The last item on our “crisis agenda” may be the most important of all, perhaps because it may be the most unpredictable.

If the costs of financing the national debt increase in a manner described in this study, that should, in our opinion, be regarded as a long-term plus for the precious metals.

…2017 was just the first year with a small increase after a huge drop off in exploration activity. It may take many years of future increases to get back to where the activity was in 2012, as projected increases in exploration spending are seen to be slow and steady.

Another potential problem is the body of regulations imposed by the Paris Climate Accord that President Trump had negated but which President Biden has immediately rejoined.