A Message From Golden Portfolio

Look at what's happened to these seven gold miners:

MAG Silver — up 56.6%
Reunion Gold — up 71.9%
Calibre Mining — up 107.7%
Probe Gold — up 166.7%
Rupert Resources — up 177.9%
Loncor Gold — up 181.8%
G2 Goldfields — up 1,228.6%

These weren't lucky picks or lottery tickets. Every one of them moved for the same reason — and it's a reason you can see coming.

Go here to see the pattern behind all seven.

Each of these was a small gold miner sitting on assets a major wanted. And one by one, the majors came and bought them.

Now here's the part that matters: all seven were in my portfolio before the buyouts happened.

Not seven picks out of hundreds. Seven names, all held ahead of the acquisition — because the same signal flagged every one of them. Once you understand what the majors are forced to do, spotting the next target stops being luck and starts being pattern recognition.

Here's why that pattern isn't slowing down — it's accelerating.

The major gold miners have a problem. Their own production is shrinking. Every ounce Barrick or Newmont pulls out of the ground makes their remaining mine worth a little less — a gold mine is a shrinking asset in slow motion.

At the same time, the majors are sitting on the most cash they've ever held, thanks to today's gold prices.

So a major has exactly two options: watch its output shrink until it's out of business… or use that record cash to buy the best small miners and replace what it's losing.

That's not a choice. It's survival. Which means the buyouts don't stop — they keep coming, one after another, until the best small assets are gone.

And here's what that looks like from the outside, if you own one of those small miners before the major comes knocking:

You go to bed owning a small gold company.

Overnight, a major announces it's buying that company — at a premium.

You wake up, and your shares are worth 40%… 67%… even 79% more than when you closed your laptop the night before. No chart to watch. No trade to time. The value reprices instantly, while you sleep.

That's already happened to all seven companies above — every one of them in my portfolio before it did. The only question left is which small miners are next — the ones with the grade, the cash flow, and the assets the big players actually need.

My name is Garrett Goggin, CFA, CMT. My readers had the chance to hold all seven of those names before the majors bought them — and it's why Porter Stansberry recently called me:

"THE most knowledgeable gold investor in the world."

Go here to see the three names I believe are next in line to get bought.

Best,

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

AeroVironment’s $465 Million Army Laser Win Expands Its Counter-Drone Opportunity

Author: Ryan Hasson. Originally Published: 9/3/2026.

Defense technology has been one of the market's most volatile and widely discussed themes in 2026, aside from artificial intelligence, of course. However, the gains across the sector have been far from evenly distributed.

AeroVironment (NASDAQ: AVAV) is proof of that. While many of its peers have climbed, AVAV has fallen nearly 40% from where it began the year, making the drone and loitering-munitions maker one of the sector's clear laggards. That is precisely what makes this week's news worth a closer look. The company just landed a landmark contract that could reframe the investment case, and it arrives as the stock trades near its 52-week low.

A Landmark Directed-Energy Award

On Sept. 2, AeroVironment announced that the U.S. Army had awarded it a $464.8 million contract for its Enduring-High Energy Laser (E-HEL) program. Under the agreement, the company will produce dozens of its LOCUST X3 laser weapon systems over the next several years to defend against the small, low-flying drones that have reshaped the modern battlefield, a category the Pentagon labels Group 1 through 3.

What makes this more than just another defense contract is its historic nature. The award represents the first-ever production contract for directed-energy systems in U.S. history, marking the point at which laser weapons officially graduated from prototypes to full-scale production. The LOCUST X3 is a 30-kilowatt, platform-agnostic system designed to integrate with vehicles such as the Army's Joint Light Tactical Vehicle. It also builds on years of successful field testing. For AVAV, the award validates its bet on directed energy and suggests that the strategy is beginning to pay off in a meaningful way.

What the Company Does

For those less familiar with the name, AeroVironment is a defense technology company best known as a pioneer in Unmanned Aerial Systems (UAS) and loitering munitions. Its Switchblade drones have become a staple of modern warfare, and the company has steadily expanded into counter-drone technology. That is an area of surging demand as militaries worldwide scramble to defend against inexpensive, proliferating aerial threats. The LOCUST award fits directly into that growing counter-UAS portfolio, adding a high-value production program to a business already anchored by a backlog of roughly $1.2 billion.

Fundamentals and Valuation

The fundamental picture is more mixed than the contract headline suggests, and investors should, as always, weigh both sides. AVAV generates nearly $2 billion in annual revenue, and analysts project earnings growth of close to 30% in the year ahead. However, the company is currently unprofitable on a trailing basis, having posted a net loss of roughly $265 million over the past 12 months. As a result, the stock trades at a forward multiple in the mid-40s rather than on trailing earnings, which are negative. That forward valuation requires the anticipated growth to materialize and leaves little room for disappointment.

The balance sheet offers some reassurance, with a low debt-to-equity ratio of 0.17 and a current ratio slightly above 4. Those figures indicate no immediate short-term solvency issues and leave the company some room to fund its expansion. Production for the new contract will be supported by a $30 million investment in its Albuquerque, New Mexico, facility, announced earlier this year, suggesting that management was already preparing for this ramp-up.

Institutional and Analyst Sentiment

Despite the beaten-down share price, the professional community remains overwhelmingly bullish. The stock carries a Moderate Buy consensus rating from the 24 analysts covering it, and the average price target of $266.68 implies a striking 81% upside from current levels.

Despite its clear year-to-date (YTD) underperformance, institutions appear to view AVAV as both a mispriced stock and a long-term opportunity. Over the prior 12 months, institutions have purchased $3.85 billion of AVAV stock, compared with just $1.14 billion in sales. That activity resulted in an impressive net inflow and current institutional ownership of slightly more than 86%.

Catalyst Meets Caution

AVAV has begun the month with a complex but intriguing setup: It is a beaten-down defense innovator that just secured a historic, first-of-its-kind production contract, while analysts point to substantial upside. Another major catalyst is just around the corner, as the company is set to announce its Q1 2027 earnings on Sept. 9 after the market closes.

The central question raised by the LOCUST award is whether directed energy can become a meaningful new growth pillar for the company. This contract is the strongest evidence yet that it can. The risks are just as real, however, from trailing losses and margin pressures to a share price that has spent the year falling. The LOCUST award does not erase a difficult year, but it gives investors a concrete reason to take a fresh look at a name the market had largely written off.

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How 4 Million Hewlett Packard Shares Bought an AI Network

By Jeffrey Neal Johnson. Published: 9/7/2026.

Investors watching the latest earnings season may have noticed a unique corporate finance maneuver buried beneath the standard top-line beats. Hewlett Packard Enterprise (NYSE: HPE) recently executed a strategic equity option, granting millions of shares to a major infrastructure partner.

Retail investors largely glossed over the detail, choosing instead to sell the stock because of temporary hardware supply constraints. Institutional capital recognizes the warrant execution as a binding, high-margin revenue opportunity for Hewlett Packard Enterprise's artificial intelligence infrastructure division.

For investors watching enterprise cloud consolidation, understanding the mechanics of this warrant may reveal a mispricing in the networking sector.

Subsidizing the Next Generation of Cloud

Oracle Corporation (NYSE: ORCL) is currently executing a multi-year, gigawatt-scale deployment of network infrastructure across its global data centers. To secure this elevated volume, the company engineered a targeted sales incentive, issuing warrants that allow Oracle to purchase more than 4 million common shares at an exercise price of one penny per share.

This is not a standard enterprise vendor contract. By tying the rollout of advanced routing platforms to equity options, the agreement functions as a direct capital expenditure subsidy. It structurally binds a portion of the projected $70 billion in forward infrastructure spending to HPE's long-term equity valuation.

This arrangement incentivizes Oracle Corporation to direct volume through the high-margin Juniper pipeline rather than seek alternative networking providers. The options block, valued at nearly $200 million, helps secure sticky volume and effectively turns a primary customer into a vested stakeholder.

The integration embeds critical routing platforms and advanced switching architectures directly into rapidly expanding superclusters. Managing data-intensive workloads requires reliable networking to prevent packet loss and latency. By holding equity, Oracle Corporation also benefits financially as Hewlett Packard Enterprise scales its manufacturing to meet these rigorous data center demands.

Looking Past the Supply Chain Smokescreen

In its early September earnings report, Hewlett Packard Enterprise delivered adjusted earnings per share of $1.11, comfortably beating consensus estimates by 18 cents. Top-line revenue expanded by nearly 34% year over year. Despite these metrics, the stock experienced a notable intraday dip, falling approximately 5% before recovering to around $54.25.

The sell-off was triggered by cautious management commentary regarding supply bottlenecks affecting legacy memory and central processing units. Markets focused on those constraints and overlooked the fundamental growth within the networking division. Total networking revenue rose 75% year over year, anchored by a 270% increase in routing revenue.

Valuing HPE purely as a legacy server supplier ignores the margin expansion inherent in its new routing backbone. The pricing inefficiency created by supply-side headwinds offers a window to accumulate shares before the broader market properly prices in the networking integration. Legacy hardware may face quarterly cyclicality, but demand for enterprise-grade routing continues to outpace current supply. The market is treating a hardware delay as a demand problem, while internal networking metrics appear to disprove that interpretation.

The Heavy Hitters Backing the Buildout

The deep partnership between these two technology giants is supported by significant overlapping institutional ownership. Entities such as the California State Teachers Retirement System hold a commanding 13.29% stake in Oracle Corporation and a nearly 7% stake in Hewlett Packard Enterprise. UBS AM similarly maintains top-tier allocations across both equities.

This institutional cross-pollination can minimize friction at the board level and ensures that major stakeholders benefit from the capital recycling between infrastructure spending and top-line growth. When a fund owns significant portions of both the buyer and the seller, the strategic integration of hardware and software becomes a portfolio-wide tailwind. Institutional players understand that subsidizing data center buildouts through warrants creates a closed-loop ecosystem in which capital remains within the shared shareholder base.

Investors should closely watch the upcoming earnings release from Oracle Corporation on Sept. 10. Analyst scrutiny will center on cloud infrastructure backlog conversion and forward capital expenditure guidance. This event represents a critical secondary catalyst. Any upward revision in data center spending would provide visibility into the financial pace of the Juniper integration, supporting greater revenue predictability for Hewlett Packard Enterprise.

The Valuation Disconnect in Plain Sight

The data presents a stark valuation disconnect of the type that value investors often seek. Hewlett Packard Enterprise currently trades at a trailing price-to-earnings ratio nearing 50. However, its forward multiple falls sharply to roughly 18. This contraction reflects expectations for rapid margin accretion driven by artificial intelligence networking tailwinds. Earnings potential is outpacing the current share price. By absorbing the Juniper routing portfolio, Hewlett Packard Enterprise is capturing a larger share of the total data center wallet.

Investors should acknowledge the sector's inherent risks. While the equity subsidy secures volume, prolonged supply chain constraints involving memory or other components could pressure near-term margins. A broader slowdown in enterprise technology spending could also affect deployment timelines.

Recent hardware-driven volatility masks a high-margin networking transformation. Investors might consider adding HPE to their watchlists as the market digests the full structural value of its latest corporate partnerships. Those with a higher risk tolerance might view the current compression in forward multiples as an entry point before peak network deployment begins.