I've spent two decades tracking the forces that move gold...

For 20 years I've lived inside the data, the cycles, the macro shifts...

And what's happening right now between Saudi Arabia and the Chinese is a turning point that will move the price of gold in a way we haven't seen in generations.

Because the Saudis have quietly walked away from a pact it struck with the U.S. in 1974...

A pact that quietly ran the global financial system for the past half-century.

The arrangement was simple: Saudi Arabia would price its oil only in U.S. dollars — which meant every nation on the planet had to stockpile U.S. Treasuries just to buy energy.

That single agreement is the bedrock American financial supremacy has rested on for fifty years.

And now, it's gone.

The mainstream press barely covered the unwinding of this deal...

And in the beginning, the surface looked calm.

But the cracks are now impossible to ignore...

Saudi Arabia inked a $7 billion currency swap with Beijing… Started clearing oil transactions in digital yuan… And plugged itself into mBridge, China's cross-border settlement network.

Conflict with Iran is pushing Gulf states toward yuan-denominated oil contracts...

And vessels moving through the Strait of Hormuz are now paying tolls in yuan, in crypto, in anything other than the greenback...

On both shores of the Persian Gulf, the dollar's grip is loosening... and something else is taking its place.

The collapse of this enormous, built-in global demand for dollars will rewrite how money works.

Because if crude no longer requires dollars, then the world has no reason to warehouse U.S. currency.

And when dollar demand softens… Treasury demand softens right alongside it.

Ten-year yields are already creeping toward 4.4% — the level where the machinery starts to seize up.

Weaker Treasury demand → climbing yields → Fed steps in → the printers fire up → and the dollars in your account quietly lose their muscle.

That's the chain reaction unfolding in front of us.

As the dollar weakens and foreign buyers walk away from American debt, gold has nowhere to go but up.

A sinking dollar is the most powerful tailwind gold has ever known.

But the smartest way to position for the dollar's decline isn't to load up on bullion…

There's a different vehicle for capturing gold's next leg higher...

An asset that's still priced at a dramatic discount to where gold itself is trading today.

It's gold exposure at a fraction of the cost...

Click here to see how it works.

Best,

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

Why These 3 Nuclear ETFs Are Getting a Fresh Look as AI Power Demand Rises

Reported by Nathan Reiff. Published: 7/19/2026.

More than a year after the federal government renewed its push toward nuclear energy, the industry is building momentum thanks to a streamlined process for reactor authorization, an ambitious goal of adding 300 gigawatts of capacity by 2050, and more. The timing is crucial, as demand for electricity from AI continues to grow, making low-carbon energy generation from nuclear facilities particularly appealing.

To be sure, challenges remain. Sourcing the high-assay low-enriched uranium (HALEU) necessary for some next-generation reactors is difficult, while supply chain and manufacturing limitations, workforce shortages, and the licensing process can all slow the industry's ability to deliver nuclear energy quickly. Still, as the industry continues to evolve and grow, a number of exchange-traded funds (ETFs) can provide investors with exposure to the potential growth opportunities in the nuclear industry. Now may be a good time to explore these options, as a 2026 sell-off following a previous successful run could present buy-in opportunities.

A Selective Basket of Global Nuclear Stocks

The VanEck Uranium and Nuclear ETF (NYSEARCA: NLR) is one of the oldest nuclear industry ETFs on the market, having launched in the summer of 2007. The fund's staying power may be due to its broad strategy within the industry, providing access to the full nuclear power generation process, from the sourcing and production of input materials to companies operating power plants and more.

NLR achieves this mix despite its fairly small basket of 32 stocks. With a targeted portfolio like this, investors should expect some names to receive sizable allocations; indeed, the largest positions each represent 8% or more. Still, given its global focus, NLR can direct its assets toward some of the most stable and strongest-performing nuclear stocks available worldwide, aiming to provide both breadth and quality.

Like many nuclear funds, NLR's year-to-date (YTD) performance is in the red: The ETF has declined by almost 12% in 2026. This valuation reset across the industry could provide an opportunity, although investors must be willing to accept NLR's 0.56% expense ratio while they wait for momentum to build again.

A Unique Play on Uranium Miners With a Commodities Twist

For a more targeted play on uranium itself, investors might consider the Sprott Uranium Miners ETF (NYSEARCA: URNM). This fund invests primarily in companies involved in the uranium mining industry, including those that explore, develop, produce, or hold physical uranium. This is a niche industry, and URNM has only 31 holdings based on a global screen. Given the significant overlap between URNM's portfolio and NLR's holdings, investors are unlikely to want to hold both funds at the same time.

Three positions in URNM's basket collectively make up nearly half of the fund's total assets. These include uranium providers Cameco Corp. (NYSE: CCJ) and NexGen Energy (NYSE: NXE), while the third stands out: a position in the Sprott Physical Uranium Trust, which holds physical uranium. Thus, URNM is partly a commodities play on uranium itself. This may help explain why the fund is somewhat more expensive than several of its nuclear peers, with an expense ratio of 0.75%.

Despite its YTD decline, URNM offers a dividend yield of 2.59%, providing a passive-income perk even as the nuclear industry undergoes a reset.

An Alternative Approach to Uranium With a Standout Dividend Yield

A competitor of URNM, the Global X Uranium ETF (NYSEARCA: URA) also focuses on the material essential for nuclear power. However, URA accesses uranium through shares of companies involved in mining and production rather than through any type of direct investment in the commodity itself. URA has the broadest portfolio of these three ETFs, with about 56 holdings from developed markets around the world. Still, it is, in some ways, also the most concentrated: Cameco shares make up nearly a quarter of the fund.

URA's expense ratio of 0.69% lies between the fees of the two funds discussed above. It also has a solid asset base of $5.7 billion and hearty trading volume to match. This makes the fund appealing to investors seeking the flexibility to trade frequently without worrying about liquidity. It may also reflect the ETF's strong dividend yield of 5.26%. While URA has also slipped so far this year, it has held up better than the other uranium-focused funds on this list.