Dear New World Investor:
May’s nonfarm payrolls jobs report showed the US economy added 139,000 jobs, more than the consensus expectation for 126,000. The unemployment rate held steady at 4.2%. The April number was revised down from 177,000 to 147,000. So in spite of President Trump’s tariff volatility, the labor market remains pretty resilient. It has softened for sure, but there’s no big retrenchment. At least so far.
Click for larger graphic h/t Yahoo Finance
What would you do next Wednesday if you were Chairman Powell? I’d watch and wait. The labor market isn’t falling apart and, just as Wall Street feared, President Trump’s “Liberation Day” tariffs are accelerating inflation – not. The headline Consumer Price Index increased only 2.4% in May from last year, up a smidge from 2.3% in April (which was the lowest yearly increase since February 2021), and a measly 0.1% month-over-month compared to 0.2% in April. The consensus was expecting 2.5% YoY and 0.2% MoM.
Click for larger graphic h/t Yahoo Finance
The core CPI rose 2.8% year-over-year, the same as in April, and the same measly 0.1% month-over-month, again compared to 0.2% in April. Both were below expectations. Core goods were softer than expected, especially from weaker car and apparel prices – two categories expected to show some of the earliest impacts from tariffs. Core services were also relatively soft, with rents and Owners Equivalent Rent coming in notably lower, as I expected. So:
Really? I suspect this headline writer had already written “The Fed is in a tough spot after a hot inflation print,” which would actually have made sense. Then they swapped “another cool” for “a hot” and just went with it. Clickbait headlines are not meant to convey accurate information anyway, they are meant to sell advertising.
There really is a huge drop underway in Chinese imports entering the US – from China. But Chinese goods are arriving anyway, via loophole countries such as Vietnam, Thailand, and Indonesia. Chinese data shows that exports to the US dropped 35% in May compared with a year earlier. But during the same period, Chinese exports to six other Asian nations jumped 15%, including a 22% increase in exports to Vietnam and Thailand. I’m in the market for a small, inexpensive tracked excavator and there is no shortage of $2,000 to $5,000 Chinese models with Briggs & Stratton motors, with parts available on eBay and Amazon.
The financial markets are slowly adopting my forecast that we will see only one Fed rate cut this year unless the labor market falls apart. I expect to see some inflation impact from the tariffs in the July and August CPI reports after companies have sold the inventories they built before the tariffs took effect.
Click for larger graphic h/t @Bloomberg
Market Outlook
The S&P 500 added 1.7% since last Thursday. The Index is up 2.8% year-to-date. The Nasdaq Composite gained 1.9% and is up 1.8% for the year. The Nasdaq 100 Index of mostly large tech companies is just 2% below its all-time high. It was down 20% just 2 months ago. Historically, sharp rallies like this were bullish.
Click for larger graphic h/t @themarketearr
The SPDR S&P Biotech Exchange-Traded Fund (XBI) climbed 2.2%. It is still down 6.3% year-to-date, though. The small-cap Russell 2000 booked a respectable 2.0% but remains in the hole for 2025, down 4.0%.
The fractal dimension is giving a hint that the consolidation may be over, with a new uptrend about to start even with the S&P near its all-time high.
Click for larger graphic
Top 5
Changes this week: None
Near-Term – chronological order
AKBA Akebia Therapeutics – Vafseo launch
SCYX ScyNexis – Resolution of GSK situation
EQT EQT – natural gas price rebound
USL United States 12 Month Oil Fund, LP – crude should rise quickly
FCX Freeport McMoRan – copper shortage
Long-Term – alphabetical order
ABCL AbCelllera – Will become a huge pharma royalty company
UUUU Energy Focus – Domestic uranium supplier
EQT EQT – largest US natural gas company
IBIT iShares Bitcoin Trust – Bitcoin is headed for $150,000
META Meta – a (the?) leader in the metaverse
PLTR Palantir – a (the?) leader in AI applications software
RKLB Rocket Lab – #2 to SpaceX in space
SCYX ScyNexis –First new antifungal in 20 years
Economy
The Atlanta Fed’s GDPNow model estimate of June quarter real GDP growth was unchanged at +3.8% as a bit more weakness in personal consumption expenditures growth was offset by a bit more strength in gross private domestic investment growth.
Click for larger graphic
Dollar Death Watch
The dollar fell to its lowest level since April 2022 as commodity trading advisers piled on the shorts. They are setting up an explosive upside move. Meanwhile, money growth is accelerating, driven by the fiscal deficit and private credit creation, even though it’s already above trend. Are you bullish enough?
Click for larger graphic h/t @AndreasSteno
Coming Events
All times below are ET, and most presentations and slides are archived on the companies’ websites so you can listen to them.
Friday, June 13
RDW – Redwire – 8:00am – Shareholder vote on Edge Autonomy acquisition – see below
Saturday, June 14
EDIT – Editas Medicines – 12:30pm – Poster presentation at the European Hematology Association (EHA) 2025 Congress
Wednesday, June 18
Fed Meeting – 11:00am press release; 11:30am Press conference
Thursday, June 19
Markets Closed – Juneteenth
GILD – Gilead Sciences – PDUFA date for lenacapavir
Friday, June 20
Summer Solstice – 10:42pm
Big Tech: The Biotech & Digital Dominators MegaShift
There are at least four ways to make money in the stocks of these large, growing, dominant companies. You can:
* * Buy a stock and hold it
* * Buy a stock and write a call option against it
* * With a Level IV options account, write an out-of-the-money put option
* * With a Level IV options account, write an out-of-the-money put option and use part of the premium to buy an out-of-the-money call option
Apple (AAPL – $199.20) introduced a number of operating system software upgrades at the World Wide Developer’s Conference (WWDC) with some AI capabilities and promised – but did not deliver – more significant Apple Intelligence features, like AI-enhanced Siri.
Wall Street was underwhelmed, but I think users will be happy. I ordered an iPhone 16e as a gift – $599, but you can also finance it for two or three years at 0% interest. It will be one of many this year replacing an iPhone X. AAPL is a Buy under $205.
Gilead Sciences (GILD – $112.05) continued their once-a-week brokerage firm cadence with a presentation by CEO Dan O’Day at the Goldman Sachs Global Healthcare Conference (AUDIO HERE and TRANSCRIPT HERE). You will not be surprised to hear it was much like the last three presentations: Gilead continues to lead in virology and HIV, with oncology breaking out, and no major patent expirations on the horizon.
HIV in the US is increasing, with more than 700 new cases a week. Lenacapavir’s PDUFA date is June 19. The CDC says there are about 1.2 million men who could benefit from an HIV prevention (PrEP) drug like lenacapavir. About 400,000 to 450,000 men, mostly in large urban areas, use PrEP today, but with only a 50% compliance rate on the oral pills. Getting a subcutaneous injection every six months, possibly when you are seeing your doctor for an STD injection anyway, is easy. A trial of a once-a-year injection will start this year with possible approval in 2028. Plus, Gilead knows where all the others are who aren’t taking any PrEP today.
In oncology, they are focused on triple-negative breast cancer, which accounts for 10% to 12% of all breast cancers and is the most aggressive form. There hasn’t been a new drug for 20 years. The data they just presented at the American Society of Clinical Oncology (ASCO) meeting showed Trodelvy with Keytruda resulted in a median progression-free survival (PFS) of 11.2 months versus 7.8 months when Keytruda was given in combination with chemotherapy. Trodelvy also is in trials for non-small-cell lung cancer, small-cell lung cancer, and endometrial cancer.
Oncology is over a $3 billion business for Gilead today, growing at double digits. $2 billion of that is the Kite cell therapy business, the world leader in leukemia and lymphoma. Multiple myeloma is next, and Kite presented positive solid tumor data in glioblastoma at ASCO. The other $1 billion is Trodelvy, which has a multi-billion dollar market opportunity, depending on how many cancers it can treat.
By 2030-2040, the third leg of the stool will be novel inflammation drugs. GILD is a Long-Term Buy under $90 for a first target of $120.
Meta Platforms (META – $693.36) has agreed to take a 49% stake in artificial intelligence startup Scale AI for $14.8 billion, according to The Information. Scale AI was founded in 2016 and provides huge amounts of labeled data or curated training data for developing AI models. As part of the deal, Scale AI CEO Alexandr Wang will take a top position inside Meta, leading a new superintelligence lab. META is a Buy under $655 for a long-term hold.
Micron (MU – $116.18) announced the shipment of HBM4 36GB 12-high samples to multiple key customers for AI training and inference workloads in data centers.
Micron and the Trump Administration announced Micron’s plans to expand its US investments to approximately $150 billion in domestic memory manufacturing and $50 billion in R&D, creating an estimated 90,000 direct and indirect jobs. Micron will invest an additional $30 billion beyond prior plans, which includes building a second leading-edge memory fab in Boise, Idaho; expanding and modernizing its existing manufacturing facility in Manassas, Virginia; and – most important – bringing advanced packaging capabilities to the US to enable long-term growth in High Bandwidth Memory (HBM), which is essential to the AI market. MU is a Buy under $102 for a $140 first target.
Nvidia (NVDA – $145.00) had a busy week, with presentations by CFO Colette Kress at the Nasdaq Investor Conference in London (AUDIO HERE and TRANSCRIPT HERE), Senior VP: Networking Gilad Shainer at Rosenblatt’s Age of AI Scaling Summit (AUDIO HERE), and the GTC Paris Financial Analyst Q&A (AUDIO HERE and ANALYST COMMENTS HERE).
Colette confirmed CEO Jensen Huang’s remarks that sovereign AI may be the biggest demand driver of all. She said it’s been remarkable how fast AI has become the center of attention for enterprises and governments. It was instantaneous and worldwide. Countries want to run AI in their own language, with their own culture and their own data, secure inside their borders. The total market for Nvidia GPUs could be close to $1 trillion.
People are using Blackwell 200 for training models, of course, but also for inferencing to provide more computing power for customers. June quarter growth will be strong. They are sampling the next-generation Blackwell 300 chips now.
At Rosenblatt, Gilad Shainer said the data center has become the unit of computing today. It used to be the CPU or GPU, but now the way you connect the pieces together defines what you can do, from a simple server farm to a supercomputer. The new GPU is the rack of connected GPUs.
At yesterday’s GTC Paris Financial Analyst Q&A, Jensen said quantum computers won’t be stand alone – they will be connected to GPU supercomputers to do the required error correction, where Nvidia is making rapid progress. These hybrid computers – “quantum classical” – will be able to do real work in two to three years. Every supercomputer center will go this route.
The AI buildout in the Middle East is mostly about hosting the cloud for American companies, with some local use. The AI buildout in Europe is about local use – telcos, regional cloud service providers, and 20 national AI factories. Europe has taken longer to get engaged because their IT industry is lighter than the US. But their heavy industry is much bigger than the US, which is why robotics and industrial digital twins will be such a big deal there. Jensen expects a 10x increase in Europe’s computing power.
Globally, over the next several years there will be about $1.5 trillion spent on the AI buildout.
Physical AI will be different from LLMs. Just as you can generate pixels from a prompt, you should be able to walk up to a robot and generate motion from a prompt. The AI will reason about the motion before it generates it. A reasoning model can solve problems it has never seen before.
Jensen said they have four major edge AI cases where the software is very hard and they have developed it. One is autonomous cars, already a $5 billion business. The second is robotics, which is just starting to grow. The third is facilities – the edge computer that manages a factory or warehouse. The fourth is the coming 6G base stations, all based on AI.
Nvidia is Taiwan Semiconductor’s largest customer. Jensen said Huawei’s AI chips are a few years behind Nvidia’s, but they are adequate for China not because they are less powerful but because Chinese power is so cheap. Nvidia has taken China out of their forecast because the US government has banned them and a $30 billion to $40 billion a year business went to $0. Yet their revenues continue to grow.
The company’s lead times on new customer orders are still over a year. NVDA is a Buy under $125 for a $180 first target.
Palantir (PLTR – $135.19) CEO Alex Karp made opening remarks at AIPCon 7:
PLTR is a Buy under $100 for a $150 target.
PayPal Holdings (PYPL – $74.81) President of Global Markets Suzan Kereere presented at the RBC Financial Technology Conference (AUDIO HERE and TRANSCRIPT HERE). This is the first time we’ve heard from her.
She has almost a completely new staff of regional and country managers. PayPal is in over 200 markets. When she came in, she listened to many customers who thought PayPal was moving too slowly as the payments landscape evolves and wasn’t focused on helping them succeed. CEO Alex Chriss met those challenges by changing the PayPal culture, embracing urgency, and introducing new initiatives to use the payment process to add value for both sellers and buyers.
As a result, Venmo is up in the very high double digits with new accounts up 4% and average revenue per account up 12%. Pay With Venmo is up 50%. Monthly active accounts are up 30%. On the merchant side, looking at new starts or restarts of using PayPal, small enterprises have doubled and large enterprises have quadrupled. PYPL is a Buy under $68 for a double in three years.
Snap (SNAP – $8.30) CEO Evan Spiegel talked about bringing AI and augmented reality (AR) into the real world through Spectacles at the Augmented World Expo:
SNAP is a Buy under $11 for a $17+ target.
SoftBank (SFTBY – $27.97) bought back another 2,774,400 shares in May. If this keeps up long enough, the only shareholders of SoftBank will be CEO Masayoshi Son and us. SFTBY is a Buy under $25 for a first target of $50 in the next two years.
Small Tech
QuickLogic (QUIK – $5.92) joined the newly launched Intel Foundry Chiplet Alliance, part of the Intel Foundry Accelerator Alliance program, to support US military, aerospace, government, and high-volume commercial customers. QUIK is a Buy up to $10 for my $40 target as their earnings repeatedly surprise Wall Street.
Primary Risk: Customers’ product introductions and associated royalties are unpredictable.
Redwire (RDW – $19.32) changed the terms of the Edge Autonomy acquisition and postponed the shareholder meeting until tomorrow at 8:00am EDT. Under the terms of the Amended Merger Agreement, the merger consideration will consist of $160 million in cash and $765 million in shares of Redwire common stock issued at a price per share of $15.07. That’s OK.
But here’s the bad news. The $160 million of cash consideration will include an unsecured promissory note in the principal amount of $100 million to be issued by a subsidiary of Redwire to the seller at the closing, on which interest will accrue at rates ranging from 15% to 18%, payable, at Redwire’s option, in cash or in kind (more stock). In addition (There’s more? Calling Tony Soprano!), the note will have a 3% upfront fee to be paid-in-kind and added to the principal amount. There are additional unfavorable terms.
I like Redwire’s space business – they were just selected by NASA to facilitate a Space Microalgae biotechnology experiment that will launch on Axiom Mission 4 (Ax-4) to the International Space Station. I understand how the Edge Autonomy acquisition could fit into a bigger plan, although I don’t believe it’s necessary. But these are onerous terms, so I think we should sell the stock for a 37.7% gain in four months. If the next few quarters are OK, we may be back. Sell RDW.
Primary Risk: A new competitor emerges.
Biotech MegaShift
If you can afford it – and it would not be too big a position in your portfolio – putting $2,000 into each of these speculative biotechs might be a good way to start. Buying these out-of-favor, fallen, or forgotten companies that can get important products through the FDA at very low market capitalizations seems like a good strategy to me.
Risks
Development-stage biotechs are subject to investor sentiment swings from wildly optimistic to excessively pessimistic – mostly the latter recently. After the Primary Risk for each company, I’ve added the clinical stage of their lead product, the probable time of their first FDA approval, and the probable time of their next financing.
As always, you need to think about an appropriate position size. You could buy a full position upfront and then just hold on, or buy some upfront and leave room to add more on the inevitable financings, transient clinical trial setbacks, and the like.
AbCellera Biologics (ABCL- $3.15) CFO Andrew Booth presented at the Goldman Sachs Global Healthcare Conference (AUDIO HERE). They are transitioning from building the capability to be a world-class antibody company to using that capability to build a pipeline and get drugs into the clinic. He said they have “miraculously” arrived at this point with $800 million in liquidity.
Both ABCL-575 and ABCL-635 have received no objection letters from Health Canada and will start Phase 1 trials in the September quarter. They will have data in the first half of 2026. For ABCL-635, they are expecting Phase 2-level tolerability data, as well as biomarker data that confirms target engagement and some early signs of efficacy controlling hot flashes in the PMS patients in the trial. They are already planning the Phase 2 trial. For ABCL-575, they want to see superior data to already-approved atopic dermatitis drugs. Because it is a best-in-class molecule and may have multiple targets, they might partner it for Phase 2 and have already had discussions.
Behind that, they have 20 development programs, over half of which are antibodies targeting difficult targets. Going forward, they expect to put two drugs a year into human trials.Buy ABCL up to $6 for a long-term hold to $30 or more.
Primary Risk: Partnered and owned drugs fail in the clinic.
Clinical stage of lead product: Partnered: Various. Owned: Preclinical
Probable time of next FDA approval: 2027-2028
Probable time of next financing: 2026-2027 or never
Akebia Therapeutics (AKBA- $3.65) coverage was initiated by HC Wainwright with a Buy recommendation and an $8 target price. Buy AKBA up to $2 for the Vafseo launches in the EU, UK, and US.
Primary Risk: Vafseo doesn’t sell in the US.
Clinical stage of lead product: Approved
Probable time of next approval: 2026
Probable time of next financing: Never
Editas Medicine (EDIT – $2.18) will present new in vivo data demonstrating therapeutically relevant levels of HBG1/2 promoter editing in hematopoietic stem cells (HSCs) with a single dose of their proprietary targeted lipid nanoparticle (tLNP) in non-human primates. This is a potentially transformative in vivo gene editing medicine for the treatment of sickle cell disease and beta thalassemia. EDIT is a Buy under $6 for a double in 12 months and a long-term hold to much higher prices.
Primary Risk: Other companies’ gene-sequencing drugs fail in the clinic.
Clinical stage of lead product: Partnered: Approved. Owned: Going into the clinic mid-2025.
Probable time of next FDA approval: 2028
Probable time of next financing: Late 2026 or never
Inflation MegaShift
Gold ($3,407.30) finally closed over $3,400 after the softer-than-expected CPI increased bets that the Federal Reserve will cut interest rates later this year. And, of course, the weaker dollar. I don’t think either of these forces will continue. But what could continue to push gold higher is an increase in inflation and the subsequent scramble for a hard asset safe haven.
The fractal dimension continues to consolidate. This week’s big upturn did not read as the start of a new trend.
Click for larger graphic
Miners & Related
Coeur Mining (CDE – $9.21) presented at the RBC Capital Markets Global Mining & Materials Conference and, as usual, thumbed their nose at the SEC Full Disclosure regulation requiring access to the presentation (without which, there’s no transcript, either). They did, as usual, post the 82 (SLIDES HERE), and to be fair to management, there was nothing new. CDE is a Buy under $5 for a $20 target as gold goes higher.
Primary Risk: Prices of precious metals fall due to US dollar strength.
Sandstorm Gold (SAND – $9.23) published another Royalties Portfolio Drilling and Exploration Highlights report. They mentioned First Majestic’s significant gold-silver discovery at its Santa Elena mine, where SAND has the right to purchase 20% of the gold produced at Santa Elena for $487 per ounce.
Lundin Gold has expanded its 2025 drilling program at the Fruta del Norte mine in Ecuador to at least 108,000 meters, following the program’s success in the March quarter and the growing pipeline of targets. Sandstorm holds a 0.9% net smelter returns royalty on the precious metals produced at Fruta del Norte.
And there were more. SAND is a Buy under $10 for a $25 target.
Primary Risk: Prices of precious metals fall due to US dollar strength.
Cryptocurrencies
Cryptocurrencies are a diversifying asset that offer a unique opportunity to make (or lose!) a lot of money quickly.
Bitcoin (BTC-USD on Yahoo – $106,824.23) is consolidating with a good bid over $100,000. Nothing to do but wait.
Click for larger graphic
BTC-USD, ETH-USD, IBIT, and ETHA are Strong Buys.
Primary Risk: Bitcoin falls due to over-regulation or is surpassed by another cryptocurrency.
iShares Bitcoin Trust (IBIT- $60.70) remains the cheapest and easiest way to buy bitcoin. IBIT is a Buy for the 2028, 2032, and 2036 halvings.
Primary Risk:Bitcoin falls due to over-regulation or is surpassed by another cryptocurrency.
iShares Ethereum Trust (ETHA- $20.39) remains the cheapest and easiest way to buy ethereum. ETHA is a Buy for the coming explosion in token-funded start-ups.
Primary Risk: Ethereum falls due to over-regulation or is surpassed by another cryptocurrency.
Commodities
Oil – $68.38
Oil had a good week with its best close since April 2. It seemed to mostly be driven by President Trump turning up the heat on Iran, followed by Israel’s strike on Iran, plus a little better feeling that the global economy is not falling apart. Very few people are looking at the US supply side, though, where shale production has peaked. Demand is holding up, production will surprise to the downside, traders are extremely short…hmm.
Click for larger graphic h/t HFI Research
The July 2026 Crude Oil Futures (CLN26.NYM – $63.05) are a Buy under $70 for a $200+ target. Only buy futures for all cash; do not use margin.
The United States 12 Month Oil Fund, LP (USL – $36.22) is a Buy under $40 for a $100+ target.
Vermilion Energy (VET – $7.92) is a Buy under $11 for a target price of $24 or more.
Primary Risk: Oil prices fall.
Energy Fuels (UUUU – $5.37) was buffeted by President Trump’s “the deal is done” comment after meeting with Chinese President Xi Jinping. Trump seemed to think the deal should resolve issues between the two countries on rare earths and magnets (down goes UUUU), but later reports indicated China would only loosen restrictions on rare earth mineral exports for six months (up goes UUUU).
The bottom line here is everyone knows that we need to (1) keep getting processed rare earths from China until (2) we can develop a domestic supply (UUUU to the moon, Alice). UUUU is a buy under $8 for a $30 target.
Primary Risk: Uranium prices fall.
Freeport McMoRan (FCX – $41.18) CEO Kathleen Quirk said tariffs could hurt the copper industry, according to Bloomberg. In other news, she said the sun could come up tomorrow. FCX is a buy under $44 for a $65 target within two years.
Primary Risk: Copper prices fall.
* * * * *
RIP Brian Wilson
* * * * *
RIP Sly Stone
* * * * *
Mendelssohn: Fantasia op. 28 in F sharp minor
* * * * *
Your understanding Executive Order 14215 Editor,
Michael Murphy CFA
Founding Editor
New World Investor
All Recommendations
Priced 6/12/25. Check out the complete Portfolio page HERE.
Buys
These are the stocks everyone needs to own because transformative events are happening over the next year or two, and I expect to hold them long-term.
Tech Dominators
Apple Computer (AAPL – $199.20) – Buy under $205
Corning (GLW – $50.82) – Buy under $33, target price $60
Gilead Sciences (GILD – $112.05) – Buy under $90, first target price $120
Meta (META – $693.36) – Buy under $655 for a long-term hold
Micron Technology (MU – $116.18) – Buy under $102, first target price $140
Nvidia (NVDA – $145.00) – Buy under $125, first target price $180
Onsemi (ON – $52.98) – Buy under $60, first target price $100
Palantir (PLTR – $135.19) – Buy under $100, target price $150
PayPal (PYPL – $74.81) – Buy under $68, target price $136
Snap (SNAP – $8.30) – Buy under $11, target price $17+
SoftBank (SFTBY – $27.97) – Buy under $25, target price $50
Small Tech
Enovix (ENVX – $8.65) – Buy under $20; 4-year hold to $100+
First Trust NASDAQ Cybersecurity ETF (CIBR – $73.11) – Buy under $70; 3- to 5-year hold
Fastly (FSLY – $7.80) – Buy under $10 for a 3- to 5-year hold to $50+
PagerDuty (PD – $14.99) – Buy under $30; 2- to 5-year hold
QuickLogic (QUIK – $5.92) – Buy under $10, target price $40
Rocket Lab (RKLB – $26.40) – Buy under $13, target price $30+
ARK Venture Fund (ARKVX – $30.67) – Buy for SpaceX
$20-for-$1 Biotech
AbCellera Biologics (ABCL – $3.15) – Buy under $6, target $30+
Akebia Biotherapeutics (AKBA – $3.65) – Buy under $2, target $20
Compass Pathways (CMPS – $4.52) – Buy under $20, hold a long time for a 10x return
Editas Medicines (EDIT – $2.18) – Buy under $6 for a double in 12 months and a long-term hold to much higher prices
Inovio (INO – $2.08) – Buy under $14, hold a long time
Medicenna (MDNAF – $0.68) – Buy under $3, first target $20, then maybe $40
ScyNexis (SCYX – $0.82) – Buy under $3, target price $20, then $50
Inflation
A Short-Sale or REO House – ($415,400) – Hold
Bag of Junk Silver – ($36.21) – hold through silver bull market
Sprott Gold Miners ETF (SGDM – $45.87) – Buy under $28, target price $50
Sprott Junior Gold Miners ETF (SGDJ – $51.17) – Buy under $39, target price $100
Sprott Physical Gold and Silver Trust (CEF – $30.66) – Buy under $18, target price $30
Global X Silver Miners ETF (SIL – $48.48) – Buy under $30, target price $50
Coeur Mining (CDE – $9.21) – Buy under $5, target price $20
Dakota Gold (DC – $3.92) – Buy under $2.50, target price $6
First Majestic Mining (AG – $8.24) – Buy under $11, next target price $23
Paramount Gold Nevada (PZG – $0.59) – Buy under $1, first target price $10
Sandstorm Gold (SAND – $9.23) – Buy under $10, target price $25
Sprott Inc. (SII – $63.37) – Buy under $40, target price $70
Cryptocurrencies
Bitcoin (BTC-USD – $106,824.23 ) – Buy
iShares Bitcoin Trust (IBIT – $60.70) – Buy
Ethereum (ETH-USD – $2,594.46)– Buy
iShares Ethereum Trust (ETHA- $20.39) – Buy
Commodities
Crude Oil Futures – July 2026 (CLN26.NYM – $63.05) – Buy under $70; $200+ target
United States 12 Month Oil Fund, LP (USL – $36.22) – Buy under $40; $100+ target
Vermilion Energy (VET – $7.92) – Buy under $11; $24 target
Energy Fuels (UUUU – $5.37) – Buy under $8; $30 target
EQT (EQT – $55.52) – Buy under $35; $70 first target
Freeport McMoRan (FCX – $41.18) – Buy under $44; $65 target within two years
Holds
These are holds but not sells – yet. They could get moved back to one of the buy categories if their prices drop or outlook improves, or they could become sell recommendations in the future.
TG Therapeutics (TGTX – $37.37) – Hold for buyout at $40+
Sells
Redwire (RDW – $19.32) – Sell
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Still wondering why the resistance to add silver to the weekly fractals coverage. Its recent breakout likely to herald major long awaited out performance of gold, not to mention the miners.
Tariton – may I ask whats your projected silver price prediction for remaining 2025 and your suggested investment to capitalize?
QUIK $5.92, not $2.92. Still, it never has a sustained upward move. I am waiting for some recovery to take my loss from $12+ over many years.
MM? Opie?
I don’t follow QUIK and don’t think I ever invested in it. Hopefully you cut your position size over time. Sometimes you win, sometimes you lose.
Thanks. Silence from MM the cheerleader.
Thanks. QuickLogic is finally positioned for continued rapid revenue growth. It should be obvious by the end of the year. I think CEO Brian Faith’s turnaround will become a business school case study.
So whats your projected stock price by end of year?
You said this several times over many years. QUIK’s supposed turnaround keeps stumbling. Why should it be any different now?
For anyone who may be interested in watching President Trump’s birthday celebration for himself costing US some $45 million (more or less) … here’s one place where that money could have been better spent: https://www.wpr.org/news/congress-cuts-spinal-injury-research-veterans-wisconsin
I’m sure everyone reading can think of a few other better places to spend.
Agree. If DJT criticized Dems for frivolous spending, he should pay for his own birthday party. Better yet, save his own money and send a message to all people to spend their own money responsibly and stop lobbying govt for their own special interests. Forget the stupid birthday parties, weddings and other pomp and circumstance.
Do you think NGENF will continue to get money for research from private sources?
Hey Chris, stop with the fake news, you only make yourself sound like a hateful, misleading democrat – the celebration was for the 250 anniversary of the US Army. Where’s your outrage for the billions of dollars it cost taxpayers to pay for housing, healthcare, meals, cell phones, etc for the 10 million unvented, illegal immigrants Biden let walk over our border (all the while telling the US public the border was closed) and the billions its costing now to get them out? Your complaining about $45 million for a patriotic parade?
Thanks for the correction. Agree about the $ billions for illegals. I still consider $45 million a waste of money for pomp and circumstance. Nazis and commies spend money for self promotion and propaganda that is an insult to their starving people. The US Army is an important part of our defense, but it doesn’t need a party. It is also generic and impersonal. What I would consider meaningful would be celebrating a particular aircraft maintenance guy who rose from his disability to get training and then helped a successful mission. Small amount of money and then publicity to show DJT cares about people. This could be a regular feature instead of blowing lots of money on a single big extravaganza.
Here’s the real reason why the “party” for the US Army was BAD and WRONG. From Ron Paul, advocate for privacy.
“Last weekend, the U.S. Army held a parade prominently sponsored by Palantir, a Big Tech company that specializes in surveillance tools, data collection, and AI.
At the same time, the Army announced it was creating a new “Innovation Corps” and had officially sworn in executives from tech companies including Palantir, Meta [Facebook’s parent company], and OpenAI. They officially granted these digital elites military ranks, and access to defense projects.
As I discuss in my newest column – read it below – the government is merging with the private sector to drastically expand the surveillance state, and there are some, even within the conservative movement, who are OK with this for their own short-term political reasons.
Fortunately, more Americans than ever are wary of these moves, and now more than ever we need to make our voices heard and fight back against the surveillance state.”
IMO, investing in Palantir, Meta, OpenAI amounts to socially irresponsible behavior, despite the good things they may do.
I (obviously) strongly disagree. AI is a vital defense technology to keep America safe. Without the private sector, this country is finished.
Do you approve routine surveillance against good people like you and me? Some stupid AI program will twist words people say and target them as domestic terrorists. You wanna butt heads with Ron Paul?
AI has been used to get rid of human customer service people when there are problems. My medical office has lost big money from online payment systems and there was nobody to troubleshoot problems.
To save the US, we need to STOP doing business with the CCP, Russia, Iran and other rogue terrorist govts. Students from these countries should be banned from US schools. These students are agents of bad terrorist countries. Any university like Harvard should get no federal money because they promote evil interests, supporting commies and anti-Israel protests. Let them fight for their survival with funding from their corrupt alumni only.
I’m just guessing you got a rejection letter from Harvard!! 😉
Steve… PSLV and SIL.
Lengthly explanation got dropped: 2x-5x+ over next 3 years and potentially explosive move near term. $50 will look cheap in a year IMO. The miners could be breath taking. A 10-30% allocation to PMs and miners is not a crazy notion given the range of current choices in the marketplace.
Hold on to your hat though…highly volatile but extraordinary companion to gold. Will likely begin out performing gold having lagged for many years until last few weeks.
Thx Taiton – could you share your favorite silver miner ticker?
Be careful. In later stages of gold/silver bull markets, gold itself outperforms mining companies. Why? INFLATION raises the costs of doing business from labor, equipment used to extract minerals, shipping, marketing, etc. Mining companies are often mismanaged, and are risky like PZG and other NWI miners, bios, techs. Most of the scams in all these categories are in mining company promotion. I have seen FRAUD in drill samples. Lots of fuckkking scams. Stay away from junior mining exploration and development companies. Only buy majors or conservative gold/silver mutual funds. Forget about easy doubles.
PSLV and SIL are reasonable speculations. Forget company tickers–crap shoots.
BTW, tariffs are NOT inflationary, provided the money supply is reasonably stable. Why? Tariffs on individual goods are inflationary for those and related goods. But the money taken out of circulation causes DEFLATION in other goods. But if the govt continues its tax and spend habits, the money supply is inflated to prevent deflation in the other goods, so yes, tariffs do cause inflation.
Tariffs are just a tax, collected by the government and paid by consumers or companies that don’t pass them along.
FDA grants Orphan Drug Status to Capricor’s Becker Muscular Dystrophy Treatment late Friday afternoon. This news will stabilize the stock price. AdCom may not even be needed. Shorts are trapped. Hold on for the ride!
Has a drug ever passed without an adcom?
yes
Agree. SPRT had 2 deaths from liver failure from their approved gene therapy for DMD. That stock may decline further next week. Perhaps CAPR may decline in sympathy, creating more buying opportunity. Aside from that, CAPR is poised to rise for many reasons.
To all following CAPR – many were cautious of buying before the ADCOM and hoping for a dip prior to PDUFA – does the recent Orphan drug status designation change that strategy – is now the time to buy? Appreciste opinions and thanks
If you don’t have a position, buy a small amount now. If Linda releases the 4 year OLE data on Fri late PM in time for the PPMD conference Sat, the stock could shoot up. At 3 PM today, I put in a buy at $11.90, but there was “painting of the tape” from 3:30 to AH. Volume was still modest on no news. I’m hanging in there and won’t chase it. There is already lots of optimism that the 4 year OLE will be great (Linda just about said so, but remember she is a cheerleader and loves to show off her attractive 62 year old body), so after the news, the stock will probably settle down. The tragic death of 2 patients on the gene treatment from SRPT has some CAPR bulls saying that deramiocel is the only option for DMD now, and the Adcom will be cancelled. Well, maybe it won’t be cancelled. The FDA likes the pomp and academic gamesmanship. These bureaucrat political creatures love the committees and intellectual orgies while those trying to make a living have to face reality. Remember, despite great prospects, the shorts could continue to play games for another 2 months. Buying when there is optimism is often met with buyer’s remorse, like you had with NGENF when you sold in a panic. The optimism could go from good to high flying, and CAPR could rocket. But this is the psychology of the FOMO (fear of missing out) investor. It often is unwise to succumb to FOMO.
The orphan drug designation applies to Becker’s MD. It’s a feather in the cap, but trials will need to be done, so it doesn’t affect revenue in the short/medium term. Right now, the catalyst is approval in Duchenne MD for cardiomyopathy and later extension into skeletal myopathy, so I think the 4 year OLE is much more important.
I got my $11.90 buy just after the opening. It ran to $13.50, then faded to $12.11 at the close. I had said there was too much optimism so the stock was due for a correction. Shorts figured the time was ripe when there was extreme optimism. The quick rebound was nice, but many stocks plunged on some macro political news later. I’ll nimble some more before Fri PM only if the price is cheap. Never chase stocks.
MM – Secretary Besset projected stablecoins pegged to the dollar such asTethers USDT and Circles USDC could grow to over 2 trillion market – do you agree and is Tether or Circle a good investment right now?
You could use a stablecoin to reduce the chances of losing value of your assets, but it will not appreciate and more or less than US dollars if its pegged to the dollar. I’d just keep your dollars in a safe, high interest account and earn some interest. Maybe I’m missing something here?
You are missing something, you invest in Circle as a public traded company, the company that created and manages USDC. Just check its ticker to see how it exploded since its IPO
Read Ron Paul’s column. Digital currencies are EVIL. They are tools to lock account holders if the govt doesn’t like your beliefs. Nondigital cash = freedom. Most merchants prefer cash and give good discounts.
Opie, to be sure I explained it well enough – Circle makes $ on every USDC traded so if demand for USDC grows so does Circle revenue – and USDC is projected to explode in usage as a way to transfer funds internationally avoiding banks, just think about how this could quickly replace Western Unions money grams that so many people use to send money overseas, at a high transfer and handling cost
Tether is a crime scene. Circle is not, but the stock is very expensive.
MM, I posted this on the last 2 reports. Any feedback??
MM, I thought Medicenna was supposed to present at ASCO. Instead Fahar did a YouTube video with updates. Did they get kicked out again this year? I got in at .86 and thought I was getting a good deal. Today it’s trading at .67. What a joke!!
Medicenna is early stage, speculative science. Even if it works, these early stage companies go through several rounds of dilution to survive and run 3 stages of trials. This is the main reason why most early biotechs are very risky. Brent is constantly reminding us of this principle. I lost close to 100% on ARTH and APTO. My extreme stupidity on APTO, since I had 6-fold gains in its early stage and failed to take profits. MM never mentioned taking profits. It’s one thing to have 99% loss. Far worse is to have 500% gain and then lose 99.8% from there. 6X to near total loss, rags to riches in reverse–RICHES TO RAGS. STOOPID STOOPID STOOPID.
They reported strong data at the American Association for Cancer Research (AACR) meeting. I don’t think they were on the schedule for ASCO.
MM – lots of questions for you, please be more accessible, thank you
Trying. An awful lot of non-NWI stuff going on right now, but this week had no earnings reports or conference presentations, so here I am.
I’m a little surprised at how many on this board demand MM be accessible to them, whether to answer questions or do research for them. I’ve been with MM ever since the “Back up the truck” days and find him to be very thorough and responsive. He may not always be right, but you can bet he’s always working to provide us his best research and insight.
Personally, I find this part of his weakly research report to be as important as the report itself. The additional investment ideas and questions make me think and give me other investment ideas. I can’t think of any other investment paper that allows members to do this and I for one am very appreciative of MM for allowing it on here. I not only read his report as soon as possible, I also check the board several times a week to hear what other investment ideas and thoughts I can learn from. From the number of comments, so do many of you as well.
Many here (Chris, Steve, JGMD, TL and John to name a few) have taught me a lot and have given this 73 year old, ideas that I’ve made a few bucks from, in addition to some of MM’s.
I’m sure this was all over the place, but sometimes I think the attacks against MM are unreasonable. He puts a lot of time and effort into this weekly report and I appreciate his efforts, even when he misses. I also appreciate the effort and willingness of the group to share ideas with rest of us.
Hey Larry, agree on the value of this posting board for getting ideas and recommendations from other subscribers, but disagree with your characterization that asking questions of MM is somehow “an attack”?! We seek MMs input because we value his knowledge and experience, and personally I consider it part of the value of this subscription – noone should be so thin skinned that they feel attacked by constructive commentary. No there once was a subscriber named Michael who was very disparaging and offensive in his comments to MM and I called him out on it – hes gone and Im glad for it.
“noone should be so thin skinned that they feel attacked by constructive commentary.” — Steve
I post about the wasteful millions spent on Trump’s birthday parade while important programs are slashed and get
“Hey Chris, stop with the fake news, you only make yourself sound like a hateful, misleading democrat” –Steve
Not fake news, not hateful, not misleading and not from a democrat. Thin skinned? Well?
In this case, it wasn’t a birthday party for DJT, but a serious courtship of evil companies like PLTR that will do surveillance against innocent people, as pointed out by Ron Paul. Paul also criticized conservative groups who profiteer on evil as well as Dems who do same.
Ron Paul is an extremist – he’s been spewing end of the world scenarios for years.
You’re mistaking “thin skinned” for fact based information – yea it was fake news, calling it a Trump birthday parade was of course incorrect and you only reveal your TDS (Trump deraingement syndrome) by calling it that so no one takes it seriously. One of my favorite sayings is “dont let the facts get in the way of what you want to believe”. Maybe take a break from whatever Trump hateful media you are listening to and get a more rounded, fact based accounting of world politics. If people were more independently thinking and took the time to get the facts instead of repeating some social media or MSNBC-CNN slanted opinion, we would al be the better for it
Chris, I didn’t see a post from you on Biden’s wasteful, fraudulent spending which DOGE found to be in the Billions
Subscriber Michael’s stock recs were more lucrative than MM’s. Too bad we don’t get his recs anymore.
Maybe one or two, but his constant hate spewing was not worth the advise
New World Investor for 6.19.25 is posted.