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Bill’s Commentary:
“Zack’s update on TRX. I wonder what a few hot drill holes at Anfield or Stamford Bridge will do?”
TRX Gold Corporation: Record Quarter Reinforces $2.40 Target as Buckreef’s Largest Expansion Moves From Plan to Execution
TRX Gold Corporation (NYSE:TRX) delivered its strongest quarter to date at the Buckreef Mine in Tanzania, with production, revenue, and profitability all reaching new highs as elevated throughput met a record realized gold price. Fiscal Q3 2026 gold pours rose 58% year-over-year to 7,426 ounces, while ounces sold climbed 75% to 6,983, realized at an average price of $4,703/oz. That combination drove revenue of $32.9 million, a 59% gross margin, adjusted net income of $10.1 million, and record adjusted EBITDA of $20.7 million. Year-to-date production of 21,476 ounces, and with most of Q4 in hand, has already cleared the low end of full-year guidance (25,000–30,000 oz) with the full Q4 result still to report.
Bill’s Commentary:
“The more things change… the more they stay the same!”
Five tech giants are hiding $1.65tn in AI debt, using the trick that toppled Enron
Look at what Alphabet, Microsoft, Amazon, Meta, and Oracle officially owe, and the numbers seem large but manageable. Look off the books, and a second, bigger pile of debt appears.
A Nikkei study put that hidden figure at $1.65 trillion, up roughly eightfold in four years. It is more than the $1.35 trillion the five report outright.
The Enron echo
The money is tied up in off-balance-sheet vehicles, the same kind of structure Enron used to hide debt before it collapsed 25 years ago. Back then it was fraud. Now, tightened rules and fuller disclosures make it legal.
The tools are still there, though. “Enron’s crime wasn’t having special purpose vehicles,” analyst Gil Luria told Bloomberg Law. “Enron’s crime was hiding them.”
The latest from USA Watchdog –
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Bill’s Commentary:
“Can you imagine the chaos back in the day if JP Morgan himself said that stocks were too high and interest rates too low?”
Jamie Dimon says markets underestimate risks and he wouldn’t buy stocks or Treasurys at current prices
JPMorgan Chase CEO Jamie Dimon said investors are underestimating the risks facing the global economy and that he wouldn’t buy either equities or long-dated U.S. Treasurys at their current prices.
In an hourlong interview with Wilfred Frost released late Monday, Dimon said markets aren’t fully accounting for a growing list of geopolitical and fiscal threats.
“I do think those risks are probably bigger than other people think,” Dimon said, pointing to wars in Ukraine and the Middle East, tensions between the U.S. and China, and rising military spending in a time of mounting government deficits.
Asked whether markets are underpricing the chance of a major shock, Dimon said it’s difficult to know exactly what risks are already reflected in asset prices.
Bill’s Commentary:
“No worries, just roll the printing presses!”
The Pentagon, sinking billions into Iran War, is quickly running short on cash – The Washington Post
Bill’s Commentary:
“The IPO that rang the bell!”
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Bill’s Commentary:
“True story W!”
Bill,
Caught this comment on a social media site. Says it all!
“Owning paper gold is like owning pictures of guns and thinking you are well armed.”
Touche’
WolfgangBill’s Commentary:
“Excuse the language but here they go again!”
Oh My Fucking God, They’re Doing It Again
Assholes who wear Vineyard Vines all summer on Wall Street have once again put those Wharton PhD’s to good use by again “discovering” that assets so toxic and illiquid they make drinking cement taste like Fiji water apparently become safe when you rearrange them, rename them, and place an insurance company between the losses and the people buying them. Sound familiar?
According to Bloomberg, UBS and other firms have been exploring structures that package stakes in private-credit funds into bonds. Because perpetual private-credit vehicles do not fit neatly into conventional ratings models, bankers are looking to add insurance “wrappers” that allow portions of the deals to inherit the insurer’s stronger credit profile. The resulting paper can then be marketed as investment grade, even though the assets underneath remain opaque, illiquid private-market investments.
Bill’s Commentary:
“I do not believe July 24 will be “the” day, I do believe it’s part of the process that leads up to THE day…”
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Bill’s latest interview with Liberty & Finance – (Also posted under Interviews)
The latest from USA Watchdog –
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Bill’s Commentary:
“A pretty good synopsis! I would add this: gold nor silver can default in a world that is in the process of mathematically defaulting…”
Ronald-Peter Stöferle Reveals The Six Vectors of Gold Remonetization
A look at monetary history reveals that the question of “sound money” was never purely academic in nature but has always been of central importance for economic stability and social order. The past five decades of the pure fiat experiment are, measured against 5,000 years of monetary history, a brief anomaly. And anomalies tend to be corrected.
Our thesis of a remonetization of gold may seem bold at first glance, which makes a clear conceptual framework all the more important. Those waiting for the reintroduction of a classical gold standard will be disappointed: Governments have no incentive to voluntarily relinquish the fiscal and monetary flexibility that the fiat regime offers them. Rather, what is meant is a process in which gold regains monetary relevance. Not necessarily as money in the strict sense, but certainly as the ultimate reference asset for value, trust, and settlement.
Bill’s Commentary:
“What happens to your world when this is “structural” and not a technical glitch?”
Credit card outage hits convenience stores, other merchants across Japan
TOKYO – Credit cards could not be used at convenience stores and other merchants across Japan for hours on Thursday following a system outage that also affected some transportation companies’ credit card-linked electronic money apps.
Major credit card issuer Mitsubishi UFJ Nicos Co. said the trouble began around 8 a.m. when card payments could not be processed at some merchants, while Sumitomo Mitsui Card Co. reported a similar problem.
The card companies said the trouble was caused by an outage in an international credit card brand’s network connecting merchants with card issuers. Sources familiar with the matter said the outage occurred within Visa’s network.
Bill is interviewed by Dr. Dave Janda – (Also posted under Interviews)
The latest from USA Watchdog –
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Bill’s Commentary:
“And he knows this how… without an audit since the 1950’s? I can show you on the back of a napkin how China has accumulated 35-40,000 tons of gold.”
Fort Knox Standoff: Bessent Says All The Gold Is There, Says America ‘Used To Be Backed’ By It
U.S. Treasury Secretary Scott Bessent has once again assured the public that America’s gold reserves remain fully intact, pushing back against years of speculation surrounding the legendary vaults at Fort Knox. In a Fox News interview with Jesse Watters that aired Monday night, Bessent reiterated his standing assurance that every ounce of the nation’s bullion is “present and accounted for” – while making no plans to visit the Kentucky depository himself.
“I am happy to say all gold is present and accounted for. The U.S. has the largest pile of gold in the world, over a trillion dollars, at current market value,” Bessent told Watters.
His comments come amid renewed calls from lawmakers and gold advocates for a comprehensive, independent audit – the first large-scale public verification since 1974.
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Bill’s Commentary:
“Trump’s base is fracturing…”
The latest from USA Watchdog –
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Bill’s Commentary:
“Jeremy Grantham has had a very long career at being correct, ignore his warnings at your own risk!”
Bill’s Commentary:
“If you live 10 more years, CBDCs will be the reality…”
BOOM: IT’S FINALLY LAW! The FED is OFFICIALLY BANNED From Issuing a Digital Dollar – PROTECTING YOUR PRIVACY FOREVER [VIDEO]
U.S. SENATE VOTES TO BLOCK FEDERAL RESERVE DIGITAL DOLLAR UNTIL 2030
In a stunning move that’s already shaking the global financial system, the United States has passed a bill that bans the Federal Reserve from creating or issuing a central bank digital currency (CBDC) until at least 2030.
The bill was passed in the Senate with a landslide 89–10 vote, sending a clear message: America is slamming the brakes on the digital dollar.
This is being celebrated across the country as a massive win for freedom, privacy, and individual financial rights. Critics of the CBDC have long warned that a government-issued digital dollar could become a tool for financial surveillance and centralized control over everyday Americans.
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Bill’s Commentary:
“A blast from the past… Jim back in 2021 “sitting on a mountain of gold!”
Bill’s Commentary:
“Worth your time to read”
The Gold Story Nobody Is Connecting — But Should
The Number You Need To Understand First
Before we start, one number puts everything in context.
Fort Knox contains 147,341,858 fine troy ounces of gold. At current market prices near $4,000 per ounce, these reserves represent around $600 billion. But at the legal book value of $42.22 per ounce, fixed since 1973, the assets are officially valued at only $6.22 billion on the Treasury’s books.
America owns $667 billion worth of gold. But it is recorded on the books at $6 billion.
That $660 billion gap is the thread that connects everything that follows.
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The latest from USA Watchdog – (Also posted under Interviews)
Bill’s Commentary:
“We have been lied to for years regarding supply and demand numbers on silver… got silver?”
The Silver Institute: A Wonderland of Compounded Errors
Over the last year or so I have sent out many a missive on silver — and the Silver Institute, but I have yet to put it all together in a comprehensive supply and demand balance sheet, and then compare my balance sheet to the one put out by the Silver Institute; so here we go.
Over the years there have been many changes in methodology in their reports; some years photography is included in industry, in others it is not. Solar only became a line item in 2010, for several years before that it was not itemised. I have been very careful to make sure that I am always comparing apples to apples.
Sorry for the length of this essay, but the more apples I turned over, the more rotten ones I found, barrels of them.
Bill’s Commentary:
“More on China, physical versus paper markets…”
Gold Collateral Revolt: How China, Singapore and Hong Kong Are Quietly Building a Post‑Dollar Gold System
This article is about the following:
Hong Kong’s latest push to become a gold reserve hub is not an isolated policy tweak – it’s a key piece of a broader Asian strategy to turn physical gold into the backbone of a post‑dollar collateral system
GOLD COLLATERAL REVOLUTION
- Asian policymakers are openly positioning Hong Kong and Singapore as frontline gold hubs just as trust in the dollar‑centric system erodes.
- Gold expert and central bank insider Gregor Gregersen sits on a Singapore central bank committee for its new gold hub and advises on Hong Kong’s emerging gold strategy, giving him direct visibility into how these plans are being built from the inside out.
- The core shift: move away from leveraged paper claims toward physical bullion used as high‑grade collateral in a world where dollar IOUs are increasingly questioned.
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