Right now, you can buy a dollar's worth of gold for about 36 cents.

That sounds impossible. Here's how it's real.

The major gold miners are throwing off record cash flow — even after gold's recent pullback. The four largest have never had this much free cash on hand. Ever. At today's gold price, they're running margins as high as 75% — the most profitable they have ever been.

Which hands them a problem.

Go here to see the problem — and why the majors are about to go on a shopping spree for the ages.

When a major gold miner makes record profits, it does one of two things: hand the cash back to shareholders, or buy the best junior mining assets to secure future production.

And here's the piece the market is missing:

The best junior assets are still priced as if gold were stuck at $1,800 an ounce — not north of $4,000, where it trades today.

So the majors are staring at their own future production shrinking, sitting on record cash, looking at top-tier junior assets trading at a fraction of what that gold is worth at today's price.

They don't have a choice. They buy — or their output keeps shrinking until they're out of business.

That's how you buy a dollar of gold for 36 cents: you own the junior before the major is forced to pay up for it.

The gap between what these assets are worth and what they trade for has a name. I call it the Golden Anomaly. It only appears early in a gold bull market, and it closes fast — usually the moment the majors start writing cheques.

So you can pay full price after the gap closes…

Or buy the dollar for 36 cents while the Anomaly still exists.

My name is Garrett Goggin, CFA, CMT, and it's why Porter Stansberry recently called me:

"THE most knowledgeable gold investor in the world."

Go here to see my Golden Anomaly portfolio — and the three names next on the majors' shopping list.

Best,

Garrett Goggin, CFA, CMT
Lead Analyst and Founder, Golden Portfolio

Atlassian Just Pulled Off the Software Comeback Wall Street Wanted

Authored by Dan Schmidt. Posted: 8/11/2026.

Sometimes, you can call it a comeback. Shares of Atlassian Corp PLC (NASDAQ: TEAM) exploded 35% higher on Friday, Aug. 7, following an impressive earnings report that left investors thrilled and analysts scrambling to raise their price targets.

The stock has completed an impressive turnaround in 2026, narrowing its year-to-date (YTD) loss after a brutal first-half sell-off. But unlike many of its peers, which have posted impressive results, Atlassian guided for a revenue slowdown next year, with growth declining from 26% year over year (YOY) in fiscal 2026 to 13% YOY in fiscal 2027. How does a stock trading at 220 times forward earnings jump 35% on a declining revenue outlook? Because it’s actually part of the plan.

Atlassian’s Shifting Revenue Mix Explains Market Reaction

Atlassian reported its Q4 fiscal year 2026 results after the market closed Aug. 6, and the headline numbers were impressive. Earnings per share (EPS) of $1.87 beat consensus estimates by 24.7%, while revenue of $1.77 billion represented YOY growth of more than 27%. Annual recurring revenue (ARR) from subscriptions grew 23% YOY to $6.61 billion, and remaining performance obligations (RPO) grew 44% YOY to $4.82 billion.

But the guidance, at least at first glance, appears tepid. Management expects total revenue to grow just 13% in fiscal 2027, half the rate of growth in fiscal 2026. The company also expects slightly slower Cloud revenue and subscription ARR growth, while guiding for a 17% contraction in Data Center revenue. However, this is part of the company’s plan to migrate Data Center clients to the Cloud. Atlassian announced plans to sunset the Data Center segment in 2025, with end of life (EOL) scheduled for March 2029. Revenue leaving the Data Center segment isn’t disappearing; it’s simply shifting to another part of the business. Plus, Atlassian can sell Cloud customers premium AI features like Rovo, which offer the company more recurring revenue and higher annual retention rates. Investors anchoring to the 13% headline figure are pricing in a business undergoing a deliberate dismantling and replacement with a more lucrative one.

Growing Backlog Leads to Analyst Upgrades

The distinction between ARR and RPO is another important factor in the report. Subscription ARR is the current subscription base annualized, meaning it extrapolates one period over a full 12 months. RPO is the backlog: money agreed to in contracts that Atlassian is committed to delivering but that has not yet been recognized as revenue. ARR looks backward, while RPO looks forward. RPO growing at nearly twice the rate of ARR means contract duration and size are expanding, as management’s comments also indicated. Contracts valued at $3 million and $5 million have grown by 50% and 70% YOY, respectively, setting company records and signaling that future revenue is becoming more visible and durable.

Analysts were quick to note the backlog expansion and the increasing durability of revenue. The stock received 17 new price targets following the Q4 2026 release, all of which were increases or new coverage initiations, signaling increased demand for the stock. The average of the 14 new price targets is $176.27, representing upside of more than 14% from current levels. But while several price targets now sit at $200, analysts at TD Cowen and UBS Group maintained Hold or Neutral ratings on the stock, so not everyone covering the shares has conviction in the business mix shift.

Chart Hinted at Upward Momentum Building Before Earnings Call

Even the U.S. men’s soccer team would cringe at TEAM’s first-half performance. The drawdown was precipitous, and by April, the share price was stuck far below the 50-day and 200-day moving averages. But investors who had been eyeing the TEAM chart over the last few weeks may have spotted the breakout before the earnings release.

The stock bottomed in early April, but the Moving Average Convergence Divergence (MACD) indicator flashed a bullish cross in early March, hinting that selling pressure was beginning to fade. TEAM shares retook the 50-day moving average shortly after the MACD signal and used it as support during three months of consolidation. Another bullish MACD cross appeared in the weeks leading up to the Q4 results, and the post-earnings pop is now holding its gap.

The software apocalypse was always an overstated concern, and companies like Atlassian have proven that AI can be an asset, not a threat. However, this was a very quick repricing following a single earnings report. The market won’t be as generous next time, now that valuation is no longer distressed and the stock is starting to look overbought. TEAM has recovered from the losses triggered by the SaaS panic, and further upside depends on monetizing migrating Cloud customers and continued growth in large-contract volume.