In 1975, the Fed raised rates… and gold fell 50%.

Every newspaper in the country wrote the same obituary:

The gold bull is dead.

But gold’s funeral never came. Instead…

What came next was the greatest bull run in modern history.

Gold ran from $100 in 1976 to $850 in 1980…

A 750% gain in less than five years.

Go here to see the parallels between today and the 1970s

Even better, certain gold miners would have absolutely made you rich – even from a tiny stake.

• Carolin Mines: 1,738%
• Eagle River: 3,478%
• Silverado Mines: 3,988%
• Goliath Gold: 7,011%
• And Golden Sceptre: 7,650%

Now, look what’s happening today...

The new Fed chair mentioned he might raise rates…

How are investors reacting?

Like the bull market in gold is over.

It’s the same Fed… the same rate hike fears… and the same crowd screaming gold’s bull market is finished.

They say history doesn't repeat… But it does rhyme.

The folks who panicked in 1975 and sold the bottom… were stricken with regret when gold broke out and ran 750% higher.

While the people who understood the setup… backed up the truck on the best gold miners… and made off with a generational fortune.

Today, this “rhyme” will play out the way it did before.

Gold bull markets don’t end this way.

The pullback is a fakeout – just like in 1975.

The Fed is trapped and cannot raise rates to break inflation. It’s 1975 all over again.

So which investor will you be?

The seller at the bottom...

Or the buyer who saw it coming – and reaped a potential fortune?

My name is Garrett Goggin and my top four picks are already up 1,200% in just the last two years.

It’s why Porter Stansberry, author of the End of America documentary that broke the internet, recently called me:

"THE most knowledgeable gold investor in the world.”

Today, it’s like 1975 all over again – and my four top miners are a strong buy for the rest of this pullback. Don’t waste it.

Go here for details on my top four picks

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

Freeport McMoRan Post-Earnings: Why Good Enough May Finally Be Good Enough

By Chris Markoch. Posted: 7/24/2026.

On July 23, Freeport-McMoRan (NYSE: FCX) delivered an earnings report shaped by two forces that will define how investors interpret the quarter.

Copper and gold prices remained at historically elevated levels, lifting realizations across the board. The report also showed that the company continues to move toward full production at its Grasberg mine in Indonesia. The mine was closed in 2025 following a mining accident that halted a significant portion of the company’s production.

However, FCX shares fell after the report.

This could be a “buy the rumor, sell the news” situation. The stock climbed approximately 15% from July 17 through the market's close on July 22.

That suggests a lot of good news was already priced into the report. By the numbers, the results were good, but perhaps not strong enough to justify FCX trading at a 52-week high in the short term.

In the long term, however, there are two key factors to consider when analyzing Freeport-McMoRan's earnings.

Freeport Earnings Get a Boost From Higher Copper and Gold Prices

The headline numbers for the second quarter of 2026 show why investors were pushing FCX higher ahead of earnings. Freeport-McMoRan posted second-quarter net income of $984 million, or 68 cents per share, with adjusted earnings per share (EPS) of 74 cents after backing out one-time charges tied to the Grasberg incident. Revenue totaled $7 billion, and the company generated $2 billion in operating cash flow for the quarter.

The real story was pricing:

• The company realized an average of $6.17 per pound for copper in the quarter, up roughly 36% from $4.54 a year ago.

• Gold realizations jumped to $4,520 per ounce from $3,291, a year-over-year (YOY) gain of roughly 37%.

• Molybdenum, often an afterthought in Freeport's story, also strengthened meaningfully, with realizations of $28.75 per pound versus $21.10 last year.

Copper sales volumes were down significantly year over year—710 million pounds versus 1.0 billion—a direct consequence of Grasberg's phased restart. In other words, FCX is earning more money while selling less copper. That dynamic won't repeat once Grasberg volumes normalize, which is worth keeping in mind when projecting future growth rates.

Grasberg Mine Ramp-Up Strengthens Freeport's Long-Term Outlook

The other half of the bull case is de-risking, not just pricing. Freeport confirmed that its Grasberg Block Cave ramp-up met expectations in the second quarter, with mining rates climbing from 34,000 tons per day in April to 69,000 tons per day in June. Management now expects PTFI's overall production capacity to reach roughly 65% in the second half of 2026, 80% by mid-2027 and near full capacity by the end of 2027.

That timeline also explains why unit net cash costs in Indonesia remain negative. PT Freeport Indonesia (PTFI) reported unit net cash credits of 81 cents per pound of copper in the quarter, meaning by-product gold credits more than offset production costs. As volumes recover, that credit dynamic should provide a continued tailwind to consolidated margins, even if copper prices cool from current levels.

Freeport Maintains Strong Balance Sheet While Returning Capital

Freeport also used the quarter to reinforce its capital discipline story. The company returned $600 million to shareholders in the first half of 2026, including $200 million in share repurchases, and separately increased its ownership stake in the Cerro Verde mine to 55.66% for roughly $107 million.

Net debt stood at just $2.1 billion, excluding downstream processing debt, well below the company's $3 billion to $4 billion target ceiling. That balance sheet flexibility is part of why analysts have been comfortable raising price targets even as the stock reaches new highs. The company is showing its ability to continue funding both shareholder returns and its growth pipeline—Bagdad, El Abra and Kucing Liar—without straining its investment-grade rating.

Is the Post-Earnings Pullback a Buying Opportunity?

Turning to the technical picture, FCX spent most of 2025 consolidating in the low-$40s before staging a sustained breakout beginning in December and eventually pushing to a 52-week high near $72 in June. The pullback since then, including the post-earnings drop to around $63, has brought shares back toward both the 50-day moving average, at about $64, and the lower end of the recent trading range without breaking the broader uptrend.

Notably, the 200-day moving average has been rising steadily since bottoming near $40 late last year. It now sits at about $56, a sign that the medium-term trend remains constructive even after the post-earnings dip. Volume on the down day was elevated but not dramatically outsized relative to recent sessions, which is consistent with profit-taking after a steep run-up rather than a fundamental reassessment of the story.

Is Freeport-McMoRan Stock Still a Buy After Earnings?

One challenge in valuing FCX is that the company's current strong growth is an outlier for two reasons. First, spot prices for copper and gold are at historically elevated levels. Second, the company is just now reporting production from its Grasberg mine, which had been closed. That skews the year-over-year comparisons.

Both variables are likely to support strong earnings and free cash flow growth, two of the best predictors of stock price appreciation. But many traditional discounted cash flow models suggest more modest growth.

That said, the structural case for copper demand remains in place, and prices are starting to reflect that demand. The same is true of gold.

It will take another earnings report or two to determine whether that demand is already priced into FCX. For now, the stock is trading in a defined range. However, rising 50-day and 200-day simple moving averages show that investors have been willing to let the stock grind higher.

Leading into the report, analysts raised their price targets for FCX, with the highest targets reaching $80. With the Grasberg project moving toward full production by the end of 2027, the current stock price may create an attractive entry point.

On April 13th, 2024, I sent my members an email.

I told them gold had broken its ceiling…

And that what comes next could be the most lucrative gold supercycle in history.

Since then, gold has more than doubled.

But here’s the part most investors miss:

It’s not gold that makes the real money in these cycles.

It’s an overlooked “backdoor” asset that leverages the move…

And has seen gains of 846%, 1,668%, and 1,915% in past cycles.

Based on everything I’m seeing, this cycle could be even bigger…

And we’re still in the early stages.

If you want to make the most of it, the time to get positioned is NOW….

Here’s the number-one move I recommend making today.

Regards,
Ross Givens
Director of Research, Traders Agency

3 Unique AI Software Plays With Strong Analyst Support

By Nathan Reiff. Publication Date: 7/29/2026.

The AI market correction is an early and significant test of investors' resilience in the space. While even some of the biggest tech stocks with an AI footprint have lost ground in recent weeks, smaller and less-proven names may be particularly volatile.

For aggressive AI bulls unafraid to take on heightened risk amid the turbulence, there may be opportunities to buy the dip and eventually reap significant rewards.

Lesser-known AI software companies may be a good place to start searching for potential candidates, though it helps to have some reassurance that these firms have strong fundamentals. Each of the companies below has recently received a ratings upgrade or price-target boost from one or more Wall Street analysts.

Despite a Crowded Field of Competitors, Klaviyo Finds a CRM Niche

Klaviyo Inc. (NYSE: KVYO) operates a customer data platform and provides marketing automation software used by e-commerce businesses. The company's tools help clients personalize communications and customer support using AI. This makes Klaviyo a competitor to larger rivals like Salesforce (NYSE: CRM), although it caters more to smaller companies than those seeking enterprise customer relationship management (CRM) solutions.

In the last several weeks, KVYO shares have received a new Buy rating from Goldman Sachs analysts, while Citigroup boosted its price target by $3. The stock has a Moderate Buy rating overall, with 18 Buy ratings compared with just three other ratings. Wall Street sees about 65% upside for KVYO, a significant turnaround after the stock shed roughly 40% year to date (YTD).

Klaviyo's fundamentals may support this growth potential, as seen in its Q1 2026 earnings report. Revenue climbed an impressive 28% year over year (YOY), while the firm achieved its highest-ever non-GAAP operating margin. Management also raised its full-year guidance for revenue and operating income, citing the strength of the company's AI-driven products, such as Composer and Customer Agent.

A catalyst from an upcoming earnings report could help reverse the recent decline, but Klaviyo must contend with carrier fees. The company has absorbed these costs so far, but they could pose a greater threat as its business grows.

A High-Risk, High-Reward Proposition in Similarweb

The smallest of these three companies—and, in some respects, the riskiest for investors at this stage—Similarweb Ltd. (NYSE: SMWB) uses AI to collect and analyze data from internet traffic, app usage and more to provide customer analytics tools for businesses. Its proprietary dataset is a strong asset, as is its ability to serve clients across enterprise businesses, investor groups, government agencies and more.

A major price-target boost from Citigroup analysts in July may have increased visibility for SMWB among investors, but the stock remains a consensus Hold overall. Interestingly, it has largely bucked the AI industry dip and is down only about 5% YTD, while still retaining 17% upside potential.

In June, Similarweb announced two multi-year enterprise contracts representing a combined $47 million in total contract value over the coming three years. This is a major development for the company and a signal that it is gaining recognition for its ability to train large language models (LLMs). If Similarweb can maintain this trajectory, it may be able to accelerate revenue growth beyond the 10% YOY improvement reported in the last quarter.

Braze Builds Stability Amid Growing Revenue, Margins, and Free Cash Flow

Braze Inc. (NASDAQ: BRZE) is also in the marketing-automation business, like Klaviyo. While the companies take different approaches, Braze also faces threats from established competitors such as Salesforce. One factor that distinguishes Braze from Klaviyo is its focus on enterprise customers, which gives it a large addressable market. The company has also retained customers effectively.

Braze also appears to have the strongest ratings profile of the three companies, with 19 Buy ratings and just a single Sell. JPMorgan Chase analysts boosted their price target earlier in July, bringing the potential upside based on the consensus price target of $34.76 to about 40%.

With $211 million in revenue last quarter, a 30% YOY improvement, Braze also has a solid sales foundation. Margins are performing well, with management expecting a 400-basis-point expansion in operating margin for the full year. Free cash flow is also emerging, with Braze reporting $27 million in free cash flow in its latest earnings report. These results reflect strong customer momentum, net additions and the firm's standout AI products. While competition remains fierce, Braze is establishing itself as a solid option among smaller AI software providers.

New to Trading Options? Try THIS

An Easy Options Strategy For Beginners:

Get the Strategy + the “Battle-Tested” ticker today- FREE

✓ How the 11-Hour Options Strategy works — explained in plain English, from A to Z...

✓ The three things you need to start trading options today.

✓ Why this single-focused window has so much more potential than grinding through charts all day (and lets you actively trade while still LIVING your life).

✓ See a simple 3-question filter you can use to help protect yourself before ever placing a trade.

✓ And the exact "rinse and repeat" ticker used nearly 900 times with a 95.3% win rate, just to get you started.

Send me my Free Copy of the 11-Hour Options For Beginners Guide – NOW

To your trading success,

Dave Aquino
Base Camp Trading

Thematic Memory ETFs Give Investors a New Way to Play AI’s Hidden Bottleneck

Reported by Dan Schmidt. Posted: 7/23/2026.

Memory stock prices have had the wind knocked out of them this month as several negative catalysts have converged to rock this suddenly volatile group. The boom lifted many cyclical companies to unprecedented heights, driven by insatiable demand from hyperscalers. But for the first time in a while, cracks have appeared in the story. Valuations among memory chipmakers are stretched, price hikes are facing pushback, and Chinese memory producer ChangXin Memory Technologies is threatening to upend the market with a massive $8.6 billion IPO in Shanghai. Is the memory trade about to be disrupted? Not so fast, my friend.

The Differentiating Aspects of the Memory Shortage

Hyperscalers are hungry for specific types of memory, but this demand has had a cascading effect on the industry. Companies like Micron Technology Inc. (NASDAQ: MU) and Samsung Electronics Co. Ltd. (OTC: SSNLF) have allocated all of their capacity through 2026, and many analysts project memory shortages to last until 2027 or 2028 at the earliest. This supply shortfall is the central theme of the bullish thesis and explains why these recent headwinds are likely to be a short-term blip.

Threats of hyperscaler spending slowdowns, Chinese competition, and oversupply are concerns for the coming years. The reality, however, is that memory suppliers are entrenched in lucrative multiyear contracts with deep-pocketed hyperscalers. Typically, memory chips fluctuate in price as supply ebbs and flows, but these long-term deals also lock in prices for extended periods, providing longer runways for high-margin sales.

It’s important to understand the different types of memory chips these companies produce, since the type of memory matters when selecting a fund. Here are the main components in the data center memory stack:

• Dynamic Random-Access Memory (DRAM) - The active working memory found in most computers, tablets, and mobile devices, which stores data on capacitors. DRAM is a volatile form of memory that must be connected to a power supply to retain information, but its high speeds and low latency have led it to dominate the memory chip market.

• High-Bandwidth Memory (HBM) - A specialized type of DRAM that’s increasingly crucial to the AI data center supply chain. HBM uses a 3D stack to vertically arrange memory chips, reducing power consumption and delivering the bandwidth that hyperscalers find attractive. HBM has emerged as a core component in the AI buildout, and only Micron, Samsung, and SK Hynix Inc. (NASDAQ: SKHY) are currently capable of producing it.

• Not-AND Flash (NAND) - NAND flash memory chips are nonvolatile, meaning they retain data even after the power source is cut off. Users of NAND memory care more about efficient storage than high speeds, and it's primarily used in hard disk drives (HDDs) and solid-state drives (SSDs) sold by companies like Seagate Technology Holdings PLC (NASDAQ: STX). HBM might be the headline source of data center demand, but storing training data also requires nonvolatile memory with high storage capacity.

3 ETFs Offering Unique Ways to Play the Memory Stock Surge

Your opinion on the next direction of the memory trade will determine which funds fit your portfolio. Each of these ETFs follows a different thesis, but the underlying holdings do have significant overlap. And remember, these memory ETFs still have short track records, so you can expect volatility and wide spreads no matter which fund you select.

Roundhill Memory ETF: High-Liquidity Fund With Focused HBM Exposure

The group's veteran fund is still just a few months old, but the Roundhill Memory ETF (BATS: DRAM) has already amassed more than $20 billion in assets under management (AUM) and developed a healthy options market. More than 42 million shares trade daily on average, and its 0.65% expense ratio isn’t terrible for a fund this uniquely tailored.

The ETF holds 23 assets in total, with the highest concentrations in the South Korean HBM producers SK Hynix and Samsung. It also allocates a smaller share to flash memory producers like Seagate and Western Digital Corp. (NASDAQ: WDC) and maintains liquidity through Treasury holdings. An investment in DRAM is a concentrated bet on HBM, with a sprinkling of NAND, but with less volatility and risk than our next fund.

Kurv Memory Select ETF: High Risk Through Highly Concentrated HBM Exposure

The Kurv Memory Select ETF (BATS: KMEM) began trading on June 30 and currently has less than $50 million in AUM. But if you have high conviction that the HBM supply shortage will last for multiple years, KMEM may offer the highest upside.

The concentration is heavy: SK Hynix, Samsung, and Micron account for nearly 80% of the holdings, with more than 41% in SK Hynix alone. Despite its low AUM, the fund matches DRAM’s 0.65% expense ratio, which is again fair for a thematic ETF. KMEM investors should prepare for high volatility and be comfortable with a new, risky vehicle.

Tema Memory ETF: Broader Exposure Across the Memory Ecosystem

The Tema Memory ETF (NYSEARCA: DISK) adopted its stock ticker because it offers a more diverse play on the memory chip industry. The fund has 22 stock holdings, none of which have a concentration greater than 18%. You’ll get NAND flashmakers like Seagate, Western Digital, and SanDisk Corp. (NASDAQ: SNDK), along with HBM makers like Micron, Samsung, and SK Hynix.

The fund also offers exposure to companies that don’t trade on U.S. exchanges, like Kioxia Holdings and Nanya Technology. The expense ratio is high at 0.75%, but it has amassed more AUM ($76 million) than KMEM over the same period and offers much broader industry exposure than the other two funds. If you don’t want to be overexposed to hyperscalers, consider DISK over DRAM and KMEM.