Rabu, 11 Februari 2026

Tether has a gold price target. They refuse to say it out loud.

 
Katusa Research
 

Institutional investors hung on every word he said.

Then the head of Canadian Mining Sales, asks the question everyone’s thinking: “Is there a price target in mind? A goal price for the next year, 3 years, 10 years?”

Juan Sartori — the man Tether put in charge of its gold strategy — pauses.

“No, I won’t give you a number, although we have it, because probably you’re going to think that we are crazy.”

Let me put context on what that sentence means.

Sartori isn’t a newsletter writer. He’s not a gold bug on a podcast.

He runs gold strategy for a company that holds $20 billion in physical bullion in a Swiss vault. A company buying 3 tons a week and accelerating.

A company that made $13 billion in profit last year and has never distributed a dollar of its $30 billion in retained earnings.

Zero hedges on the gold position. Not a single ounce.

Only buy. Only hold.

When that man says he has a price target but won’t share it because you’d question his sanity — the number is not $3,500.
 

→ My three highest-conviction gold stocks are inside
the Parallel Reserve Report


He continued:
 

“Our view is very, very, very positive on gold for the foreseeable future, and it’s as positive as we are negative on the traditional fiat financial system.”


Three “very”s. On a recorded call. In front of institutional money.

Then:
 

“Tell me how much more money the US is going to print,
and I’ll tell you the price of gold.”


I’ve been in this sector for 20+ years.

I’ve sat across from billionaires, fund managers, central bankers. I’ve heard every version of the gold bull case.

I have never heard someone with $20 billion in physical gold and $13 billion in annual buying power refuse to share their target because they think a room full of professionals can’t handle it.

That tells me more than any number would.

Now look at what they’re doing with that conviction:

That’s Tether buying the same gold company every single trading day in January 2026.

Not once.

Not a block trade.

Every. Single. Day. $17 million in open market acquisitions in three weeks. Filed publicly.

They’re building a position, methodically, while most of the market hasn’t connected the dots.

You don’t build infrastructure for $3,000 gold.

You don’t buy a vault, a token, a global distribution network, royalty companies, offtake deals, and a lending operation for $4,000 gold.

You build all of that for a number that makes people call you crazy.

The companies in the direct path of that buildout…

The small-cap names Tether is accumulating right now, at steep discounts to their asset value…

Are the leveraged bet on whether Sartori’s “crazy” number is right.
 

→ The names, filings, and the full thesis are inside my
Parallel Reserve Report


Regards,

Marin Katusa
Founder, Katusa Research

 
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