 Right now, you can buy a dollar of gold for about 36 cents. I know that sounds like it should be impossible… But here's how: The major gold miners are throwing off record cash flow at today's gold price – despite gold’s recent pullback. 
The four largest gold mining companies have never had this much free cash flow. Ever. Even at $4,000 per ounce gold, they are the most profitable they’ve ever been. But they have a problem… Go here and I’ll show you what it is and why gold majors are about to go on a shopping spree for the ages. When major gold miners make record profits on a gold price handing them margins as high as 75%, they do one of two things: The return money to shareholders in the form of dividends and share buybacks… Or, they buy out the best junior mining assets as a means to secure future gold production. Now, here’s the thing… The best junior assets are selling as if the gold price is still stuck at $1,800 an ounce – not $4,000+ like today. That means you can buy the best buyout targets – before they get snapped up by gold majors looking to secure future output. That’s how you buy a dollar of gold for 36 cents. Go here and I’ll show you details on my top three buyout targets My top picks are up as much as 2,050% since early 2024... And they STILL trade at a 64% discount to the value of their assets. Read that again. The whole portfolio is up as much as 1,200% in roughly two years – and they’re still undervalued by 64% when compared to their gold reserves. I call this bizarre price discrepancy the Golden Anomaly. It only exists early in a gold bull market... and it doesn’t last long. So you can pay full price after the gap closes... Or, you can buy a dollar for 36 cents while this Golden Anomaly still exists. Go here to see my Golden Anomaly portfolio Garrett Goggin, CFA, CMT
Lead Analyst and Founder, Golden Portfolio
This Month's Bonus Story
No Hangover: Revisiting Microsoft One Week After EarningsAuthored by Chris Markoch. Article Published: 8/7/2026. 
Key Points
- Microsoft shares surged more than 25% after its July 29 earnings report, driven by 18% revenue growth and 43% Azure growth that eased AI monetization concerns.
- Long-term power agreements with Chevron and Constellation Energy suggest that demand for Microsoft's AI data center buildout is real, diversified, and multi-year in nature.
- Microsoft's free cash flow fell 23% year over year amid rising capital expenditures, raising valuation concerns even as the company maintains positive cash flow.
- Special Report: Trump’s $250 Bill – See Immediately
Microsoft Corporation (NASDAQ: MSFT) reported earnings on July 29, and the stock has been on a tear ever since. The share price is up more than 25% since the report and turned positive for the year on Aug. 5. The rally is a relief to shareholders who had watched MSFT drop nearly 30% between October 2025 and March 2026. The company seemed to be at the center of every headwind affecting technology stocks.
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Concern over sustained hyperscaler spending? Check.
Concern over too much hyperscaler spending? Check. Concern over the SaaS-pocalypse created by AI? Check. Concern over monetizing AI? Check, check and check. The company’s Q4 2026 earnings report addressed all the concerns weighing on investors and is changing the conversation around AI. But with the stock posting such strong growth in the week after earnings, some investors are questioning whether the stock is due for a pullback. Microsoft's Earnings Reignite the AI Growth StoryThe numbers behind the rally help explain why. Microsoft posted fiscal fourth-quarter revenue of $90 billion, up 18% year over year, while Azure revenue climbed 43%. Full fiscal 2026 revenue topped $331 billion. Microsoft 365 Copilot crossed 30 million paid seats, and the company's commercial remaining performance obligation—essentially its contracted backlog—grew sharply. That combination gave investors something they hadn't had in months: proof that AI spending is translating into revenue. Is MSFT Stock Moving Too Far, Too Fast?The cautious argument is that MSFT doesn’t usually make parabolic moves like this. The stock has made moves of 25% or more in the last five years, but it’s usually a process that happens over a month or longer. The strength of this move in such a short time is an outlier. The rebuttal is that the depth and duration of the stock’s pullback were also atypical. Many analysts would have said it wasn’t merited. There’s also a technical argument: Based on the relative strength index (RSI), MSFT isn’t overbought yet. Still, believing this time is different is rarely a good way to build an investing strategy. MSFT may be due for a pullback. But the long-term outlook remains strong, which is why investors should welcome—and be ready to buy—any pronounced dip in MSFT. Microsoft Is Locking in the AI Infrastructure BuildoutIn addition to its own strong earnings report, Microsoft is benefiting from a halo effect from other reports. For example, Chevron (NYSE: CVX) reported earnings on July 31. A highlight of the report was Project Kilby, a 20-year, take-or-pay power agreement with Microsoft covering 2.67 gigawatts of behind-the-meter capacity in West Texas. Chevron said the project is moving toward a final investment decision later this year and expects mid-teens returns on the investment. CEO Mike Wirth framed the broader quarter as one built on consistent strategy and capital discipline, while Chevron's New Energies president, Jeff Gustavson, noted that few competing data center power projects have locked in long-term customer commitments to the extent that Kilby has. Chevron isn’t speculatively building power capacity and hoping a hyperscaler shows up later. Microsoft is already the counterparty on a two-decade contract, which is about as far from speculative as an energy deal gets. Chevron isn't alone in this. Constellation Energy (NASDAQ: CEG) has its own long-term power arrangement tied to Microsoft. The deal is anchored by the restart of the Crane Clean Energy Center, which is under a 20-year agreement to supply Microsoft's data centers once it returns to service. Between Chevron's gas-fired capacity and Constellation's nuclear restart, Microsoft is locking down power from two very different corners of the energy sector. That is a sign that the demand behind its AI buildout is broad enough to require diversified supply rather than a single bet. Strong AI Spending Comes With a Free Cash Flow Trade-OffMicrosoft delivered $19.6 billion in free cash flow (FCF) in its latest quarter, down 23% year over year (YOY). It also repeats a pattern that was in place in the third quarter. The good news is that Microsoft continues to maintain positive FCF. That's the concern—perhaps overstated—with a company like Oracle (NYSE: ORCL) that is taking on debt to support its AI infrastructure spending, as well as companies like Alphabet (NASDAQ: GOOGL) that reported negative FCF. The bad news is that it makes MSFT expensive under some discounted cash flow (DCF) models that prioritize FCF. That's the opposite of what was fueling the stock’s rally in 2025. What Will Drive Microsoft Stock From Here?Microsoft's own guidance adds another layer to the debate. Management now expects roughly $175 billion in fiscal 2027 capital expenditures, and it's changing how it accounts for some of that spending. Data centers and office buildings will now be depreciated over 25 years instead of 15, and more future leases will be booked as operating leases rather than finance leases. That's an accounting shift, but it will affect how the FCF picture looks going forward. It's worth watching whether analysts treat it as a genuine improvement or as a way to flatter the numbers. For investors, the setup is straightforward, even if the stock's next move isn't. The Chevron and Constellation deals suggest the demand side of the AI story is real and multi-year in nature. The FCF trend suggests the cost side is real, too, and it isn't going away next quarter. Both things can be true at once and probably are. Balancing those truths, rather than focusing on any single number, is likely to define how MSFT trades over the next two quarters. . |
