Banyan is already sitting on a large gold resource, but there are meaningful gaps around Powerline and Airstrip, deeper targets that have not been fully tested, and new discoveries such as Seattle Creek and Roaring Fork that could expand the exploration story even further.

Then Kai Woloshyn and Duncan Mackay helped connect the development and geology. Kai showed us what AurMac could potentially look like as a long life milling operation producing more than 200,000 ounces of gold annually, while also explaining the permitting work, metallurgy, power and infrastructure planning already underway.

Duncan took us deeper into the geology and showed why Banyan believes the higher grade mineralization can continue at depth and along strike. Seeing the project firsthand and hearing all three perspectives made me realize this is no longer just a resource story. It is becoming a development story backed by exploration upside.

It’s not a coincidence that Banyan was voted our #1 Junior Mining Stock by Premium Members in our recent survey. Banyan has added so much value in the last year, and the share price has reflected that.

We have also had a nice pullback in the share price last week. We bought again yesterday.

If you want the deeper breakdown of what I saw, what stood out to me and the key Banyan Gold catalysts I am watching next, subscribe to the Premium Newsletter for the full analysis.

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Let’s dive in.

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Commodities Scoreboard

S&P 500 – ⬆️ Up 0.5%

The S&P 500 finished the week modestly higher, although Friday produced a bearish looking bar near the highs. I still see the index following its 20 day moving average, and my bias for next week remains slightly higher. I would call the setup roughly 55 percent bullish and 45 percent bearish, which is not enough conviction for me to make a strong directional bet. I am watching resistance around $7,800 and support near $7,620.

Gold – ⬇️ Down 3.2%

Gold was rejected after reaching roughly $4,755 on the one month futures contract and then fell directly back toward its 200 day moving average. I do not think it is a coincidence that the decline stopped there, but my bias remains lower for the coming week. The Fibonacci retracement levels give us several areas to watch, beginning around $4,450, followed by approximately $4,360 and then the lower support zone near $4,265. If I didn’t already have 30% of my portfolio in gold and gold stocks, I would be looking for entries around these levels.

Silver – ⬇️ Down 2.5%

Silver reached $72.05 before reversing lower, and settling at $67.79 on one month futures. The metal is now sitting above a rising 50 week moving average, so I do see meaningful support at $66 and $64.50. In my opinion, the worst case for next week is $62. If it dropped more than that I would be very surprised. Could be a great buying opportunity. I like GoGold Resources right now.

Copper – ⬆️ Up 1.1%

Copper continues to work inside the parallel channel that has guided price action for several weeks. The chart still has a topping tail that concerns me, but copper repeatedly finds support around the same structure and closed back above it on Friday. I think the metal is more likely to continue higher next week and could eventually challenge a new all time high. The copper miners look weaker to me than the metal itself, so I am treating those two charts differently.

Uranium – ⬆️ Up 0.1%

Uranium barely moved for the week, and I am not putting much weight on a tenth of one percent gain. What interests me more is the weakness developing in uranium equities. URNM fell 2.6% and is moving closer to levels where I become more interested in adding exposure. I like URNM at $56 for a 50% allocation right now.

Oil WTI – ⬇️ Down 3.7%

WTI broke beneath several moving averages and is forming what looks like a short term bear flag. At the same time, the larger daily structure still gives me reasons to believe oil could eventually break higher. My expectation is that we could see another short term retracement before the medium term setup improves. I do not currently expect WTI to break materially below the area around $75.

Natural Gas – ⬆️ Up 4.1%

Natural gas had a strong week and my bias remains higher. BOIL could be a short term trading instrument, but not a long term hold because of the decay built into the structure. The underlying commodity looks good to me for the coming week. Natural gas producers are a different story because the producer ETF is showing a possible bear flag and could retrace before finding support.

Platinum and Palladium – Mixed

Platinum fell 2.2 percent and is approaching an important technical decision point. The chart appears to be forming a rounding bottom, and I think the odds favor an eventual break above the resistance created by the moving averages and the upper part of the parallel channel. Palladium gained 5.8 percent and is beginning to show more convincing signs of a bottom. I have been waiting for a lower entry, but the improving structure is forcing me to consider whether I am getting too precise with that limit order.

Nickel – ⬇️ Down 1.6%

Nickel appears to have produced a false breakout from an inverse head and shoulders pattern. The more I looked at the chart, the more I had to guard against seeing what I wanted to see rather than what the price action was actually showing me. My line in the sand remains around 7.50 per pound. For next week, my bias is lower.

Watch Monday Market Moves

Top Focus Areas This Week

• I am watching Uranium for a drop. Buy the Opportunity

• I am monitoring Gold and Silver for confirmation that the current Correction still has further to run

• I am eyeing Copper and PGMs for Clearing Resistance

Episodes This Week

Rick Rule: Gold, Silver, Uranium, Copper, Oil, & More

I sat down with Rick Rule for a broad discussion across gold, silver, copper, uranium, oil, PGMs, and nickel. Rick believes gold could face near term pressure if long term interest rates remain elevated, while the larger long term issue is the government’s debt burden and its ability to manage borrowing costs.

He views silver as the more speculative precious metal, sees uranium benefiting from tighter long term contracting and renewed energy security concerns, and cautions that strong copper prices will not automatically translate into stronger shareholder returns because producers face enormous sustaining capital requirements. We also discussed oil underinvestment, sulfide nickel, and the supply risks surrounding platinum and palladium.

Then we turned to something especially relevant for me: my site visits to Banyan Gold, Prospector Metals, and Gladiator Metals. All three are junior resource companies — high risk, high reward. I don’t currently own Prospector or Gladiator, but Banyan Gold has already delivered roughly a 7x return in 14 months for Premium Members. After a move like that, the question is whether meaningful upside can still remain.

What questions should I be asking management? What should I be looking for in the geology, drill program, and the company’s decision making process? Rick’s answer cut straight to the heart of speculation in the junior mining sector:

“It’s important that you understand what the exploration program will do for shareholders in a very, very, very specific sense.” ~ Rick Rule

My biggest takeaway was his emphasis on management’s ability to change course when the facts change. A management team might begin with one interpretation of a deposit. But if the drill bit starts telling them something different, they need to adapt. Falling in love with the original thesis can become very expensive for us as shareholders.

Rick wants investors to understand the key unanswered question behind the exploration thesis, how much money it will cost to answer that question, how long it should take, and what would constitute failure before more capital gets committed.

That framework is something I took with me directly into these site visits.

FREE Article and Video Here

Rick Rule Reviews My Portfolio Again

After the public interview, Rick and I recorded a second conversation. It had been a couple of months since our previous portfolio review, which gave me time to implement some of the changes he suggested last time. This time, he still had a few thoughts about the copper side of my portfolio.

I also pushed him on something I’ve been thinking about more lately: Am I taking too much risk? Rick’s response surprised me. He said that after knowing me for 5 years, he believed I was the kind of person willing to do the amount of work required to responsibly manage a portfolio with this level of risk.

I’ll take the compliment. So no, we aren’t swapping all the juniors for more Franco-Nevada just yet.

But the conversation was a useful reminder that higher-risk investing only makes sense if you are willing to continuously do the work: study the companies, challenge your assumptions, monitor management, understand the risk, and change your mind when the facts change. That is a big part of what I try to do inside the Premium newsletter. I do the work, so you don’t have to. Premium Members can watch the full portfolio review here.

Rick Rule Reviews My Portfolio

If you’re still on the fence about Premium, you can use your single-use Free Post to unlock this one and see exactly what members get. If you want a little more time to look around, there’s also a 7-day free trial.

Guest Appearance on Investing News Network

I joined Charlotte McLeod at Investing News Network to walk through the charts for gold, silver, copper, uranium, platinum, and palladium. I believe the bottom is likely in for gold, although I would rather wait for a pullback than chase prices after the recent run. Silver was approaching significant resistance at $72, while copper continues to grind higher even as many copper equities remain below their highs. The disconnect between a strong copper price and select miners remains one of the areas I am watching closely.

Uranium stood out as my favorite setup right now after the summer correction, with seasonality and improving technical momentum supporting the picture. I also see platinum and palladium moving into interesting speculative zones. Palladium appears to be forming a bottom, while platinum looks good too.

Watch the Interview Here

📆In the Pipeline!

Doomberg - Doomberg returns for another wide ranging macro discussion. We’ll dig into geopolitics, sanctions, global trade, energy security, and the growing stresses created as the world moves away from the highly optimized supply chains of the past.

Submit your questions for Doomberg Here

On Thursday at 12:30pm Pacific time, I’ll be hosting the Rule Classroom Plus with Rick Rule, where we’ll dig into resource investing, market cycles, and your questions in real time. Anyone can watch the replay, but to ask a question you have to be a member of the Rule Classroom Plus.

It’s well worth the membership. We also have Adrian Day, Joe Mazumdar, and Joel Litman as instructors. Every week you have a live stream where someone is teaching and taking questions.

Submit Questions for Rick Here

Technical Analysis Series

If you want to learn to read the charts this is for you. You get over 3 hours of videos on charting, learning the real mechanics behind price movement. This was designed for you: when to buy and when to sell. You will start with a Free Version of TradingView. I show you exactly how to set up your chart - mouse click by mouse click.

What You’ll Learn: How to read price action, use moving averages, and interpret the RSI and MACD. You get my Favorite Chart Patterns that consistently work. You get Real Examples. I show you everything on actual charts.

If for any reason you are not satisfied with this product, you can have your money back. The financial risk is all mine; the benefit is all yours. Thank you for your support.

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Final Word

Yukon Site Visits

I just got back from a four-day trip to the Yukon, up in the same part of the world where Discovery Channel’s Gold Rush is filmed. I actually saw Monica Beets at the airport. My family and I watch the show, and I almost asked her for a selfie, but I chickened out. I figured she probably gets enough of that already.

I like the Yukon, especially when it comes to betting on gold. I visited three projects while I was there: Banyan Gold, Prospector Metals, and Gladiator Metals.

Banyan is the company I know best.

I first heard about Banyan more than two years ago from Brien Lundin, author of the Gold Newsletter and host of the New Orleans Investment Conference. I followed the company for more than a year before I finally bought the stock.

What eventually sold me wasn’t just the geology. It was Tara Christie.

Tara grew up in the Yukon mining gold with her father, mother, and brother. Her family has deep roots in the region, and Tara and her brother have spent much of their lives working there and mining placer gold. Today, Tara is building Banyan’s project in the same region she grew up in, right down the road from her brother and near Hecla Mining’s Keno Hill operation.

I like that story a lot. I did a Premium interview with her brother Sheamus Christie, you can Watch that here.

I’m Going Live With Premium Subscribers This Morning

If you’d like to join us, I’d love to have you there. If you can’t make the Live Stream you can watch the replay after we end the stream.

Not a Premium member yet? You can still come check it out:

• Use your one-time freebie to join today’s live stream, or

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Live Stream Link

Premium members also receive:

Additional Monday Market Moves video update every week

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Check out the Premium Recap here.

Thank you for being here. In the meantime: buy cheap stocks and sell expensive ones. One trade at a time.

Happy trading,

- Steve Barton and Team

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DISCLAIMER:

I am not a financial advisor. This is not financial advice. I only express my opinion based on my experience, and your experience may be different. These newsletters are for educational and motivational purposes only. Investing of any kind involves risk. Do your own due diligence. Every investment and bet come with the risk that your capital could go to zero.

Welcome to your Premium edition of Monday Market Moves. We appreciate your continued support. Let’s dive in.

Live Stream Today

I just returned from the Canadian Yukon on Saturday night. After visiting Banyan Gold, Prospector Metals, and Gladiator Metals, I didn’t have time to record our usual Sunday video. Instead, we will do a Live Stream on Sunday morning at 9:30 a.m. Pacific time.

During the live stream, I’ll run through all our usual charts, share what I learned during the site visits, and give you my insights after walking the ground on all three companies.

If you can’t make the live stream that’s ok. There will be a replay available shortly after the stream ends. I will see you there! Link below 👇

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You’ll receive your regular Premium Monday Market Moves newsletter tomorrow, but instead of the usual recorded video, we’ll be doing a Live Stream at 9:30 a.m. Pacific ti…

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I sat down with Sheamus and asked him to share what it was like growing up alongside Tara in a Yukon mining family. From prospecting as kids to learning the business firsthand from their parents, it’s a fascinating look at the experiences that helped shape both of them, and what set the foundation for Banyan Gold today.

Thank you for being here. Enjoy this behind-the-scenes story of the Christie family and their lifelong connection to Yukon mining. Your support makes this possible.

Read more

Free 30-minute YouTube Interview

In this episode of In It To Win It, I’m sitting down again with Rick Rule to talk interest, gold, silver, copper, uranium, oil, PGMs, nickel, and what we should be watching as resource markets get more volatile.

We also discuss my upcoming Yukon trip to visit Banyan Gold, Prospector Metals, and Gladiator Metals. Rick gives me a simple framework for evaluating exploration companies on the ground.

Let’s dive in.

Interest on Your Cash

We started with Battle Bank because I had just opened my account and wanted Rick to explain the basic idea behind it.

A tremendous amount of cash is still sitting in traditional U.S. bank accounts earning little or no interest, while those banks can put deposits to work in short term securities and keep almost all of the spread. Battle Bank gives almost all of the interest back to us, the customer, and keeps only a small sliver for themselves.

“It amazes me that there's a couple trillion dollars on deposit in the US that doesn't receive interest.” ~ Rick Rule

That banking discussion quickly connected to the broader commodity thesis. Rick is watching interest rates, Treasury markets, the U.S. dollar, government debt, and refinancing needs. If longer term yields remain high, gold could experience some near term pressure. But if our big thinkers become increasingly aggressive in pushing rates lower or expanding the money supply, Rick believes that could reinforce the long term case for owning gold.

Gold, Silver and Copper

Rick still views gold as a savings asset and silver as a more speculative trade. In his experience, gold tends to lead precious metals bull markets. Silver often takes over only after gold has attracted the attention of generalist investors and momentum starts pulling more speculative capital into the sector. That means silver could eventually offer more upside, but the volatility and risk profile are very different.

“I regard gold as a savings asset, as wealth itself. I regard silver as a more speculative asset.” ~ Rick Rule

Copper has surprised Rick to the upside. Prices are pushing near all time highs, yet many copper equities have not fully participated. Rick believes those stocks could catch up if copper prices remain strong, but he also gave an important warning. The major copper producers face enormous sustaining capital needs, with the top companies potentially requiring more than $250 billion in constant 2025 dollars just to maintain existing production. Higher copper prices therefore will not automatically translate into bigger dividends or buybacks.

Uranium & Oil Put Energy Back in Focus

Uranium remains one of the clearest long term stories in Rick’s view. Spot uranium was around $89 in our discussion while the cheapest longer term contracts are roughly $95.50, showing that buyers were willing to pay a premium to lock in future supply. Utilities have relied on above ground inventories for years, but Rick believes they are increasingly tired of playing that game and are moving toward longer term contracts.

“The Gulf conflict brought renewed attention to energy security, and there's no fuel in the world as dense with regards to energy as uranium.” ~ Rick Rule

I pointed to China’s continuing nuclear buildout and Rick highlighted Japan’s accelerating reactor restarts as major demand drivers. Oil is different. Current prices have been heavily influenced by conflict around the Strait of Hormuz, but Rick still believes the bigger issue is years of structural underinvestment. We also looked at XLE, whose major holdings include Exxon and Chevron. Rick noted that U.S. producers are benefiting from strong free cash flow and LNG demand, but warned that some companies may be returning too much capital while underinvesting in sustaining production.

Platinum, Palladium, Nickel and the Yukon Sites I’m Visiting

Rick remains interested in platinum and palladium because both metals are still essential in catalytic converters and because supply is heavily concentrated in Russia, South Africa, and Zimbabwe. Any political or operational disruption in those regions could tighten supply very quickly. He also reminded me that when these metals make parabolic moves, investors should be willing to take profits rather than assume those moves will continue indefinitely.

On nickel, Rick remains constructive on sulfide nickel rather than lateritic nickel. He believes environmental pressure and high energy requirements could eventually slow Indonesian laterite production.

We then turned to my upcoming Yukon trip to visit Banyan Gold, Prospector Metals, and Gladiator Metals. Rick told me to focus less on promotional narratives and more on the geological questions management is trying to answer. Banyan is particularly interesting because recent high grade drilling could potentially improve the economics of the project and influence how its upcoming study is presented.

Final Word

Rick is a little less interested in gold after its recent run - which shouldn’t surprise us. The man likes buying things when they’re really cheap, and gold is up recently. Silver remains the more speculative trade, but it was a little harder to get a strong read from him there.

Copper, on the other hand, is interesting. Rick remains very bullish on the fundamentals, and I’ve noticed the same thing he has: even with copper near all-time highs, some of the copper equities are still cheaper than you might expect. We went into that in more detail in the Premium episode.

Uranium is a sector he still likes fundamentally, and I’m starting to like the charts again too. It looks to me like we may have found a bottom and are beginning to break higher. Personally, I think if you have a target allocation to uranium, putting roughly half of that allocation to work here is reasonable. Just my opinion.

Platinum and palladium are becoming more interesting to Rick and I, now that prices have come down. And with nickel, his preference hasn’t changed: he wants sulfide nickel deposits, not lateritic nickel. We actually go through two of those companies in the premium episode.

Yukon Trip

Banyan Gold - full disclosure, we own the stock - the big question is the recent high-grade drilling. This has been a six-bagger for us in a little over a year, and I still think there could be a lot more upside. Rick seems bullish as well.

If Banyan can begin connecting some of these higher-grade drill zones into something continuous, it could potentially change the economics of the project and have a meaningful impact on the upcoming preliminary economic assessment (PEA).

After talking with Rick, one of my main goals is to spend time with the geologists and understand why they believe the high grade is there, what controls it, and what gives them confidence they can find more.

With Prospector Metals and Gladiator Metals, I want to understand the biggest unanswered question each exploration program is trying to solve. What’s the plan? How much will it cost to answer that question? What would success look like- and even more importantly, what would constitute failure?

If the first drill results are disappointing, does management have the discipline to change course? Or do they keep drilling and throw good money after bad?

That’s really part of my mission on this trip: get to know the 3 projects much better by walking the ground, and decide whether we should buy, sell, or hold.

I’m going up there to find out, and I’ll be sharing what I learn with you through here.

Continue Reading for Premium Members

The free episode gives you Rick Rule’s big-picture view. The premium episode is where we put real money under the microscope.

I pull up my actual resource portfolio and Rick goes through it company by company - gold, silver, copper, uranium, oil, royalties, nickel, and some of my highest-risk speculative positions.

And he definitely didn’t agree with everything I’m doing.

He tells me which companies he thinks are fully priced, which positions he believes still have years of upside ahead of them, what he thinks is missing from my copper portfolio, and one major uranium stock he thinks I’m making a mistake by not owning.

We also get into:

• The gold stocks Rick would hold for the next 2–3 years

• Why he still loves certain royalty companies

• The copper name he calls an unusually pure income play

• Which uranium companies he prefers at today’s valuations

• The oil major he believes could become a much larger part of my portfolio

• Two speculative positions where Rick sees the possibility of 50% losses or 1,000% gains

• Whether my portfolio is simply too speculative

This is probably my favorite kind of conversation with Rick because there’s nowhere to hide. These are the companies I actually own, and I’m asking him what he would do differently.

If you want to see Rick Rule tear apart my portfolio - and find out which names he thinks are worth owning from here - join us on the premium side.

Watch the Premium Episode Here

Thank you for being here. My team and I are grateful for your support. Have a wonderful day and happy trading!

-Steve Barton and Team

DISCLAIMER:

I am not a financial advisor. This is not financial advice. I only express my opinion based on my experience, and your experience may be different. These newsletters are for educational and motivational purposes only. Investing of any kind involves risk. Do your own due diligence. Every investment and bet come with the risk that your capital could go to zero.

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So I pulled up my actual portfolio and had Rick go through it company by company.

He told me what he thinks is fully priced, what he’d still hold for years, what he thinks I’m missing in copper and uranium, and where he sees some very asymmetric risk/reward.

There were a few answers I wasn’t expecting. Let’s dive in.

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S&P 500 ⬇️ Down 1.4%

The S&P 500 weakened this week and the bull flag I was watching did not play out the way I expected. Even so, I still see the current action as potentially bullish consolidation rather than the beginning of a breakdown. My bias for next week is higher, with the 20 day moving average serving as the first important level I want to see hold. If it does not, I see another nearby support area around $7620.

Gold ⬆️ Up 5.5%

Gold had an excellent week and blew through the 200 day moving average after spending only a short time underneath it. My bias remains higher, and I see the next meaningful resistance area around $4775 to $4800, which also lines up with the 50% Fibonacci retracement. The daily RSI is near 74, so I do not want to chase here. I would rather see a pullback or another clean setup if I was going to add.

The gold miners were even stronger. GDX gained 14.3% and broke above its major moving averages. I am watching the $110 - $115 area as resistance, with my 10% trim target around $115. After a move this fast, I think taking a little money off the table into strength is reasonable.

Silver ⬆️ Up 6.8%

Silver broke out of its flag and moved sharply higher. I think there is still some upside left, but the $71 - $72 area should provide meaningful resistance because the 200 day moving average and a large amount of prior price action are sitting there. My bias is higher, but like gold I am not buying here.

The silver miners also confirmed the strength. SIL gained 11.2% and moved above its major moving averages. If these miners continue toward my higher targets, I believe selectively trimming a small portion after such a rapid advance is a sensible way to manage your position.

Copper ⬇️ Down 0.4%

Copper finished slightly lower, but I actually like the technical development underneath the headline number. Price moved back inside the parallel channel after temporarily breaking below it, and the 50 day moving average provided support. My bias for next week is higher. The major hurdle is the topping tail at the all time high of $6.87, and I want to see a daily close above that area before calling the chart fully bullish again.

Uranium ⬆️ Up 2.2%

Uranium may finally be leaving the summer seasonality behind. Spot moved to about $89.40 while longer term contracts are 95.50. I believe we have probably seen the bottom of this seasonal weakness, although uranium remains a market that has to be traded rather than set and forget. When spot eventually moves above term pricing and enthusiasm becomes excessive again, we have to sell.

URNM gained 6.7 percent and began breaking out of a small bull flag. The opportunity is still attractive in my view, but it is no longer quite as asymmetrical as it was several weeks ago. If you are a new member, this is where you can put some money to work instead of the gold stocks.

Oil WTI ⬆️ Up 5.2%

WTI gave us the bounce we were looking for off the 200 day moving average and Fibonacci support. Now the chart becomes much less obvious. Price is pushing into a very well established parallel channel, while a possible bull flag and inverse head and shoulders pattern are trying to form at the same time. I think it’s more likely that oil pushes through and moves up next week, but my conviction is not high enough to bet it.

Natural Gas ⬆️ Up 1.8%

Natural gas is finally becoming more interesting after several weeks of indecision. I see bullish consolidation developing, and momentum is improving while price has remained relatively flat. That positive divergence is worth watching. The key level for me is approximately $2.90, and a convincing move through that area could confirm the bullish setup. If that happens you can bet it through BOIL, but I wouldn’t hold it for long. That’s meant to be a quick trade vehicle. Think days, not weeks.

Coal ⬆️ Mixed

Pacific thermal coal gained 4.6% and Atlantic thermal coal gained 2.2%, although both still resemble bearish continuation patterns enough that I am not fully convinced by the move. Metallurgical coal continues to climb, leaving me roughly neutral on the individual benchmarks. The broader coal ETF was much stronger, gaining 6.2% after producing a textbook momentum divergence setup. My bias for the ETF is higher, but daily RSI has already reached approximately 73, so I am not a buyer here.

Platinum and Palladium ⬆️ Platinum 7.9% and Palladium 1.9%

Platinum is becoming much more interesting to me. It gained and is now pressing against a cluster of major resistance that includes the 200 day moving average, the 150 day moving average, the top of its declining parallel channel, and the 50 week moving average. I think it can break through, but the setup I would really like to see is a breakout followed by a successful retest.

Palladium moved up and continues to improve after breaking its longer term downtrend. I have been waiting for more confirmation, and the recent bounce from the 50 day moving average is encouraging. I still have interest around the $1250 area, but overall I am becoming more constructive on the PGMs than I have been for quite some time. If you are a new member, this is also a place you could put money to work instead of the gold stocks.

Nickel ⬆️ Up 1.5%

Nickel continues to build the inverse head and shoulders pattern I have been watching. I think it has a reasonable chance of breaking out next week, although the 200 day moving average is sitting directly above price and will need to be cleared. The neckline is beginning to give way, which keeps my bias higher. Now is a good time in my opinion to buy sulfide nickel miners.

Watch Monday Market Moves!

Top Focus Areas This Week

• Gold and Silver Face Resistance at $4800 and $72.

• Uranium Summer Sale is Ending - Buy Now.

• Nickel and the PGMs - Are They Close to a Breakout?

Episodes This Week

Bull and Bear Flags - This week I went back to the charts to break down one of the most useful patterns in technical analysis, bull and bear flags. I walked through what I think separates a higher quality setup from one that is better left alone. None of these patterns are ever certainties. Even the cleanest examples generally only give me enough confidence to put the odds around 70 to 75%.

“Oftentimes what happens with these bull and bear flag patterns is they happen in sequence.”

I also show how I use RSI and MACD alongside the price pattern, how the angle and structure of the flag can affect my confidence, and how I estimate potential price targets using the length of the initial move. Looking across multiple timeframes can make these setups much easier to see, especially when a longer term chart hides the shorter term price action. I also showed how Fibonacci retracement helps me determine when a flag has been invalidated.

Watch Bull and Bear Flags

Trend Lines and Parallel Channels - How I use them to identify long term support, resistance, and changes in market structure. I started with the U.S. Dollar Index DXY and showed why I generally want at least three points of contact before I consider a trend line valid. Once a line has been tested repeatedly, it can become increasingly useful because many market participants may be watching and acting around the same technical level.

“In a parallel channel, I want at least two hits on the bottom, and then I want another two hits on the top.”

Parallel channels I often consider stronger than a single trend line because both the upper and lower boundaries can define the market’s behavior. The dollar provided a good example, including a possible bear flag that has me watching for a longer term downside break. I then used silver to illustrate how repeated tests of resistance can gradually weaken that resistance before an eventual breakout. That former resistance may now become important support. Finally, I looked at physical uranium through SRUUF, where a rising trend line has continued to provide a useful reference point for buying.

Watch Trendlines and Parallel Channels

Let’s Meet in Scottsdale This November

I’ll be speaking at the Above & Beyond Summit, November 22 - 24 at the Andaz Scottsdale Resort in Scottsdale, Arizona. It’s a three-day resource investing conference and a golf tournament. The companies span gold, silver, copper, uranium, rare earths, and more.

My favorite part of these conferences is meeting you in person. Nothing fills my cup more than getting to shake the hand of a member that has supported me and come along in this journey. So, if you want to join me in Scottsdale, Register now and get your seat. You will get a $500 discount for the next 2 weeks as an Early Bird Special, bringing the ticket cost down to $250. Use the discount code ITW500.

I look forward to seeing you!

Get Your Discount Ticket

📆In the Pipeline!

Rick Rule & Charlotte McLeod

Next week, I’ll be sitting down with Rick Rule again. We’ll likely start with our usual macro discussion: what commodity he likes best right now, where he’s most bullish, where he’s bearish, and what he thinks we should be paying attention to.

I also want to get an update from Rick on Battle Bank; I just opened up an account there to get interest on my cash and buy vaulted precious metals.

Then, for Premium Members, I’m planning to have Rick take another look through my portfolio. The last time we did this, he suggested a few changes - I’ve been doing them - so I’m very interested to hear what he thinks now.

The following day, I’ll be interviewed by Charlotte McLeod. I always enjoy our conversations. Charlotte is professional, inquisitive, and asks thoughtful questions. Makes for a great discussion. I enjoy being on her show - and I enjoy watching it too. Especially her weekend update.

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Final Word

Gold and Gold Stocks

Gold and gold stocks have had quite a run over the last few weeks - I just checked and I’m up 17.4% since July 25th, about a month ago. Instead of rejoicing, I’m actually concerned seeing that. Maybe that’s a sign I’m taking a too much risk? Then again, about a third of the portfolio is in gold and gold stocks, so given the move we’ve just had, that performance makes logical sense.

But that brings me to the next question I am asking myself and you: Is it time to take profits? Let us know what you think in the comments below.

I think the answer depends on why we bought in the first place. If these positions are part of our long-term allocation, our wealth-preservation bucket, our long-term exposure to precious metals, then I don’t think a strong month suddenly changes the thesis. But if this was a trade, that’s different.

Take GDX. If you bought somewhere near the recent lows, you’re sitting on roughly a 40% move in less than a month. My first trim target is around $115 per share, versus roughly $103 now. If GDX gets there, you are looking at gains of more than 50%.

At that point, selling 10% or 15% of the position isn’t abandoning the trade. It’s taking some money off the table after an unusually strong move. And I think there’s a reasonable chance we eventually get some consolidation. Whether that’s a pullback or simply some sideways action that forms something resembling a bull flag.

So if you’re looking to raise a little cash, I don’t see anything wrong with trimming some of the more speculative positions after runs like these. What I would not do is sell everything. I’m certainly not doing that.

Personally, I’m not selling anything at current prices. I do have a few trim orders sitting above the market in some of my more leveraged positions, but overall, I want to remain exposed. Every additional move higher in gold, silver, and the miners also makes those much lower entry points we were hoping for less likely. The odds of getting gold all the way back around $3,500 now look very small to me. I closed almost all my “stink bid” limit orders.

That creates another problem: I don’t see many gold or silver miners I want to chase at these prices. There is one exception.

The Silver Exception

One of our Junior Silver Miners is forming what I think is an extremely interesting setup. On the long-term chart, it has built roughly a five-year cup pattern, and it looks like it could be getting close to a breakout. We originally started buying this company at roughly half today’s price, and yet I’m considering adding.

Paying twice your original entry price doesn’t feel great, but sometimes the setup changes. In this case, I think both the technicals and the fundamentals are getting stronger. The company has started construction on one of its mines, and it had enough cash on hand to fund the build without going back to shareholders and diluting the stock - something you don’t see very often with Junior Miners.

It’s also extremely leveraged to the silver price, and I continue to believe silver has a path toward $120 by next year. So despite the run we’ve already had, this is one precious metals position I’m still watching very closely for entries.

But here’s the more important point if you’re new here. Maybe gold is what brought you in. Gold is making headlines, the miners are running, and everyone suddenly wants to talk about precious metals. That’s usually how markets work. By the time one narrative has everyone’s attention, some of the better opportunities may already be developing somewhere else.

The Opportunity Today

Right now, I’m seeing interesting setups in copper, even better opportunities in uranium, and opportunities developing in platinum and palladium as well.

Just because gold and silver miners are capturing everyone’s attention doesn’t mean that’s where the next dollar of currency should go. In several cases, I simply don’t like the setups enough to chase them here. In some of these other sectors, I do.

That’s where following the entire commodity complex can pay off. We don’t have to fall in love with one narrative. We can take profits where markets have already run, keep our long-term exposure intact, and rotate new money toward the places where the risk/reward still looks compelling.

That’s exactly what I’m doing inside the Premium Portfolio. If you want to see the positions I’m holding, the levels where I’m looking to trim, the Junior Silver Miner I’m considering adding to even after it doubled from our original entry, and the copper, uranium, platinum, and palladium opportunities I’m watching next, join me on the Premium side.

New Premium Perk: View the Portfolio Live on TradingView

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A huge shout-out to Will for making this possible. Will figured out how to set it up, then took the time to walk me through the process so I could share it with all of you.

Premium Members can now see the watchlist exactly as I do, including all of the red, yellow, and green levels, drawings, trendlines, and chart setups. It updates in real time, too. So, if I’m drawing on a chart during a livestream - or you’re simply following along while I’m working - you’ll see those changes appear on your screen.

The portfolio can be opened directly in your TradingView account and copied into your TradingView layout, so you can keep it alongside the charts you already follow. It’s a pretty cool addition, I think it will be a lot of fun now that we have a live Portfolio Watchlist that can update to everyone instantly.

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Thank you for being here. In the meantime: buy cheap stocks and sell expensive ones. One trade at a time.

Happy trading,

- Steve Barton and Team

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Welcome to your Premium edition of Monday Market Moves. We appreciate your continued support. Let’s dive in.

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Gold and gold stocks are the biggest story in this midweek update. Gold has broken out of a small bull flag and pushed through several important moving averages. On the weekly chart, both spot gold and futures have moved through the 20- and 50-week moving averages, which should now begin acting as support. GDX and GDXJ have also broken higher, confirming the strength in the miners.

Let’s dive in...

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S&P 500 – ⬆️ Up 0.4%

I continue to see a bullish technical setup in the S&P 500. The larger bullish consolidation already broke higher, and this week the market appears to be for…

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Welcome to your Premium edition of Monday Market Moves. We appreciate your continued support. Let’s dive in.

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We get into copper, oil and gas royalties, offshore services, gold royalties, junior miners, uranium, nuclear power, and emerging markets. John also walks through several individual companies that illustrate how he thinks about these opportunities.

The basic concept is simple: John would rather buy a quality asset when nobody wants it than chase it after the story has already become popular. He is looking for cash flow, capable management, scarce assets, and situations where something could change before the broader market fully recognizes it.

Buy It Before Everybody Wants It

One thing John kept emphasizing was cyclicality. Resource markets move through periods of shortage, rising prices, investment, excess and eventually decline. Investor psychology tends to follow the same cycle, which means people often become most excited about an investment after a large part of the move has already happened.

John does the opposite. He wants quality businesses while they are still out of favor and, when possible, businesses that can pay him while he waits.

He calls this the “dripping roast” approach. The idea is to own assets capable of returning cash through dividends or buybacks while waiting for the underlying cycle to improve. If the commodity or company eventually gets re-rated higher, the capital appreciation becomes the gravy.

“Eventually copper will have a peak and then go into a decline. I’ll sell this and then rebuy it. Rinse and repeat. Using that volatility, using the cyclicality to my advantage.” ~ John Polomny

Amerigo Resources was one of John’s best examples. He explained how he got into Amerigo around two dollars and watched the combination of stronger copper prices and increasing shareholder returns work in his favor. At one point, the yield on his original cost became 25%; extraordinarily attractive.

But his point was not that everybody should chase Amerigo after the move. The lesson was to recognize the cycle early, get paid while you wait and understand that eventually even a great commodity setup will become expensive.

If you want to follow more of John’s work:

👉 John’s YouTube
👉 John’s Substack

That brings us to the more important question: what other overlooked areas and companies is John looking at as the resource cycle develops?

Let’s dive in…

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Let’s dive in.

The Uranium Bull Market Still Has Room to Run

Nuclear capacity is expanding, existing reactors are receiving life extensions, new reactors are under construction, and utilities still need reliable fuel. Meanwhile, uranium supply cannot respond overnight.

“I have a hard time poking a hole in the near to midterm of this thesis.” ~ Justin Huhn

That does not mean uranium is a forever bull market. At sufficiently high prices, more mines get built, phosphate recovery becomes more attractive and unconventional sources such as seawater extraction could become realistic. The key is that those responses take time.

From there, we moved into the individual names.

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S&P 500 ⬆️ Up 3.6%

The S&P 500 gained 3.6% this week as the bull flag / pennant worked and broke to the upside. The measured move could point considerably higher. I hesitate to p…

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Welcome to your Premium edition of Monday Market Moves. We appreciate your continued support. Let’s dive in.

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