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Alasdair Macleod: A credit crisis is unfolding
By Alasdair Macleod
GoldMoney, Toronto
Friday, September 11, 2026
Usually, credit crises are in the private sector. Today it's a global government funding crisis from which there's no rescue. Gold and silver are the escape route.
This week brought the beginning of a government financing train wreck to public attention, affecting all G7 nations. That it is only the start of a crisis is the key point, as our oft-repeated chart below has been clearly demonstrating since the 40-year downtrend in bond yields was comprehensively broken in 2022.
... Dispatch continues below ...
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Company Announcement
Tuesday, September 8, 2026
TORONTO -- Power Metallic Mines Inc. (TSXV: PNPN) (OTCBB: PNPNF) (Frankfurt: IVV1) announces an updated mineral resource estimate (MRE) for its Nisk Project (Power Metallic 80% / Critical Elements Lithium Corp. 20%) in the Eeyou Istchee James Bay territory of Quebec, including the inaugural mineral resource for the Lion Zone and an updated mineral resource for the Nisk Main deposit.
The MRE was prepared by SGS Canada Inc. (SGS) in accordance with National Instrument 43-101 and the CIM Definition Standards for Mineral Resources and Mineral Reserves, has an effective date of June 19, 2026, and incorporates drilling completed to April 19, 2026.
Power Metallic has declared the inaugural Mineral Resource Estimate for the Lion Zone, a high-grade, copper-dominant polymetallic deposit discovered in 2023 at the Nisk property. Over 85% of the initial Lion resource is classified as Indicated, while mineralisation remains open for expansion.
Lion contains 4,145,000 MT indicated at 3.86% CuEq (1.68% Cu, 2.61 g/t Pd, 0.85 g/t Pt, 0.49 g/t Au, 12.21 g/t Ag, 0.10% Ni), and 601,000 MT inferred at 4.01% CuEq (1.84% Cu, 2.86 g/t Pd, 0.59 g/t Pt, 0.41 g/t Au, 12.47 g/t Ag, 0.13% Ni). ...
... For the remainder of the announcement:
It has clearly broken out on the upside. The reason is simple and always leads to the end of a currency's existence: the accumulation of government debt.
A fiat currency is the politicians' licence to spend without limitation -- until suddenly they cannot. They then face a debt trap that is the public-sector equivalent of insolvency and bankruptcy, in which the higher the bond yield goes, the higher it must go again. That is where we are now. ...
... For the remainder of the commentary:
https://www.goldmoney.com/research/credit-crisis-unfolding
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