 A Message From Golden Portfolio 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
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Tesla's Robotaxi Lands in Paris—But Europe's Real Fight Is Over Cheap EVsWritten by Nathan Reiff. Posted: 10/13/2026. 
Key Points
- Tesla unveiled its Cybercab robotaxi in Europe at the Paris Motor Show while emphasizing its Full Self-Driving technology amid unresolved European regulatory approval.
- Stellantis, Renault's Dacia brand, and Chinese makers like BYD showcased competing strategies emphasizing affordability, local production incentives, and low-cost EV models.
- Investors should watch European incentive policies tied to vehicle manufacturing location and Tesla's upcoming Q3 earnings report for updates on FSD approval progress.
- Special Report: See How You Could Qualify for the Fastest Second Citizenship as an American Today
Tesla Inc. (NASDAQ: TSLA) is sure to generate headlines at the Paris Motor Show as the electric vehicle (EV) giant unveils its Cybercab robotaxi in Europe for the first time. Looking more closely at Europe's largest automotive stage, however, investors may find that the bigger story is the broader push toward affordable EVs, with numerous competitors showcasing their latest models.
Stellantis N.V. (NYSE: STLA), for example, returns to the show with more than 60 vehicles across eight brands, while local Renault Group (OTCMKTS: RNLSY) will showcase a Dacia Spring built in Europe and designed to meet local incentive requirements. Chinese competitors will also be in attendance as they seek to broaden their appeal across the continent. The contrast between these offerings highlights the different strategies companies are using to win Europe's coveted EV market—from autonomous-driving technology to low-cost alternatives that take advantage of local opportunities. Tesla Makes a Big Bet on Autonomous DrivingTesla is offering test drives in multiple vehicles equipped with the company's Full Self-Driving (FSD) system, although the Cybercab is not among them. The decision clearly emphasizes what Tesla sees as a technological advantage. The company may be highlighting this technology in addition to—or instead of—vehicle pricing and specifications. However, European regulations surrounding autonomous driving will be a critical factor for Tesla, as those rules continue to evolve. That may be why the company is also focusing on FSD Supervised, its driver-assistance technology, at the auto show. The vehicle authority of the Netherlands granted certain approval for FSD Supervised earlier this year, although the system is not yet approved across Europe. Nonetheless, approval for a driver-assistance platform is very different from approval for a fully self-driving system. Tesla still needs to convince European regulators of the safety and viability of its goals. One of the company's latest efforts to do so is to drop the FSD name entirely in favor of "Assisted Driving." Stellantis Attempts to Win Back European BuyersEuropean automaker Stellantis has a new CEO, Antonio Filosa, along with a renewed emphasis on its extensive portfolio of brands and an effort to reconnect with European customers. Its display in Paris includes vehicles ranging from Fiat and Opel to Peugeot, Alfa Romeo and Citroën, as well as new products and concepts intended to show how the company is transforming traditional brands into EV competitors. The scale of Stellantis' display suggests the company is going all-out to rebuild momentum among European customers as it faces increased pressure from Chinese EV makers and the cost of transitioning its many vehicles to EVs. To successfully make that transition, Stellantis will need to make electrification accessible to European customers without sacrificing the perception of quality long associated with its brands. The company must turn its product launches into sales while keeping a close eye on margins. A Lesser-Known Brand With Affordability AppealRenault's Dacia brand is offering a redesigned Spring electric city car at the show, providing another response to the affordability challenge facing EV makers. The model is produced in Europe, whereas the previous version was built in China, helping it qualify for European incentives that favor domestically produced vehicles. Taking advantage of local incentives can help Renault keep the Spring's purchase price down without absorbing all of those costs itself. Incentives can also play a significant role for buyers. Renault is relying on pricing and production decisions to make the economics work, rather than leaning on brand recognition as Stellantis is doing. Chinese Competitors Bring Low-Cost OptionsChinese makers like BYD—trading over the counter in the United States as BYD (OTCMKTS: BYDDY)—are pressuring European rivals with low-cost EVs, including new products unveiled at the Paris show. BYD is presenting the Atto 8, a seven-seat electric SUV that the company says can charge from 10% to 97% in nine minutes under optimal conditions. Chinese EV makers have sought to corner the entry-level EV market, but the Paris show may reveal competition at other price points as well. The show could also provide an opportunity to highlight the artificial intelligence tools and autonomous-driving technology these companies have developed. What to Watch Going ForwardInvestors should watch how European governments reshape the competitive landscape for EV makers through incentives tied to where vehicles are built. These policies could help narrow the price gap between European-made EVs and imported rivals. Programs and requirements differ by country, however, creating a complex system that may not produce clear winners. For Tesla, a major catalyst will be its Q3 earnings report in the week following the Paris show. Investors will be watching for updates on cash generation, capital spending, margins and more. Any progress toward FSD approval will likely draw attention as well. . |
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