DINARRECAPS8 10/30/25 DINARRECAPS8 10/30/25

Podcast: Is it War? On Rumors That China Just Took Out Two US Military Aircraft

Notes From the Field By James Hickman (Simon Black) October 28, 2025

There was a popular legend from medieval Venice about an impoverished orphan from the island of Torcello. The boy came to Venice at a young age, found a job, and worked tirelessly and energetically-- enough to impress some of the city’s wealthy patricians.

Eventually the boy-- now a young man-- had built up enough credibility that some local noblemen entered into a commenda contract with him, i.e. a sort of proto-limited partnership. The idea was that the investors would finance a trade voyage (and stay comfortably at home in Venice), while the young man would risk life and limb on the high seas.

DINARRECAPS8 10/23/25 DINARRECAPS8 10/23/25

Let’s Take a Quick Pause and Look Back at History

Notes From the Field By James Hickman (Simon Black) October 23, 2025

In light of this week’s roller-coaster gold ride, I thought it would be useful to turn once again back to the lessons of history and revisit what we discussed recently about the 1970s.

Foreign governments and central banks around the world had been becoming increasingly concerned about the US government’s outrageous fiscal deficits as early as the mid-1960s.

DINARRECAPS8 10/16/25 DINARRECAPS8 10/16/25

What If Gold Crashes To $3,000 Per Ounce?

Notes From the Field by James Hickman (Simon Black) October 16, 2025

A little over a month ago, in early September, after careful analysis and detailed study, my team and I reached an important conclusion. And we started telling our audience almost immediately.

Gold had just crossed $3,500 per ounce, silver had just crossed $40, and many gold and silver mining companies had experienced astonishing gains.

DINARRECAPS8 10/13/25 DINARRECAPS8 10/13/25

There Was Once A Time When Congress Cared About Literally Every Penny—

Notes From the Field By James Hickman (Simon Black) October 13, 2025

As the clock struck midnight on July 1, 1848, Ohio Congressman Samuel Vinton probably started having a minor panic attack. Viton was Chairman of the powerful House Ways and Means Committee, the Congressional body that, at least at the time, was responsible for all taxation and spending appropriations. Anything that got spent-- or didn’t get spent-- was Vinton’s domain.

The United States was just coming out of a war in the year 1848-- the Mexican War, in which the US invaded Mexico and wound up with 525,000 square miles of new territory as a result.

DINARRECAPS8 10/9/25 DINARRECAPS8 10/9/25

Podcast: Even at $4,000 Gold the Miners Are Ridiculously Cheap

Notes From ther Field By James Hickman (Simon Black) October 8, 2025

Yesterday we wrote that with gold topping $4,000, it’s time to step back and look at the big picture—and the fundamentals haven’t changed.

Foreign governments and central banks hold about $10 trillion in US denominated reserves. But for years they’ve been trading this paper for gold— because it is their only realistic alternative.

DINARRECAPS8 10/7/25 DINARRECAPS8 10/7/25

$4,000 Gold: Is It Time To Sell?

$4,000 Gold: Is It Time To Sell?

Notes From the Field By James Hickman (Simon Black) October 7, 2025

You’d think Charles de Gaulle would have been a little bit more grateful to America.

As head of the Free French Forces during World War II, de Gaulle was essentially a leader in exile, and he had to base himself in England for the majority of the war after the Nazis took Paris.

It was only because of the sacrifices made by American troops-- and exceptional generosity from US general Dwight Eisenhower-- that de Gaulle was allowed to enter Paris on August 25, 1944.

DINARRECAPS8 10/1/25 DINARRECAPS8 10/1/25

Shutdown Or Not, Government Dysfunction = Higher Gold Prices

Notes From the Field By James Hickman (Simon Black) September 30, 2025

All eyes are on Washington to see if the government shuts down when the clock strikes midnight tonight.

Funny thing is, most people aren’t really going to care—because all of the “essential” services will keep running. (Which makes you wonder: why do non-essential government services exist on the taxpayer’s dime in the first place?)

But today is also the end of the fiscal year. And based on the data, we can see that the US will end the fiscal year with around $37.5 trillion in debt. That means, for Fiscal Year 2025, the debt will have increased by another $1.8 trillion.

DINARRECAPS8 9/25/25 DINARRECAPS8 9/25/25

It’s Like Buying Gold For $1,000 An Ounce

It’s Like Buying Gold For $1,000 An Ounce

Notes From the Field By James Hickman (Simon Black) September 25, 2025

Gold just hit another all-time high this week, briefly touching $3,800 per ounce... which means it has more than doubled in the last two years.

When any asset continues hitting all-time highs, most people who haven’t bought it yet naturally believe that they missed out... or that they should wait for a pullback.

Of course, many people believed that when gold hit $2,400 in spring of 2024... and then $2,800 early this year... and $3,400 in April.

DINARRECAPS8 9/18/25 DINARRECAPS8 9/18/25

The Fed Just Became the World’s #1 Gold Salesman..

The Fed Just Became the World’s #1 Gold Salesman...

Notes From the Field By James Hickman (Simon Black) September 18, 2025

To the surprise of absolutely no one, the Federal Reserve announced its decision yesterday to cut interest rates… and kept the door open to further rate cuts in the future.

The funny thing is that we’ll never truly know why.

Sure, it’s possible that Fed officials honestly felt that the economy needs lower rates (despite obviously persistent inflation risks).

DINARRECAPS8 9/9/25 DINARRECAPS8 9/9/25

Is It Time To Ring The Bell On Gold?

Notes From the Field By James Hickman (Simon Black) September 4, 2025

In our April edition of our premium investment research service, we told subscribers about a highly promising precious metals company— one that we thought was deeply undervalued.

The company had rapidly grown its production nearly 20x in just a few years, not to mention they had also paid off ALL of their debt. Yet they were still trading at just a few times earnings.

DINARRECAPS8 9/8/25 DINARRECAPS8 9/8/25

Foreigners Own Less US Government Debt—Is That a Good Thing?

Foreigners Own Less US Government Debt—Is That a Good Thing? [Podcast]

Notes From the Field By James Hickman (Simon black)

The US owes a LOT less money to China today than it did a few years ago. As recently as three years ago, for example, China held $1.3 trillion worth of US government bonds. Today they’re down to around $750 billion.

In other words, China’s government has decided to cut back on its US dollar Treasury holdings by more than 40% over the past three years.

And at first, that might sound like a good thing— HOORAY! More independence from foreign creditors! America is better off without that Chinese money! Right?

DINARRECAPS8 9/4/25 DINARRECAPS8 9/4/25

Gold Just Hit Another All-Time High—What’s Next?

Podcast: Gold Just Hit Another All-Time High—What’s Next?

Notes From the Field By James Hickman (Simon Black) September 3, 2025

You might be surprised to know that the government is facing yet another shutdown at the stroke of midnight on September 30.

A lot of people might be thinking two things: First— “again?” And second— what about the “One Big Beautiful Bill”?

The One Big Beautiful Bill, signed into law on July 4, did not, in fact, contain all the necessary resolutions to fund the government for the next fiscal year (which starts on October 1).

DINARRECAPS8 9/3/25 DINARRECAPS8 9/3/25

Dollar ALERT: Foreign Central Banks Now Own More Gold Than USD

Notes From the Field By James Hickman (Simon Black) September 2, 2025

For centuries, the Byzantine Empire’s gold coin, known as the solidus, had been the backbone of global trade in the medieval world; nearly pure gold, the solidus was trusted by merchants from Baghdad to London.

But by the 11th century, multiple emperors had chipped away at its gold content—watering it down to pay for wars, bureaucracy, and the costs of an empire in decline.