The Resource Race Behind the Intelligence Age
Swan Dive — November 7, 2026
Dear Reader,
As you’re now aware, Shad Marquitz has spent more than 15 years studying commodities and resource equities and trading his own portfolio. Through his day job, he’s the host of the Korelin Economics report with his partner Cory Fleck. Together, they are engaged on an ongoing basis with mining executives, geologists, fund managers and technical specialists.
As I learned by watching him in action at the Beaver Creek Precious Metals Summit September 22 to September 25, 2026 at Beaver Creek Resort in Colorado, Shad’s rule is refreshingly uncomplicated: fundamentals tell you what to buy; technicals help tell you when to buy. A good company, selected carefully, can give your investment portfolio some much-appreciated torque.
Shad’s sector-wide approach to metals, mines, and energy is particularly useful now because sovereign governments, AI companies, defense contractors, utilities and industrial companies increasingly want the same finite set of assets.
Copper. Uranium. Silver. Natural gas. Rare earths. Specialized minerals most investors had never heard of until a defense contractor announced it could no longer source one.
A mine is not an app. You cannot scale it by adding servers. Someone has to discover the deposit, permit it, finance it, build roads and processing facilities, move millions of tons of rock and eventually produce something a customer can actually use. Likewise, the production of energy across the oil, natural gas, uranium and renewables complex.
The inconvenience and rarity of resources, with Shad as our Sherpa, may prove to be one of the more investable facts of the Intelligence Age.
Three companies currently on Shad’s watch list help show us what he is looking for.
Faraday Copper (FDY) is assembling a potentially enormous copper district in Arizona by combining Copper Creek with the neighboring San Manuel assets it just acquired from BHP.
The attraction is not simply more copper in the ground. San Manuel brings private land, existing infrastructure and a path to develop the project in stages, while BHP becomes a strategic shareholder alongside the Lundin Group.
After roughly a tenfold run from early 2025 into this summer, the shares have pulled back nearly 30% — precisely the kind of correction that gets Shad interested in a good project at a less excitable price.
AbraSilver Resource (ABRA) gives us a different part of the mining cycle. Its Diablillos silver-gold project in Argentina has spent this year becoming considerably less theoretical: a larger resource, a definitive feasibility study, environmental approvals and engineering work toward a final investment decision.
Argentina itself has become a more hospitable place to deploy mining capital.
The shares, meanwhile, have fallen sharply from their May high even as management removed many of the risks investors were worried about a year ago.
A large, increasingly derisked silver project at a lower price naturally attracts Shad’s attention — and perhaps eventually the attention of a larger producer.
Mako Mining (MAKO) is already producing, and here Shad is watching the people running the company as much as the ounces underground.
Management started with San Albino in Nicaragua, picked up the bankrupt Moss gold-silver mine in Arizona on unusually favorable terms, added Mt. Hamilton in Nevada and continues advancing Eagle Mountain in Guyana.
They are attempting to turn a small single-mine producer into a diversified mid-tier operation through disciplined acquisitions. There is still execution risk — Moss has to ramp, Mt. Hamilton has to be built, and lower metals prices could punish the shares — but that is precisely the point of the watch list.
As Mr. Marquitz would say it: “We are looking for businesses where management still has something useful left to prove.”
As investments cross our desks, we will examine each on its own merits.
“A compelling commodity does not automatically produce a compelling company, and a compelling company can still be a lousy stock at the wrong price.” Our friend and partner in the Vancouver Investment Symposium back in the day, Rick Rule, spent years beating that distinction into us.
Shad Marquitz continues the tradition on all of our behalf in the Grey Swan.
What Have Our Recent Adventures Taught Us?
Twenty-five years ago, Dr. Richebächer looked at the “New Economy” and reminded us that server capacity was not revenue, processing speed was not profit, and fiber-optic cable had value only when somebody paid to use it.
Kurt died in August of 2007. He never got the chance to see the misfortune his accurate forecasts would have helped individual investors avoid had they heeded his warnings.
We will do well to channel the good doctor’s classical economic analysis as the Intelligence Age besets us all with great speed – in both opportunity and risk.
AI may alter civilization. The financing can still go bad. Good companies can still be bad investments at the wrong price.
Governments may have abandoned the Pax Americana of the post-World War II era. Their competition for resources in the Intelligence Age will no doubt yield immense opportunity.
But this new era will also be as fraught with risk as the last. Perhaps even greater. This new level of tension between sovereigns? We haven’t seen it since the collapse of the debt-based global finance of the 1930s pre-war epoch.
And while investors argue about the intelligence floating somewhere in the cloud, or in space, if Elon Musk has his way, we intend to keep one boot planted firmly in the base layer beneath it.
~ Addison
Continued Below...
Under Executive Order 14299, President Trump ordered the U.S. Army and Department of Energy to go on the offensive in a bold, new joint project.
Now the Army and DoE are ready to act…
They’re about to unleash a new secret weapon on American soil to win the AI race: TRISO pebbles.
It will impact the ENTIRE nation.
And one obscure defense contractor could deliver investors a substantial five-month windfall.
But you must move on this opportunity now.
They just flipped the switch on the first TRISO pebble reactor.
And the first factory for making TRISO-fueled power plants is expected to get official government approval by December 18, 2026.
Click here now to see the full story.
P.S. You may be far more exposed to tech than you realize, even if you’ve never bought a single tech stock. Right now, 4 out of every 10 dollars in the stock market sit in just 10 companies. That’s a bigger share than at the very peak of the dot-com bubble.
If you own an index fund, a 401(k) or almost any retirement account, your money is riding on a handful of tech giants. And starting November 16, those giants are headed for a collision with Washington.
Most investors won’t see it coming until it’s too late. Reserve your spot for Monday, November 9 at 1 p.m. ET to find out how exposed your retirement really is and what to do about it.
How did we get here? Find out in these riveting reads: Demise of the Dollar, Financial Reckoning Day, and Empire of Debt — all three books are now available in their third post-pandemic editions. You might enjoy one or all three.
(Or… simply pre-order Empire of Debt: We Came, We Saw, We Borrowed, now available at Amazon and Barnes & Noble or if you prefer one of these sites: Bookshop.org, Books-A-Million or Target.)
Please send your comments, reactions, opprobrium, vitriol and praise to: feedback@greyswanfraternity.com |
Tidak ada komentar:
Posting Komentar