Gold's at record highs for a reason

Every parent eventually has the conversation about the jewelry box.

Why great grandma’s ring stays in the safe deposit box.
Why we don’t just sell it for money.
Why some things hold their value even when they’re not being used.

Gold works the same way.

It sits there, doing nothing, and somehow, that’s exactly why it’s so valuable.

Right now, it seems the market’s understanding that.

Gold is hitting record highs, and forecasts remain bullish for 2026.

When real yields soften and geopolitical risk stays elevated, the opportunity cost of holding gold shrinks.

Central banks know this. After all, they’ve been net buyers for 15 consecutive quarters (WGC Q3 2025 report).

Every day, investors are catching on too.

The Real Supply Problem

In business, we talk a lot about demand, like rate cuts, inflation hedges, and safe-haven flows. 

However, when it comes to supply, it’s becoming increasingly complex.

Over the last decade, major gold discoveries have dropped roughly 80%. 

The easy-to-find ounces are accounted for. What’s left requires sound science and experienced teams. 

Take the Philadelphia Project in northwestern Arizona, for example.

It sits in the same county that produced over two million ounces of gold from high-grade veins in the historic Oatman Mining District.

The ground’s been worked before, but modern exploration is revealing what earlier miners missed.

Recent drills from the site hit 9.04 g/t gold and 34.0 g/t silver over 20.43 meters, with sections running as high as 45.60 g/t gold. That’s discovery-grade metal, not trace mineralization.

If you’re rotating into precious metals, and many investors are, you’re not just buying the metal.

You’re buying exposure to the people who know where to look for more of it.

Three Things Worth Understanding

Whether you’re building a portfolio or explaining compound interest to a 10-year-old, the same principles apply:

Origin matters.

We teach our kids that money doesn’t grow on trees (Although we’re still holding out hope we stumble on a money tree) because understanding where value comes from builds respect for it.

Gold and silver are no different. They come from the ground. Getting them out takes geology, patience, and skill, not just capital.

The Philadelphia results didn’t come from luck; they came from a team with experience at BHP, De Beers, and Kirkland Lake Gold, applying modern techniques to historic ground.

Track records beat buzz.

As parents, we learn fast that consistency is key.

You want the coach who shows up every season, not the flashy substitute.

In exploration, you want teams that have turned rocks into resources before.

The best opportunities are overlooked until someone digs deeper.

Most of what matters in life isn’t visible at first glance. Character shows up under pressure; opportunity reveals itself to people willing to look past the obvious.

In mining, that means returning to historic districts with modern tools and fresh eyes.

It means drilling 170 holes and hitting gold mineralization in 100% of them on patented claims.

It means recognizing that two functional processing mills sit within 12 miles, currently on care and maintenance, giving you infrastructure advantages most explorers don’t have.

Gold’s at an all-time high because the macro setup supports it.

But sustained supply comes from discovery, and discovery comes from people who know what they’re doing.

If you’re teaching your kids about value, start with where things come from.

If you’re thinking about precious-metals exposure beyond ETFs and bullion, start with understanding who’s actually finding it.

Companies like Arizona Gold & Silver (TSX-V: AZS | OTCQB: AZASF) are doing that work and you can follow their latest results and coverage here.

This newsletter is brought to you by Arizona Gold & Silver.

PS If you know another parent working in capital markets, forward this or share this link; we’d love to have them join the Capital Markets Dad community.