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It’s been yet another historic week for gold and silver, with both setting new price records.

The yellow metal broke through US$4,200 per ounce and then continued on past US$4,300. It rose as high as US$4,374.43 on Thursday (October 16), putting its year-to-date gain at about 67 percent.

Meanwhile, silver passed US$54 per ounce and is now up around 84 percent since 2025’s start.

Gold’s underlying price drivers are no secret — factors like central bank buying and waning trust in fiat currencies have been major themes in recent years, and they continue to provide support.

But it’s worth looking at a number of other elements currently in play.

Among them are a resurgence in the US-China trade war, which has ramped up geopolitical tensions, and the ongoing American government shutdown. The closure has stalled the release of key economic data ahead of the Federal Reserve’s next meeting later this month.

There have also been troubles at two regional banks in the US — they say they were the victims of fraud on loans to funds that invest in distressed commercial mortgages. Aside from that, Rich Checkan of Asset Strategies International sees western investors entering the market.

‘We don’t have a tidal wave or a tsunami by any stretch of the imagination, but the western investor is getting back into this,’ he said, noting that for the past few years his company has mostly been selling to high-net-worth individuals and people looking for deals. ‘Now we’re having flat-out sales.’

Checkan also weighed in on where gold is at in the current cycle, saying the indicators he tracks — including the gold-silver ratio, interest rates and the US dollar — don’t point to a top.

‘They can take a breather, there’s no question about that — you almost kind of want them to. But the reality is, there’s no top in sight,’ he said. ‘I’ve got about, I don’t know, seven, eight, nine different indicators I look at for the top in a bull market for gold. None of them are firing.’

When it comes to silver, the situation is a little more complicated.

Vince Lanci of Echobay Partners explained that the London silver market is facing a liquidity crisis — while there’s not a shortage of the metal, it isn’t in the right place, and that’s creating a squeeze.

Here’s what he said:

‘London, when it needs metal, is having a hard time getting it from Asia, because China is not cooperating with the west — for good reason in their mind. And for some reason, the US is not making its metal available as robustly as it used to, to help fill refill London’s coffers. And so that creates a short squeeze.

‘There’s enough metal in the world for current needs — let’s say for today’s needs. But it’s not where it should be. So it’s a dislocation.’

Lanci, who is also a professor at the University of Connecticut and publisher of the GoldFix newsletter on Substack, also made the point that although these circumstances are front and center now, they’re just one part of the larger ongoing bull market for silver. In his view, its growing status as a critical mineral will have major implications, and a triple-digit price is realistic.

Arcadia Economics interview

As a final point, I was recently interviewed by Chris Marcus of Arcadia Economics.

It was fun being on the other side of the camera for a change, and I have a new appreciation for everyone who sits down to answer my questions. Check out the interview below.

Securities Disclosure: I, Charlotte McLeod, hold no direct investment interest in any company mentioned in this article.

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Ukrainian President Volodymyr Zelenskyy announced new efforts to ‘clean up’ the nation’s energy sector amid a corruption scandal and near-constant attacks from Russia.

Zelenskyy met with Ukrainian Prime Minister Yulia Svyrydenko on Sunday morning, saying he called on lawmakers to revamp the leadership at the State Nuclear Regulatory Inspectorate and the State Energy Supervision Inspectorate, in addition to other efforts to expunge Russian influence in the sector.

‘In full coordination with law enforcement and anti-corruption bodies, ensure the renewal of the Asset Recovery and Management Agency and to promptly complete the competition for the position of Head of ARMA so that the new Head of the Agency can be selected by the end of this year,’ Zelenskyy wrote on X.

He further called on lawmakers to ‘promptly conduct an audit and prepare for sale the assets and shares in assets that belonged to Russian entities and to collaborators who fled to Russia. All such assets must operate one hundred percent in Ukraine’s interests – to support our defense and to contribute to Ukraine’s budget.’

The new energy initiative also comes after a former associate of Zelenskyy’s was accused of being the mastermind behind a $100 million embezzlement scheme involving nuclear energy.

Tymur Mindich, who was once Zelenskyy’s business partner, was identified by Ukraine’s anti-corruption watchdogs as being the orchestrator of a scheme involving top officials and Ukraine’s state nuclear power company. Prior to the scandal, some feared Mindich’s growing influence over Ukraine’s lucrative industries that he had access to because of his ties to Zelenskyy.

Mindich allegedly exerted control over loyalists who then pressured contractors for Energoatom, Ukraine’s state-owned nuclear power company, demanding kickbacks to bypass bureaucratic obstacles. The requested kickbacks were reportedly as high as 15%.

Zelenskyy himself was not implicated in the investigation.

The new effort comes as Zelenskyy says that his team is ‘working to ensure another start to negotiations’ on ending the war with Russia.

‘We are also counting on the resumption of POW exchanges – many meetings, negotiations, and calls are currently taking place to ensure this. I thank everyone who is helping. Thank you to everybody who stands with Ukraine,’ Zelenskyy wrote.

Ukraine’s president further said that he is preparing for a full week of diplomacy with Greece, France and Spain, as well as renewed negotiations over prisoner of war exchanges with Russia.

Zelenskyy will meet with officials in Greece on Sunday to discuss natural gas imports, while talks with France on Monday and Spain on Tuesday will center on bolstering Ukrainian air defenses.

Fox News’ Rachel Wolf contributed to this report.

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— The Republican National Committee (RNC) is taking a big step toward holding its first-ever midterm convention.

The RNC on Thursday advanced a change to the party’s rules that would allow Chairman Joe Gruters ‘to convene a special ceremonial convention outside a presidential election cycle,’ according to a memo shared first with Fox News Digital.

National political conventions, where party delegates from around the country formally nominate their party’s presidential candidates, normally take place during presidential election years.

But with Republicans aiming to protect their narrow control of the Senate and their razor-thin House majority in this year’s elections, President Donald Trump announced in September that the GOP would hold a convention ahead of the midterms ‘in order to show the great things we have done’ since recapturing the White House.

The new memo highlights ‘the possibility of an America First midterm convention-style gathering aligned with President Trump’s vision for energizing the party this fall.’

The party in power, in this case the Republicans, normally faces stiff political headwinds in the midterms. And the hope among Trump and top Republicans is that a midterm convention would give the GOP a high-profile platform to showcase the president’s record and their congressional candidates running in the midterms.

The RNC’s rules are based on holding a convention every four years. The proposed rule change will allow the RNC to hold a midterm convention. If adopted, the rule states that the convention must be called at least 60 days in advance, and no business would be conducted during the gathering.

The proposed change was adopted Thursday evening by the RNC’s Rules Committee during the party’s winter meeting in Santa Barbara, California.

It’s unclear if the full RNC membership will vote on the rule change when it gathers Friday at the confab’s general session. If the rule isn’t adopted by the full RNC, it’s expected to be approved at the party’s spring meeting.

Gruters, in a statement to Fox News Digital, highlighted that the RNC’s winter meeting ‘shows how completely united Republicans are behind President Trump and our efforts to win the midterms. The RNC has been aggressively focused on expanding our war chest, turning out voters and protecting the ballot in this fall’s elections. We’re building the operation needed to protect our majorities and give President Trump a full four-year term with a Republican Congress.’

Details on the date and location of the midterm convention will come at a later date and will likely be announced by the president.

But a Republican source told Fox News Digital it’s probable the convention would be held at the same time as the RNC’s summer meeting, which typically occurs in August.

The rival Democratic National Committee (DNC) may also hold a midterm convention. Sources confirmed to Fox News Digital last summer that DNC chair Ken Martin and other party leaders were quietly pushing the idea of a convention ahead of the midterms.

Democrats held a handful of midterm conventions in the 1970s and 1980s.

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From new stealth bombers to AI-enabled drones, the U.S. and China are reshaping airpower for a Pacific showdown — each betting its technology can keep the other out of the skies.

The U.S. is charging ahead with its next-generation F-47 fighter, while China scrambles to catch up with jets designed to match the F-35 and F-22.

After a brief program pause in 2024, the Air Force awarded Boeing the contract in March for the F-47, a manned sixth-generation fighter meant to anchor America’s next air superiority fleet. The first flight is expected in 2028.

At the same time, the B-21 Raider, the stealth successor to the B-2, is deep into testing at Edwards Air Force Base. The Air Force plans to buy at least 100 Raiders — each built to survive inside heavily defended Chinese airspace.

The Pentagon is also betting on Collaborative Combat Aircraft, or CCAs — drones designed to fly alongside fighters as ‘loyal wingmen.’ Prototypes from Anduril and General Atomics are already in the air. Officials say CCAs will let one pilot control several drones at once.

China outpaces the rest of the world in the commercial drone market, but that doesn’t necessarily give it the advantage from a military perspective. 

‘I’m not sure that’s really true. In terms of high-end military drones that are really important to this fight, the U.S. still has a pretty significant edge.’ said Eric Heginbotham, a research scientist at MIT’s Center for International Studies. 

He pointed to the Air Force’s stealth reconnaissance platforms — the RQ-170 and RQ-180 — and upcoming ‘loyal wingman’ drones designed to fly with fighters as proof that the U.S. still leads in advanced integration and stealth technology.

China’s leap forward

China’s airpower modernization has accelerated as the U.S. reshapes its force. Beijing has zeroed in on three priorities — stealth, engines, and carriers — the areas that long held its military back.

The Chengdu J-20, China’s flagship stealth fighter, is being fitted with the new WS-15 engine, a home-built powerplant meant to rival U.S. engines.

‘It took them a while to get out of the blocks on fifth generation, especially to get performance anywhere near where U.S. fifth gen was,’ Heginbotham said. ‘The J-20 really does not have a lot of the performance features that even the F-22 does, and we’ve had the F-22 for a long time.’

Meanwhile, China’s third aircraft carrier, the Fujian, was commissioned this fall — the first with electromagnetic catapults similar to U.S. Ford-class carriers. The move signals Beijing’s ambition to launch stealth jets from sea and project power well beyond its coast.

Together, the J-20, the carrier-based J-35, and the Fujian give China a layered airpower network — stealth jets on land and at sea backed by growing missile coverage.

Chinese military writings identify airfields as critical vulnerabilities. PLA campaign manuals call for striking runways early in a conflict to paralyze enemy air operations before they can begin. Analysts believe a few days of concentrated missile fire could cripple U.S. bases across Japan, Okinawa, and Guam.

‘The U.S. bases that are forward deployed—particularly on Okinawa, but also on the Japanese mainland and on Guam—are exposed to Chinese missile attack,’ said Mark Cancian, a retired Marine colonel and senior advisor at the Center for Strategic and International Studies. ‘In our war games, the Chinese would periodically sweep these air bases with missiles and destroy dozens, in some cases even hundreds, of U.S. aircraft.’

Heginbotham said that missile-heavy strategy grew directly out of China’s early airpower weakness.

‘They didn’t think that they could gain air superiority in a straight-up air-to-air fight,’ he said. ‘So you need another way to get missiles out — and that another way is by building a lot of ground launchers.’

Different strategies, same goal

The two militaries are taking different paths to the same target: air dominance over the Pacific.

The U.S. approach relies on smaller numbers of highly advanced aircraft linked by sensors and artificial intelligence. The goal: strike first, from long range, and survive in contested skies.

China’s model depends on volume — mass-producing fighters, missiles, and carrier sorties to overwhelm U.S. defenses and logistics.

‘U.S. fighter aircraft—F-35s, F-15s, F-22s—are relatively short-legged, so they have to get close to Taiwan if they’re going to be part of the fight,’ Cancian said. ‘They can’t fight from Guam, and they certainly can’t fight from further away. So if they’re going to fight, they have to be inside that Chinese defensive bubble.’

Both sides face the same challenge: surviving inside that bubble. China’s expanding missile range is pushing U.S. aircraft farther from the fight, while American bombers and drones are designed to break back in.

The fight to survive

Heginbotham said survivability — not dogfighting — will define the next decade of air competition.

‘We keep talking about aircraft as if it’s going to be like World War II — they go up, they fight each other. That’s not really our problem,’ he said. ‘Our problem is the air bases themselves and the fact that aircraft can be destroyed on the air base.’

China, he warned, is preparing for that reality while the U.S. is not.

‘They practice runway strikes in exercises, they’re modeling this stuff constantly,’ Heginbotham said. ‘Unlike the United States, China is hardening its air bases. The U.S. is criminally negligent in its refusal to harden its air bases.’

Cancian’s war-game findings echo that vulnerability. He said U.S. surface ships and aircraft would likely have to fall back under missile fire in the opening days of a conflict.

‘At the initial stages of a conflict, China would have a distinct advantage,’ Cancian said. ‘Now, over time, the U.S. would be able to reinforce its forces, and that would change.’

Looking ahead

The Pentagon’s fiscal 2026–27 budget will determine how fast the U.S. can build out its F-47s, B-21s, and CCAs — systems that will shape American airpower through the 2030s.

China’s rapid modernization is closing what was once a wide gap, but the U.S. still holds advantages in stealth integration, combat experience, and autonomous systems.

‘The ability to protect our aircraft, whatever form those aircraft take, on the ground is going to be central to our ability to fight in the Asia theater,’ Heginbotham said.

‘Survivability is going to be key … The ability to protect and disperse your firepower is going to be central to whether we can really stay in this game.’

For decades, U.S. air dominance was taken for granted. In the Pacific, that advantage is no longer guaranteed. 

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Former first lady Michelle Obama said Americans are ‘not ready’ to elect a woman to the White House, citing former Vice President Kamala Harris’ 2024 presidential election loss to President Donald Trump.

Obama made the comments to a crowd of women at the Brooklyn Academy of Music while promoting her new book, ‘The Look.’

‘As we saw in this past election, sadly, we ain’t ready,’ she said on Friday.

‘That’s why I’m like, don’t even look at me about running, because you all are lying. You’re not ready for a woman. You are not,’ she continued.

The former first lady went on to say that she does not believe men in America are comfortable with a woman leading them.

‘You know, we’ve got a lot of growing up to do, and there’s still, sadly, a lot of men who do not feel like they can be led by a woman, and we saw it,’ Obama said.

In her book, which was released on Nov. 4, Obama touches on her journey with fashion, hair and beauty, as well as her time in the White House as the first Black woman to serve as first lady. She wrote that women in politics are often judged based on their physical appearance instead of their ability to lead.

‘During our family’s time in the White House, the way I looked was constantly being dissected — what I wore, how my hair was styled. For a while now, I’ve been wanting to reclaim more of that story, to share it in my own way. I’m thankful to be at a stage in life where I feel comfortable expressing myself freely — wearing what I love and doing what feels true to me. And I’m excited to share some of what I’ve learned along the way,’ Obama wrote on Facebook in June while promoting her book ahead of its release.

”The Look’ is about more than fashion. It’s about confidence. It’s about identity. It’s about the power of authenticity. My hope is that this book sparks conversation and reflection about the ways we see ourselves — and the way our society defines beauty,’ she added.

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Homeland Nickel (TSXV:SHL,OTC: SRCGF) is a Canada-based mineral exploration company targeting critical metals, with a strategic focus on nickel laterite projects in southern Oregon, USA. Recognized as a critical mineral by the US government, nickel underpins Homeland Nickel’s strategy as the company advances assets in what it views as the only US region with the scale and geology capable of supporting a significant domestic nickel supply.

The company has built a portfolio of nine nickel laterite projects originally identified during exploration programs carried out between the 1950s and 1970s. The deposits occur as near-surface laterite lenses formed through the weathering of ultramafic rocks, allowing for efficient surface sampling and auger drilling to quickly delineate mineral resources. This geological setting enables Homeland Nickel to advance multiple projects in parallel while maintaining a cost-effective exploration approach.

Location map of the Cleopatra Nickel property

Alongside project consolidation and exploration, Homeland Nickel also holds a portfolio of mining equities in publicly listed companies. Management considers this portfolio a strategic asset that enhances financial flexibility and offers potential non-dilutive funding opportunities, supporting a disciplined capital allocation strategy as the company progresses its nickel assets through resource definition and technical evaluation.

Company Highlights

  • Controls nine nickel laterite projects in Southern Oregon — Cleopatra, Red Flat, Eight Dollar Mountain, Woodcock Mountain, Josephine Creek, Iron Mountain, Peavine Mountain, Rough & Ready and Free & Easy — representing the most comprehensive consolidation of historically identified US nickel laterite occurrences
  • Historic resources at Cleopatra (39.5 Mt @ 0.93 percent nickel) and Red Flat (18.8 Mt @ 0.84 percent nickel) provide an advanced starting point with significant expansion potential
  • At-surface nickel laterite mineralization supports rapid, low-cost exploration and resource definition compared to underground nickel sulfide projects
  • Strategic partnerships with Patriot Nickel (property option) and Brazilian Nickel (ore processing) support advancement toward development while limiting shareholder dilution
  • Maintains a portfolio of publicly traded mining equities, providing financial flexibility and optionality to support exploration and development programs

This Homeland Nickel profile is part of a paid investor education campaign.*

Click here to connect with Homeland Nickel (TSXV:SHL) to receive an Investor Presentation

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Jeffrey Christian, managing partner at CPM Group, shares his outlook for gold and silver in 2026, explaining why he expects higher prices for the metals.

‘We think that 2026 is going to be a more hostile environment than 2025, and that will cause investors to buy more gold and silver. So we’re expecting gold and silver prices to spike higher than they are today at times during 2026,’ he explained.

Securities Disclosure: I, Charlotte McLeod, hold no direct investment interest in any company mentioned in this article.

This post appeared first on investingnews.com