Gold royalty and streaming companies remain worth adding even with gold far above $3,200-3,700, because their valuations are low versus history and they can still generate alpha even if gold is unexciting over 3-5 years. Silver and rising industrial demand add support. Unlike miners, which are boom-bust, they earn from mines without operating them. Buying Wheaton Precious Metals, Royal Gold, Osisko and Franco-Nevada is on hold after gold's recent jump. x.com 

Royal Gold is a strong buy because it owns the landlord's position in gold rather than operating the business. It finances miners in exchange for royalties and streams, collecting cash flow while someone else does the hard work, with no labor costs, equipment or environmental liability, just margins. x.com 

Franco-Nevada's premium valuation is becoming less justified as rivals rise and Franco dilutes its gold exposure with non-gold assets. It has long carried a JPMorgan-like premium in gold royalties. A post the author replies to notes Royal Gold trades at 13x free cash flow and 1.2x NAV, while Franco-Nevada and Wheaton Precious Metals historically trade at 20-26x free cash flow and 2x NAV. x.com 

Gold, silver and bitcoin are in a cyclical downturn driven by a rallying dollar, even though the secular debasement trade remains on. The dollar index hit a 13-month high, tightening everything priced in dollars and unwinding crowded positions: gold is under $4,000, off about 25%, silver is down about 40% and bitcoin is below $60,000. Over decades fiat erodes, driven by fiscal dominance rather than the Fed's balance sheet, so size for the cycle and position for the secular trend. x.com  x.com  … Show more

Gold and silver may benefit if yields ease a little further from their local high for a while longer. The FOMC meeting and minutes could be good for both. x.com 

Gold wins when policymakers pin yields and let inflation run, because real assets gain while cash loses. Gold is at all-time highs and bitcoin has drawn heavy inflows almost daily since Aug. 5 as institutions front-run the government's promise to prop up the market. Stanley Druckenmiller warns in the WSJ that this price management does not fix the debt, only decides who pays, and the bill lands on cash holders. Waiting means buying at higher prices what institutions already own. x.com  x.com 

Gold miners, led by Newmont, stand to gain from 2026's rotation into hard assets as inflation stays entrenched. US CPI sits at 3.8%, nearly double the Fed's target, with energy up 18% and natural gas up 28% year over year, leaving cash and paper assets as losers and gold as the ultimate inflation hedge. Central banks in China, India, Turkey and Saudi Arabia are expected to buy nearly 1,000 tons of gold this year. Newmont is the largest blue-chip gold miner on the planet. x.com 

Gold is extremely attractive now because rising market fear could make it a great hedge. It has fallen nearly 30% from its January all-time high and returned to the accumulation zone. If this level holds, expect a bounce soon. x.com 

Gold is not immune to the liquidity drain hitting markets, and it is breaking below its 200-day moving average for the first time since 2023. Other commodities are not looking hot either. Fiat currencies eventually end up in the toilet and commodities scream higher, but the path there can be bumpy. x.com 

Gold is hard to hold at a 0% yield while interest rates keep rising. @Mr_Derivatives notes gold's 3.93% drop at the close was the fifth-worst drawdown of the year, driven by rates. x.com