As he lay dying from a wound Tybalt, Juliet’s cousin, inflicted on him in a square in Verona, Italy, Shakespeare’s Mercutio cursed both the Capulets and Montagues. Though he belonged to neither house, their feud had made him food for worms. 

Independent US voters, an increasingly important segment of the electorate, may have felt much the same way. But in last week’s consequential midterm elections, they wielded the sword, making their political will felt at the ballot box. 

In the Weekly Market Digest, the immediate impact of the November 3 US midterm election results was a sharp reversal in the value of AI-related tech equities, driving last week’s high market volatility as investors worry that a Democrat-controlled Congress could impose tighter regulations on data center development. The volatility helped precious metals but had a bigger positive impact on equities despite a stronger USD and higher real rates. 

The Exploration Insights portfolio posted a positive week on average but underperformed precious metal equities, while it outperformed base metals, driven by a large-cap and a Top Pick small-cap, cash-flowing royalty company. The biggest underperformer was a grassroots copper explorer in Australia.

In The Rant, I review the potential impacts on the US mining sector as political momentum shifts dramatically in the legislative branches. I conclude that while the two political houses may disagree on how to get there, the strategic need for domestic minerals is unlikely to disappear.

In Stock Talk, I cover drill results from a pair of copper skarn targets in Perú and Canada. A precious metal explorer and prospect generator and a gold developer in the western US provides updates.