For the first time in recorded history, global data show zero gold discoveries in two consecutive years. This has never occurred before. And this is not unique to gold. Major discoveries across most metals have fallen into the single digits, with no meaningful projects in the pipeline capable of materially altering the global supply curve. This is the real barometer of where we are in the mining cycle. Still early.

I saw the Dow Jones just passed 50,000 for the first time. Here's the chart of the Dow vs Gold rebased to zero from the day that Nixon closed the Gold window.

What went wrong with crypto 1. 10/10 slaughter (will I get sued if I mention Binance?). 2. Digital Asset Treasuries (DATs) hangover. 3. Reversed flows from crime syndicates: major flows reversed after the DoJ indictment of the Cambodian Prince Group last October. 4. Quantum fears (real). 5. Enormous AI opportunities (opportunity cost): - capital pivoting to AI - talent pivoting to AI - miners pivoting to AI 6. Perception of Bitcoin as American: few Chinese buyers, who had been behind the metals uptrend in large numbers. 7. The Swamp & Institutions taking over, overcrowding OGs and retail - Pivot from Cypherpunk/Rebel tech to ETF tech. - Crypto used to be for misfits & geniuses, now it's a line item in a 401k. 8. Trump association and political risks: what happens once Democrats are back? 9. Minimal innovation (since Hyperliquid). 10. Solana casino massacre (thank Pump Fun & the Memecoin Supercycle). 11. Oversupply of coins: there are 29.91 million cryptocurrencies tracked by CoinMarketCap. 12. Almost every coin in the top 200 is grossly overvalued and has had a broken chart for a while. 13. Never ending array of token launches that pump then dump to oblivion where only insiders profit. 14. Dead digital gold narrative. 15. Several categories of equities imploding (e.g. Software). That killed momentum. With sellers dumping more aggressively than usual on every pump, and buyers not showing up to buy the dips as much any longer. And then came the Warsh nomination (beating Hassett and Rieder), and the market suddenly became deeply aware that Warsh is a strong advocate of a small balance sheet: goodbye Queantitative Easing (QE) and Yield Curve Control (YCC) dreams, hello Quantitative Tightening (QT) fears. That is what happened. Please note this post is strictly descriptive, it tells you what happened, in the past. Prices have already crashed. Several metrics such as volume, liquidations, implied volatility and options skew indicate that a local bottom is likely in.

Greatland Gold targets $33M in ASX dual listing @GreatlandGold (LSE: $GGP) launches IPO, aiming to raise A$50M through a dual listing on the @ASX and London’s AIM market. #mining #MiningNews #copper #gold northernminer.com/news/great…

This slide from $SFR's Motheo #Copper Mine Site Tour highlights exploration activities. The A4 project is drilling for resource extensions, while the A1 project has a Maiden Inferred Resource of 5.6Mt @ 1.3% Cu, 10g/t Ag: tinyurl.com/mswvw7ys $SRT

A new "Hail Mary" discovery hole by Greatland Gold GGP today at Rudall WA with 18m@22g/t Au (to End of hole) Just 20km from Havieron in Elephant country. polaris.brighterir.com/publi… Paul Renken of VSA: "That's quite a 1st hole" A If it's big enough, depth doesn't matter

3-5s, 5-7s, 3-10s, 7-10s, and 20-30s are inverted. 5-10s are at parity. This is going to be ugly!