It's only been a week since we launched last Sunday, but it feels like so much has happened. Thank you for your tremendous support and feedback - it means a lot and we're just getting started!

It was another very profitable week across the whole PM board and we'll take stock of those price moves before I serve up not one, but two Deep Dives for you this week. Plus the top stories from around the wonderful world of gold and the results of last Sunday’s poll.

You lucky people!

Ok, let's dive in! 🚀

Gold absolutely crushed it this week, closing Friday at a record $3,590 per ounce - up over 1% on the day and just under 3% for the week. That's one of the biggest weekly rallies in three months.

What lit the fuse? A brutal jobs report: just 22K new jobs versus 75K expected, plus unemployment jumping to 4.3%. In other words: Fed rate cuts are practically guaranteed this month.

When fed rates fall, uncertainty rises and inflation fears persist, gold keeps looking better by the ounce.

Next week all eyes will be on central bank moves and more job market drama. For now, gold's flex is loud, proud, and trending north. 📈

This week's Deep Dive is going duo! Two stories caught my attention that I couldn't pick between, so you're getting two medium dives for the price of one deep dive! 🤿

Firstly, something happened in Washington that everyone can support.

A bipartisan group introduced the Restore Trust in Congress Act and when Alexandria Ocasio-Cortez and Chip Roy agree on something, you have to take a second look.

Nancy Pelosi's stock picks have been so profitable that entire X accounts now track her trades. People copy her moves because her timing is... let's call it remarkable. The distinguished gentlewoman has parlayed her $174,000 salary into a $267 million fortune.

She's not alone. 113 members of Congress made over 9,000 stock trades in 2024. That's 76 million shares traded by people who write the rules that move these same markets.

The new bill gives current lawmakers 180 days to sell everything. New members have to comply before taking office. Violations cost 10% of the stock's value plus all profits.

Real consequences for once.

Trust in Congress sits at 22%. Meanwhile, 86% of Americans want to ban congressional stock trading.

The current system is a joke. Lawmakers must disclose trades within 30-45 days, but violations carry a $200 fine. Most get waived.

No member of Congress has ever been prosecuted for insider trading.

This bill has backing from Hakeem Jeffries and President Trump. That combination doesn't happen by accident.

For markets, it means less manipulation from people with inside information. It also means all that money has to find a new home. Lawmakers can still buy mutual funds, but they can't pick individual stocks while writing policies that affect those companies.

The gold connection matters here. When political systems lose all credibility, people look for alternatives. This bill might restore some trust, but if it fails despite overwhelming support, that tells us everything about how broken things really are.

In part two of today's Deep Dive, I want to talk about what I'm seeing brewing in the precious metals charts.

I've been diving deep into the technical patterns across precious metals markets, and what I'm seeing suggests we could be at the start of something explosive. While gold smashed through to new all-time highs of $2,670 per ounce in September 2024 with a remarkable 27% rally, what's really interesting is the follow-through that’s been happening again this year.

All of the technical signals are pointing to a sector-wide breakout that could make recent gains look small.

Being based in Canada, I keep a close eye on the junior miners, as there are more of them listed here than in any other country. What caught my attention first was the Canadian Venture Composite (CDNX), where many junior miners trade.

This index broke out of a substantial basing pattern in May this year and these beaten-down junior miners are setting up for what could be a massive run higher.

The patterns extend far beyond just one index. I'm seeing similar bullish setups across the entire precious metals space. HUI, GLD, GDX, GDXJ, SLV, SIL, SILJ are all showing bullish breakouts, all backed up with solid volume. When you see this many related assets forming the same bullish patterns at once, that's not random.

This setup looks a lot like what we saw during the 2000-2011 precious metals bull run and even legendary investors have been preparing for it. Stanley Druckenmiller moved away from tech giants like Amazon and Alibaba, purchasing significant stakes in Barrick Gold and Newmont Mining.

Having studied gold and silver price movements back to 1970, I noticed a similar pattern in each of the big bull markets. Gold tends to move first, then silver and the large cap miners, and finally the juniors start to play catch-up.

The VanEck Junior Gold Miners ETF (GDXJ) has demonstrated gains of over 90% year-to-date, but we might be looking at just the opening act here.

The setup suggests junior and micro-cap miners are ready to play catch-up after trailing physical gold for so long. When the stocks start beating the metal itself, you know the next phase of the bull market is kicking in.

The dollar's weakness adds another piece to this bullish puzzle. The dollar peaked in 2022 which has created ideal conditions for precious metals to keep running.

When the currency that prices most commodities weakens, those commodities typically strengthen. The dollar's breakdown removes a major obstacle for precious metals while giving them a steady push higher.

All the technical evidence points to us entering what could be an explosive phase of this precious metals bull market that technically started back in 2016 but was confirmed by the breakout in March 2024.

Multiple bullish patterns across precious metals, plus history on our side and a weak dollar - it's a compelling setup and junior miners, in particular, look ready to deliver the kind of massive future returns that grab headlines.

The CDNX's technical setup, plus its track record of outperforming during PM bull runs, makes this beaten-down sector worth watching closely.

It's rare to see the charts this clear about what's ahead. The question isn't if this rally continues, but how explosive it eventually gets. 📈

Your Goldmine of must-read stories from around the web this week:

💰 Market Movers

Gold just blew past the $3,500 mark again, thanks to safe-haven bids, a wobbly dollar, and Fed drama, which sent buyers running for bullion. Financial Times

Big players and retail are piling in: central-bank buying and ETF flows are the secret sauce behind gold’s record run. Reuters

Goldman Sachs’ base case sees gold nudging $4,000 by mid-2026, but a sudden rush of private money could push it way higher. Reuters

Some analysts say Trump’s attacks on Fed independence could hand gold a moonshot. $5,000/oz isn’t pure fantasy in that scenario. Fortune

Silver’s clocking a shocker this year: roughly 42% YTD returns vs. gold’s 36%, and folks are wondering if the white metal’s party is just getting started. Economic Times

Gold-backed ETFs are gobbling up metal: the World Gold Council says ETFs drew their biggest inflows in five years during the first half of the year. Reuters

China’s been quietly uncorking a new source of demand - insurers now have a pilot program to buy physical gold, potentially freeing billions to flow into bullion. Bloomberg

SPDR Gold Shares (GLD) led the pack in weekly ETF inflows, proving this rally isn’t just hype - big money managers are all-in. ETF.com

⚡ Green Rush

Solar panels are absolutely devouring silver right now, with demand expected to hit 273 million ounces by 2030. That's one-fifth of total global silver demand just for catching rays. Sprott

Electric vehicles are using up to 50 grams of silver per car compared to just 15 grams in your dad's old gas guzzler. Multiply that by millions of EVs and you've got a silver squeeze brewing. Kitco

💎 Treasure Hunting IRL

The Whitwell Hoard, a giant Iron-Age stash of Corieltauvian gold coins from Derbyshire, is headed to auction and collectors are drooling. Noonans

Metal detectorists in northern Germany unearthed a 1,000-year-old Viking hoard featuring a mysterious pendant — could be a cross or Thor’s hammer. Live Science

Ancient coins just popped up from a 317-year-old shipwreck off Colombia, potentially confirming the legendary $17 billion treasure haul from the 'richest wreck' ever. People

What a wild week it's been! Gold smashed through $3,590 while politicians shocked everyone by working together, technical charts are screaming "breakout," and silver's quietly doing its thing with 44% annual gains. From Capitol Hill insider trading reforms to junior miners setting up for explosive moves, this precious metals bull market is picking up serious steam. Buckle up. If these signals are right, we're just getting warmed up! 🚀

Last week's poll asked what your ideal stash looks like.

A resounding 53% of you voted for team gold AND silver but what’s striking is that 27% chose "silver only", more than double the 12% who chose "gold only".

Clearly, you're spotting the value in silver that we've been discussing recently. Looks like those deep dives are resonating! I'm not going to comment on the 8% who are just here for the memes. 😂

We’ll have another poll question for you next Sunday, and in the meantime, that’s a wrap. Enjoy the rest of your weekend, and see you bright and early on Tuesday morning!

Before you go, please take a moment to rate today's newsletter and tell us how we did.

Rick Adams
Founder, GoldBuzz
rick@goldbuzz.com