⛏ Washington’s $12 Billion Copper Bet

Project Vault: Washington’s $12 Billion Copper Bet
Tariff fears pushed US copper prices above London benchmarks and traders exploited the spread. Imports hit 1.7 million tonnes in 2025, nearly double the prior four-year average. Trump spared refined copper from July’s tariffs. The arbitrage collapsed, but shipments kept coming. In early February, the administration unveiled Project Vault, a $12 billion critical minerals stockpile funded through public-private partnership. Read on »

The Threat to Commodity Derivatives
For years, bulls of gold and silver have complained about how derivatives have been used to suppress their prices. Their dreams of the practice ending could be coming true. Read on »

US Is Rapidly Expanding Its Nuclear Supply Chain: It's Not Nearly Fast Enough
As we have repeatedly highlighted (most recently here), the much-hyped resurgence in US nuclear power is notable for one thing: the lack of actual new reactors. In fact, according to the latest Goldman Nuclear Nuggets monthly report, while China is currently building 38 new nuclear reactors - and both India and Russia have 6 reactors under construction - the US is not even on the chart. Read on »