Right now, you can buy a dollar's worth of gold for about 36 cents.

That sounds impossible. Here's how it's real.

The major gold miners are throwing off record cash flow — even after gold's recent pullback. The four largest have never had this much free cash on hand. Ever. At today's gold price, they're running margins as high as 75% — the most profitable they have ever been.

Which hands them a problem.

Go here to see the problem — and why the majors are about to go on a shopping spree for the ages.

When a major gold miner makes record profits, it does one of two things: hand the cash back to shareholders, or buy the best junior mining assets to secure future production.

And here's the piece the market is missing:

The best junior assets are still priced as if gold were stuck at $1,800 an ounce — not north of $4,000, where it trades today.

So the majors are staring at their own future production shrinking, sitting on record cash, looking at top-tier junior assets trading at a fraction of what that gold is worth at today's price.

They don't have a choice. They buy — or their output keeps shrinking until they're out of business.

That's how you buy a dollar of gold for 36 cents: you own the junior before the major is forced to pay up for it.

The gap between what these assets are worth and what they trade for has a name. I call it the Golden Anomaly. It only appears early in a gold bull market, and it closes fast — usually the moment the majors start writing cheques.

So you can pay full price after the gap closes…

Or buy the dollar for 36 cents while the Anomaly still exists.

My name is Garrett Goggin, CFA, CMT, and it's why Porter Stansberry recently called me:

"THE most knowledgeable gold investor in the world."

Go here to see my Golden Anomaly portfolio — and the three names next on the majors' shopping list.

Best,

Garrett Goggin, CFA, CMT
Lead Analyst and Founder, Golden Portfolio

Monday's Bonus Article

Blueprint for a Boom: SEC Clears the Crypto Runway

By Jeffrey Neal Johnson. Posted: 8/21/2026.

Key Points

The SEC's proposed Regulation Crypto Assets, including Rule 500, would preempt state Blue Sky laws and create a formal framework for tokenized investment contracts.
Falling risk-free yields and White House-backed legislative momentum are reinforcing the SEC framework, potentially driving institutional capital into digital asset infrastructure.
Coinbase Global, Robinhood Markets, and Circle Internet Group are positioned as infrastructure beneficiaries, each already showing volume surges tied to the regulatory news.
Special Report: Forget SpaceX. Buy the company Musk can't replace.

For years, the digital asset sector traded at a steep regulatory discount. Institutional capital remained sidelined, deterred by the threat of enforcement actions and a patchwork of state-level restrictions. The Securities and Exchange Commission just removed that roadblock. By publishing Regulation Crypto Assets, the agency provided a formal framework for tokenized investment contracts.

This could shift the digital asset landscape away from a gray zone of perpetual litigation toward a structured market built for broad adoption. A clear pathway for real-world asset tokenization and compliant secondary trading now exists.

"Second Wave” Hitting Iran Soon? Wall Street Issues Warning (Ad)

Analysts at Goldman Sachs and Morgan Stanley are warning that a quiet domestic threat - unrelated to overseas conflict - could be the worst thing to hit American investors in 50 years, potentially keeping portfolios in the red for a decade or more.

TradeSmith CEO Keith Kaplan is responding with an AI-driven trading tool built by a former U.S. Air Force nuclear missile coder, designed to sidestep sudden market crashes while still growing your money - regardless of whether markets rise, fall, or stay flat. No options, gold, crypto, or penny stocks involved.

Try the AI free - no signup, email, or credit card required

Capital markets are already reacting, with sharp volume spikes across the sector's foundational infrastructure operators. Capitalizing on this shift means looking past short-term volatility and focusing on the platforms engineered to capture the incoming flow.

Demolishing the Discount Rate

The core of this unlock lies in the newly proposed Rule 500, which preempts state-level "Blue Sky" laws for primary issuances and secondary trading of covered investment contracts. Historically, public platforms faced high friction when listing new digital assets, burdened by compliance requirements in 50 different states. Federal preemption would remove that fragmentation.

Complementing this shift are Rules 200 and 300, which would establish formal exemptions for raising capital. These rules allow companies to raise up to $75 million annually under a tiered structure modeled after traditional Regulation A frameworks.

Crucially, these guidelines classify qualified covered investment contracts as unrestricted securities. This would solve the long-standing liquidity bottleneck by allowing immediate secondary transferability without lengthy holding periods.

Rule 400 provides the ultimate exit ramp. It offers a safe harbor under which a token ceases to be an investment contract once the issuer's essential managerial work is complete. Protocol developers would no longer need to maintain litigation reserves to defend their listings. Instead, they could redirect that cash flow toward product development, talent acquisition, and revenue-generating infrastructure.

Perfect Storm: Macro Tailwinds Fuel the Build

Regulatory clarity rarely arrives in a vacuum, and a macroeconomic pivot is currently amplifying the impact of this new SEC framework. Falling yields are compressing the risk-free rate—the return on ultra-safe assets such as cash and Treasuries. When safe assets yield less, institutional capital naturally moves further out on the risk curve in search of higher returns.

Digital asset infrastructure, known for its high-beta characteristics, could become a prime destination for this yield-seeking capital. The timing of this shift is notable. The White House recently hosted a summit with crypto executives, alongside legislative momentum for the Digital Asset Market Clarity Act.

This executive-legislative working relationship limits the risk of a political rollback. It reinforces the durability of the SEC's framework and provides a unified, pro-growth mandate. The convergence of a lower risk-free rate and sudden regulatory de-risking creates an ideal environment for a re-rating across the entire sector.

The Picks, Shovels, and Heavy Machinery

When an emerging sector gains institutional legitimacy, the most sustainable returns often come from the infrastructure layers—the picks and shovels of the digital economy.

Coinbase Global: Architecting the Prime Brokerage

Institutional prime brokerage is set to capture much of the influx from real-world asset tokenization. Coinbase Global, Inc. (NASDAQ: COIN) stands to benefit directly from increased secondary-trading velocity and custody mandates. Recent trading volume surged past 16.7 million shares, up from a 30-day baseline of approximately 7.4 million.

While Coinbase Global recently absorbed some margin compression from infrastructure buildouts, reflected in trailing earnings per share of approximately negative $3.84, its top-line transaction flows are positioned to expand rapidly.

Coinbase stock carries a high beta of about 3.36, indicating significant leverage to broader market movements.

The new Form 1-CRYPTO pipeline for primary offerings will likely drive underwriting and quotation flows directly through Coinbase's execution venues.

Capturing this primary-issuance pipeline could reverse recent revenue contractions and maximize Coinbase Global's long-term operating leverage.

Robinhood Markets: Wiring the Retail Infrastructure

Robinhood Markets, Inc. (NASDAQ: HOOD) presents a highly profitable retail engine ready to capture renewed digital asset volumes. The brokerage recently reported healthy profitability, generating approximately 62 cents in earnings per share alongside revenue growth of more than 32%.

With a net margin of around 42%, Robinhood Markets has established a fortified capital base. Its stock currently trades at a forward price-to-earnings ratio near 47, reflecting strong growth expectations. Removing the enforcement overhang would allow the company to leverage its broad retail footprint more aggressively. Without the friction associated with restricted securities, Robinhood could facilitate broader participation in compliant secondary trading, sidestepping the historical compliance hurdles that previously stifled its expansion in the crypto space.

Circle Internet Group: Pouring the Base Layer

The backbone of any compliant on-chain ecosystem is a stable, regulated settlement layer. Circle Internet Group, Inc. (NYSE: CRCL) recently saw USDC volume rise approximately 151% year over year, highlighting intense demand for digital dollars.

Following the SEC announcement, the stock traded nearly 23 million shares, well above its 10 million-share baseline.

Circle Internet Group currently operates with low trailing net margins due to heavy capital expenditures associated with the launch of its Arc blockchain infrastructure. Rule 500's state preemption directly targets the regulatory friction throttling real-world asset tokenization.

By removing these regional regulatory barriers, the Arc infrastructure developed by Circle Internet Group would be well positioned to serve as the dominant rails for incoming liquidity, transforming high upfront costs into a highly scalable enterprise currently trading at a price-to-sales multiple of around 7.2.

Inspecting the Finished Blueprint

The formalization of Regulation Crypto Assets would permanently alter the valuation models applied to digital asset brokerages and infrastructure operators. Removing regulatory risk would allow the market to price these equities based on transaction flow, custody assets, and ecosystem utility rather than legal uncertainty.

While the integration of traditional finance and blockchain infrastructure will undoubtedly face operational and execution hurdles, investors seeking exposure to this structural shift may find value in evaluating the platforms facilitating this transaction velocity. Investors looking to position themselves ahead of the curve may consider adding the names above to their watchlists as primary-offering pipelines begin to open and institutional volume accelerates.

Monday's Bonus Article

Lumentum Just Delivered the AI Growth Investors Wanted

By Thomas Hughes. Posted: 8/13/2026.

Key Points

Lumentum reported fiscal Q4 2026 revenue growth of more than 110% to just over $1 billion, with strengthening margins and a 3.6x increase in adjusted EPS year-over-year.
The company issued strong fiscal Q1 guidance, projecting a 22% sequential revenue increase to $1.225 billion and further operating margin expansion, signaling an accelerating long-term growth ramp.
Analysts, including Rosenblatt Securities with a $1,300 price target, reaffirmed bullish views after LITE shares surged 10% following results, though institutional selling and valuation remain risks.
Special Report: Forget SpaceX. Buy the company Musk can't replace.

Lumentum (NASDAQ: LITE) is critical to AI because of its optical and photonic connectivity products and its ability to help break the data bottleneck. The company's importance to the industry was evident in its fiscal Q4 2026 results, which showed strength against a high bar, improved guidance and accelerating profitability. Profitability is crucial, as many other AI-critical companies have seen their cash flow impaired as they ramp up AI spending.

Although Lumentum is accelerating its investments, it does not have the capital requirements of a hyperscaler, a neocloud operator or a start-up trying to scale. What it does have is the capacity to improve its balance sheet and set the stage for share buybacks.

"Second Wave” Hitting Iran Soon? Wall Street Issues Warning (Ad)

Try the AI free - no signup, email, or credit card required

As it stands, Lumentum's share count is up, but the dilution came in service of a stronger balance sheet. The company issued new shares to convert debt into equity, reducing both long-term debt and total liabilities.

While cash fell sequentially in Q4, it is up substantially from last year, underpinned by revenue strength and the accompanying earnings leverage.

Critical details include $2.7 billion in cash and equivalents, increased total assets, reduced long-term debt and total liabilities, and a sharp increase in equity. Equity improved by approximately threefold, nearly all in cash, while cash flow, free cash flow and book value are expected to continue improving.

Lumentum Lights Up Data Center Connectivity

Lumentum had a stellar quarter to cap off a game-changing year, with revenue growing by more than 110% to just over $1 billion. Growth accelerated compared with the prior quarter and year-over-year (YOY), underpinned by strength in both segments, each of which grew by at least 100%.

Margins are a significant factor, with adjusted gross and operating margins improving by several hundred basis points (bps) sequentially and by quadruple-digit bps YOY. The result was accelerated earnings growth, with adjusted earnings per share (EPS) up approximately 3.6 times YOY and nearly 900 bps better than expected.

Guidance, however, is the operative factor. The company issued a robust Q1 forecast, expecting revenue to increase sequentially by 22% to $1.225 billion, accelerating to 130% YOY growth. The forecast may also prove cautious. Indications suggest this is the earliest phase of a long-term revenue ramp, as hyperscalers have begun increasing their reliance on optical solutions for in-rack connectivity.

Earnings are also a factor in the guidance, with the adjusted operating margin expected to expand by another 340 bps compared with fiscal Q4. That would provide a triple tailwind for the market: robust growth, acceleration and accelerating profitability.

Analysts Affirm Targets After Results Validate Optimism

The analysts' response following the release was solid, with numerous analysts' notes affirming their previous targets. Rosenblatt Securities reiterated its Buy rating on LITE, with a $1,300 price target well above the consensus.

The consensus price target is trending upward, with 71% of 21 analysts rating the stock a Buy or better. As of mid-August, the consensus aligns with the existing highs, while revision trends point to a high near $1,400, representing 70% upside from the pre-release closing price.

The technical action is promising. LITE surged 10% in after-hours and premarket trading following the earnings release, indicating strong support at the 30-day exponential moving average (EMA). The 30-day EMA signals strong near-term support, and it is rising in August, suggesting the rally can continue.

The risk is that resistance at the existing highs could cap gains, but that risk appears limited. Although valuation concerns factor into the outlook, the results, guidance and long-term outlook suggest the stock is badly mispriced. Forward estimates put the stock below 18 times earnings within two years and are likely to be conservative. In this scenario, the stock's multiple could quickly fall into the low teens, paving the way for triple-digit gains over time.

Institutional activity is one source of investor risk. Institutions own nearly 95% of the float, sold aggressively in late 2025 and early 2026, and may sell into the rally as it advances. Lumentum’s stock price is up more than 1,000% since the summer of 2025 and still provides an attractive profit opportunity for investors. Business risks include execution and timing, capacity constraints, regulatory hurdles and the potential for disruption.

What the market gets wrong is that Lumentum is no longer a legacy optical company. Instead, it has transitioned into a high-margin, AI-critical near-monopoly. It is the dominant player in its layer, providing equipment for high-speed, reliable data transmission with minimal heat. Demand for lasers outpaces capacity by a wide margin and is underpinned by long-term contracts with hyperscale clients, providing a multiyear runway for revenue growth, margin strength and cash flow generation.

This email communication is a sponsored message provided by Golden Portfolio, a third-party advertiser of MarketBeat. Why was I sent this message?.

If you need assistance with your newsletter, feel free to email our U.S. based support team at contact@marketbeat.com.

If you would no longer like to receive promotional emails from MarketBeat advertisers, you can unsubscribe or manage your mailing preferences here.

Copyright 2006-2026 MarketBeat Media, LLC. All rights reserved.
345 N Reid Place #620, Sioux Falls, SD 57103. United States of America..

Featured Link: This biotech's NK cell platform showed 63.7 percent tumor reduction