Alexander Deluce

Don't Underestimate the Power of the Underdog.

GOLD TELEGRAPH CONVERSATION 13: PIERRE LASSONDE “Gold is coming back into the global financial architecture, and it’s coming back in a big way.” Join me for a timely conversation with the legendary Pierre Lassonde. In this discussion, Pierre explains why a crisis is already building beneath the surface, why gold is returning to the center of the global financial system, and why the world is entering a period defined by minerals and evolving monetary power. Thank you for joining me again, Pierre. TIMESTAMPS: (00:52) — View on today’s macro environment (02:41) — 1970s analogy, oil shock, Middle East, and inflation risk (04:57) — Whether gold is entering a more accelerated revaluation phase globally (09:29) — Tether Gold, central bank buying, and price discovery shifting East (10:56) — Asia physical flows and whether the Eastward shift is getting closer (11:49) — What Eastern pricing power means for global gold valuation (13:36) — Gold surpassing U.S. Treasuries and what that means for the changing world order (16:21) — Scarcity of real mineral assets vs endless crypto creation/debt and Rome comparison (19:53) — Gold repatriation and erosion of trust in the financial system (21:57) — Why Canada has no gold reserves and what could change that (24:54) — Canadian pensions, mining support, and optionality being misunderstood (28:57) — What separates generational deposits from assets that disappoint (31:23) — Does fast-tracking mines changes the Lassonde Curve? (34:36) — Can mining actually deliver enough new supply, especially after weak exploration (37:22) — Gold price target around $17,250 and how Pierre gets there (40:41) — Whether a crisis could emerge on the road to that gold price target (43:42) — Debt markets, copper, and why copper matters to civilization (47:17) — Copper-gold systems and what a structural copper deficit means for miners (49:52) — What separates great investors from average ones (52:21) — How losing everything early shaped Pierre’s investing approach (53:40) — Where Pierre sees the best opportunities today / companies he is watching (1:04:30) — Advice for the next generation entering mining (1:05:59) — What has meant the most over Pierre’s career

Every monetary reset in history came after a geopolitical crisis. • War breaks the system. • Debt buries it. • Then the rules get rewritten. We’re somewhere between buried and rewritten. Everything I have been documenting throughout my career is bubbling to the surface.

Oil shocks move markets. Currency shocks move history.

Roughly 20% of the world’s oil moves through the Strait of Hormuz. Now Iran is reportedly considering a rule: Tankers can pass… if the oil is traded in Chinese yuan. For half a century the oil market ran on dollars. That gave Washington enormous leverage. If oil starts clearing in yuan through the world’s most important shipping lane… The international monetary system looks very different extremely quickly. Let's see how this plays out.

@1TradingDee @GoldTelegraph_ It is up over 70% in the past year and remains above $5000/ounce?

@AlexDeluce @GoldTelegraph_ Gold has been doing nothing …

The energy crisis unfolding right now may be the largest supply disruption the modern world has seen. Tankers are being blocked. Millions of barrels per day are disappearing. Strategic reserves are being dumped into the market. And now, the United States is reportedly exploring ways to enter the oil futures market to help control prices. We’ve seen a version of this before. During the 1970s energy crisis, oil shocks rocked the global economy. Inflation exploded, markets broke, and governments scrambled to regain control. But the real turning point had already happened. In 1971, Nixon closed the gold window, ending the dollar’s convertibility to gold and breaking the final link between honest money and the financial system. When the oil shock hit a few years later, the world was suddenly running on a pure fiat system. Gold responded the only way it could. It exploded higher. Today feels familiar… but also different. Oil markets are breaking again. Strategic reserves are being tapped. And this time, central banks are stockpiling gold and looking to limit their exposure to counterparty risk. History may not repeat. But it can serve as a compass for where the world is going. The return and scramble to true and time tested wealth... Gold and minerals.

This is a nice post from Alex Deluce @GoldTelegraph_ and seems to have garnered some 300,000 views overnight. The support for sound money buoys my spirits and strengthens my resolve.

As reported by Bloomberg: Judy Shelton met privately with Treasury Secretary Scott Bessent to discuss Federal Reserve reform. Read that again. @judyshel is one of the most original monetary thinkers of our time... unapologetically focused on restoring discipline, credibility, and integrity to the American financial system. When serious minds start talking about reforming the Federal Reserve, watch closely. The United States Treasury Secretary has also hinted at full reform. In our conversation, she laid out a bold proposal: A U.S. Treasury GOLD-convertible bond: Issued July 4th, 2026 Maturing July 4th, 2076 A 50-year signal to the world that America is willing to anchor its debt to something real. Think about what that would mean for demand for U.S. debt.

I have been banging the table on copper for years. A lack of discoveries. A structural deficit baked in. Not many world-class deposits are left in North America. These aren’t commodities anymore… They are strategic assets.

Shanghai silver prices soar to a record $105/oz today. Lots can happen in 3 months…

We are not in a copper boom. We are in the early innings of a copper shortage. Many in the mainstream don’t understand the difference.

I have been saying this for a long time… the world was always going to wake up to copper. Now it is. Prices are screaming higher, not because of hype, but because years of underinvestment and a failure to make real discoveries are finally colliding with reality. The glue.

Copper +6%. I have been pounding the table on this for months. The world is relearning a simple rule: You can’t print supply. Years of underinvestment.

@RobertSantu @DanielaCambone @GoldTelegraph_ @Frank_Giustra Merry Christmas, Rob. I hope you have a wonderful Christmas with your family and loved ones. It was great to meet you in June. I appreciate your support!

Merry Christmas to the #gold #Silver lovers out there. Thank you for all the information from these wonderful people, humble and generous. You all made me grow in knowledge and made me a better person and investor. @DanielaCambone @GoldTelegraph_ @AlexDeluce @Frank_Giustra @robert_ivanhoe @RealRickRule @geraldcelente @TaviCosta @JodyDahrouge Pierre Lassonde

GOLD TELEGRAPH CONVERSATION 12: SEAN BOYD “World economies and financial systems aren’t on a solid footing… smart money understands that and has moved more smartly towards gold.” Join me for a timely conversation with the former CEO and current Chair of @agnicoeagle, one of the world’s leading gold producers, as we explore why gold is breaking out across currencies, why critical minerals are now strategic, and why Canada’s mining moment has arrived. Sean has spent decades building one of the highest-quality businesses in global mining, grounded in discipline, jurisdictional strength, and a deep belief that optionality becomes strategic in supply-constrained times. In this discussion, Sean explains why gold has evolved from a trading instrument into a must-have investment vehicle, why the real bottleneck in critical minerals is processing capacity, and why Canada needs coordination, speed, and conviction to compete. Thank you for joining me again, Sean. I hope you all enjoy. TIMESTAMPS: (0:56) – Gold as a signal of structural change: what is the market finally pricing in? (3:01) – Physical vs paper: is participation changing how gold is priced? (5:01) – East vs West gold accumulation and a shifting monetary order (6:47) – Gold as a sovereign asset: planning for a structural bull market (9:57) – Beyond gold: which critical minerals can Canada lead in? (12:58) – How real is the looming copper supply deficit? (15:03) – Stockpiling, export controls, and the rise of resource nationalism (16:56) – Is Canada doing enough to turn geology into supply? (20:23) – Why a jurisdiction-first strategy built a world-class miner (24:03) – Consolidation in Canadian mining (26:25) – Optionality becomes strategic in a supply-constrained world (28:43) – Agnico’s long-term vision for Nunavut (32:28) – Mining, macro, and Arctic sovereignty (36:17) – Sovereign debt, inflation, and gold’s long-term signal (39:50) – Central banks, QE, and the flight to real assets (43:29) – Interest rate volatility and the new reality of mine financing (50:31) – What macro indicator matters most right now? (52:41) – If Canada fixed one thing to accelerate mining, what would it be? (55:42) – Permitting: protecting communities while enabling projects (59:50) – The global race for critical minerals and Canada’s window (1:03:32) – Does Canada need a national mining strategy? (1:06:59) – A million dollars in gold: The Canada-wide treasure hunt (1:10:32) – Leadership lessons for the next generation of miners

China doesn’t fear copper shortages It’s making sure everyone else does Shandong is building a $28B copper smelting hub to dominate global supply as prices push record highs Copper = AI, power grids, EVs, weapons Smelting is the real battlefield This is first principles…

Copper having a big moment here. Record high.

Silver and COPPER hit fresh records this week. Silver up over 90% this year. Copper up over 27% this year.

A Monetary Earthquake: China’s Unreported Gold Purchases Could Be 10× Its Official Total, According to the Financial Times. Dr. Judy Shelton recently told me something that the world should play close attention too. China, the world’s largest producer and consumer of gold, is almost certainly not being transparent about how much it really holds. Through the Shanghai Gold Exchange, Beijing has quietly built the infrastructure to merge gold and the yuan — setting the stage for settlement through digital instruments or stablecoins. She warned that China may soon propose a new international monetary system anchored to gold… a move that could redefine global finance. @judyshel