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Bill is interviewed by CapitalCosm (Also posted under Interviews)
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Bill’s Commentary:
”There are no coincidences…”
Bill’s Commentary:
”Dollar negative”
The Petroyuan Shift Has Begun
Iran is doing more to promote the petroyuan at the expense of the petrodollar than China has achieved so far. It is accelerating the dollar’s demise at its worst possible moment.
Introduction
Unlike America’s current administration, China plans ahead. And unlike most governments whose plans are driven by day-to-day reactions to domestic politics, China’s leaders seem to be able to plan their national interests strategically for the longer term.
In 1983, the People’s Bank was appointed with the sole responsibility for acquiring the nation’s gold and silver and managing national stocks, alongside its responsibilities for foreign exchange and exchange controls. With government policies to promote mining and expand refining capabilities, this led to China rapidly becoming the largest nation by gold mine output in 2007. Having satisfied initial government demand by 2002, when hitherto gold ownership by the public was banned, the ban was finally lifted, and the Shanghai Gold Exchange was born.
Read more here…
The latest on TRX Gold Corp –
TRX Gold Reports Robust Recovery Rates from Recent Study and Significant Increase in Plant Expansion ScopeTORONTO, Ontario, April 8, 2026 – TRX Gold Corporation (TSX: TRX) (NYSE American: TRX) (the “Company” or “TRX Gold”) is pleased to announce results of ongoing metallurgical test work at the Buckreef Gold Project (“Buckreef Gold”) as part of its current flowsheet optimisation and future expanded processing plant development. The Company is in the process of planning and executing a much larger processing plant expansion than originally anticipated in the May 2025 Preliminary Economic Assessment (“PEA”) at Buckreef Gold. Robust Recovery Rates Achieved: Recovery rates between 89% – 92% were achieved from the additional test work, which is in line with prior studies and above the 88% recovery rate assumed in the PEA. The test work provided a more comprehensive understanding of optimal grind size for flotation and achievable mine feed from the mine plan, which has led the Company to specify a Semi Autogenous Grind (“SAG”) / Ball mill combination of 3,500+ tonnes per day (“tpd”), which is above the PEA processing plant size assumption of 3,000 tpd. Tendering for the SAG mill has commenced with orders expected to be placed in Q3 2026 with an initial estimated completion date of calendar Q2 2027. Advancing Existing Processing Plant Upgrades and Increased Expansion: The existing 2,000 tpd processing plant is currently undergoing significant upgrades and will be available to continue operating in conjunction with the new 3,500+ tpd SAG mill processing plant, providing a significant upgrade in processing capacity versus the 3,000 tpd assumed in the PEA. Notable upgrades to the existing processing plant include a pre-leach thickener, upgraded agitators & interstage screens, Aachen reactor, oxygen plant, Adsorption, Desorption and Recovery (“ADR”) plant, new gold room, apron feeder, belt magnet, and new tertiary crusher. These upgrades are currently in progress and are expected to be completed by calendar Q4 2026.Strategic Mine Planning to Expand Further: During Q2 2026, the Company initiated a revision of the life-of-mine plan as a result of the expected increase in processing capacity and the increase in gold price well above the PEA reserve estimate assumption of US$1,900/oz. Preliminary analysis indicates the potential for an expanded third cutback at the Main Pit, which could extend open-pit operations, defer commencement of underground miningand enhance total recoverable ounces at Buckreef Gold. This is expected to improve the overall economics of the project. The Company is also evaluating the potential for an earlier start to underground mining at the Stamford Bridge orebody, alongside accelerating mining of the expanded Eastern Porphyry pit. The Company has hired P&E Mining Consultants Inc. to update the PEA, which is expected to be completed in Q4 2026. Planning for Expanded Mill Throughput: Mine planning and scheduling as part of updated PEA will incorporate throughput rates for the new 3,500+ tpd plant and existing, upgraded 2,000 tpd processing plant, with the goal of maximizing throughput. Capital costs of the total plant expansion and plant upgrades are now expected to be $45 – $50 million, and reflects an increase in overall processing capacity, decoupling of the new circuit from the existing processing circuit, and a much larger tailings storage facility (“TSF”). This is approximately $10 – $15 million above the initial PEA estimates which was for a smaller, 3,000 tpd processing plant and smaller TSF. The initial plan released in November 2025 was also expected to utilize the existing large ball mill in the SAG processing plant, which reduced capacity of the existing processing plant to 1,000 tpd. The increase in throughput from the expanded processing capacity is expected to increase average annual gold production in excess of the 62,000 ounces of gold originally anticipated in the May 2025 PEA.Stephen Mullowney, TRX Gold’s Chief Executive Officer,stated: “The continued positive metallurgical results andrecently improved recovery rates at our operations have provided us with a much better understanding of the deposit. This combined with the ability to develop a much larger processing plant alongside anticipated higher gold prices going forward, has led us to significantly increase the scope of the Buckreef Gold expansion. When all is said and done, we anticipate higher gold production, which should lead to higher revenue and EBITDA, and a significantly more valuable mining project at Buckreef Gold versus the May 2025 PEA. With a strengthened balance sheet, robust cash position, minimal debt and strong financial results, we are really well positioned to execute on this larger expansion using internally generated cashflow.”A summary of the metallurgical process and testing is provided below:Metallurgical Results and Ongoing Test WorkDuring Q2 2026 the Company continued to focus on the following metallurgical testwork programs as part of its current flowsheet optimisation and future expanded flowsheet development. Gold deportment testing was performed across the various geo-metallurgical domains within the Buckreef Main Zone, with samples from 4 distinct geographical areas being assessed for mineralogical variability and gold deportment. The following results were observed:Areas to the central west and south of the Buckreef Main Zone (Geological Zones 1 and 2), named Geometallurgical Domain 1, contain comparatively higher quartz and free milling gold particles. Areas to the central east and north (Geological Zones 3 and 4), named Geo-metallurgical Domain 2, contain comparatively higher fine gold associated with pyrites/sulphides; andBoth geo-metallurgical domains demonstrate a good response to intense oxidation ahead of leaching, with Domains 3 and 4 showing up to a 4% recovery increase. These results led to the inclusion of pre-oxidation plant, known as an Aachen® Reactor and Oxygen plant feeding into the pre-leach tank as part of the planned upgrades.Flotation and Concentrate Leach Optimization Test Work Approximately 1.3t of core from holes across the strike and vertical extents of the Buckreef Main Zone and Stamford Bridge were prepared and sent to Maelgwyn Mineral Services in South Africa for a large program of flotation and leach optimization (including vendor testing) as well as optimization testwork to advance the design of the flotation and fine-grind circuit. The flotation optimisation testwork identified an optimal pre-flotation particle size (p80 of 75 microns) and reagent regime that produced high gold recoveries (88% – 91.7%) to a flotation concentrate at mass pulls of 10% – 15%. The flotation concentrate was then fine ground to four p80 size distributions ranging from 38 to 15 microns. Energy expenditure was measured for these sizes to confirm power requirements for the fine-grind milling equipment. The leaching of the four finely ground size distributions led to an optimal p80 particle size of 20 microns.Various intensive leaching reagent regimes were evaluated leading to an optimal recommendation of multiple passes of leachate and then cyanide dosed leachate through intensive oxidation, leading to gold recoveries of the fine ground concentrate in excess of 93% of the flotation concentrate. Leach testing of the flotation tails showed that conventional leaching would yield a further 4% for Domain 1 and 1% for Domain 2 leading to a combined recovery of 89% – 92%, above the PEA recovery assumption of 88%. SAG and Ball Mill Circuit Design Additional comminution testwork was completed to determine work indices for both SAG and Ball mill configurations. A more comprehensive understanding of optimal grind for flotation, which is now a p80 grind size of 75 microns, and achievable mine feed from the mine plan has led the Company to specify a SAG / Ball mill combination at 3,500+ tpd. Tendering for the SAG mill has commenced with orders expected to be placed in Q3 2026.Similarly, the flotation and fine grind process is now specified for 155 tonnes per hour (“tph”), up to 15% mass pull and a fine grind mill with capacity of 25tph to reduce concentrate from p80 75 microns to p80 20 microns. The intensive leaching process will include two phases, one for intensive oxidation and a second for intensive cyanidation.Thickener Sizing A second high-rate thickener will be required to ensure that ground concentrate is fed at a high density into the intensive leaching tanks. Settling tests and flocculant addition tests are now underway to inform the design for this pre-leach thickener.Figure 1: Process Flowsheet for the Upgraded and Expanded Plant 
Figure 2: GeoMet Domains
About TRX Gold Corporation TRX Gold is a high margin and growing gold company advancing the Buckreef Gold Project in Tanzania. Buckreef Gold includes an established open pit operation and 2,000 tonnes per day process plant with upside potential demonstrated in the May 2025 Preliminary Economic Assessment (the “PEA”). The PEA outlines average gold production of 62,000 oz per annum over 17.6 years at 3,000 tonnes per day of throughput capacity, and a US$1.9–US$2.6 billion pre-tax NPV5% at average life of mine gold prices of US$4,000-US$5,000/oz¹. The Buckreef Gold Project hosts a Measured and Indicated Mineral Resource of 10.8 million tonnes (“MT”) at 2.57 grams per tonne (“g/t”) gold containing 893,000 ounces (“oz”) of gold and an Inferred Mineral Resource of 9.1 MT at 2.47 g/t gold for 726,000 oz of gold. The leadership team is focused on creating both near-term and long-term shareholder value by increasing gold production to generate positive cash flow to fund the expansion as outlined in the PEA and grow Mineral Resources through exploration. TRX Gold’s actions are led by the highest environmental, social and corporate governance (“ESG”) standards, evidenced by the relationships and programs that the Company has developed during its nearly two decades of presence in the Geita Region, Tanzania——————————————————————————————————————¹ Base case NPV5% of US$701.0 million pre-tax, or US$442.2 million after tax at consensus forecast case gold prices (US$2,707/oz year 1, US$2,646/oz year 2, US$2,495/oz year 3, US$2,400/oz year 4, US$2,245/oz thereafter).Qualified Person Mr. Richard Boffey, BE Mining (Hons) F AusIMM, Chief Operating Officer of TRX Gold Corporation, is the Company’s in-house Qualified Person under National Instrument 43-101 “Standards of Disclosure for Mineral Projects” (“NI 43-101”) and has reviewed and assumes responsibility for the scientific and technical content in this press release.For investor or shareholder inquiries, please contact: Investor RelationsIR@TRXgold.com+1-437-224-5241+1 844 GOLD TRX (844-465-3879)www.TRXgold.comForward-Looking and Cautionary StatementsThis press release contains certain forward-looking statements as defined in the applicable securities laws. All statements, other than statements of historical facts, are forward-looking statements. Forward-looking statements are frequently, but not always, identified by words such as “expects”, “anticipates”, “believes”, “hopes”, “intends”, “estimated”, “potential”, “possible” and similar expressions, or statements that events, conditions or results “will”, “may”, “could” or “should” occur or be achieved. Forward-looking statements relate to future events or future performance and reflect TRX Gold management’s expectations or beliefs regarding future events and include, but are not limited to, statements with respect to future gold prices, continued operating cash flow, expansion of its process plant, estimation of mineral resources, ability to develop value creating activities, recoveries, subsequent project testing, success, scope and viability of mining operations, the timing and amount of estimated future production, and capital expenditure.Although TRX Gold believes the expectations expressed in such forward-looking statements and the preliminary data included in this press release are based on reasonable assumptions, such statements are not guarantees of future performance. The actual achievements of TRX Gold or other future events or conditions may differ materially from those reflected in the preliminary data and forward-looking statements due to a variety of risks, uncertainties and other factors. These risks, uncertainties and factors include general business, legal, economic, competitiveThe latest from USA Watchdog – (Also posted under Interviews)
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Bill’s Commentary:
“I believe Michael Oliver is correct.”
Bill’s Commentary:
“God is good! So cool.”
Bill’s Commentary:
“From Judy Shelton. I think too late and not enough gold at current prices…”
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Bill’s Commentary:
“The first casualty of war is… the truth!”
Allegations Of Pentagon “Casualty Cover-Up”: The Intercept
Well-known national security news site The Intercept has issued fresh reporting which alleges a Pentagon cover-up when it comes to mounting US casualties from Trump’s Operation Epic Fury. Speculation and questions have lately surged among the public and analysts given that casualty updates put out by the Pentagon have been very few and far between. It actually accuses the Pentagon of shoddy record-keeping going back significantly before the current Iran war.
Currently the official numbers… “Since the start of Operation Epic Fury, approximately 303 US service members have been wounded,” CENTCOM spokesman Tim Hawkins said earlier this week. And, as of April 2nd, 13 US service members have been confirmed killed going back to the war’s start on February 28, 2026. But The Intercept is alleging an astounding “casualty cover-up” by the Trump administration:
Almost 750 U.S. troops have been wounded or killed in the Middle East since October 2023, an analysis by The Intercept has found. But the Pentagon won’t acknowledge it.
The latest from USA Watchdog –
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Bill’s Commentary:
“I keep showing you these charts because they are beautiful! Gold got oversold for the first time in nearly 2 years and kissed the 200 day moving average, while the MACD is now “hooking” upwards from the deepest level maybe going back as far as 2008? The only description I can use is, gold traded like a tractor in 1st gear relentlessly moving higher. Silver was more overextended and did not quite touch the 200 day moving average, nor did it get fully oversold. As with gold, silver’s MACD is hooking upwards from a seriously low level. These charts are merely pictures of price action. Price action has been dominated by a severe supply and demand deficit. Fundamentals always will carry the day and the fundamentals for both gold and silver are probably the best they have ever been in my career leading up to what I believe will be the perfect storm. I believe the bottom is in and within days it will be indisputable… a little time will tell!”
Bill’s Commentary:
“April fools!”
NASA Plays Incredible April Fools’ Joke Of Once Again Pretending To Go To The Moon
MERRITT ISLAND, FL — In one of the biggest April Fools’ jokes in decades, NASA is pretending once again to actually be going to the moon.
NASA has reportedly spent hundreds of millions of dollars on the elaborate prank, going so far as to construct a massive fake rocket on the Kennedy Space Center launch pad. As part of the joke, a green-screen video will be aired this evening of the “rocket launch”, featuring a tiny model rocket controlled by strings and employees making explosion sounds in the background.
“I can’t stop laughing about it. How are people still falling for this?” giggled NASA Director Jared Isaacman. “Sixty years later, and this joke is the gift that keeps on giving. You should see the faces the ‘astronauts’ make when they’re pretending to be launching in a rocket ship, they’re so dang funny. I’m all shaking the camera around. It’s honestly hard to believe people are this gullible… I love my job so much.”
Bill’s Commentary:
“Pastor Stanley on the recent insane volatility…”
‘Reverse Indicator’ Oil Market Narratives and the Traders Who Love Them
By Stan Szymanski
This is NOT financial advice. For informational purposes only.
…’At 4:12 PM ET on Sunday, Iran’s Speaker of the Parliament said pre-market news is a “reverse indicator,” if they “dump” the market, then “go long,” and “if they pump it, short it.”…(The Kobeissi Letter on X)
The Kobeissi Letter (TKL) is certainly worth the follow. IMHO, whether you do it on ‘X’ or on LinkedIn or some other platform, you will receive a lot of info during the day with which to input into your own decision making and intelligence.
Earlier in the trading day (yesterday, 4/1/26), TKL reported the following:
…’BREAKING: The US and Iran are discussing a potential deal that would involve a ceasefire in exchange for Iran reopening the Strait of Hormuz, per Axios.
Details include:
1. China and Pakistan reportedly presented a peace initiative along those lines on Tuesday
2. Earlier today, Ian’s Foreign Ministry called Trump’s claims that Iran has requested a ceasefire to be “false and baseless.”
3. US officials have cautioned that it was unclear whether a deal could be reached
The nonstop headlines continue.’…(TKL via LinkedIn 4/1/26)
The latest from USA Watchdog –
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Bill’s Commentary:
“Another Jon AG video. To be clear, I did not say any of this as far as timing. I have said for years however, that “3 day weekends” are the likely time for any system changing announcements. His comments are largely correct with the exception of trying to pinpoint dates.”
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Bill’s most recent interview (Also posted under Interviews)
Bill’s Commentary:
“Oops, this is not a rounding error!”
Oracle Firing Tens Of Thousands As CDS Explodes To Financial Crisis Record
Two months ago, when ORCL announced it would raise $50 billion in a combination of stock and bonds to ease market fears about its soaring funding costs and lack of actual revenues and “to build additional capacity to meet the contracted demand from the company’s largest cloud customers, including Advanced Micro Devices, Meta Platforms, Nvidia, OpenAI, TikTok and xAI” we said that this latest example of financial engineering, which perhaps most importantly was meant to push its soaring Credit Default Swap lower, was doomed to fail.
We didn’t have long to wait: since the Feb 1 announcement, the stock has tumbled to fresh multi year lows…
Bill’s Commentary:
“We have shown this chart to you several times now. Please notice the “hook” forming in the bottom right-hand corner. I believe the bottom is now in and the hook will cross upwards in the next day(s) creating a buy signal for the MOMO crowd. You had two months to the day of clutching your hands, that looks like it will be in the rear view mirror pronto!”
Bill’s Commentary:
“There is no such thing as “digital gold”…”
Google Finds Quantum Computers Could Break Bitcoin Sooner Than Expected
Google just told the Bitcoin and cryptocurrencies industry it has less time than it thought to prepare for the quantum computing influence. In a whitepaper published March 31, Google Quantum AI researchers demonstrated that breaking the elliptic curve cryptography protecting bitcoin, ether and most major cryptocurrencies could require fewer than 500,000 physical qubits on a superconducting quantum computer. That’s roughly a 20 times reduction from prior estimates, which pegged the figure in the millions.
The paper carries serious institutional weight. Its coauthors include Justin Drake of the Ethereum Foundation, Dan Boneh of Stanford, and six Google Quantum AI researchers led by Ryan Babbush and Hartmut Neven. Google says it engaged with the U.S. government before publishing and names Coinbase, the Stanford Institute for Blockchain Research, and the Ethereum Foundation as collaborators.
Breaking Bitcoin with quantum may be easier than thought, with Taproot partly to blame, Google says
Breaking Bitcoin’s blockchain with quantum computers may not be as difficult as once thought, and Bitcoin’s Taproot technology, which enables more efficient, private transactions, may be partly to blame, Google’s Quantum AI team said Monday in a blog post and newly published whitepaper.
The team said the computing power required to break Bitcoin’s security may be far lower than previously assumed, raising fresh questions about how soon quantum threats could become a reality.
In a new whitepaper, researchers found that cracking the cryptography used by Bitcoin and Ethereum could require fewer than 500,000 physical quantum bits, or qubits, well below the “millions” often cited in recent years.
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Bill is interviewed by Dr. Dave Janda and discusses March COMEX silver. (Also posted under Interviews)
Bill’s Commentary:
“Based on what? Political beliefs? Whether or not you criticize the current administration? Nefarious to say the least!”
The IRS Wants Smarter Audits. Palantir Could Help Decide Who Gets Flagged
The Internal Revenue Service paid Palantir $1.8 million last year to improve a custom tool designed to help the tax agency identify the “highest-value” cases for audits, collection of unpaid taxes, and potential criminal investigations, according to documents WIRED obtained via public record request.
When the contract was signed, the IRS said it was using “more than 100 business systems and 700 methods,” built over the course of “decades” to select cases in which people may have incorrectly reported their taxes or owe the IRS money. As identifying potential tax discrepancies became more complex, the agency said its systems grew increasingly inefficient, and it needed to find a solution.
“This fragmented landscape can lead to a number of undesirable outcomes including but not limited to duplication of effort and cost, poor understanding of gaps in the coverage, and suboptimal case selection,” the IRS wrote in a document obtained by WIRED outlining the scope of the contract.
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Bill’s Commentary:
“TRX Gold Added to S&P/TSX Global Mining Index!”
TRX Gold Corp. is pleased to announce its inclusion in the S&P/TSX Global Mining Index, a globally recognized benchmark that tracks the performance of leading mining companies worldwide. This milestone represents a meaningful step forward in TRX Gold’s capital‑markets presence and highlights the Company’s strong operational momentum, expanding production profile, and growing financial strength. The index is widely followed by institutional investors, ETFs, and global mining funds, providing TRX Gold with increased visibility and broader market reach.
Capital‑Markets SignificanceMembership in the S&P/TSX Global Mining Index provides several strategic advantages:Increased Passive Investment ExposureIndex‑tracking funds, ETFs, and institutional strategies that follow the index will now include TRX GoldBroader Institutional VisibilityMany global asset managers use index membership as a screening criterion. TRX Gold’s inclusion expands its visibility across mining‑focused and generalist funds.Validation of Corporate ProgressThe addition reflects TRX Gold’s consistent operational execution, production growth, and strengthening financial performance.
Operational Momentum at BuckreefTRX Gold’s index inclusion is supported by strong fundamentals and ongoing development at the Buckreef Gold Project in Tanzania:Record Production GrowthTRX Gold has delivered multiple consecutive quarters of production increases, supported by plant expansions and improved recoveries.Low‑Cost, Scalable OperationsBuckreef continues to demonstrate robust economics, with attractive cash costs and a scalable processing plant designed for phased growth.Resource Expansion PotentialContinued exploration success at Buckreef North, Buckreef Main, and the Anfield Zone highlights the potential for long‑term resource growth.
Strengthening Financial PerformanceRevenue growth, improved operating margins, and disciplined capital allocation have positioned TRX Gold for sustainable value creation.Strategic OutlookIndex inclusion aligns with TRX Gold’s broader strategy to:Scale production through phased plant expansionsAdvance exploration to unlock additional resourcesStrengthen financial performance and cash flow generationEnhance global visibility within the gold‑producer landscapeAs TRX Gold continues to execute on its growth plan, increased market visibility and liquidity will support the company’s long‑term capital‑markets objectives.
Thank you for your continued support. TRXGold.com
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TRX Gold Corporation · Suite 403, 277 Lakeshore Road East · Oakville, ON L6J 6J3 · Canada
update your preferences or unsubscribeBill’s Commentary:
“Too funny!”
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Bill’s Commentary:
“Wait a minute, I thought 2 weeks ago it was 2/3rds?”
US ‘Only Certain Of Having Destroyed A Third’ Of Iran’s Missiles
The US is only certain it has destroyed around a third of Iran’s missiles, despite comments from President Donald Trump boasting of military success. According to five people familiar with the US intelligence who spoke to Reuters, the status of around another third is less clear. However, US-Israeli strikes have likely damaged, destroyed or buried those missiles in underground tunnels and bunkers.
Iran’s drone capability has also likely been reduced by a third, another source said. The assessment, which comes one month after the beginning of the US-Israeli assault on Iran, suggests Tehran still retains substantial missile capability and its ability to retaliate is far from eliminated. At a cabinet meeting on Thursday, Trump said – while discussing options to open the Straits of Hormuz – that 99 percent of Iran’s missiles had been destroyed.
The latest from USA Watchdog –
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