 There’s a secret the gold majors don't like to advertise: They're running out of gold. Barrick, the second-biggest miner on earth, watched its production fall from two million ounces… 
Down to 719,000. For a company as big as Barrick… that's running on fumes. Go here to learn why gold majors are forced to buy – and get details on my top three buyout targets. This is not an isolated problem… In 2023, gold major Newmont paid $15 billion for Newcrest in the largest mining deal in history. Today, Newmont’s production is basically flat. Why? Because every ounce of gold a major pulls out of the ground makes their mine worth a little less. A gold mine is a shrinking asset – in slow motion. So, how does a major fix shrinking mine output? Simple: It has to buy the best small mining assets… (and here’s why I’m telling you this): At whatever premium it takes. Gold majors are sitting on record cash flows – with shrinking production. That means the coming wave of buyouts isn't a maybe. It’s a slam dunk. If majors don’t go out and buy productive junior assets… They go out of business. So… Unless you think the world no longer cares to have any more gold mined and brought to market… The coming wave of acquisitions is just math. Go here to learn about my top three buyout targets. Best, Garrett Goggin, CFA, CMT
Lead Analyst and Founder, Golden Portfolio
Additional Reading from MarketBeat Media
Fastly’s Q2 Rally Shows Investors Are Buying the Edge AI TurnaroundReported by Thomas Hughes. Publication Date: 8/12/2026. 
Key Points
- Fastly shares jumped more than 27% in a single day after strong Q2 results and positive CFO commentary on margins and growth, prompting several analyst price target increases.
- Fastly's software-centric, CPU-based edge computing model avoids the heavy GPU spending burdening AI-focused peers, allowing it to sustain rising margins and fund expansion through existing infrastructure.
- Despite bullish technical and institutional accumulation trends, Fastly's valuation at over 50 times full-year guidance leaves the stock vulnerable to a sharp correction if execution falls short.
- Special Report: The world's #2 gold miner is running on fumes [it has to buy]
Fastly (NASDAQ: FSLY) shares surged following its Q2 earnings report, signaling that it may be time to get back into this momentum trade. The market is in rebound mode and accelerating, with indicators such as MACD and stochastic suggesting there is ample room to run.
The likely outcome is that FSLY retests the early 2026 highs near $35 before moving higher to set fresh highs. Signs pointing to fresh highs include trading volume, MACD convergence with the early 2026 highs and improving business fundamentals, suggesting the run has just begun. 
Fastly Doesn’t Need GPUs: Cash Flow Is Safe, Expansion AheadWhile the stock price surge is rooted in the Q2 earnings release, the catalyst was commentary from CFO Rich Wong. Delivered during a fireside chat at KeyBanc’s Capital Markets Technology Leadership Forum, his comments provided much-needed insight into the company’s growth and margin outlook. The critical detail is that Fastly’s business is software-centric, using CPUs rather than GPUs to scale, and does not require the massive investments of other AI-centric companies. This means it can sustain high and rising margins while its peers struggle with cash flow, using capital expenditures (CapEx) to fund expansion rather than technology updates. Fastly provides an edge computing platform akin to Cloudflare's (NASDAQ: NET). While Cloudflare is an enterprise-quality ecosystem that facilitates web-based services for publishers across the spectrum, Fastly’s products are more specialized, focusing on content delivery and, more importantly, developer control and programmability. For AI, it enables low-latency, secure, real-time edge computing and AI application development for websites and publishers close to the end user. Fastly: Robust Results Prompt Analysts Into ActionFastly had a robust Q2, with revenue growing 23.3% and internal metrics indicating further acceleration ahead. Revenue of $183.3 million outperformed expectations by approximately 500 basis points, underpinned by a 17% increase in networking, a 43% increase in security services and a 69% increase in other business. Margin expansion is the real story, however, as the business is supported by existing infrastructure. The result is improvement across all metrics, a move to profitability and significant outperformance in adjusted earnings per share (EPS). Adjusted EPS came in at 15 cents, more than double forecasts, prompting management to issue favorable guidance. Guidance and the analysts' response are equally strong, with Q3 and full-year revenue targets well above consensus forecasts. The likely outcome is that momentum continues to build, Q3 results exceed expectations and guidance improves again. As it stands, management forecasts $187 million in Q3 revenue at the midpoint, representing 18% growth compared with last year, and the odds of outperformance are high. Remaining performance obligations, a measure of uncollected and unearned revenue, grew 38%, outpacing the top line by a wide margin. MarketBeat tracked six revisions following Fastly’s Q2 release, including three affirmed targets and three price-target increases. Together, they lifted the consensus by more than 10% in a matter of days, with the trend moving toward the high end of the range. The bad news is that consensus assumes fair value near mid-August’s trading levels. The good news is that the high-end range tops out at $30 and is trending higher, making further increases likely as the year progresses. Institutions Aggressively Accumulate FSLY StockInstitutional activity is central to FSLY’s stock price action. The group owns nearly 80% of the stock as of August and has been aggressively accumulating shares. The trailing 12-month buying-to-selling balance is nearly $4 to $1, with activity ramping up in 2025 and remaining strong in 2026, including the early portion of Q3 just before the release. The likely outcome is that this group continues accumulating, although there is a risk that activity will slow as the share price rises. In this scenario, FSLY can move higher, but its upside may be limited. The critical resistance point is near analysts' high-end target of $30, below the existing price-action high. Catalysts for higher highs include improving sentiment in the software sector, execution of the new guidance and upcoming EPS reports. Assuming the upcoming reports reflect the strengths evident in the Q2 report, execution will be validated and sentiment will firm. Fastly’s biggest risk is its valuation. As robust as the technical and fundamental indicators are, execution remains necessary before the stock can reach fresh highs. With shares trading at more than 50 times full-year guidance, the market is pricing in perfection, leaving the stock vulnerable to disappointments and sharp price corrections. Critical support is near the 2024 highs, at approximately $24.50. A break below that level, followed by sustained lows, would signal a breakdown in market confidence. . |
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