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.”
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