PORTER & CO. — SPECIAL BRIEFING INVITATION
The world’s central banks are making a quiet, historic bet.
For The First Time In Decades, Central Banks Hold More Gold Than U.S. Treasuries
A global gold rush is quietly underway inside the world’s most powerful financial institutions. The nations that once parked their reserves in U.S. Treasuries are souring on America’s bloated debt… and the numbers have just crossed a threshold that hasn’t been seen in a generation. What happens next could be the biggest monetary shift of our lifetimes.
America is hurtling toward $40 trillion in national debt.
The world’s central bankers have noticed. And they are doing something they haven’t done in decades: they are quietly, methodically, and in enormous quantities buying gold — and selling Treasuries.
The numbers just crossed a historic line. For the first time in many years, foreign central banks collectively hold more gold in reserve than U.S. government Treasuries.
Central banks don’t make emotional decisions. They move slowly, deliberately, and with one objective: preserve the wealth of nations. When they dump Treasuries and stack gold, they are telling you something important about the U.S. dollar.
"We’re watching the largest monetary shift of our lifetimes. The only question is whether you will be on the right side of it." — Porter Stansberry
Gold Is Money Again
The central bank shift is the first domino. The second one is already wobbling.
Under consideration at the Bank for International Settlements — the central bank of central banks — are new Basel regulatory rules that would formally reclassify gold as a Tier 1 high-liquid asset. In plain language: gold would once again be recognized as money by the global banking system.
The last time gold held that official status was 1971, when Nixon closed the gold window and the dollar became the world’s reserve currency by decree rather than by backing. The result? Gold rose from just $35/ounce to $455 by the end of the decade. Today, our generation’s global gold rush is just beginning.
A Basel reclassification would require banks worldwide to hold more gold: Demand surging institutionally… and a violent repricing in gold.
Three Forces. One Historic Collision.
Consider what is converging right now, simultaneously, for the first time in history:
- The United States racing toward $40 trillion in debt with no credible plan to stop.
- The world’s central banks — quietly, decisively — choosing gold over Treasuries for the first time in a generation.
- Global banking regulators on the verge of formally reclassifying gold as money.
Any one of these would matter. All three together? That’s the makings of a new monetary order.
Porter calls it The New Bretton Woods. The original Bretton Woods, in 1944, established the dollar as the world’s reserve currency and shaped the global economy for the next 80 years. The system being assembled now — piece by piece, in central bank vaults and Basel committee meetings — will shape the next 80.
The investors who understand what’s being built will have the opportunity of a generation. The ones who don’t will watch their dollar-denominated savings erode in slow motion and wonder what happened.
The central banks have already placed their bet.
Now it’s your turn.
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BJ's Wholesale Is Growing, Buying Back Stock, and Still Dirt Cheap
Submitted by Thomas Hughes. Publication Date: 3/5/2026.
Key Points
- BJ's Wholesale beat expectations in Q4 as digital sales surged 31% and membership fees jumped nearly 11%, showing the club model is resonating with shoppers.
- The stock trades at roughly half the valuation of its biggest warehouse-club rivals—even while steadily taking market share from them.
- Management's 2026 outlook disappointed Wall Street, but heavy institutional buying and a $750 million buyback war chest suggest the selloff may be overdone.
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BJ’s Wholesale Club (NYSE: BJ) is a quality buy in 2026 because it is growing, beating expectations, has a healthy balance sheet, and offers value relative to competitors.
It trades roughly in line with the broader market at about 22–23x its current-year outlook, while larger competitors such as Walmart (NASDAQ: WMT) and Costco (NASDAQ: COST) generally carry higher valuations. Concerns remain about execution and the company's tepid 2026 guidance, but neither undermines BJ's underlying quality, and the long-term outlook remains robust.
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BJ’s Wholesale Has Momentum Coming Into 2026
BJ’s posted a solid Q4 2025, with revenue rising 5.6% and outpacing MarketBeat’s consensus estimate. The growth reflected contributions from a 1.6% systemwide comp, a 2.6% ex-fuel comp, new stores, membership growth, and digital services. Membership fees climbed 10.9% driven by higher traffic and a favorable mix, with premium tiers gaining penetration among new and existing members. Digital sales were a notable driver, up about 31% year-over-year and more than 50% on a two-year stack as customers increasingly use the service.
Margins felt some pressure from store openings and mix shifts, but management navigated the environment reasonably well. The result was a modest margin contraction while adjusted EBITDA rose 0.7% and net income was up more than 2.5%. Adjusted earnings — the headline metric — increased 3.2% year-over-year and beat expectations by roughly 400 basis points.
Guidance is cautiously optimistic but softer than some analysts had hoped. Management projects new-store growth and a 2.5% comp at the midpoint, with EPS guidance centered at $4.50. That midpoint implies roughly 3% year-over-year EPS growth and may be conservative given recent trends and the potential for consumer resilience early in 2026. Labor markets remain supportive, and larger tax refunds should help spending; the IRS estimates refunds are about 10%–11% higher on average this season.
BJ’s Cash Flow Underpins Stock Price Outlook
BJ’s is profitable and generates ample cash flow to fund reinvestment and capital returns while improving its balance sheet. Capital returns consist entirely of share repurchases, which helps explain part of the valuation gap with peers. Buybacks have been substantial, reducing shares outstanding by more than 1% in Q4 and over 2025, and management expects repurchases to continue. The company has roughly $750 million remaining under its current authorization — enough for about six to seven quarters at the Q4 buyback pace.
Balance-sheet details show no red flags. Year-end results included increases in cash and total assets, partially offset by smaller increases in liabilities. Equity rose about 18%, leverage remains low, and total liabilities are less than twice equity, leaving BJ’s in a nimble financial position to continue executing its strategy.
Analysts and Institutions Support BJ’s Wholesale Club Stock Price
Analyst sentiment is mixed given the cautious guidance, but the tone leans positive overall, emphasizing Q4 strengths such as membership gains and strong cash flow.
While immediate post-release revisions were limited, the chatter supports BJ’s Hold consensus rating and $108 price target. Those signals help underpin the market and a potential rebound, although near-term upside may be constrained in early 2026.
Institutional ownership is robust and stronger than analyst positioning. MarketBeat data show institutions hold more than 98% of the stock and have been net accumulators in recent quarters. While selling picked up in early 2026, it has been offset by institutional buying, with purchases outpacing sales on a dollar basis heading into the release.
Given the backdrop, BJ’s shares may face volatility and could struggle to make large gains in the near term, but a significant downside move appears unlikely. The price floor looks to be around $90, roughly the low end of analysts’ target range.
Market reaction after the results was mixed: shares fell more than 5% at the open, but that drop spurred buying. Early action shows support above a key level, increasing the likelihood the stock can regain traction and resume its recovery.
AEHR Keeps Winning: Up +100% With Memory Chip Deal Potential
Submitted by Leo Miller. Publication Date: 3/13/2026.
Key Points
- Aehr Test Systems has stormed out of the gate in 2026, already providing more than a double-bagger return.
- New press releases are pushing the stock up as Aehr generates AI interest across two key products.
- The company's ongoing negotiations with a "major NAND flash memory supplier" add more room for optimism.
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Small-cap semiconductor stock Aehr Test Systems (NASDAQ: AEHR) has gotten off to a blistering start to 2026. Its year-to-date return is well above 100% as Aehr continues to deliver positive updates tied to its artificial intelligence (AI) business.
Aehr saw a 16% single-day pop in early January after releasing its most recent earnings report. It followed that with a 26% single-day surge in mid-February after announcing another round of orders for its Sonoma systems.
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Click here to get the details and I'll show you how to claim your stake…Good news has continued: Aehr recently announced two more significant orders, one in late February and one in early March. This time demand is growing for another product line — its FOX-XP systems. These announcements bolster confidence in Aehr's outlook by demonstrating interest from AI customers across multiple stages of the semiconductor testing process.
Sonoma vs. FOX-XP: Aehr Is Winning Orders Across Multiple Product Lines
Demand for Aehr's Sonoma systems sparked excitement earlier in 2026. These machines test semiconductors at the package-level — after chips are cut from their wafers and placed into protective housings. Sonoma exposes packaged chips to intense conditions to locate defects and prevent faulty chips from entering data centers.
Manufacturers also perform wafer-level testing. This occurs after circuitry is printed on 300mm wafers but before the wafers are cut into individual chips and packaged.
This is where Aehr's FOX-XP is used. Aehr said it has received a $14 million order from its lead AI processor customer for FOX-XP wafer-level burn-in systems.
That figure may not sound large in absolute terms, but for small Aehr Test Systems it is significant. Over the last four quarters, Aehr averaged $11.7 million in revenue per quarter, so the $14 million order exceeds a typical quarter's sales.
With orders for both Sonoma and FOX-XP, Aehr is demonstrating customer demand across package-level and wafer-level testing. The company is establishing two meaningful entry points to provide solutions and capture AI-related spending amid the infrastructure boom.
FOX-XP Draws Interest From NAND Flash Suppliers
Examining Aehr's recent releases gives additional reason for optimism around FOX-XP. The systems are drawing interest not only for AI processor testing but also for other critical data-center components. Aehr says it is "working closely with a major NAND flash memory supplier" for wafer-level testing of next-generation flash memory wafers.
Major NAND flash suppliers include companies such as Samsung Electronics (OTCMKTS: SSNLF), Micron Technology (NASDAQ: MU), Kioxia, and SanDisk (NASDAQ: SNDK). Note that Kioxia manufactures SanDisk's chips through a joint venture. Many of these companies have seen their share prices rise amid tight supply of NAND and other memory chips.
While Aehr has not yet announced a confirmed order from a NAND supplier, the ongoing discussions are a positive sign. Several firms are expanding NAND production to meet demand: Kioxia plans to double its NAND output over the next five years, and Micron is building a new facility and investing $24 billion over the next decade to address growing NAND demand. Greater capacity would increase wafer production and expand the market for FOX-XP wafer-level testing over time.
That said, in 2026 leaders such as Samsung and SK Hynix have reportedly reduced NAND wafer production by 4.5% and 10%, respectively. Despite that divergence, Aehr could benefit materially if it builds relationships with players that are expanding capacity.
FOX-XP Lands a Follow-On Order for Silicon Photonics Testing
In another press release, Aehr said it received a follow-on order for FOX-XP to support testing of silicon photonics. Silicon photonics enables high-speed optical communication between data center components. This order is smaller — one FOX-XP system plus an upgrade of an existing system — compared with the multiple new systems in the earlier announcement.
Even so, it reinforces that Aehr's solutions are attracting interest across three critical parts of an AI data center: processors, memory, and networking.
AEHR: Wins Across Products With NAND Expansion Possible
Aehr's recent announcements strengthen confidence in the company's outlook on two fronts. First, its Sonoma and FOX-XP technologies are being adopted at multiple stages of the chip testing process. Second, customer interest is broadening across several types of data center components.
Overall, Aehr remains a small and highly volatile stock, but it is a company with clear momentum across multiple product lines.
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