Make Up Your Mind!

Is Biden an old man, barely awake and unable to put together sentences...or a mastermind controlling a far-flung Deep State strategy to get Trump? June 21, 2024 [WEBSITE]( | [UNSUBSCRIBE]( Make Up Your Mind! SEAN RING Happy Friday! It’s time to dip into the mailbag for some juicy stuff. Let’s get right into it. “You Can't Have It Both Ways!” Sorry, Sean, You can't have it both ways. Is Biden an old man, barely awake and unable to put together sentences...or a mastermind controlling a far-flung Deep State strategy to get Trump? The reality is a number of regulators and prosecutors have been itching to 'get Trump' for decades, but Trump has been artful in his dodging and deceit; they just had a window of opportunity. Happening on Biden's watch is just timing, not causation. If Trump is seen as a champion against "the system" it is only because he has been fighting accountants, tax officials, and regulators all his life, but for himself and not for the people. Whether the system is unjust, self-serving, and in need of a good enema is another story. Damon C. Thanks for writing, Damon. You’re absolutely right. I’m guilty of unbelievably lazy writing. Let me be clear: I don’t think Joke Biden can control his bowel movements, let alone the Deep State. But there’s “Biden” and there’s “Biden.” The Biden who can’t control his deuces isn’t who I’m talking about when I refer to “Biden” doing this or that. Those are the people the globalists installed around him to set the world on fire. As for your comment about Trump, I’m reminded of Adam Smith: “It is not from the benevolence of the butcher, the brewer, or the baker that we expect our dinner, but from their regard to their own interest.” Puhleez… I love your columns – they, along with those of Jim Rickards and Addison Wiggins are great big-picture analyses, but puhleez. You opened by tossing out "Bidenflation" as a given, like he invented it. We both know the economy is measured for the most part by trailing data; the effects of Fed/Treasury money printing, demographic changes, global trade/logistics, and Wall Street 'bubbles' take time to be felt. Presidents inherit much from predecessors, add what they fuel they think necessary to the fire, and run for second terms so they can focus on actually doing something. In the main, I blame a spineless Congress, and a self-centered, ignorant public who seem to think money grows on trees. Damon C. Hi again, Damon. Of course, he didn’t invent it. But his budgets - approved by Congress, as you rightly wrote - is what opened up the floodgates of consumer price hikes. But Congress is just as culpable, and the insouciant public, who paid for it dearly. This November, they may make Biden pay for it, too. Ivan Boesky Had Friends! Sean, Thanks for the wonderful article you wrote on Ivan. He was a couple of years ahead of me in high school; however, we were on the wrestling team together so I had followed his "career" but lost track recently. I hope our school will do as enjoyable an article on him as you did. Thanks again, Duncan B. Thanks for the kind words, Duncan. I’m so glad Ivan still had friends and admirers. World War II My uncle was a pilot in England during WWII. He came home from the war but died Crop Dusting in 1953. My dad (who's gone now) would never talk to us about him. I have no knowledge of his time/missions (like a number of sorties if any) then. He was gone 4 years before I was born. Your article put the bigger issues about that in a perspective that makes me want to find out more about him. Doug H. Thanks for writing, Doug. I had to research my whole family to get my Italian passport. There’s nothing like it. By finding them, you find missing pieces of yourself. Best of luck with your search! [You have]( item]( on hold at our warehouse: Item #: [51987]( Status: On hold Value: Approx. $300 Claim by date: MIDNIGHT TONIGHT To see how to claim yours before midnight, simply [click here]( our Head of Customer Experience will show you what you need to do. [Click Here To Learn More]( Commander’s Intent Hi Sean, I enjoy your columns immensely. First read of the day. Commander's intent was developed by the Army to fix the problems encountered during Viet Nam with micromanaging, and is one of the things that turned the Army around in the 80s to be the Army of Desert Storm. As a commander myself, I had to develop my commander's intent so that my subordinates were cognizant of my goals and expectations. This allowed me greater freedom in ensuring I didn't get bogged down in the details and allowed me to focus on the larger issues that develop when conducting battlefield operations. Following my retirement from the Army, the Companies I worked for employed this throughout the business because they were all led by retired Army officers. They were all great places to work and all were very successful. Charlie R. Thank you, Charlie. I just landed a teaching gig today because I asked the client what their Commander’s Intent was. I was able to tailor my pitch around what they told me. Easy peasy. Commander’s Intent’s brilliance lies in its simplicity to understand and act upon. I love it. Apologies to Jeff R., who also wrote in on the subject. I couldn’t figure out how to trim your message without losing its meaning. Whisk(e)y Bars Dear Sean, AMEN! Now, about the Whiskey Bar. I watched every minute of the event. I was amazed at the intelligence in that room. It gives me great pride to be a member of Paradigm Press. I also like the fact that you can make me laugh out loud. Your interview with Mr. Rule was fantastic! He influenced some of my stock choices. Norma I. Thank you, Norma! I’ll pass on your kind words to Rick, as well. Hello Sean! Thanks for the brief overview of this year's latest Whiskey Bar Panel Discussion. I'll have to go back and watch the replay; I look forward to hearing all the Paradigm staff's insights. I noticed it last year, too, but I do have to take the opportunity this time around to chide you a bit for your comments about whiskey. I can certainly appreciate your love of Scotch -- you like what you like -- and I too love a well-made single malt. I tend to be more of an equal-opportunity enthusiast, though. I enjoy whiskies from both sides of the Atlantic, plus more exotic places like Japan, India, and Taiwan. With regards to Jack Daniels, well... technically and legally it is whiskey (it also meets the legal definitions for Bourbon and for Tennessee Whiskey, a sub-category of Bourbon). Granted, the "Old No. 7" brand of Jack Daniels that sits behind every bar in the U.S. that you were most likely referring to isn't what any enthusiast would consider *good* whiskey. However, Jack Daniel's does produce some objectively delicious and well made American Whiskeys -- just not the most widely sold ones. In a way, it's similar to Volkswagen Group. The same company that makes the VW Beetle also makes the Lamborghini Aventador. Unlike Volkswagen, though, Jack Daniel's top-tier products are made in the same place, using the same ingredients and the same stills as their bottom-shelf swill. That's the art and magic of whiskey-making! Thanks for allowing me to let my whiskey-nerd flag fly. It's all meant in good humor. Cheers, Jesse E. Jesse, I’m a damn snob about it and I know it. But I’m grateful you wrote in. My friends in Asia swear by Japanese and Taiwanese whiskies. I’ll try some of Jack’s other offerings when I get the chance. Keep well! Wrap Up Thanks to those who wrote in. I love to see it and I’m sorry I can’t print them all continuously. I’ll get to them as fast as I can. Remember, it costs zero dollars to write to feedback@rudeawakening.info. In the meantime, have a wonderful weekend! All the best, Sean Ring Editor, Rude Awakening X (formerly Twitter): [@seaniechaos]( Rate this email Like Dislike Thanks for rating this content! Looks like something went wrong. Please try to rate again. In Case You Missed It… Energy Fuels Knocks the Ball Outta the Park SEAN RING Good morning. Every time I read a piece from Byron, I think, “This is the best thing he’s ever written.” Well, this is the best thing he’s ever written. It’s not in the Rude’s purview to recommend single stocks, but Byron just penned this outstanding article for our Lifetime Income Report subscribers. They’ve had a two-day headstart, which is plenty of time to consider a buy. It’s not an official recommendation; it’s an opportunity. If you haven’t participated in the rally in uranium or metals this year, this opportunity is your chance. If it’s not your cup of tea, that’s fine. Byron has stacked this article with great facts, figures, and know-how to make it worth your while to read. I’ll see you again tomorrow. All the best, Sean Ring Editor, Rude Awakening X (formerly Twitter): [@seaniechaos]( [URGENT: Regarding Your 2024 Strategic Intelligence Membership Dues!]( Hi, I’m Matt Insley. I’m the Publisher at Paradigm Press. Just moments ago, I just got off the phone with Jim and we agreed: it’s time we start charging more money for access to his newsletter. That’s why we may implement a massive price hike for all subscribers in the coming days. But if you [click here now]( you can lock in your current subscription price at 80% off – and never have to pay the potential new price of $500. Don’t waste any time. [Just click here now to claim this special offer.]( [Click Here To Learn More]( BYRON KING It’s summertime, which means you might head to the baseball park and catch a game. Hey, it’s the great old American pastime, right? And c’mon, everybody gets a thrill when a player steps up to the plate, swings the bat, connects, and sends the ball out past the fence line. Well, that’s how I felt the other day when I saw an announcement from Denver-based Energy Fuels Inc. (UUUU), an energy and metals company that I’ve followed for several years. Energy Fuels, Inc. (UUUU), White Mesa Plant, nine miles south of Blanding, Utah. Energy Fuels just smacked the proverbial ball into the next county, so to speak. The company successfully tested a newly built system that produces metals critical to the U.S. economy, and certainly to national defense. And right now, there’s no other U.S. source for these materials, so the alternative is Chinese imports. It’s all great news and represents an impressive American success story. Details are below, so read on... Uranium, Vanadium, and Rare Earths Energy Fuels owns and operates the only up-and-running uranium processing mill in the U.S., in southeast Utah just south of a small town called Blanding. The 500-acre plant (photo above) dates from the 1970s and has been extensively upgraded over time. It’s fully licensed by the Department of Energy, through the Nuclear Regulatory Commission (NRC). The U.S. has two other potentially operable uranium plants, similar to this one, but both are currently out of commission and require an extensive, expensive restart process that includes updating a long list of state and federal permits. So, right away, you can see that Energy Fuels holds a distinct competitive advantage within the nuclear fuel cycle in this country. In addition to extracting uranium from ore, the plant processes vanadium, a metal used as an alloy to make super-strong steel. It helps that uranium and vanadium are often found in the same ore deposits, which gets us into the fascinating field of mineralogy (but not just now). The big, new development with Energy Fuels is that the company just completed and tested its newly built facility to extract large amounts of key rare earth elements (REEs) from mineral ores, namely the so-called “magnet metals” neodymium and praseodymium (Nd/Pr), with potential for numerous other exotic elements. This last item is downright strategic to the U.S. economy and defense production base. It marks the first time in many decades that the U.S. has had an up-and-running facility to produce REEs in commercial amounts. Or, returning to baseball analogies, it’s like Babe Ruth pointing toward the bleachers and hitting the ball into the upper seats. Welcome to the REE Revolution I’ve written about REEs in other articles, so I won’t overdo things here. I was first introduced to REEs as a geology and geochemistry student in the 1970s. My mentor and inspiration was the late Prof. Clifford Frondel of the Harvard Department of Geology, who was a principal investigator of REE-bearing rocks that astronauts brought back from the moon. Of course, we don’t have to go to the moon to find REEs; they’re available here on Earth, but very tricky to extract from ores and minerals. Meanwhile, if you don’t yet know much about REEs, here are some basics because your life is controlled by these substances. In fact, without REEs, you have no modern existence. Seriously, without REEs, your lifestyle would not be 2024; it would be more like 1824. The short version is that you are surrounded by REEs, used inside pretty much everything that makes modern life possible. For example: - Your smartphone and computer? Won’t work without REEs. - Television and all the cable, wireless, and internet hookups? REEs. - The light bulbs in your house and office? Probably REE-based (unless you have a stash of old tungsten filament bulbs). - Your refrigerator and microwave oven? REEs, absolutely. - Electricity? Without REEs, there’s no grid because REEs are inside most components, from power plants to switch boxes. Solar and wind power use even more REEs in electronics and related components. - Your car? It won’t work without REEs. And if it’s an electric car (EV), that goes almost without saying. EVs only work because of REEs - For gasoline and diesel, there is no fuel absent REEs because refineries use REEs to help crack petroleum fractions. - How about agricultural equipment? Or equipment that harvests food and processes it? And the logistical system that keeps food fresh and distributes it to stores? REEs, from one end to the other. - If you think that you’ll just drop out and go live in a log cabin, here’s some news: most fire-starter flints are made of… yes, REEs. (“Mischmetal” to be exact; a German word that means a mix of several REEs.) And don’t neglect how indispensable REEs are for military and defense systems like ships, airplanes, ground equipment, electronics, and even many kinds of ammunition, certainly anything with a guidance unit. REEs are everywhere, on a long list of just about every weapon the Pentagon buys. Perhaps there’s just a fraction of an ounce of REE in an electronic application, but those elements make the circuitry work, and absent REEs those devices won’t do squat. Or it might be a few pounds of REE in the guidance elements of a missile. Or about 1,000 pounds of REE in the overall construction of an F-35 fighter jet. Or many tons of REE in the drive motors and/or sonar transducers of a nuclear submarine. REEs are also in unexpected places, like futuristic tank armor. In fact, a few years ago, I visited the Army Research Lab in Aberdeen, Md., and learned how REEs alloy with iron to make phenomenally strong steel. Just a small amount of REE additive improves the strength of the armor plate by significant levels. So again, to reiterate, absent REEs, modern life regresses by about 200 years, and in terms of national defense, we’re almost back to tossing rocks and sharp sticks. But the sticky point is that in recent decades, China has been the world’s dominant producer of REEs, which creates all sorts of issues. Back to Blanding Now, let’s return to Energy Fuels in Utah and its facility, which I visited some months back. I received an insider’s tour and held extensive discussions with technical staff. We walked the entire facility and went over everything, meaning every step in the wet chemistry process. This ranged from watching ore unload from a truck to the end product of uranium “yellowcake,” which is actually more brown than yellow. Energy Fuels, Inc.; from ore to yellowcake (which is kind of brown, really). BWK photo. It was a thorough visit, such that when we were finished with the plant tour, I was required by NRC regulations to do a full body scan to detect any radioactive dust or gunk that might have been attached to my hands or clothing. (Yes, I passed.) So I saw it all, and it’s the real deal. The short version is that processing uranium and vanadium ores share many common steps along the way, with the two elements eventually getting extracted separately towards the end of the line. Indeed, it’s fair to say that Energy Fuels is primarily a uranium company, selling yellowcake into a currently strong, profitable market. And as a domestic uranium producer in a world where the security of supply is problematic, considering sanctions on Russia, Energy Fuels is in a solid position to serve the U.S. market. Also, the vanadium market is relatively weak right now, and prices are down. Yes, it’s a cyclical business, but Energy Fuels has the luxury of stockpiling its vanadium output on-site, awaiting a turnaround when it comes. Plus, it bears noting that Energy Fuels' profitable uranium side funded the move into rare earths. For the past couple of years, management has prudently invested some of the uranium cash flow into an area that is destined to grow, considering the long-term need for REEs. And now, the REE side is positioned to become highly complementary to the existing businesses. Specifically, Energy Fuels has focused its new processing circuit on a mineral called monazite, a form of phosphate that chemically combines with REEs, although I’ll skip over the mineralogical details. Here are a couple of monazite specimens from my personal collection; these are from a long-ago trip to Madagascar: Monazite mineral crystals; pen for scale. BWK photo. Be assured: most monazite used in industry does not resemble those gorgeous, museum-quality specimens above. Instead, most of the world’s monazite that goes into REE production comes from mineral sands, which means what it sounds like: erosional, sandy detritus that gets concentrated in river valleys and along beaches. And voila, the initial feedstock that Energy Fuels used for its recent success in separating Nd/Pr looks like this: Monazite mineral sand (left), and first stage “crack slurry.” BWK photo. Yes, that jar of brown sand looks much like brown dirt, except that it’s almost all tiny grains of monazite minerals, highly separated and concentrated at an industrial scale. Energy Fuels just processed this particular batch of monazite sand into Nd/Pr metal material. It came from a company called Chemours, which runs a separation facility in Georgia (the U.S. state, not the overseas country). Monazite-bearing sand deposits are found in other parts of the world too, from Australia to India, South America to Africa, and more. And usually, anymore at least, wherever you find monazite sands, you also find a Chinese mining company, because some people think many decades ahead. Along these lines, Energy Fuels recently agreed to combine with an Australian mineral company called Base Resources, which controls a significant monazite deposit in Madagascar. This offers Energy Fuels a long-term source of mineral feedstock, but one obvious issue is distance and transport. And it’s fair to say that the company is looking for other sources of supply. Meanwhile, don’t think that it’s somehow easy to process brown sand. A key issue in turning monazite into REEs is that the mineral tends to contain uranium and thorium, two radioactive elements. This gets back to the fundamentals of chemistry and mineralogy, which I’ll again skip. But with this issue of radiation in mind, it’s fair to say that if you want to process monazite, it helps to be in the uranium biz at the same processing facility. That is, you extract the radioactive materials from the monazite and shunt them over into the uranium-processing side of the building. This alone solves an issue that is near-insurmountable for many other REE wannabe companies. Energy Fuels Takeaways As Rude readers know, we don’t make formal recommendations here; I occasionally pound the table and tell you about companies I really like. But Energy Fuels is definitely worth your time to understand. It’s at the forefront of the U.S. uranium industry, selling much of its product into a hot spot market, with the balance of product going out the front gate under contract to power utilities. Plus, there’s that secondary business in vanadium, and now the recent ramp-up into REEs. All of these elements are critical to the U.S. economy, as well as the defense complex. Energy Fuels has a market cap of about $1 billion, which should grow strongly over the years ahead. Shares trade in the range of $6.00, down from higher levels in the past year. Earnings are a few cents per share negative just now, reflecting internal accounting and capital investment, not anything wrong with the business case. Along these lines, I anticipate strong earnings in the years ahead, based on uranium sales that are even now ringing the cash register. The company has about $220 million in the bank, plus another $30 million of inventory on-site, namely stockpiled yellowcake and vanadium. And the debt level is an enviable zero. Meanwhile, despite all the media hype about government support for certain aspects of so-called “green” energy and defense-related companies, Energy Fuels has chosen not to apply for government grants. The idea is to retain freedom of action and avoid red tape and bureaucracy. Besides, with a strong share price and money in the bank, the company can invest in itself or buy whatever it needs. There’s more to say, but at this point, I think you get the idea. Babe Ruth smacks a home run. As with all investment discussions, the recommendation is to buy in carefully if you so choose. Watch the chart and look for down days. Don’t chase momentum. Be patient, and watch this one do well in the years ahead. Thank you for subscribing and reading. All the best, Byron W. King ☰ ⊗ [ARCHIVE]( [ABOUT]( [Contact Us]( © 2024 Paradigm Press, LLC. 1001 Cathedral Street, Baltimore, MD 21201. By submitting your email address, you consent to Paradigm Press, LLC. delivering daily email issues and advertisements. To end your Rude Awakening e-mail subscription and associated external offers sent from Rude Awakening, feel free to [click here.]( Please note: the mailbox associated with this email address is not monitored, so do not reply to this message. We welcome comments or suggestions at feedback@rudeawakening.info. This address is for feedback only. For questions about your account or to speak with customer service, [contact us here]( or call (844)-731-0984. 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