Happy Monday! Pour the double-double, crack the core boxes, and let's see who's still standing after gold's wildest week since the spring.

Gold spent Wednesday face-planting below $4,000 for the first time since November — then clawed the whole thing back by Friday.

Tungsten is suddenly the metal everyone pretends they always cared about, as the West wakes up to who really controls supply.

And Revival Gold $RVLGF ( ▲ 0.33% ) yanked a fat high-grade hit out of Idaho, because the rock doesn't care what the dollar is doing.

🥇 Gold (spot) — $4,045/oz 📈

🥈 Silver (spot) — $58.80/oz 📈

🔌 Copper — $6.10/lb 📈

☢️ Uranium (U₃O₈ spot) — $85.00/lb 📈

🍁 TSX-V Composite — ~898 📈

💵 U.S. Dollar (DXY) — 101.0 📉

The dollar backed off its 13-month high after May's in-line PCE print, and the whole metals board exhaled — gold, silver, and copper all green.

What happened. Gold cracked below $4,000 on Wednesday — its first sub-$4,000 print since November 2025 — as new Fed Chair Kevin Warsh's hawkish pivot and a 13-month-high dollar gutted the metals complex.

Then it reversed: Thursday's in-line May PCE (4.1% year-over-year) cooled the rate-hike panic, the dollar slid, and gold clawed back over $4,045 by Friday.

Silver round-tripped even harder, snapping back toward $58.80 after a brutal mid-week flush.

Why it happened. This tape is being driven by the dollar and real rates, not by the rocks.

Warsh has the market pricing actual hikes, which is kryptonite for gold — right up until an inflation print lands “not worse than feared” and traders decide the hawk isn't landing a blow this week.

A little month-end buying didn't hurt either.

What it means for your position. When gold whipsaws $100 in 48 hours, the juniors whipsaw more — the $GDXJ ( ▲ 7.51% ) names and TSX-V explorers are the high-beta tail on every bullion move.

The bounce buys breathing room for any developer eyeing a financing window, but don't confuse a relief rally with an all-clear: as long as Warsh is waving the hammer, every dollar spike is another gut-check. Keep some dry powder.

👉 Read the full story

Fox Tungsten (TSX-V: FOXT) just spudded a fully funded 20,000-metre drill program at its Fox project in south-central B.C. — and the real story isn't the meterage, it's why anyone is drilling tungsten in the first place.

So what. If you want critical-minerals exposure that isn't another lithium or rare-earth name everyone already owns, tungsten is the under-owned corner — but it lives and dies on grade and metallurgy, so treat the macro tailwind as the setup, not the thesis.

👉 Dig in

Revival Gold $RVLGF ( ▲ 0.33% ) (TSX-V: RVG) reported 14.9 g/t gold over 5.9 metres from the Joss area at its Beartrack-Arnett project in Idaho — and, more to the point, extended known mineralization 240 metres deeper. That's the kind of step-out that turns a tired, pit-constrained resource into a “wait, how far down does this go?” story.

So what. Don't fall in love with a single 5.9 m intercept — high grade over narrow widths is a headline, not a mine, and Beartrack-Arnett is a known quantity, not a virgin discovery.

The signal worth watching is the depth extension: more tonnes at grade below the existing pit shells is what actually moves the economics on a project this size. One hole doesn't make a feasibility study, but it does make the next batch of assays worth reading.

👉 See the assays

Gold needed seven months and a hawkish new Fed chair to finally lose the $4,000 handle on Wednesday. It needed roughly 48 hours to win it back. Volatility cuts both ways — and the juniors feel every swing twice.

Keep your grades high and your dilution low. See you Monday. ⛏️