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House Republicans are cautiously supportive of a bipartisan bill aimed at forcing the Department of Justice (DOJ) to release all its files on Jeffrey Epstein’s case after President Donald Trump gave the bill his stamp of approval on Sunday night.

GOP lawmakers who spoke with Fox News Digital Monday evening said they would vote for the bill and were optimistic their colleagues would as well — though many of them said they still had concerns about how it was written.

It comes after Speaker Mike Johnson, R-La., who had been against the bill but pushing parallel transparency efforts in Epstein’s case, said he hoped it would undergo material changes when it reached the Senate to give more protection for innocent people whose names may appear in the files against their wishes.

‘I have real concerns about the discharge language in the House draft,’ Johnson said. ‘But I do have some comfort that, I think if and when it’s processed in the Senate, that they’ll be able to correct some of those concerns, if we have the protection of victims and whistleblowers and all the rest.’

The legislation is coming to the House floor on Tuesday afternoon via a mechanism called a discharge petition led by Rep Ro. Khanna, D-Calif., and Rep. Thomas Massie, R-Ky. The latter has found himself at odds with both Johnson and Trump on several key issues this year.

A discharge petition allows a bill to get a House-wide vote against leaders’ wishes, provided the petition gets support from most lawmakers in the chamber — which in this case, it did last week.

Rep. Byron Donalds, R-Fla., a Trump ally who is running for governor in Florida, said he would vote for the bill but shared Johnson’s concerns.

‘Number one, Congress has never released criminal files ever in the history of Congress. Two, there are victims, and I know we’re supposed to be trying to do what we can to sanitize their names or cover their names or redact their names, but you know, that doesn’t mean it’s going to be foolproof,’ Donalds said.

‘You could have victims that don’t want to be released, be identified, and then they have to go relive this again. What about those women? What if those women have kids now? What if those women have husbands now and they don’t want to go through this? So I think there’s a reason why political bodies don’t release criminal files.’

Donalds said he would vote to release the files, however, to move past this chapter and help victims get closure.

‘It’s become such a huge distraction here on Capitol Hill. And I do want to see justice for those victims, if they were abused,’ he said.

Republican Study Committee Chairman August Pfluger, R-Fla., said, ‘I’m gonna vote in favor of it, but it’s not perfect, and there’s a lot of things that need to be addressed.’

‘Transparency is key. My district needs transparency. The president has nothing to hide, but things that need to be fixed, have to be fixed in the Senate,’ Pfluger, who pledged to support the bill before Trump’s blessing, said.

Rep. Erin Houchin, R-Ind., said she had similar concerns ‘from the start.’

‘Once it goes to the Senate, if the Senate believes they need to have broader or, you know, bigger protections, then I think that’ll be up to the Senate to decide, but I’m ready to vote this out of the House and send it over to the Senate and get moving on it,’ Houchin said.

A member of the conservative House Freedom Caucus, Rep. Andy Ogles, R-Tenn., questioned whether such a move by Congress could get in the way of the DOJ’s active probes into Epstein.

‘I have concerns as well. I mean, you have the Department of Justice investigations taking place. Are we inadvertently interfering?’ he posed.

Ogles said, however, that he believed most House Republicans like himself would back the bill.

‘With the president coming out in support of it, I think that sends a clear message that he’s not afraid of what’s in it, the Democrats should be,’ he said.

Rep. Rich McCormick, R-Ga., similarly said he believed Trump’s support alleviated some difficulties for Republicans.

‘I think it releases any angst they might have when we’re voting for it,’ McCormick said. ‘I think most people will vote for it, I don’t think it’s going to be a controversial bill at all.’

Houchin told Fox News Digital, ‘I think he moved the needle tremendously, just to say, you know, let’s have a vote on it and let’s stop talking about it.’

But Rep. Russell Fry, R-S.C., disagreed that Trump’s support had a significant effect on shifting the tide.

‘I mean, maybe a little bit, but I think people were largely there anyway,’ Fry said. ‘We talked about this on the campaign trail, The guy was a total dirtbag, did unspeakable atrocities on women in our country, and the public wants closure…this has been the most transparent Congress and administration on this subject in the country’s history.’

Trump posted on Truth Social on Sunday night, ‘House Republicans should vote to release the Epstein files, because we have nothing to hide, and it’s time to move on from this Democrat Hoax.’

It appeared to lead to Rep. Troy Nehls, R-Texas, who notably said he would oppose the measure on Friday, changing his mind as of Monday night. He told reporters ‘everybody’ would vote in favor of the bill and pointed out, ‘Donald Trump made a decision.’

House Oversight Committee Chairman James Comer, R-Ky., who was leading the Johnson-backed probe into Epstein, appeared similarly resigned on Monday.

‘At this point, I just think the best thing to do — there’s so much media frenzy and curiosity about this, and you know, the survivors act like they want everything to come out. I want everything to come out….any other villains in this, we’ll try to figure out what we can,’ he said.

And Massie told reporters that same evening that he would be open but cautious about any changes to his bill in the Senate.

‘If the Senate wants to improve this bill without limiting the disclosure, that would be fine by me. But if they try to monkey it up, I think those senators are gonna get in front of a freight train and be in a lot of trouble with their supporters,’ he warned.

Massie told Fox News Digital of Johnson’s concerns, ‘He needs to be for it or against it. I think he’s going to vote for it, so he must think there’s more good than bad.’

Senate Majority Leader John Thune, R-S.D., has not yet said what he would do if the bill passed the House on Tuesday.


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Rio Tinto (ASX:RIO,NYSE:RIO,LSE:RIO) said on Monday (November 17) that it has signed a joint development agreement with environmental technology company Calix (NYSE:CALX,ASX:CXL) to develop Calix’s Zero Emissions Steel Technology (Zesty) green iron demonstration plant in Western Australia.

If approved, the plant will be built at a site in Kwinana, south of Perth, that was previously earmarked for Rio Tinto’s BioIron research and development facility and associated pilot plant.

Under the deal with Calix, Rio Tinto will invest more than AU$35 million, pending project milestones. Funding from the mining giant will include both in-kind and financial contributions.

The plant received AU$44.9 million in Australian Renewable Energy Agency support in July.

Rio Tinto’s work will include helping Calix reach a final investment decision through technical support, engineering services and advocacy. Subject to a final investment decision and successful project construction, Rio Tinto will provide up to 10,000 tonnes of various Pilbara iron ores for plant commissioning and the initial testing phase.

The miner will also provide introductions to potential customers for downstream use of the Zesty product.

“The world needs low-emissions steel if it is going to decarbonise, and we continue to look at a range of ways Pilbara iron ores can help to do this as new technologies emerge,” said Rio Tinto Iron Ore Chief Executive Matthew Holcz.

He added that Rio Tinto will keep progressing BioIron with its partners, the University of Nottingham and Metso. However, the company has decided that the current furnace design requires additional development.

“Both projects are part of our work to reduce emissions and support the future of iron ore in Australia and the communities that depend on it,’ Holcz added, referring to Zesty and BioIron.

Securities Disclosure: I, Gabrielle de la Cruz, hold no direct investment interest in any company mentioned in this article.

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East Star Resources (LSE:EST) and Endeavour Exploration announced they have entered into a binding earn-in and joint venture (JV) agreement to advance gold exploration in Kazakhstan.

Endeavour Exploration, a subsidiary of top gold producer Endeavour Mining (LSE:EDV,TSX:EDV,OTCQX:EDVMF), will have the right to earn up to an 80 percent interest in a new JV company via staged investments.

Stage 1 includes a US$5 million payment within two years, equivalent to a 51 percent interest. If an additional US$20 million is given over three years, its interest will increase to 70 percent.

The last 10 percent will be given to Endeavour if it funds and completes a prefeasibility study.

During the initial phase, East Star will act as manager of the JV.

The area of interest for the partnership includes two proven, underexplored mineral belts.

‘This agreement with Endeavour is a transformational milestone for East Star that validates the quality of our exploration programme and provides a clear pathway to unlock the full potential of our gold exploration strategy,” said East Star Resources CEO Alex Walker in a November 13 press release.

While the JV will focus on gold, East Star is also pursuing copper in Kazakhstan.

Its assets include a volcanogenic massive sulfide deposit with a JORC-compliant resource estimate of 20.3 million metric tons at 1.16 percent copper, 1.54 percent zinc and 0.27 percent lead.

An investor webcast is scheduled for Tuesday (November 18) to discuss the terms of the JV.

Both parties will fund the JV company in proportion to their ownership share after the earn-in period.

Securities Disclosure: I, Gabrielle de la Cruz, hold no direct investment interest in any company mentioned in this article.

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Silver mining companies are being supported by a silver price bull run in 2025.

After climbing through 2025, silver broke its all-time high set in 1980 this October, reaching a new high of US$54.47 per ounce on October 17.

The factors driving the metal’s rise remain, most notably tightening supply and demand fundamentals driven by higher demand from industrial sectors and its use in photovoltaics.

Additionally, prices have found tailwinds from safe-haven investors who find silver’s lower entry price compared to gold appealing. They have moved toward silver on the back of uncertainty in global financial markets as the US implements tariff policies, as well as escalating tensions in the Middle East and the unresolved conflict between Russia and Ukraine.

Below is an overview of the five largest silver-mining stocks by market cap as of November 10, 2025, as per TradingView’s stock screener. Read on to learn more about the activities and operations of these large-cap silver stocks.

1. Pan American Silver (TSX:PAAS,NYSE:PAAS)

Market cap: C$20.62 billion
Share price: C$52.51

Pan American Silver is among the world’s largest primary silver producers, with silver assets located throughout the Americas and operations in Peru, Mexico, Bolivia, Argentina and Chile. Its largest silver-producing asset is its wholly owned La Colorada mine in Mexico.

On May 11, Pan American entered into a definitive agreement to acquire all of the issued and outstanding shares of MAG Silver (TSX:MAG,NYSEAMERICAN:MAG). Under the terms of the US$2.1 billion deal, MAG shareholders will be paid out a mix of cash totaling US$500 million and 0.755 shares in Pan American per MAG share.

On September 4, Pan American announced the deal’s closing, giving it a 44 percent stake in the Juanicipio mine in Central Mexico. The mine is operated by Fresnillo (LSE:FRES), which holds the remaining 56 percent.

According to its Q3 report, released on November 12, the company’s attributable silver production during the period totaled 5.46 million ounces.

The La Colorada mine was the biggest contributor, producing 1.51 million ounces of silver during the quarter. Other significant contributions came from the El Peñon gold-silver mine in Chile with 938,000 ounces of silver, Huaron in Peru at 755,000 ounces, San Vicente in Bolivia at 765,000 ounces and Cerro Moro in Argentina at 559,000 ounces.

Additionally, its attributable silver production from its 44 percent stake in Juanicipio in Mexico totaled 580,000 ounces in the month of September alone.

Pan American Silver also upgraded its 2025 operating outlook to account for Juanicipio’s additional production, and now expects full-year attributable silver production between 22 million to 22.5 million ounces. The company also lowered its expected silver segment all-in sustaining costs to a range of US$14.50 to US$16.00 per ounce.

2. First Majestic Silver (TSX:AG,NYSE:AG)

Market cap: C$7.83 billion
Share price: C$16.61

First Majestic has three wholly owned silver-producing mines in Mexico: San Dimas in Durango, Santa Elena in Sonora and La Encantada in Coahuila. The first two also produce gold.

The company holds a 70 percent stake in the Los Gatos silver mine in Chihuahua as well. First Majestic acquired the property in January 2025 through a merger with Gatos Silver.

Japan’s Dowa Holdings (TSE:5714) holds the remaining 30 percent interest.

In addition to its producing assets, First Majestic sells bullion from its own minting facility in Nevada, US, named First Mint. It commenced sales in March 2024.

According to its Q3 report, the company achieved record quarterly production of 3.86 million ounces of silver, a 96 percent increase from the 1.97 million million ounces produced in the same period in 2024.

First Majestic’s recently acquired Los Gatos mine was its largest producer, delivering 1.41 million attributable ounces of silver. San Dimas took second place at 1.47 million ounces, while La Encantada and Santa Elena produced 575,193 ounces and 412,669 ounces, respectively.

3. Endeavour Silver (TSX:EDR,NYSE:EXK)

Market cap: C$2.93 billion
Share price: C$11.12

Endeavour Silver is a mining company with two operating silver-gold mines in Mexico — Guanaceví and Bolañitos — plus the commissioning-stage Terronera project and several exploration properties.

On May 1, the company completed the acquisition of Compañia Minera Kolpa and the Huachocolpa Uno mine in Peru for total consideration of US$145 million in a combination of cash and Endeavour shares to Kolpa shareholders.

Endeavour also agreed to pay an additional US$10 million in cash in contingent payments if certain events are met, and will add US$20 million in net debt, which will remain outstanding and repayable by Minera Kolpa.

In its Q3 production report, Endeavour reported silver production of 1.77 million ounces, 102 percent higher than the 874,717 ounces in the third quarter of 2024. A large portion of the increase was owed to the acquisition of Kolpa, which delivered 598,689 ounces of silver through Q3.

The company also provided an update on Terronera, which is nearing commercial production. Between September 1 and September 23, milling rates averaged 1,866 metric tons per day, with average silver recoveries of 82.8 percent. Additionally, the mine delivered 212,043 ounces of silver during the third quarter.

4. Silvercorp Metals (TSX:SVM)

Market cap: C$1.94 billion
Share price: C$9.58

Silvercorp Metals is a production and development company operating two silver mines in China: the Ying Mining District in Henan and the GC mine in Guangdong. It is also working to develop the copper primary El Domo project in Central Ecuador.

In the company’s operations report for its fiscal Q2 2026 ended September 30, it reported total silver production of 1.66 million ounces, a 0.2 percent increase from the same period last year. The majority of its output came from the Ying Mining District, which delivered 1.53 million ounces of silver, with the remaining 130,000 ounces coming from the GC mine.

In addition to mining activities, the company reported 77,507 meters of exploration drilling at Ying and 14,437 meters of tunnelling.

Silvercorp also reported that construction activities at El Domo had advanced during the quarter, with 1.29 million cubic meters of material removed from the site. Although the mine is being developed as a copper mine, it will also produce silver as a by-product metal.

The company’s environmental license for the project was the subject of a court challenge, but on August 5, Silvercorp announced that the Constitutional Court of Ecuador rejected the challenge in a unanimous decision.

5. Vizsla Silver (TSX:VZLA,NYSEAMERICAN:VZLA)

Market cap: C$1.9 billion
Share price: C$5.91

Vizsla Silver is advancing its Panuco silver-gold project in Sinaloa, Mexico, toward production.

It released an updated preliminary economic assessment for the Panuco project on February 20, suggesting a post tax net present value of US$1.14 billion with an internal rate of return of 85.7 percent and a pay back period of less than 1 year.

Measured and indicated silver resources at the site totaled 127.82 million ounces of contained silver from 12.96 million metric tons of ore with an average grade of 307 grams per metric ton (g/t) silver. Its inferred resource totals 73.62 million ounces of silver from 10.47 million MT of ore with an average grade of 219 g/t.

On June 18, Vizsla reported that it had advanced 125 meters at its Copala test mine and was progressing at a rate of 4 meters per day. Once development reaches the main deposit, Vizsla will take a 10,000 metric ton bulk sample. The portal will also serve as the primary access for underground mining operations once a construction decision is made.

Additionally, in May, the company entered into an agreement to acquire the producing Santa Fe silver-gold mine and property located to the south of Panuco. The property hosts operating mining infrastructure, including a processing plant and an underground mine built in 2018. Between 2020 and 2024, the mine processed 370,366 metric tons of ore, with an average head grade of 203 g/t silver and 2.17 g/t gold.

Under the terms of the agreement, Vizsla will have the option to acquire a 100 percent interest in the Santa Fe producing concessions for US$4 million in exploration expenditures, along with cash considerations of US$1.5 million and 1.37 million Vizsla shares over five years. It also entered a purchase agreement to buy the Santa Fe exploration concessions for a further US$1.43 million and 2.75 million common shares.

On September 5, Vizsla executed a mandate letter for up to US$220 million toward the development of the Panuco project. While the deal isn’t expected to close until Q1 2026, Vizsla will be able to draw an initial tranche of US$25 million for immediate funding of early development and construction preparation.

FAQs for silver investing

Is silver a good investment?

Silver comes with many of the same advantages as its sister metal gold. Both are considered safe-haven assets, as they can offer a hedge against market downturns, a weakening US dollar and inflation.

Additionally, many investors like being able to physically own an asset, and with its lower price point, buying silver coins and bars is an accessible option for building a precious metals portfolio. Of course, physical silver isn’t the only way to invest in the metal — there are also silver stocks and various silver exchange-traded funds.

It’s up to investors to do their due diligence and decide whether silver is the right match for their portfolio.

Does silver go up when the stock market goes down?

Historically, silver has shown some correlation with stock market moves, although it’s not consistent. When the stock market has seen its worst crashes, silver has moved down, but by a less significant amount than the stock market has, showing that it can act as a safety net to lessen losses in tough circumstances.

However, silver is also known for its volatility. What’s more, because it has industrial applications as well as a currency side, silver is less tied to the stock market than gold is.

Securities Disclosure: I, Dean Belder, own shares of Vizsla Silver.

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Researchers have documented the first known recovery of naturally formed nanoscale monazite from a living plant, potentially opening up new paths to recover in-demand rare earth materials.

The study, published this month in Environmental Science & Technology, identifies nanoscale monazite crystals inside Blechnum orientale, an evergreen fern known to accumulate rare earths at unusually high concentrations.

The work was carried out by researchers at the Guangzhou Institute of Geochemistry under the Chinese Academy of Sciences, in collaboration with a geoscientist at Virginia Tech in the US.

In the paper, the authors write that the discovery “opens new possibilities for the direct recovery of functional rare earth element (REE) materials,” adding, “To our knowledge, this is the earliest reported occurrence of rare earth elements crystallising into a mineral phase within a hyperaccumulator.”

The method, known as phytomining, relies on certain plants that naturally pull unusual amounts of metals from the ground. In this case, the fern absorbed rare earths so efficiently that tiny mineral crystals formed inside its tissues.

The mineral identified — monazite — is normally created deep underground under intense heat and pressure.

The team’s analysis shows that the fern somehow produced nanoscale versions of it under normal surface conditions, with the highest concentrations found in its leaflets and roots. In this state, the plant appears to lock the metals outside its cells as a way of protecting itself, with the process enabling the mineral to crystallize.

Monazite is prized for uses ranging from lasers to electronics to materials that withstand high heat and radiation, so finding it naturally produced inside a plant could open up a new, lower-impact source of rare earths.

REEs take priority in global supply race

REEs, a group of metals used in permanent magnets, lasers, consumer electronics and advanced defense systems, are receiving renewed international scrutiny as governments race to reduce dependence on concentrated supply chains.

Earlier this month, the US Department of the Interior published its final 2025 list of critical minerals, naming 60 minerals deemed vital to the American economy and exposed to supply risk.

The list emphasizes the importance of rare earths, which the US imports heavily, and highlights neodymium, scandium and dysprosium as metals where supply disruptions would impose the “highest cost” on the US economy.

Washington has moved in parallel to strengthen access to rare earths through domestic production, expanded mapping of US deposits and agreements with partners in Australia, Japan, Malaysia and Thailand.

In addition to these efforts, US officials continue to signal confidence that Beijing will adhere to commitments under a rare earths framework outlined last month.

Secretary of the Treasury Scott Bessent said in a recent interview that a deal with China will “hopefully” be done by Thanksgiving, while also rejecting a report suggesting that Beijing is planning new restrictions on US companies.

Are plants a viable source of rare earths?

The use of ferns for mineral extraction remains at an early stage, and the researchers emphasize that phytomining is not a replacement for conventional production.

But finding mineralized rare earths in a living organism offers a proof of concept that could broaden how countries approach resource development at a time when REEs remain strategically critical for major economies.

As the US, China and other nations look for secure supply routes, the possibility that plants themselves may contribute to the pipeline adds a new dimension to a field dominated by mining companies.

Securities Disclosure: I, Giann Liguid, hold no direct investment interest in any company mentioned in this article.

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Graphite One (TSXV:GPH,OTCQX:GPHOF) announced on November 13 that it has identified rare earth elements (REEs) at its Graphite Creek deposit, located north of Nome, Alaska.

“The presence of two Defense Production Act Title III materials — graphite and REEs — in a single deposit further underscores Graphite Creek’s position as a truly generational deposit,” said President Anthony Houston.

“Given the robust economics of our planned complete graphite materials supply chain, the presence of Rare Earths at Graphite Creek suggests that recovery as a by-product to our graphite production will maximize the value.”

Geochemical analysis of drillcore samples reveals elevated levels of heavy rare earths and all five principal permanent magnet REEs: neodymium, praseodymium, dysprosium, terbium and samarium.

Testwork is ongoing at the University of Alaska Fairbanks’ Advanced Instrumentation Laboratory, and at Activation Laboratories. Graphite One is also collaborating with a US Department of Energy national lab on REE extraction.

REEs are essential to modern technologies, from permanent magnets in wind turbines and electric vehicles, to high-performance fiber optics, lasers and defense systems.

China, which dominates global production of both magnet REEs and graphite, imposed export limits last year and has continued to expand these restrictions in 2025.

Graphite One is advancing a US-based graphite supply chain, including transport from Nome to an advanced graphite and battery materials plant in Warren, Ohio, with a co-located recycling facility to reclaim graphite and other materials.

Graphite Creek has received support through a US$37.5 million Defense Production Act Title III grant, as well as non-binding letters of interest totaling US$895 million from EXIM Bank.

Securities Disclosure: I, Giann Liguid, hold no direct investment interest in any company mentioned in this article.

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A mounting artificial intelligence (AI) bubble, overvalued markets and resource nationalism are among the issues experts at the 51st New Orleans Investment Conference flagged for investors heading into 2026.

With the ongoing precious metals bull market sending gold and silver prices to fresh all-time highs this year, the wide array of panelists and speakers cautioned investors to be prepared for anything.

During the Mining Share panel, moderator Rick Rule, proprietor of Rule Investment Media, asked participants which black swan is most likely on the horizon, acknowledging that these events are inherently impossible to predict.

Nick Hodge, publisher at Digest Publishing, said disproportionate market growth is keeping him up at night.

“The overvaluation of the S&P 500 (INDEXSP:.INX) and the tech stocks could lead to some sort of stock crash that takes down the valuations of all the equities, including the precious and industrial metals. I think it’s long overdue,” he said.

Hodge also noted that the US has largely avoided a recession in recent years, and that economic growth is “okay,’ but warned that equity valuations, particularly in tech, quantum computing and robotics, have run ahead of fundamentals.

Jordan Roy-Byrne, editor and publisher of the Daily Gold, went a different route, saying gold and silver prices could go vertical ‘sooner than people think,’ and suggested that investors aren’t ready for that to happen.

Roy-Byrne argued that fears rooted in the 2008 financial crisis still distort market thinking, even though bonds are now in a secular bear market and stock crashes tend to look very different.

If the S&P enters a downturn in the next couple of years, he said the setup could resemble the mid-1970s, when equities slumped, but precious metals soared — a scenario many investors aren’t prepared for.

Strategic investor Jeff Phillips sided with Hodge, saying that the ripple effects of a tech-related bubble are his paramount concern at the moment. He noted that the resource sector’s bull markets are often sparked by broader financial corrections, because investors tend to retreat to hard assets when liquidity dries up.

Resource markets are thinly traded, Phillips explained, so momentum can shift quickly.

After three major resource bull cycles in his 30 year career, he’s seen the same pattern repeat: when speculative themes fade — whether that be the internet in the early 2000s or today’s AI boom — investors eventually recognize that most of the companies in these sectors won’t deliver, and capital flows back to tangible assets.

“So what keeps me up at night is not necessarily the resource sector, but a liquidity event that causes people to have to sell things,” Phillips said. “But I don’t know what the black swan is, because that’s what a black swan is.”

Taking a different approach, Jennifer Shaigec, principal at Sandpiper Trading, underscored growing tensions with China around trade, as well as supply chain imbalances that are materializing in the resource sector.

“I’m going to go with something very dark — nationalization of mines,” she said.

“I think we’re headed for a conflict with China. We’re seeing this huge push to secure domestic supply chains, and the wartime controls that were from World War I and II (are still in place). Seeing the government starting to take these bigger stakes in some of these projects is a little bit scary for me,’ Shaigec explained.

For Brien Lundin, conference host and editor of Gold Newsletter, all the hypotheses have merit. He explained that a major liquidity crisis is almost unavoidable, but said it would also create one of the biggest opportunities in years.

Since 2008, markets of all kinds have become dependent on rapid central bank intervention, he noted.

So while a shock could deliver a brief period of real pain, Lundin expects policymakers to respond quickly with a surge of liquidity, just as they did after the financial crisis and during COVID-19.

That kind of rescue typically sends gold, commodities and other risk assets sharply higher.

‘What we don’t know is what the black swan is, where is it going to come from? It usually comes out of left field in some area nobody’s really predicted,” said Lundin.

AI euphoria may be outpacing reality

At the Booms, Bubbles and Busts panel, fear that the AI bubble is reaching critical mass was the prominent theme.

Moderator Albert Lu, founder and president of Luma Financial, started the discussion by polling the panelists about whether the AI market is in a bubble right now.

“Yeah, we’re in a bubble. But in the 1990s we were in a bubble in the internet. So the question is, what stage of the bubble are we at?” responded economist and professor Peter St. Onge.

He recalled buying Yahoo in 1996 — when friends thought he was reckless — only to watch it soar. Today’s tech boom, he argued, is “without a doubt” a bubble, potentially 10 times bigger than the dot-com era.

In his view, the cycle will eventually break, but before a steep correction, he suggested there may still be room for tech markets to multiply, perhaps doubling or even surging eightfold, before an inevitable 75 percent wipeout.

Jim Iuorio, managing director of TJM Institutional Services, cautioned that while “it’s not that valuable … to say we’re in a bubble,” he believes markets are somewhere in bubble territory — but trying to pinpoint the exact stage is “foolish.’

He warned that many high-flying tech names could face a 30 percent correction within 18 to 24 months.

What’s convinced him most about this has been the frenzy around OpenAI-related announcements.

“Anytime they mentioned any partnership with anyone — just the mania that happened with those stocks — to me that means we’re in some sort of odd realm that I’m not comfortable with,’ he said.

Still, he isn’t exiting yet — Iuorio said he’s keeping his positions hedged and flexible while acknowledging “there is a very distinct possibility that one day you’re going to open up your portfolio and things will change quite a bit.’

For his part, Jim Bianco, president and macro strategist at Bianco Research, said he resists using the word “bubble” because “I don’t know exactly what it means.’ He noted that people often invoke it only when they think the cycle is ending, and aligned with St. Onge in arguing that the endpoint may not be near right now.

Bianco stressed that AI technology is “very real” and likely “more transformative than the internet,’ comparing the hype to late-1990s optimism about the web, which may have seemed exaggerated, but largely proved true.

Still, he cautioned that transformative technology doesn’t guarantee immediate investment success: buying into the internet boom meant enduring the dot-com crash and the long slog through the Great Recession before breaking even.

Securities Disclosure: I, Georgia Williams, hold no direct investment interest in any company mentioned in this article.

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The gold price has been trading at record highs above US$4,000 per ounce since October.

As top tech companies like NVIDIA (NASDAQ:NVDA), Microsoft (NASDAQ:MSFT) and Alphabet (NASDAQ:GOOGL) battle for AI supremacy, investors are wondering if this arms race is boosting the rush to gold.

Gold is an essential material in sophisticated computer infrastructure, sparking headlines about potential future demand. But there’s also another angle in play — fears that the AI boom is on track to become an AI bubble is seen as a major driver for gold demand as investors seek out safe-haven assets.

Gold a key material in AI technology

In its Q3 gold demand trends report, the World Gold Council (WGC) indicates that demand for gold originating from the electronics sector was down by 1 percent compared to the same quarter last year.

US President Donald Trump’s tariff policy is weighing on what’s typically a season of upward momentum for demand from this segment of the market as manufacturers gear up for new product launches.

“Typically in a technological development era, you’ll see gold used early on in the technological developments, and then often very quickly substituted out because it’s expensive,” said Cavatoni. “But what’s been encouraging for us is that gold’s superior properties are keeping it very much in the discussion around the technological uses.”

Gold’s electrical conductivity and resistance to corrosion make it an ideal component in AI tech, which relies on high-performance computing infrastructure such as specialized processors, memory chips and high-speed connectors.

Gold demand from the memory sector jumped during Q3 as AI infrastructure continued its rapid expansion. But perhaps the strongest growth came from gold’s use in printed circuit boards, essential for AI servers.

“Strong performance was recorded in AI server infrastructure, satellite communications, consumer graphics cards, and PC market applications,” notes the WGC report. “AI server demand was the single most significant factor driving growth, propelling gold usage through continuous specification upgrades.”

Record-high gold prices have not been an impediment to demand in the AI sector because of two important factors. For one, alternatives such as silver or copper cannot match gold’s superior resistance to corrosion and oxidation for long-term reliability. Secondly, the actual amount of gold used is only a fraction of the materials used in the fabrication of these products, so manufacturers are still comfortable with their margins even at US$4,000 gold.

It seems that for now, AI tech makers are willing to pay a premium for gold to ensure the reliable performance and longevity of their products. While gold usage in AI technology is a relatively small part of the overall demand for the metal, it is helping to support otherwise weakening demand in the technology sector.

Gold as a hedge for a potential AI tech bubble

A more prominent AI-related driver of gold demand is growing fears of an AI tech bubble on the verge of bursting. That’s because gold’s main purpose in an investment portfolio is to hedge against stock market volatility through asset diversification. As safe-haven demand for gold grows, so too does its price.

Analysts at major financial institutions have said that some of the increasing investment demand for gold can be attributed to investors using the metal as a hedge against a significant market correction in AI stocks.

A prime example of the gold price taking off following a tech bubble bursting occurred in the early 2000s with the end of the dot-com rally. The price of gold gained more than 620 percent between 1999 and 2011 to reach US$1,825 as investors pulled out of the stock market in droves and the US Federal Reserve lowered interest rates.

Is the market growing too fast? A UBS Group (NYSE:UBS) report shows that this year global AI spending is expected to reach US$375 billion and then climb further to hit US$500 billion in 2026.

The hype around AI is fueling valuation growth for many tech companies, especially the giants. The biggest AI stocks also rank among the Magnificent 7 technology stocks, which make up a significant portion of the overall valuations of both the S&P 500 (INDEXSP:.INX) and Nasdaq Composite (INDEXNASDAQ:.IXIC). Apple (NASDAQ:AAPL) and Microsoft are now boasting US$4 trillion market caps, while chipmaker NVIDIA recently surpassed US$5 trillion.

Shiller price-to-earnings ratio.

Shiller price-to-earnings ratio.

Chart via Multpl.com.

Another indication that the equity markets may be in trouble is that the Shiller price-to-earnings (PE) ratio, also known as the cyclically adjusted PE ratio, is now flashing red.

An important metric of market health and future returns, the ratio is calculated by dividing the current stock or market index price by the average of the past 10 years’ earnings, adjusted for inflation.

A typical range for the Shiller PE ratio for the S&P 500 is between 17 and 28. Right before the dot-com bubble burst and investors fled to gold, this ratio was flashing red at 44.19, its highest recorded ratio.

As of November 10, the S&P 500 had a Shiller PE ratio of between 39 and 40.

US AI stocks slumped during the second week of November, reported CNBC, on the perception that equity valuations are overstretched amid a backdrop of a slowing economy. Looking ahead at the next two years, Goldman Sachs (NYSE:GS) CEO David Solomon is predicting a potential 10 to 20 percent pullback in the equity markets.

Similarly, Bloomberg reported that Michael Hartnett, chief investment strategist at Bank of America Global Research, said in a note to clients that AI growth has spurred the top tech stocks to sky-high valuations, and gold may be one of the best hedges for a possible bubble burst in AI-related equities.

Macquarie analysts are also pointing to gold as a hedge against a potential AI bubble burst if tech firms can’t deliver on their high productivity promises. The firm has an interesting take on the parallel rallies that have occurred in gold and AI this year: “Optimists buy tech, pessimists buy gold, hedgers buy both.’

Securities Disclosure: I, Melissa Pistilli, hold no direct investment interest in any company mentioned in this article.

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