“The fund’s strong outperformance has been largely driven by our activist metals theme, which is currently the largest exposure across all funds. Our megacap tech short theme has also contributed to significant gains year-to-date in our macro and long/short funds thanks to successful positioning and trading early in February and April. At Crescat, our investment philosophy combines value-investing principles with macroeconomic themes, aiming to deliver high risk-adjusted returns over the long term. Our activist metals strategy evolved from the firm’s global fiat debasement theme with the launch of the Crescat Precious Metals Fund in August 2020, where we partnered with industry veteran exploration geologist Quinton Hennigh, PhD, as our advisor. The fund will complete its five-year track record at the end of this month. We believe it is on track to be one of the top-performing industry-focused funds — public and private — over that period in the mining-and-metals and resource fund categories.” July Research Letter is live, “Discovery: The Foundation of Value Creation” @crescatkevin @TaviCosta

This is a critical chart for metals: China’s solar capacity is surging. The growth this year alone consumes about 11% of the world’s annual silver supply. And that’s just China. What happens if the US and other major economies follow suit with similar expansion?

While it hasn’t been openly discussed, I strongly believe a central but hidden objective of these trade agreements is to intentionally push the US dollar lower relative to other major fiat currencies. One possible lever to support that effort could be Japan allowing its long-term interest rates to rise relative to US yields. Keep in mind, only about one-tenth of Japan’s debt is tied to maturities of 20 years or longer. It also wouldn’t surprise me if a large portion of the $550 billion capital commitment Japan recently announced — without specifying a timeline — ultimately comes in the form of Treasury purchases, helping to drive US yields lower. Although already the largest holder, Japan’s Treasury holdings have remained virtually unchanged for over a decade. For the record, I don’t believe this is just about Japan or the yen. Even after its worst year-to-date performance since the 1970s, the US dollar remains significantly overvalued by historical standards — and a meaningful decline is likely a necessary adjustment to help correct the severe trade imbalance the US currently faces.

Worth highlighting: Despite copper reaching new highs, it remains at one of its most undervalued levels relative to gold in history. Notice that we are also approaching a potential major breakout in the copper-to-gold ratio. Copper has officially entered a price discovery phase, and in my view, this move is still in its early stages.

None of us own enough copper.

There goes another major gold/copper company making a significant move today. Game on.

One of the longest-standing silver companies globally is, in my view, on the brink of breaking out from a 45-year resistance level.   A new silver bull market is likely unfolding, in my opinion.   Apologies for sounding repetitive, but I genuinely believe this is one of the most compelling macro opportunities I’ve seen in my career. It’s no coincidence that we chose to acquire what is now the fourth-largest silver mine in the world a few years ago.   Game on.

It's remarkable to see silver approaching $40/oz, yet still historically undervalued relative to gold.   Game on.

Oil, Copper, Zinc: Tavi’s Top 3 ‘No-Brainer’ Hard Asset Bets! 👉 Watch the Full Episode:   👉 Join Our Free Newsletter: 👉 Learn More: Tavi Costa, partner at Crescat Capital, joins “In It To Win It” to deliver a sweeping macroeconomic outlook that spotlights the growing opportunities in commodities and emerging markets. Born and raised in Brazil, Tavi shares how his family’s business collapse and a scholarship tennis journey to the U.S. shaped his disciplined, contrarian investment philosophy—rooted in long-term macro trends and value. Costa outlines his core thesis: the weakening U.S. dollar and suppressed interest rates are laying the foundation for a generational rotation into hard assets and non-U.S. equities. He identifies gold, silver, copper, and zinc as top beneficiaries of this shift, driven by global underinvestment in resource development and structural supply deficits. He highlights Brazil and Latin America as key destinations for capital, pointing to his own real estate investments as evidence of conviction. Connect with Tavi Costa!  Website: LinkedIn: X: 🔥 Key Topics Discussed ✅ Major gold discovery in a historic Alaskan district   ✅ Strong financial position: $13.5M CAD cash, zero debt   ✅ Backed by Alaska’s largest native corporation (10% owner)   ✅ Experienced team with $3B in deals and 30M oz discovered   ✅ Alpha Bowl drill intercept: 27 g/t gold, open mineralization   ✅ Near-term catalysts: August drill results, Q1 2026 resource estimate   ✅ Tight share structure: 67M shares, 30% insider/institutional ownership   ✅ Proximity to Donlin Gold’s 40M oz deposit (40km)   ✅ Six high-impact targets across a 99,000-acre land package   ✅ Over $2B raised by team in previous ventures   If you found value in today’s breakdown, please give this video a thumbs up, share it with friends, and don’t forget to subscribe for weekly market insights. #TaviCosta #Gold #Silver #Copper #Uranium #Oil #NaturalGas #Coal #Nickel #IronOre #Platinum #Palladium #S&P500 #Brazil #China #InItToWinIt #SteveBarton

What metal could become the backbone of tomorrow's electrified world? Copper. With energy demands rising, infrastructure evolving, and materials pivotal to progress, copper's role is only expanding. Watch copper’s surge—because the future is wired with it.  👉 Watch the Full Episode: 👉 Join Our Free Newsletter: 👉 Learn More: #CopperBoom #ElectricFuture #InfrastructureGrowth #EnergyTransition #NaturalGas #UtilityInvestment #GreenEnergy #RawMaterials #CopperDemand #CleanPower