Good morning GoldBuzzers, and welcome to Tuesday! 🌅

Yes, we hit new all-time highs again yesterday, and yes, it's still the beginning of this journey.

In today’s Company Corner, I want to introduce you to the 134-year-old Silver Fox, Hecla Mining. Hecla is older than sliced bread (literally – sliced bread was invented in 1928 and Hecla’s been around since the late 19th century) but they’re still innovating! If that's not resilience, what is?

In today’s Nuggets, Deutsche Bank is already forecasting $4,000 prices soon, plus more Fed drama, a Viking treasure hoard (seriously), and the data that shows this bull market has legs like you wouldn't believe.

Buckle up and let’s dive in. ⚡

RECORD TERRITORY: Gold Hits Fresh All-Time High! 📈

Gold prices absolutely crushed it on Monday, touching a new record high during morning trading before closing just under, at around $3,746/oz.

We're officially in uncharted territory with gold up a staggering +45% year-to-date and +$1,125 over the past year. Silver joined the party too, closing at $44.06/oz and up over 50% YTD.

This rally has serious legs thanks to the perfect storm brewing: last week's Fed rate cut was just the appetizer with markets pricing in two more cuts this year, core PCE inflation ticked up to 2.9% (highest since February), and safe-haven flows continue from geopolitical tensions and tariff uncertainties.

The systematic approach I developed in the Theseus project showed that timing matters in precious metals, and right now we've got dovish Fed policy, persistent inflation, and institutional buying all aligned.

This isn't just a trade - it's a generational wealth transfer into hard assets, and Goldman Sachs' year-end target of $3,700 is already in the rear-view mirror with three months to spare! 🚀

Hecla Mining (NYSE: HL) isn't your typical mining story. Founded in 1891, this Idaho-based operation is America's largest silver producer and the world's third-largest. With a $7.5 billion market cap and four North American mines (Greens Creek, Lucky Friday, Keno Hill, Casa Berardi), they're the "boring is beautiful" play in precious metals.

Let’s say they’re the LeBron James of silver mining – dominant at home, respected globally!

Anyway, Hecla just dropped earnings that would make a tech startup jealous:

The Headlines:

Production Power:

When silver trades at $44/oz and your all-in costs are $5.19/oz, you're basically printing money.

Greens Creek = Cash Machine: Their Alaska flagship generated $69 million in Q2 free cash flow alone. Production hit 2.4 million ounces (up 21% QoQ). This mine is performing like Tesla stock in 2020.

Lucky Friday's Comeback: Record milling performance approaching 5 million ounces annually. The mine that almost died in 2017 is now their comeback kid.

Debt Destruction: Just redeemed $212 million in senior notes, saving $17.8 million annually. That's real money flowing to the bottom line.

Keno Hill Turns Positive: After years as the problem child, it finally delivered $2.7 million in free cash flow. Small, but symbolic.

Keno Hill's Haircut: Production targets scaled back from 550-600 to 440 tons per day. Call it "strategic recalibration" or "we bit off more than we could chew."

Casa Berardi Question Mark: Under strategic review (code for "might sell"). Producing well but doesn't fit the silver narrative.

Grade Variability: Q4 saw equipment hiccups at Greens Creek. Mining is like a box of chocolates – unpredictable.

While First Majestic gets Reddit love and Pan American has size, Hecla offers:

In a world where:

...owning the company producing 37% of U.S. silver at $5/oz when silver trades at $44/oz seems obvious.

Analysts project 46% upside. If silver hits even the conservative targets ($50+), Hecla could absolutely rip.

The Good: Hecla is executing perfectly in the sexiest commodity bull market in years. They're deleveraging, optimizing, and printing cash. With silver potentially going parabolic and their costs locked at $5/oz, this is leveraged exposure to what might be the trade of the decade.

The Bad: If silver were to crash to $20/oz, the party ends fast. Equipment breaks, grades disappoint, or Keno becomes Keno Hell again, things get ugly.

The Verdict: While everyone chases AI stocks and crypto, this 134-year-old silver miner is quietly crushing it. They've survived two world wars, the Great Depression, 2008, COVID, and they're still here making money. At current prices, Hecla generates $39 in gross margin per ounce of silver – like selling lemonade for $44 a bottle when it costs $5 to make.

Sometimes the best opportunities aren't sexy – they're just ridiculously profitable.

As always, not investment advice, just investment information. Do your own DD.

A quick roundup of stories you might have missed:

Fed cuts rates, gold yawns then rockets – The Federal Reserve finally pulled the trigger on a rate cut last week and with inflation still running hot and the Fed promising more cuts, this yellow metal party is just getting started. CNBC

Mining CEOs are expanding like it's 1849 – With gold and silver prices going bonkers, mining executives to boost output and expand operations as they cash in on the demand of the precious metals. BNN Bloomberg

Gold just hit fresh record highs, riding hopes of more Fed rate cuts, jittery global politics, and central banks loading up. Reuters

Deutsche Bank now sees gold at over US$4,000/oz in 2026, pointing to weakening dollar, strong central bank demand, and more easing to come. Reuters

Silver’s not just tagging along - investment demand is surging, supply remains tight, and analysts are talking “silver squeeze” scenarios. Sprott

India is bracing for a gold boom this festive and wedding season, as tax cuts + investment demand are expected to juice the market despite sky-high prices. The Economic Times

ETFs and exchange-traded products are seeing major inflows in gold and silver, suggesting institutional investors aren’t betting on a pullback yet. Reuters

A Viking-age hoard with ~5kg of gold, silver, textiles and exotic artifacts discovered in Scotland. The Guardian

That’s all for this Tuesday morning, folks. Take care of yourself and I’ll see you on Thursday.

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