Congratulations, investors, the bull market in metals is well and truly on

Look at this chart of gold:

After a short rise at the end of 2022 and early 2023, gold didn’t begin moving up again until March 2024. And then it simply roared higher. The price of gold rose 90% in less than two years. That’s an incredible run.

Gold is a store of value. Inflation is a major contributor to rising gold prices. Think of it this way…

My grandmother used to buy a candy bar for a nickel. Today that same candy bar now costs two dollars. You don’t get more chocolate today…the value of our money decreased. The candy bar has a store of value that requires more dollars to buy because the intrinsic value of the paper dollar declined.

That’s a lot of words, but we can see the point of them in this chart:

PCE is the Personal Consumption Index. It tracks the cost of life here in the U.S. through the prices of a basket of common expenses. While each component will go up and down somewhat, the average trend is up.

That means it costs more dollars for the average American to live at the same standard over time. That’s inflation.

The response to inflation is to trade currencies for “real assets” like real estate, art, collectibles, and precious metals. That’s why the price of gold is soaring today.

People and institutions are trading paper currencies for gold. That’s why we should own physical gold and miners.

However, the gold price doesn’t go up in a straight line. It remain static for years and then suddenly rebalance higher.

You can see we had two significant repricing events since 2000:

The last significant repricing of gold occurred from 2001 to 2011. The average gold price rose from $300 per ounce to $1,250 per ounce in that period. That’s a 300% gain.

We are currently in the next big rebalancing effort. Gold rose from $1,250 per ounce to nearly $4,000 per ounce. That’s a 200% gain, but it’s still going. And we don’t have a good handle on just how high it will go. And it isn’t just gold…

Base metals like copper and nickel also respond to inflation. However, economic factors influence their prices as well. In the copper chart below, we can see the repricing from2003 to 2011.

However, the copper price is far more volatile than gold price:

Prior to 2003, the base copper price was around $1.00 per pound. After the bull market from 2003 to 2011, the base copper price averaged around $3.00 per pound. That 200% increase in base price is the inflation affect.

Like gold, base metals prices are on the rise. What we know is that higher metal prices have an immediate impact on existing mine economics.

Miners, as we often say, are price takers. They can’t set their own prices. Instead, the global market sets the price. But it’s simple to understand that if you can profitably produce a widget for $100, your profit goes up dramatically at $200…

That’s what’s going on for producers right now. These miners made money at $1,500 gold and $3.00 copper. Now they are raking in the profits with gold over $3,800 per ounce and copper near $5.00 per pound.

And those aren’t the only metals with runaway prices. Antimony, rare earths, platinum, silver, etc. are all soaring today. And they are carrying miners higher.

Our portfolio is doing spectacularly well right now!

• Global X Copper miners ETF (NYSE: COPX) is up 42.6% since August 2025
• Liberty Gold (TSX: LGD) is up 112.5% since February 2025
• Capstone Copper (TSX: CS) is up 336.7% since August 2022
• Aclara Resources (TSX: ARA) is up 416.7% since June 2024
• U.S. Antimony Corporation (Nasdaq: UAMY) is up 423.6% since January 2025

These are game changing investments. If you started with five thousand dollars and put $1000 in each of those five stocks, you would have $18,321 today. We held three of those five stocks for less than a year!

These are the kinds of results that we told you about, way back when we started publishing our letter. We knew bull markets drive historic returns. And this portfolio is doing everything we wanted it to do.

That’s the power of a bull market. And we need to sit back and hold on as it continues to roll higher.

We aren’t going to add a new position this month, as big changes are coming for New Energy. We have exciting news about changes to your subscription, so keep your eyes on your inbox.

We think this trend will continue through the next few years. We intend to help you maximize your profits throughout. Just remember that these gains aren’t real until you sell, so set your stops and let the stocks keep going up. We’ll take profits when the time comes.

For the good,

The Mangrove Investor Team