Below is an interview by Rick Mills, the editor and publisher of Ahead of the Herd, with Bob Moriarty of 321 Gold.
Rick Mills (RM):
I note here that you wanted to speak about Rackla Metals Inc. (RAK:TSX.V).
Bob Moriarty (BM):
I'll address something somewhat specialized — we'll speak with Quinton Hennigh soon for detailed explanations — but one observation from visiting numerous Alaskan and Yukon projects in this formation: interestingly, gold's primary indicator isn't gold itself but bismuth, and Rackla's system contains abundant bismuth.
This differentiates it from other ventures like Snowline Gold Corp. (SGD:TSX.V; SNWGF:OTCQB) or Sitka Gold Corp. (SIG:TSXV; SITKF:OTCQB; 1RF:FSE) from technical perspectives, but they're discovering substantial bismuth, suggesting significant gold presence. I believe they've identified one zone at the hill's base exceeding 550 meters with approximately 1.02 grams per ton gold. They've extended this zone several hundred meters, drilling downward, completing three holes thus far, and discovering numerous bismuth veins.
At both Sitka and Snowline, when quartz veins appeared, gold was visible. At Rackla gold isn't visible, but bismuth is, and I maintain bismuth conceals gold. We know from samples already collected at the hill's base that 500 meters of economically viable material exists.
Their first drilling reached 200 meters before exhausting drill rods, the second hole reached 300 meters, and then they received additional equipment, allowing deeper exploration. Assay results require approximately four to six weeks, but personally — while not a chemist or geologist, having visited hundreds of sites — I predict extraordinary success.
RM: Share prices have declined slightly from recent peaks, but overall interest throughout Tombstone remains strong.
Did you want to discuss the Eagle Mine heap leach facility failure report? I've examined it repeatedly without noticing engineering deficiencies.
BM: Simply stated, humans err, which I don't particularly challenge. Unfortunately, mining operations using heap leach pads transform those errors into catastrophes. I believe Eagle Mine will resume operations. Yukon's government overreacted, essentially transferring project control to indigenous groups — entirely environmental politics. I don't believe John McConnell committed serious errors, possibly minor critical mistakes, but such occurrences typify mining operations like any industry.
RM: Encouragingly, this report demonstrates that heap leaching functions effectively in sub-Arctic conditions. Throughout the entire report, nothing justified backlash against heap leaching methodologies — beneficial news for numerous regional operations.
BM: Your assessment is absolutely correct. Whether Yukon's government or controlling indigenous groups understand this, the mine can resume operations and remain profitable at $1,800 gold prices.
RM: Let's transition to commodities. We've discussed the agricultural crisis affecting America — they're losing workers through enforcement actions targeting essential labor sources, while simultaneously, China has ceased purchasing soybeans and pork.
American agricultural trade conditions appear disastrous. U.S. farm exports to China during 2025's first quarter decreased 50% year-over-year. China implemented substantial tariffs on American agricultural products, reaching 135% for certain items, potentially devastating numerous small producers. Financial strain manifests already — farm bankruptcies have surged, with more Chapter 12 filings during 2025's first quarter than throughout all of 2024 — already catastrophic.
BM: We've examined this issue for several months — unsurprisingly, it's arrived. Consider this multifaceted problem: Trump exhibits erratic behavior, performing continuous policy reversals.
His tariff policies catastrophically impact global economies, but worse — as you previously noted — they're targeting migrant laborers because they're easily identified. Without undocumented agricultural workers harvesting crops, we simply won't have harvests.
RM: Citizen Watch published a fascinating analysis regarding the debt ceiling resurfacing. Thirty-year yields exceeded 5% for the third time this year, recently retreating slightly to 4.99%. This 5% threshold has been maintained for decades, consistently reverting when tested.
The situation resembles Groundhog Day — third test within four months. Bond traders monitor this vigilantly, considering 5% a critical threshold.
S&P 500 exhibits three characteristics: extremely narrow peaks, limited breadth, and exhausted small capitalization stocks with RSIs exceeding 80 amid thin trading volumes. Wells Fargo borrowed $196 billion during Q2, maintaining liquidity according to regulatory filings.
Who follows next? JPMorgan and Citigroup remain silent while regional banks hemorrhage deposits. The last time four major banks accessed emergency liquidity occurred in 2009.
Bond traders increasingly comprehend developing conditions — 5% yields attract buyers, this level has remained consistent over two decades, every breach eventually reversed with yields subsequently declining. Bond markets represent $140 trillion globally with America's portion exceeding $50 trillion. If longer-term yields remain above 5% or increase further, deeper underlying bond market issues exist beyond Japanese carry trade dissolution.
BM: Certainly, but Japanese currency carry trade collapse and interest rate spikes triggered American bond market reactions. One critical factor you haven't mentioned: regarding derivatives, approximately 80% involve interest rate wagers.
Discussions about precious metals derivatives or currency derivatives lack significance — predominant derivatives — estimated at multiple quadrillion dollars — this market will implode. No alternative outcome seems plausible, and I'll publicly predict major universal market collapse between now and October.
RM: We're definitely experiencing bubble conditions destined for collapse.
BM: You understand subsequent developments — next movement trends downward. Yes, we're experiencing unsustainable expansion, but imminent correction approaches rapidly, evidenced by cryptocurrency markets' explosive growth.
RM: You referenced 'The Great Taking' — the author examines money supply and velocity, both currently spiking. Readers should examine long-term M1 and M2 charts noting significant market crash dates.
BM: That's intentional — amusingly, this doesn't represent accidental development but deliberate banking system manipulation. This constitutes a planned imperial conclusion strategy — asset confiscation.
Similar to Biden's administration — Energy Department distributed $93 billion in grants within two months following Trump's election. They've never previously allocated $93 billion throughout departmental history, but Biden's administration deliberately channeled funds toward political allies.
RM: Silver appears finally positioned for appreciation. We've discussed silver extensively — you introduced Silver North Resources Ltd. (SNAG:TSX.V; TARSF: OTCQB). This represents a pure silver investment opportunity, offering exposure to Canada's most productive silver district globally — Keno Hill.
Keno Hill attracts substantial investment from Hecla, America's largest silver producer. Adjacent to this, Silver North's Haldane project demonstrates significant high-grade, wide-vein potential, resembling veins Hecla currently mines at Keno Hill. You appreciate this company.
BM: Here's the situation: I've known management for 15 years, they control excellent land positions within the Keno Hill district, conducting substantial drilling — they understand their assets and potential. Their stock became undervalued because they communicated minimally and remained relatively inactive.
I contacted company leadership, spending 30 minutes discussing matters, saying, "Listen, your narrative remains straightforward — simply communicate it. Nothing complicated exists; these grades inevitably indicate major deposits."
He responded, "We recognize that," and I replied, "Well, damn, communicate your story aggressively."
He answered, "That is why I am calling you."
RM: Remarkably few drill holes confirmed three discoveries beyond single veins; primary fault zones contain multiple high-grade silver veins and breccias. Potentially 30-million-ounce silver deposits exist within 300 meters at those grades, with numerous unexplored veins across multiple zones.
BM: You've highlighted crucial aspects — it represents a pure silver opportunity, and silver investors sometimes behave unusually, preferring pure silver ventures. However, this isn't merely silver discovery — mining activity has occurred throughout this property for centuries.
I personally know prominent geologists who previously collected high-grade samples from these workings — which seemed impressive — but substantial silver exists there. They've secured funding for drilling programs, likely yielding exceptional results.
RM: Current market capitalization remains under $10 million.
BM: You understand my perspective on undervalued stocks — this represents undervalued opportunity with compelling narrative and secured funding.
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Important Disclosures:
- Silver North Resources Ltd. is a billboard sponsor of Streetwise Reports and pays SWR a monthly sponsorship fee between US$4,000 and US$5,000.
- As of the date of this article, officers and/or employees of Streetwise Reports LLC (including members of their household) own securities of Silver North Resources Ltd. and Snowline Gold Corp.
- Rick Mills: I, or members of my immediate household or family, own securities of: Silver North Resources Ltd. My company has a financial relationship with: Silver North Resources Ltd. I determined which companies would be included in this article based on my research and understanding of the sector.
- Bob Moriarty: I, or members of my immediate household or family, own securities of: Rackla Metals, Sitka Gold, and Silver North Resources Ltd. My company has a financial relationship with: Rackla Metals and Silver North Resources Ltd. I determined which companies would be included in this article based on my research and understanding of the sector.
- Statements and opinions expressed are the opinions of the author and not of Streetwise Reports, Street Smart, or their officers. The author is wholly responsible for the accuracy of the statements. Streetwise Reports was not paid by the author to publish or syndicate this article. Streetwise Reports requires contributing authors to disclose any shareholdings in, or economic relationships with, companies that they write about. Any disclosures from the author can be found below. Streetwise Reports relies upon the authors to accurately provide this information and Streetwise Reports has no means of verifying its accuracy.
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