class="pencraft pc-reset pencraft icon-container view-image"><svg xmlns="http://www.w3.org/2000/svg" width="20" height="20" viewBox="0 0 24 24" fill="none" stroke="currentColor" stroke-width="2" stroke-linecap="round" stroke-linejoin="round" class="lucide lucide-maximize2 lucide-maximize-2"><polyline points="15 3 21 3 21 9"></polyline><polyline points="9 21 3 21 3 15"></polyline><line x1="21" x2="14" y1="3" y2="10"></line><line x1="3" x2="10" y1="21" y2="14"></line></svg></button></div></div></div></a></figure></div><p></p><p>Date: 8/22/2026</p><p>Time: 7pm (Los Angeles/Arizona), 10pm (New York).</p><p>Zoom Link below:</p><p>You can also get the Zoom link on the GSD forum using Main Discussion &#8594; Live Zoom Podcast. </p>
      <p>
          <a href="/__u/dondurrett.substack.com/p/next-live-podcast-8222026">
              Read more
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   ]]></content:encoded></item><item><title><![CDATA[Friday Recap (8/21/2026)]]></title><description><![CDATA[Current (Last Week) -- (% from ATH | ATH)]]></description><link>https://dondurrett.substack.com/p/friday-recap-8212026</link><guid isPermaLink="false">https://dondurrett.substack.com/p/friday-recap-8212026</guid><dc:creator><![CDATA[Don Durrett]]></dc:creator><pubDate>Sat, 22 Aug 2026 01:36:49 GMT</pubDate><enclosure url="https://substackcdn.com/image/fetch/$s_!KKTS!,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fac448706-3ea8-4119-a7f9-a520295366c5_2634x1424.png" length="0" type="image/jpeg"/><content:encoded><![CDATA[<p><strong>Current (Last Week) -- (% from ATH | ATH)</strong></p><p>AU: $4,602 ($4,375) -- 17% from ATH ($5,608)</p><p>AG: $69 ($64) -- 43% from ATH ($121)</p><p>HUI: 863 (767) -- 12% from ATH (986)</p><p>DXY: 98 (99)</p><p>S&amp;P 500: 7,674 (7,799) -- 1% from ATH (7816)</p><p>10-Year: 4.7% (4.6%)</p><p>Scott Bessent, the US Treasury Secretary, lit a fuse under gold this week. He decided that 30-year interest rates were too high on the long end and intervened to push them down. Ironically, after rates initially fell, the 30-year has nearly retraced back to 5.33%, closing today at 5.27%. Gold rose $225 this week, pushing the HUI up 95 points. The HUI was down 36% during this correction and is now down only 12% from its ATH.</p><p>It wasn&#8217;t only Bessent that pushed gold higher, but he seemed to have been the trigger. You also have potentially higher inflation from the war in Iran, with diesel prices soaring. Plus, higher long-term interest rates create a steepening yield curve, which is good for gold.</p><p>The gold/silver miners are outperforming the metals. Gold still has 17% to reach a new ATH. Silver has 43% to go. The HUI could reach an ATH next week. This is an indication that sentiment is finally returning to the gold/silver miners.</p><p>The S&amp;P 500 was down 125 points this week, but remains only 1% from its ATH. Investors remain bullish, with little fear. I expect that to change soon, with a significant correction before we get to November. Most investors and analysts believe gold/silver will continue to trend higher in the near term. I remain bearish until we get to November. There are so many potential triggers to push down the S&amp;P that I expect that outcome.</p><p>The good news for gold is that the bond market doom loop appears to be underway, and many are starting to see it. Ray Dalio came out today with a call for a financial crisis within 3 years, and the likely period within 2 years. He is likely correct. He said to buy gold and Bitcoin. I think we are weeks or months away from the beginning of the next financial crisis.</p><p></p><div class="captioned-image-container"><figure><a class="image-link image2 is-viewable-img" target="_blank" href="/__u/substackcdn.com/image/fetch/$s_!KKTS!,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fac448706-3ea8-4119-a7f9-a520295366c5_2634x1424.png" data-component-name="Image2ToDOM"><div class="image2-inset"><picture><source type="image/webp" srcset="/__u/substackcdn.com/image/fetch/$s_!KKTS!, /__u/dondurrett.substack.com/w_424, /__u/dondurrett.substack.com/c_limit, /__u/dondurrett.substack.com/f_webp, /__u/dondurrett.substack.com/q_auto:good, /__u/dondurrett.substack.com/fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fac448706-3ea8-4119-a7f9-a520295366c5_2634x1424.png 424w, /__u/substackcdn.com/image/fetch/$s_!KKTS!, /__u/dondurrett.substack.com/w_848, /__u/dondurrett.substack.com/c_limit, /__u/dondurrett.substack.com/f_webp, /__u/dondurrett.substack.com/q_auto:good, /__u/dondurrett.substack.com/fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fac448706-3ea8-4119-a7f9-a520295366c5_2634x1424.png 848w, /__u/substackcdn.com/image/fetch/$s_!KKTS!, /__u/dondurrett.substack.com/w_1272, /__u/dondurrett.substack.com/c_limit, /__u/dondurrett.substack.com/f_webp, /__u/dondurrett.substack.com/q_auto:good, /__u/dondurrett.substack.com/fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fac448706-3ea8-4119-a7f9-a520295366c5_2634x1424.png 1272w, /__u/substackcdn.com/image/fetch/$s_!KKTS!, /__u/dondurrett.substack.com/w_1456, /__u/dondurrett.substack.com/c_limit, /__u/dondurrett.substack.com/f_webp, /__u/dondurrett.substack.com/q_auto:good, /__u/dondurrett.substack.com/fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fac448706-3ea8-4119-a7f9-a520295366c5_2634x1424.png 1456w" sizes="100vw"><img src="/__u/substackcdn.com/image/fetch/$s_!KKTS!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fac448706-3ea8-4119-a7f9-a520295366c5_2634x1424.png" width="1456" height="787" 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/__u/substackcdn.com/image/fetch/$s_!KKTS!, /__u/dondurrett.substack.com/w_1456, /__u/dondurrett.substack.com/c_limit, /__u/dondurrett.substack.com/f_auto, /__u/dondurrett.substack.com/q_auto:good, /__u/dondurrett.substack.com/fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fac448706-3ea8-4119-a7f9-a520295366c5_2634x1424.png 1456w" sizes="100vw" loading="lazy"></picture><div class="image-link-expand"><div class="pencraft pc-display-flex pc-gap-8 pc-reset"><button tabindex="0" type="button" class="pencraft pc-reset pencraft icon-container restack-image"><svg aria-hidden="true" width="20" height="20" viewBox="0 0 20 20" fill="none" stroke-width="1.5" stroke="var(--color-fg-primary)" stroke-linecap="round" stroke-linejoin="round" xmlns="http://www.w3.org/2000/svg"><g><path d="M2.53001 7.81595C3.49179 4.73911 6.43281 2.5 9.91173 2.5C13.1684 2.5 15.9537 4.46214 17.0852 7.23684L17.6179 8.67647M17.6179 8.67647L18.5002 4.26471M17.6179 8.67647L13.6473 6.91176M17.4995 12.1841C16.5378 15.2609 13.5967 17.5 10.1178 17.5C6.86118 17.5 4.07589 15.5379 2.94432 12.7632L2.41165 11.3235M2.41165 11.3235L1.5293 15.7353M2.41165 11.3235L6.38224 13.0882"></path></g></svg></button><button tabindex="0" type="button" class="pencraft pc-reset pencraft icon-container view-image"><svg xmlns="http://www.w3.org/2000/svg" width="20" height="20" viewBox="0 0 24 24" fill="none" stroke="currentColor" stroke-width="2" stroke-linecap="round" stroke-linejoin="round" class="lucide lucide-maximize2 lucide-maximize-2"><polyline points="15 3 21 3 21 9"></polyline><polyline points="9 21 3 21 3 15"></polyline><line x1="21" x2="14" y1="3" y2="10"></line><line x1="3" x2="10" y1="21" y2="14"></line></svg></button></div></div></div></a></figure></div><p></p>]]></content:encoded></item><item><title><![CDATA[Masterclass: Investing In Gold/Silver Mining Stocks (Part 4)]]></title><description><![CDATA[Part 4: Ten Step Method]]></description><link>https://dondurrett.substack.com/p/masterclass-investing-in-goldsilver-c51</link><guid isPermaLink="false">https://dondurrett.substack.com/p/masterclass-investing-in-goldsilver-c51</guid><dc:creator><![CDATA[Don Durrett]]></dc:creator><pubDate>Fri, 21 Aug 2026 23:28:46 GMT</pubDate><enclosure url="https://substackcdn.com/image/fetch/$s_!DE-3!,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F6b135f91-5d59-4c55-abdd-155d3a242873_1810x698.jpeg" length="0" type="image/jpeg"/><content:encoded><![CDATA[<div class="captioned-image-container"><figure><a class="image-link image2 is-viewable-img" target="_blank" href="/__u/substackcdn.com/image/fetch/$s_!DE-3!,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F6b135f91-5d59-4c55-abdd-155d3a242873_1810x698.jpeg" data-component-name="Image2ToDOM"><div class="image2-inset"><picture><source 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8.67647L13.6473 6.91176M17.4995 12.1841C16.5378 15.2609 13.5967 17.5 10.1178 17.5C6.86118 17.5 4.07589 15.5379 2.94432 12.7632L2.41165 11.3235M2.41165 11.3235L1.5293 15.7353M2.41165 11.3235L6.38224 13.0882"></path></g></svg></button><button tabindex="0" type="button" class="pencraft pc-reset pencraft icon-container view-image"><svg xmlns="http://www.w3.org/2000/svg" width="20" height="20" viewBox="0 0 24 24" fill="none" stroke="currentColor" stroke-width="2" stroke-linecap="round" stroke-linejoin="round" class="lucide lucide-maximize2 lucide-maximize-2"><polyline points="15 3 21 3 21 9"></polyline><polyline points="9 21 3 21 3 15"></polyline><line x1="21" x2="14" y1="3" y2="10"></line><line x1="3" x2="10" y1="21" y2="14"></line></svg></button></div></div></div></a></figure></div><p></p><p><strong>Part 4: Ten Step Method</strong><br><br><strong><span>Video Link:</span></strong><br><a href="https://drive.google.com/file/d/1OC8tUSiNba4JNILWVA5RctanjxnbALvj/view?usp=drive_link">https://drive.google.com/file/d/1OC8tUSiNba4JNILWVA5RctanjxnbALvj/view?usp=drive_link</a><br><br><strong><span>Transcript Link:</span></strong><br><a href="https://drive.google.com/file/d/1KIQw2uGl1h7FYhi0iw85GbQTC3wE1-3O/view?usp=drive_link">https://drive.google.com/file/d/1KIQw2uGl1h7FYhi0iw85GbQTC3wE1-3O/view?usp=drive_link</a></p>]]></content:encoded></item><item><title><![CDATA[Mid-Week Macro (8/19/2026)]]></title><description><![CDATA[Mid-Week Macro]]></description><link>https://dondurrett.substack.com/p/mid-week-macro-8192026</link><guid isPermaLink="false">https://dondurrett.substack.com/p/mid-week-macro-8192026</guid><dc:creator><![CDATA[Don Durrett]]></dc:creator><pubDate>Thu, 20 Aug 2026 02:26:34 GMT</pubDate><enclosure url="https://substackcdn.com/image/fetch/$s_!6Nc-!,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F2e37dc4c-5ea9-4608-a894-1922e7231c9f_1712x980.jpeg" length="0" type="image/jpeg"/><content:encoded><![CDATA[<div class="captioned-image-container"><figure><a class="image-link image2 is-viewable-img" target="_blank" href="/__u/substackcdn.com/image/fetch/$s_!6Nc-!,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F2e37dc4c-5ea9-4608-a894-1922e7231c9f_1712x980.jpeg" data-component-name="Image2ToDOM"><div class="image2-inset"><picture><source type="image/webp" srcset="/__u/substackcdn.com/image/fetch/$s_!6Nc-!, /__u/dondurrett.substack.com/w_424, /__u/dondurrett.substack.com/c_limit, /__u/dondurrett.substack.com/f_webp, /__u/dondurrett.substack.com/q_auto:good, /__u/dondurrett.substack.com/fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F2e37dc4c-5ea9-4608-a894-1922e7231c9f_1712x980.jpeg 424w, /__u/substackcdn.com/image/fetch/$s_!6Nc-!, /__u/dondurrett.substack.com/w_848, /__u/dondurrett.substack.com/c_limit, /__u/dondurrett.substack.com/f_webp, /__u/dondurrett.substack.com/q_auto:good, /__u/dondurrett.substack.com/fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F2e37dc4c-5ea9-4608-a894-1922e7231c9f_1712x980.jpeg 848w, /__u/substackcdn.com/image/fetch/$s_!6Nc-!, /__u/dondurrett.substack.com/w_1272, /__u/dondurrett.substack.com/c_limit, /__u/dondurrett.substack.com/f_webp, /__u/dondurrett.substack.com/q_auto:good, /__u/dondurrett.substack.com/fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F2e37dc4c-5ea9-4608-a894-1922e7231c9f_1712x980.jpeg 1272w, /__u/substackcdn.com/image/fetch/$s_!6Nc-!, /__u/dondurrett.substack.com/w_1456, /__u/dondurrett.substack.com/c_limit, /__u/dondurrett.substack.com/f_webp, /__u/dondurrett.substack.com/q_auto:good, /__u/dondurrett.substack.com/fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F2e37dc4c-5ea9-4608-a894-1922e7231c9f_1712x980.jpeg 1456w" sizes="100vw"><img src="/__u/substackcdn.com/image/fetch/$s_!6Nc-!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F2e37dc4c-5ea9-4608-a894-1922e7231c9f_1712x980.jpeg" width="1456" height="833" data-attrs="{&quot;src&quot;:&quot;https://substack-post-media.s3.amazonaws.com/public/images/2e37dc4c-5ea9-4608-a894-1922e7231c9f_1712x980.jpeg&quot;,&quot;srcNoWatermark&quot;:null,&quot;fullscreen&quot;:null,&quot;imageSize&quot;:null,&quot;height&quot;:833,&quot;width&quot;:1456,&quot;resizeWidth&quot;:null,&quot;bytes&quot;:279774,&quot;alt&quot;:null,&quot;title&quot;:null,&quot;type&quot;:&quot;image/jpeg&quot;,&quot;href&quot;:null,&quot;belowTheFold&quot;:false,&quot;topImage&quot;:true,&quot;internalRedirect&quot;:&quot;https://dondurrett.substack.com/i/211946231?img=https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F2e37dc4c-5ea9-4608-a894-1922e7231c9f_1712x980.jpeg&quot;,&quot;isProcessing&quot;:false,&quot;align&quot;:null,&quot;offset&quot;:false}" class="sizing-normal" alt="" srcset="/__u/substackcdn.com/image/fetch/$s_!6Nc-!, /__u/dondurrett.substack.com/w_424, /__u/dondurrett.substack.com/c_limit, /__u/dondurrett.substack.com/f_auto, /__u/dondurrett.substack.com/q_auto:good, /__u/dondurrett.substack.com/fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F2e37dc4c-5ea9-4608-a894-1922e7231c9f_1712x980.jpeg 424w, /__u/substackcdn.com/image/fetch/$s_!6Nc-!, /__u/dondurrett.substack.com/w_848, /__u/dondurrett.substack.com/c_limit, /__u/dondurrett.substack.com/f_auto, /__u/dondurrett.substack.com/q_auto:good, /__u/dondurrett.substack.com/fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F2e37dc4c-5ea9-4608-a894-1922e7231c9f_1712x980.jpeg 848w, /__u/substackcdn.com/image/fetch/$s_!6Nc-!, /__u/dondurrett.substack.com/w_1272, /__u/dondurrett.substack.com/c_limit, /__u/dondurrett.substack.com/f_auto, /__u/dondurrett.substack.com/q_auto:good, /__u/dondurrett.substack.com/fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F2e37dc4c-5ea9-4608-a894-1922e7231c9f_1712x980.jpeg 1272w, /__u/substackcdn.com/image/fetch/$s_!6Nc-!, /__u/dondurrett.substack.com/w_1456, /__u/dondurrett.substack.com/c_limit, /__u/dondurrett.substack.com/f_auto, /__u/dondurrett.substack.com/q_auto:good, /__u/dondurrett.substack.com/fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F2e37dc4c-5ea9-4608-a894-1922e7231c9f_1712x980.jpeg 1456w" sizes="100vw" fetchpriority="high"></picture><div class="image-link-expand"><div class="pencraft pc-display-flex pc-gap-8 pc-reset"><button tabindex="0" type="button" class="pencraft pc-reset pencraft icon-container restack-image"><svg aria-hidden="true" width="20" height="20" viewBox="0 0 20 20" fill="none" stroke-width="1.5" stroke="var(--color-fg-primary)" stroke-linecap="round" stroke-linejoin="round" xmlns="http://www.w3.org/2000/svg"><g><path d="M2.53001 7.81595C3.49179 4.73911 6.43281 2.5 9.91173 2.5C13.1684 2.5 15.9537 4.46214 17.0852 7.23684L17.6179 8.67647M17.6179 8.67647L18.5002 4.26471M17.6179 8.67647L13.6473 6.91176M17.4995 12.1841C16.5378 15.2609 13.5967 17.5 10.1178 17.5C6.86118 17.5 4.07589 15.5379 2.94432 12.7632L2.41165 11.3235M2.41165 11.3235L1.5293 15.7353M2.41165 11.3235L6.38224 13.0882"></path></g></svg></button><button tabindex="0" type="button" class="pencraft pc-reset pencraft icon-container view-image"><svg xmlns="http://www.w3.org/2000/svg" width="20" height="20" viewBox="0 0 24 24" fill="none" stroke="currentColor" stroke-width="2" stroke-linecap="round" stroke-linejoin="round" class="lucide lucide-maximize2 lucide-maximize-2"><polyline points="15 3 21 3 21 9"></polyline><polyline points="9 21 3 21 3 15"></polyline><line x1="21" x2="14" y1="3" y2="10"></line><line x1="3" x2="10" y1="21" y2="14"></line></svg></button></div></div></div></a></figure></div><p></p><p>Mid-Week Macro</p><p>The S&amp;P 500 closed today at 7707, not far from an ATH. The Fed intervened in the bond market after the 30-Year bond reached 5.3%. That seemed to be the level where the Treasury Secretary decided it was high enough. This comes on the heels of last week&#8217;s Japanese currency intervention, which also included some money printing. The dollar (DXY) dropped to 98. Plus, the yield curve flattened a bit. All of these factors supported gold, which ripped $175 higher today. </p><p>So, this $175 move in gold was driven mostly by technical factors. That&#8217;s okay, but we want gold to rise from a fear trade. It&#8217;s amazing that the HUI has ripped to 825 without a fear trade. It&#8217;s also amazing how cheap the gold/silver miners remain. When the fear trade does arrive, the miners have a long way to go to get overvalued. </p><p>All of the TA (technical analysts) guys think gold and silver have broken out from their 7-month corrections. They might be right, but until we get to mid-October, I think we could see a correction back down to retest the lows. I want to be wrong, but the S&amp;P has a plethora of bad factors at the moment. If we don&#8217;t get a correction before November, I&#8217;ll be surprised. </p><p>The good news is that once we get to November, the odds are excellent that gold and silver make a surge. Plus, 2027 looks much better than 2026 for gold and silver. The economy is a wreck, and will only get worse. The inflation genie is not going back in the bottle, and money printing will continue. The Fed will try to control higher long-term interest rates, but it won&#8217;t be easy. They will also try to keep the economy from slipping into a recession. That also won&#8217;t be easy. There is only one outcome, and everyone knows where this leads. It won&#8217;t be pretty.  </p><p>For me, the only question is, when does the recession begin? Q4 or 2027? Stay tuned. I expect the trigger to be the stock market. What will trigger the stock market is a mystery, although we already have several possibilities: oil/diesel prices rising, Japan, higher interest rates, AI rolling over, consumer-related issues. </p>]]></content:encoded></item><item><title><![CDATA[Weekly Notes (8/19/2026)]]></title><description><![CDATA[Pan American Silver (8/13/2026: Q2 results.]]></description><link>https://dondurrett.substack.com/p/weekly-notes-8192026</link><guid isPermaLink="false">https://dondurrett.substack.com/p/weekly-notes-8192026</guid><dc:creator><![CDATA[Don Durrett]]></dc:creator><pubDate>Thu, 20 Aug 2026 01:36:51 GMT</pubDate><enclosure url="https://substackcdn.com/image/fetch/$s_!ybGX!,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F8f93a130-6e8b-4cc7-acad-079ccb8d3f9e_1712x980.jpeg" length="0" type="image/jpeg"/><content:encoded><![CDATA[<div class="captioned-image-container"><figure><a class="image-link image2 is-viewable-img" target="_blank" href="/__u/substackcdn.com/image/fetch/$s_!ybGX!,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F8f93a130-6e8b-4cc7-acad-079ccb8d3f9e_1712x980.jpeg" data-component-name="Image2ToDOM"><div class="image2-inset"><picture><source type="image/webp" srcset="/__u/substackcdn.com/image/fetch/$s_!ybGX!, /__u/dondurrett.substack.com/w_424, /__u/dondurrett.substack.com/c_limit, /__u/dondurrett.substack.com/f_webp, /__u/dondurrett.substack.com/q_auto:good, /__u/dondurrett.substack.com/fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F8f93a130-6e8b-4cc7-acad-079ccb8d3f9e_1712x980.jpeg 424w, /__u/substackcdn.com/image/fetch/$s_!ybGX!, /__u/dondurrett.substack.com/w_848, /__u/dondurrett.substack.com/c_limit, /__u/dondurrett.substack.com/f_webp, /__u/dondurrett.substack.com/q_auto:good, /__u/dondurrett.substack.com/fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F8f93a130-6e8b-4cc7-acad-079ccb8d3f9e_1712x980.jpeg 848w, /__u/substackcdn.com/image/fetch/$s_!ybGX!, /__u/dondurrett.substack.com/w_1272, /__u/dondurrett.substack.com/c_limit, /__u/dondurrett.substack.com/f_webp, /__u/dondurrett.substack.com/q_auto:good, /__u/dondurrett.substack.com/fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F8f93a130-6e8b-4cc7-acad-079ccb8d3f9e_1712x980.jpeg 1272w, /__u/substackcdn.com/image/fetch/$s_!ybGX!, /__u/dondurrett.substack.com/w_1456, /__u/dondurrett.substack.com/c_limit, /__u/dondurrett.substack.com/f_webp, /__u/dondurrett.substack.com/q_auto:good, /__u/dondurrett.substack.com/fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F8f93a130-6e8b-4cc7-acad-079ccb8d3f9e_1712x980.jpeg 1456w" sizes="100vw"><img src="/__u/substackcdn.com/image/fetch/$s_!ybGX!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F8f93a130-6e8b-4cc7-acad-079ccb8d3f9e_1712x980.jpeg" width="1456" height="833" 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/__u/dondurrett.substack.com/q_auto:good, /__u/dondurrett.substack.com/fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F8f93a130-6e8b-4cc7-acad-079ccb8d3f9e_1712x980.jpeg 424w, /__u/substackcdn.com/image/fetch/$s_!ybGX!, /__u/dondurrett.substack.com/w_848, /__u/dondurrett.substack.com/c_limit, /__u/dondurrett.substack.com/f_auto, /__u/dondurrett.substack.com/q_auto:good, /__u/dondurrett.substack.com/fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F8f93a130-6e8b-4cc7-acad-079ccb8d3f9e_1712x980.jpeg 848w, /__u/substackcdn.com/image/fetch/$s_!ybGX!, /__u/dondurrett.substack.com/w_1272, /__u/dondurrett.substack.com/c_limit, /__u/dondurrett.substack.com/f_auto, /__u/dondurrett.substack.com/q_auto:good, /__u/dondurrett.substack.com/fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F8f93a130-6e8b-4cc7-acad-079ccb8d3f9e_1712x980.jpeg 1272w, /__u/substackcdn.com/image/fetch/$s_!ybGX!, /__u/dondurrett.substack.com/w_1456, /__u/dondurrett.substack.com/c_limit, /__u/dondurrett.substack.com/f_auto, /__u/dondurrett.substack.com/q_auto:good, /__u/dondurrett.substack.com/fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F8f93a130-6e8b-4cc7-acad-079ccb8d3f9e_1712x980.jpeg 1456w" sizes="100vw" fetchpriority="high"></picture><div class="image-link-expand"><div class="pencraft pc-display-flex pc-gap-8 pc-reset"><button tabindex="0" type="button" class="pencraft pc-reset pencraft icon-container restack-image"><svg aria-hidden="true" width="20" height="20" viewBox="0 0 20 20" fill="none" stroke-width="1.5" stroke="var(--color-fg-primary)" stroke-linecap="round" stroke-linejoin="round" xmlns="http://www.w3.org/2000/svg"><g><path d="M2.53001 7.81595C3.49179 4.73911 6.43281 2.5 9.91173 2.5C13.1684 2.5 15.9537 4.46214 17.0852 7.23684L17.6179 8.67647M17.6179 8.67647L18.5002 4.26471M17.6179 8.67647L13.6473 6.91176M17.4995 12.1841C16.5378 15.2609 13.5967 17.5 10.1178 17.5C6.86118 17.5 4.07589 15.5379 2.94432 12.7632L2.41165 11.3235M2.41165 11.3235L1.5293 15.7353M2.41165 11.3235L6.38224 13.0882"></path></g></svg></button><button tabindex="0" type="button" class="pencraft pc-reset pencraft icon-container view-image"><svg xmlns="http://www.w3.org/2000/svg" width="20" height="20" viewBox="0 0 24 24" fill="none" stroke="currentColor" stroke-width="2" stroke-linecap="round" stroke-linejoin="round" class="lucide lucide-maximize2 lucide-maximize-2"><polyline points="15 3 21 3 21 9"></polyline><polyline points="9 21 3 21 3 15"></polyline><line x1="21" x2="14" y1="3" y2="10"></line><line x1="3" x2="10" y1="21" y2="14"></line></svg></button></div></div></div></a></figure></div><p></p><p>Pan American Silver (8/13/2026: Q2 results. 6.5M oz AG at $18 AISC. 166K oz AU at $2000 AISC. $344 FCF. $1.8B cash balance).</p><p>Orezone Gold (8/13/2026: 58K at $2450 AISC. $45M net profit. Cash balance $96).</p><p>Discovery Metals (8/13/2026: Q2 results. 67K oz at $2150 AISC. $52M net profit. $364M cash. No debt).</p><p>G Mining (8/13/2026: Q2 results. 37K oz at $1700 AI&#8230;</p>
      <p>
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   ]]></content:encoded></item><item><title><![CDATA[Commodities Global Expo Arizona 2026 (The Westin Tempe, AZ – Sep 18-20, 2026)]]></title><description><![CDATA[Below is the investor registration form for the Commodities Global Expo Arizona 2026 - please cut and paste into your browser:]]></description><link>https://dondurrett.substack.com/p/commodities-global-expo-arizona-2026-3a7</link><guid isPermaLink="false">https://dondurrett.substack.com/p/commodities-global-expo-arizona-2026-3a7</guid><dc:creator><![CDATA[Don Durrett]]></dc:creator><pubDate>Wed, 19 Aug 2026 16:47:24 GMT</pubDate><enclosure url="https://substackcdn.com/image/fetch/$s_!rBrP!,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Feeeceab8-9d4c-4aef-a22c-d5bfe8f2d285_1320x894.png" length="0" type="image/jpeg"/><content:encoded><![CDATA[<p><span>Below is the investor registration form for the </span>Commodities Global Expo Arizona 2026<span> - please cut and paste into your browser:</span></p><p><a href="https://topshelf-partners.com/sign-up-for-arizona/">https://topshelf-partners.com/sign-up-for-arizona/</a></p><p><span>If you cant attend in-person, you may be able to attend</span><strong><span> virtually via phone Sep 19 only, from 9-5pm Pacific time</span></strong><span>. Please submit the above investor registration by </span><strong>August 7, </strong><span>we do not allow walkins. </span></p><p><span>Our Arizona event will take place </span><strong>September 18-20 at The Westin Tempe</strong><span>, just 10 minutes from the Phoenix (PHX) airport. We are looking for active investors that are open to meeting with executives of mining and energy companies. </span><strong>1 on 1 meetings take place on September 19 from 9-5pm</strong><span>, and you will be provided access to the meetings portal once your registration is approved.</span></p><p>The &#8220;1 on 1&#8221; meeting format allows you to meet directly with mining CEOs and executives and ask any questions you&#8217;d like. Meetings last about 20-25 minutes, and there will also be additional networking opportunities throughout the conference. You can view our previous U.S. events by clicking the &#8220;Events&#8221; tab, here: </p><p><a href="https://topshelf-partners.com/">https://topshelf-partners.com/</a></p><p>Both John Feneck and Don Durrett will also be sharing a deep dive on the investment process they use during their presentations on <strong>September 20 from 8:30-12 noon.</strong></p><p>The Westin Tempe discounted hotel rate is just <strong>$159/night</strong>, and we will send a hotel link after you complete investor registration and are accepted into the conference.</p><p>Our conference begins <strong>September 18 at 6:00 PM</strong> and ends <strong>September 20 at 12:00 noon</strong>. Final agendas will be posted two weeks before the event.</p><p>We look forward to hosting you. Please email John at <a href="mailto:john.feneck@yahoo.com">john.feneck@yahoo.com</a> and <a href="mailto:info@topshelf-partners.com">info@topshelf-partners.com</a> for more info. </p><p>You can also view our FAQ here: <a href="https://topshelf-partners.com/faq/">Top Shelf Partners FAQ</a>.</p><div class="captioned-image-container"><figure><a class="image-link image2 is-viewable-img" target="_blank" href="/__u/substackcdn.com/image/fetch/$s_!rBrP!,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Feeeceab8-9d4c-4aef-a22c-d5bfe8f2d285_1320x894.png" data-component-name="Image2ToDOM"><div class="image2-inset"><picture><source type="image/webp" srcset="/__u/substackcdn.com/image/fetch/$s_!rBrP!, /__u/dondurrett.substack.com/w_424, /__u/dondurrett.substack.com/c_limit, /__u/dondurrett.substack.com/f_webp, /__u/dondurrett.substack.com/q_auto:good, 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