Get your tickets to the RULE SYMPOSIUM 2026

Market Musings

My macro view in terms of most sectors price action can be briefly summarised thusly: down, then up.

Really I think it is that simple and as such I am very happy to have come into 2026 with such a huge amount of cash liquidity.

For 2026 through to Q1 2028 I am bearish on the broad equity markets in most countries, yet have no interest in flirting with bonds trying to time that market as its long term fundamentals are simply dreadful in my view. Ergo, I have left my profits in my gold bullion trade as a free ride and sold only enough to withdraw my initial capital. In the near term, I am putting on various options trades to profit from an anticipated downturn in what I consider to be the most liquidity-sensitive assets: BTC (via IBIT), QQQ and SPY.

My bearish trade on IBIT is already very profitable and I only require a mere 10% drawdown in QQQ and SPY to make a ~4x return on capital. I deem these rare examples where a high probability outcome also coincides with an asymmetric payoff. Interested readers can learn the exact positions in .

This then leaves my outlook for 2028 and beyond and brings us back to Druck’s quote above. If things go as stated above, thanks to contracted liquidity available in western capital markets, the only politically expedient option for policy makers will be to (yet again) inject enormous amounts of liquidity into financial markets and the ‘main street’ economy. All signs point to this occurring right when goods inflation is increasing thanks to a dearth of historic capex, combined with de-coupling and, thanks to the recent Iran war, outright destruction of key supply chains and infrastructure hubs.

Thus, with an eye towards 2028 and beyond I remain with my core positions in royalties and exchanges, which won’t be touched, and am using my large cash reserves to gain more leverage to precious metals and their associated royalty Co.s via options setups. It’s difficult for me to imagine the gold price to be less than $5,500 per oz in Dec 2028 and so logically it follows that if I am so confident in Gold appreciating circa 20% from today’s spot price, then I should be maximising my exposure via options on the metal itself and the royalties as mentioned above.

My Price Targets On Gold

Remember: a LOT can happen between now and then.

ICYMI: In the chat this week I shared a PDF of one of the tranches I am allocating to GOLD options. This tranche only needs $5,ooo/Oz gold by DEC ‘28 in order to profit and provides 3-5x the upside of price appreciation in the bullion. I’ve kept the tranche small as it’s totally possible that we experience more sharp and vicious sell offs to come as various states and institutions may need to sell (albeit reluctantly) in response to pressing liquidity needs.

So patience is what I’m practicing. the last thing I want is to be out of bullets if/when the true sell off arrives.

To summarise, Here’s a list of things I’m watching:

Media

I have a number of appearances coming up this week. Main topics I’ll be speaking on are: Royalty & Streamers, Exchanges & Water.

In the meantime, I re-iterate that my main framework for assessing the macro-economic environment is the global liquidity index tracked and published by . I am a premium subscriber and consider it one of the most useful and informative subscriptions I have.
If you haven’t already you really should watch the conversation I had with him recently.

That’s it for this compendium, take care out there. Markets are in for pain unless we see results from the Strait situation very quickly. Be intelligent, do your own due diligence and in the words of the great man…

Benjamin

— The royalty King

If this analysis is useful, Machina Capitalis goes further.

Members get my live portfolio: exact positions, sizing, and entry levels across royalties, exchanges, and options trades.

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Disclaimer: This publication is intended solely for documenting my personal journey with trading and investments for income and travel purposes. I am not a certified financial advisor nor am I a financial professional and none of the content provided should be construed as investment advice. It is essential to conduct your own thorough research and consult a registered financial service provider for appropriate guidance. I cannot guarantee the accuracy or completeness of the information presented. Any actions taken based on the information shared in any of my work are done at your own risk and discretion. Past performance is not indicative of future results. All investing involves risk, including the potential loss of principal. There is no guarantee that any investment strategy, including those discussed here, will achieve its objectives or generate profits. You should carefully consider your investment objectives, risk tolerance, and financial situation before making any investment decisions.

Get your tickets to the RULE SYMPOSIUM 2026

Market Musings

The Big Story: Liquidity Is Tightening (Again)

If there is one thread tying everything together this week, it’s this:

Liquidity in the west is drying up.

It’s not collapsing, but tightening at the margin.

We’ve got:

• Sticky inflation

• A hesitant Fed

• Ongoing QT

• A quietly strengthening dollar

It’s the kind of environment where asset prices could gap down as outflows/redemptions occur due to the increased marginal dollar coming out of capital markets and into the ‘real economy’ spending.

This dynamic is discussed at length in my latest interview with Michael Howell

Gold

Gold’s price declined sharply this week (11%), the worst weekly sell off in years. To paraphrase a Bessent-quote, this occurred due to there being more sellers than buyers, with over $1billion in combined outflows in a single day, March 19, from the major ETFS: GLD and IAU.

My early thoughts are that this looks like profit taking. Flow data suggest that investors were de-grossing gold exposure after an earlier run-up, not abandoning the asset class structurally. Remarkably, despite the sharp uptick in recent outflows, the gold price is still positive YTD and now the RSI is in oversold territory.

Capital flowed across to dollar denominated instruments and now the US 10yr yield is up 4.5% and the DXY; a measure of the dollar’s relative strength is also on the rise.

My take: price action is best understood as a cross-asset liquidation and profit-taking after 9 straight months of net inflows. Gold entered the week after a very strong run and once oil-driven inflation fears pushed yields higher larger players considered rebalancing.

Given liquidity in the west is drying up on an ever expanding numerator of aggregate debt level precisely at a time where fiscal deficits are assured to blow out even further due to the current conflict it’s only a matter of time being monetary policy is adapted to compensate. I expect more monetary easing to come, be it in 6,12,18 months and as that liquidity enters the system I expect net inflows to resume in gold and BTC vehicles. Ad interim of course, there’s likely some further downside.
I am positioning by looking at various options on acquiring my favourite precious metals royalties, which have sold off recently - in the case of GROY to the tune of 22%.

TRK Remarks

Water remains on my mind as my number one growth commodity. I’ve almost finished a 14 page research report which will be made available to subscribers only. The first issue is a deep dive on the hydro-requirements of Data centres and the associated investment implications.

Here’s a teaser:

“ A 1 GW hyperscale campus in the Permian Basin is not a 10× scale-up of a conventional data centre. It is a water event of regional significance, consuming more fresh water equivalent per day than the entire City of Midland's municipal supply..”
My modelling shows that the necessary infrastructure for the 1GW prototype DC will need the equivalent of 202 million barrels of water per year to operate at nameplate capacity which, at going rates estimated in the basin implies $428 million in annual running costs for the water alone.

Wishing you all the best.
— Benjamin
The Royalty King

Disclaimer: This publication is intended solely for documenting my personal journey with trading and investments for income and travel purposes. I am not a certified financial advisor nor am I a financial professional and none of the content provided should be construed as investment advice. It is essential to conduct your own thorough research and consult a registered financial service provider for appropriate guidance. I cannot guarantee the accuracy or completeness of the information presented. Any actions taken based on the information shared in any of my work are done at your own risk and discretion. Past performance is not indicative of future results. All investing involves risk, including the potential loss of principal. There is no guarantee that any investment strategy, including those discussed here, will achieve its objectives or generate profits. You should carefully consider your investment objectives, risk tolerance, and financial situation before making any investment decisions.

PS: Oh, and don’t forget to check out my other publication , think of it as my live trade journal operating an income portfolio of options and exotic trades.

Machina Capitalis

The Gold Carry - Turning Idle Bullion Into a Yield Machine

The Gold Carry…

Listen now

16 days ago · 1 like · The Royalty King

An informal dispatch on markets, money, and the mindset behind it. Free, always. For those who want to go deeper, the links are at the bottom.

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Market Musings

The big story: Middle East conflict dominates

The week was defined by a rapidly escalating conflict involving Iran, which rattled risk sentiment across all Asian markets. Oil prices surged after Iran reportedly closed the Strait of Hormuz, and the shockwaves hit export-heavy, energy-importing economies hardest.

Asia is bleeding. Is this a flush or a fracture?

Asian markets are selling off hard this week. My take: Likely due to the region’s reliance on products which transit the Strait of Hormuz.

The question I ask is how much of this is due to leverage?

Because depending on the extent of this being the result of levered liquidation and who is being closed out, there may be forced selling across the board.

Owning exchanges is a nice place to be during volatile times.

Asia’s Pain is Texas’ Gain

Meanwhile, West Texas is quietly becoming one of the most interesting infrastructure stories on earth. Data centres need land, power, and water and the Permian Basin has all three in abundance, and the landowners sitting on that acreage are starting to look like the new landlords of the AI age.

Which brings me to two names I've been long on since late January: LandBridge (LB) and Texas Pacific Land (TPL). As of this morning they're up +51.32% and +75.94% YTD respectively.

Iran And The Icarus Setup

Brent has ticked up to around $81/bbl. Here’s the scenario I’m gaming out:

If the US and Israel succeed in redirecting control of Iranian oil flows — roughly 1.8 million barrels per day — that supply tilts westward and away from China (not completely but in theory). On the surface: bullish for the West, a strategic headache for Beijing.

This is where I keep coming back to two ideas.

Doomberg’s Icarus print: the idea that a forced supply surge could create a price spike before leading to an eventual crash.

Nassim Taleb’s observation that he has never seen a shortage that wasn’t eventually followed by a glut.

If Iranian supply is not interrupted for a prolonged period and is redirected, we could be setting up the perfect bull trap in energy. Spike first. Then the floor gives way 12–18 months later. The tail risk is that this time is ‘for real’ and the conflict drags on and results in large scale infrastructure damage, negatively affecting supply and this would send oil prices to the moon in sharp fashion.

I’m positioned well in any event.

The Royalty King’s Remarks

LB Earnings: Sensational. Exactly What I Expected.

LandBridge reported and the numbers were, frankly, everything I laid out in my preview piece.

The market reacted well. I wasn’t surprised. When you do the work, I mean really do the work, earnings are a confirmation.

If you want to understand how I built that pre-earnings thesis, the full walkthrough is in my previous piece:

MEDIA

Rick Rule | A 1-on-1 Lesson With A Legend.

Growing up, I never imagined I’d have access to someone like Rick Rule. Ultra-wealthy. Decades in resource investing. A genuine legend in every sense.

Above is the link to yet another immensely valuable conversation where Rick literally helps me work through my framework for valuing mining companies in real time. Not so much a polished interview but rather a working session where you’re all invited.

If this landed with you, the single best thing you can do is forward it to one person who you think would get something from it.

All the best.

— Benjamin, The Royalty King

If you enjoy this kind of analysis, you might also like

I’m offering founding member rates for a limited time.

Worth a look 👉 : Funding freedom through borderless cashflow generation.

Portfolio Snapshot — March 2026

*The Croupier Collection is still being quietly built in the background.

Disclaimer: This publication is intended solely for documenting my personal journey with trading and investments for income and travel purposes. I am not a certified financial advisor nor am I a financial professional and none of the content provided should be construed as investment advice. It is essential to conduct your own thorough research and consult a registered financial service provider for appropriate guidance. I cannot guarantee the accuracy or completeness of the information presented. Any actions taken based on the information shared in any of my work are done at your own risk and discretion. Past performance is not indicative of future results. All investing involves risk, including the potential loss of principal. There is no guarantee that any investment strategy, including those discussed here, will achieve its objectives or generate profits. You should carefully consider your investment objectives, risk tolerance, and financial situation before making any investment decisions.

An informal compendium of Market musings trade updates and personal insights.

The Royalty King’s Remarks

The year has started strongly, with performance across all portfolios already well into double-digit territory. I don’t usually highlight this—by design. In 2026 I’m operating with an almost religious commitment to shutting out noise and avoiding short-termism. That said, an exception is warranted for the new publication .

As a one-man operating company, its explicit mandate is near-term income generation through options selling and more exotic structures, where transparency around results matters. To the early founding members: thank you. Year-to-date returns now stand at 32.34%, achieved with only partial capital deployment and the core allocation still to be put to work. The theme is simple:

Funding freedom through borderless cashflow generation.

Subscribe now

A Lesson In Grip Strength.
Texas Pacific Land spent much of the past year grinding through a deep drawdown—testing patience, headlines, and weak hands—before sharply recovering as fundamentals quietly reasserted themselves. Those who sold near the trough did not lack intelligence; they lacked understanding. They had copied the thesis without internalising the business. TPL’s value does not hinge on quarterly sentiment or commodity noise, but on irreplaceable land, water, and infrastructure that compound regardless of market price action. This pattern is not even new, in fact TPL has experienced ~5 50% drawdowns in price over the last 10 years (depends on how you count) on its way to deliver a 33X return!

The same pattern repeats across markets. The investors who sold TPL at the lows are often the same ones who will sell Bitcoin in volatility—not because the asset changed, but because their conviction was never earned. You can copy trades, models, and ideas. What you cannot copy is understanding. And without understanding, conviction fails precisely when it is needed most.

Market Musings
The two main forms of debasement - resistant money in my view are gold and bitcoin.

YTD gold is + 14% vs the USD while BTC is -24.6%, with bitcoin denominated in gold terms being down 33%.

Over the last 5 years the scorecards sits at 177%, 18% and -54% rounded, respectively as seen below.

I maintain my view that we are in for a period of short term price weakness possibly across the board as debt/liquidity ratios appear to be tightening in western markets and Bitcoin is acting as the ‘crypto-canary in the coal mine’.

It’s worth re-iterating my thesis here:

For the TLDR crowd, I’ve stated my target range for BTC Jan 26-27 at $40-70k and that I’ll be loading up with very levered ways to play should BTC drop <$60K.

Media

Chinese opportunities came up in my latest conversation with Louis Vincent Gave. If you found value in the discussion, I’d appreciate you subscribing and sharing it.

My key takeaway is this: a period of strengthening Asian currencies would have second-order effects that matter—most notably a firmer bid under commodity prices and higher trading volumes across those markets. Given the scarcity of royalty and streaming companies listed in Asian public markets, I continue to express this theme indirectly via exchanges. If commodities—particularly gold—are bid higher, trading activity rises, and the royalty and streaming businesses I own should benefit materially.

Wishing you all the best.
— Benjamin
The Royalty King

Disclaimer: This publication is intended solely for documenting my personal journey with trading and investments for income and travel purposes. I am not a certified financial advisor nor am I a financial professional and none of the content provided should be construed as investment advice. It is essential to conduct your own thorough research and consult a registered financial service provider for appropriate guidance. I cannot guarantee the accuracy or completeness of the information presented. Any actions taken based on the information shared in any of my work are done at your own risk and discretion. Past performance is not indicative of future results. All investing involves risk, including the potential loss of principal. There is no guarantee that any investment strategy, including those discussed here, will achieve its objectives or generate profits. You should carefully consider your investment objectives, risk tolerance, and financial situation before making any investment decisions.

I’ve often been asked to share my portfolio, something that has always given me pause. Copying without comprehension or conviction is usually a curse rather than a blessing.

That said, as a thank you for the tremendous support I’ve received for The Royalty King and its sister publication — — premium members will today see the three investment portfolios I actively run behind the paywall.

The portfolio for Machina Capitalis is excluded and available only for those subscribers as I consider it an operating business.

It’s important to note that, unlike many portfolios shared on Substack, these are not paper portfolios. My own capital is invested in each one and allocated according to the principles outlined in the accompanying footnotes. Each portfolio serves a distinct role, with a defined strategy and capital allocation framework, as described below.

Crassus Investments
A blended portfolio of royalties, exchanges, and select special situations. This is a closed-end portfolio: capital is fully allocated, aside from occasional de minimis cash from dividends, which is typically redeployed promptly.

The Royalty King Portfolio
A collection of royalty and streaming investments spanning large-cap metals claims, through to obscure, micro-cap, and exotic royalty trusts unknown to most market participants. This is an open-ended portfolio, with funds added opportunistically over time.

The Croupier Collection
A global portfolio of exchange operators, clearing houses, select asset managers and brokerages — the financial croupiers of the world’s capital markets. This is an open-ended portfolio, initially spun out of The Royalty King, with long-term capital now being actively and continuously allocated as opportunities arise.

The portfolio weightings at cost are as follows:

Read more

Up to this point, stablecoins have barely featured in these pages - not from neglect, but from prioritisation. Still, they’ve always sat quietly on the agenda. A recent reminder arrived unprompted with perfect timing, when I received an email from Wise informing me that one of my accounts would be deactivated. The reason: a portfolio held under my investment group had exposure to cryptocurrency - apparently an unforgivable transgression in the increasingly sanitised, compliance-first world of UK-domiciled payment processors.

An excerpt follows.

”Hello Benjamin,
After reviewing your Wise account information, we’ve decided that unfortunately we can’t offer our services to you going forward..
We’ve deactivated your Wise account.. We have noticed on the website that you had previously provided, CRASSUS INVESTMENTS PTY LTD, there was a portfolio with bitcoin investments…”

Just like that, I was required to nominate an alternative account to which the funds will be (hopefully) repatriated. A stark reminder that maintaining multiple accounts around the globe is prudent.

At a deeper level, this example invites a more interesting question. What explains such a severe response, given that, at least for now, holding cryptocurrency remains entirely legal in the United Kingdom? The answer, I suspect, has less to do with legality and more to do with control.

What follows may guide the reader toward an explanation.

American Bankers Association (ABA)

“Stablecoins are unique among digital assets in that they mimic commercial bank money and could disintermediate core commercial bank activity like deposit taking and lending.”

The user experience of crypto is, quite simply, superior. Having used USDt to pay my law firm in Argentina last year while preparing a property purchase, I was struck by the efficiency: an agreed amount transferred directly to the counterparty via a simple QR code scan - an instantaneous transfer without intermediaries (banks).

As far as the core functions of banking are concerned, depositing and transferring, traditional banks appear to hold no meaningful advantage over crypto-based rails. Settlement is faster, friction is lower, and counterparty certainty is higher.

Where banks retain an edge is not in functionality, but in privilege. The generation of yield on savings deposits remains largely the domain of the banking system, not because of a technological constraint, but because legislation continues to favour regulated intermediaries over open monetary networks.

International Monetary Fund (IMF)

“ The IMF recognizes that stablecoins and crypto assets could have implications for monetary policy effectiveness, financial stability, and capital flow management — especially as adoption grows.”

*emphasis mine.

Personally I see the above as a screaming advertisement for the benefits of crypto given that monetary policy effectiveness means debasing said money’s purchasing power.

**Update - Wise has since re-activated my account after I informed them I shall not be liquidating any crypto holdings and helpfully offered to transfer my entire holdings with them to a different bank. It appears that on review of losing the business of my account that they opted for discretion over valour.

Stablecoins may represent the most disruptive force in capital markets today. Accordingly, I continue to allocate capital deliberately toward beneficiaries, most notably select exchanges positioned to capture pecuniary interests in trading and derivatives volume and on-ramping as this architecture scales.

More to come, to keep abreast become a premium subscriber to The Royalty King’s Report.

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Market Musings

The Australian dollar has appreciated almost 7% against the USD on a YOY basis.

Net capital flows into Australian financial assets have turned positive year-over-year, while higher gold prices lifted export earnings to roughly A$47 bn in 2024–25, despite physical production rising only modestly from ~290 T to ~300 T. An investor or entrepreneur with a source of income denominated in AUD currently can buy USD denominated assets at a 7% discount.

Gold however, remains a superior savings instrument. The graph below demonstrates that a US saver could simply avoid the weakness in currency cross/rates buy saving in gold and then, if necessary, convert the gold into the desired fiat currency.

Royal Ruminations

AI capex embeds asymmetric, potentially systemic risk: either margins compress at the platform level through over-investment, or capital downstream is abruptly withdrawn. In both cases, expectations are fragile, and even portfolios with minimal index exposure remain vulnerable to correlated, liquidity-driven sell-offs in the event leverage begins to unwind.

What happens if/when ETF capital flows switch from being the marginal buyer to the marginal seller?

Res Politica

I recently returned from Argentine Patagonia and was in the Chubut province when arsonists set fire to Parqué Los Alerces. Disappointingly, this has lead to a campaign of false accusations against Israelis and the resurgence of the spectre of something known as ‘Plan Andinia’: long-standing conspiracy theory alleging a secret plot to establish a new Jewish state in Patagonia.

The timing is uncanny given I’ve been reading ‘Iosi, el espía arrepentido’ which details the confessions of a federal agent sent to infiltrate the Jewish community in Buenos Aires to uncover details of this alleged plan. “Iosi” details how this was, in fact, a hoax and the information he gathered led to the bombing of the Isreali embassy and AMIA (Asociación Mutual Israelita Argentina) in Buenos Aires in 1992 and ‘94 respectively.

Media

An enjoyable conversation with . Steve’s Silver Tsunami theme is one I have invested in. US seniors collectively hold an estimated $75-80 Trillion. My investments to benefit from this theme are of my signature capital-light inflation-volume beneficiaries: JXN, FOA, ABX, WRB, JOE et al.

Hugo from offers insight into European small cap value stocks, I have allocated some funds in my personal account towards some names based on his research. He is set to launch a value-opportunity fund this year, which I eagerly await to review.

Wishing you all the best.
— Benjamin
The Royalty King

Disclaimer: This publication is intended solely for documenting my personal journey with trading and investments for income and travel purposes. I am not a certified financial advisor nor am I a financial professional and none of the content provided should be construed as investment advice. It is essential to conduct your own thorough research and consult a registered financial service provider for appropriate guidance. I cannot guarantee the accuracy or completeness of the information presented. Any actions taken based on the information shared in any of my work are done at your own risk and discretion. Past performance is not indicative of future results. All investing involves risk, including the potential loss of principal. There is no guarantee that any investment strategy, including those discussed here, will achieve its objectives or generate profits. You should carefully consider your investment objectives, risk tolerance, and financial situation before making any investment decisions.

Royalty King’s Remarks

2026 is off to a strong start with markets repricing risk and narratives shifting fast.

Savings

Debasement and the erosion of true purchasing power have long been central concerns of mine, which is why gold and bitcoin serve as my primary savings instruments. I have been vocal in framing gold as the most reliable hurdle rate, operating from the belief that over this cycle, most investors will fail to even keep pace with its performance.

Upon review this view does not appear misplaced.

The proposition of investing is to entertain slightly higher risk than a savings instrument with the aim of a superior return, thus increasing purchasing power over time. As Warren Buffett has long reminded investors when faced with analogous environment :

“Unfortunately, earnings reported in corporate financial statements are no longer the dominant variable that determines whether there are any real earnings for you, the owner. For only gains in purchasing power represent real earnings on investment… High rates of inflation create a tax on capital that makes much corporate investment unwise - at least if measured by the criterion of a positive real investment return to owners. This “hurdle rate” the return on equity that must be achieved by a corporation in order to produce any real return for its individual owners - has increased dramatically in recent years. The average tax-paying investor is now running up a down escalator whose pace has accelerated to the point where his upward progress is nil…”

“As we said last year, Berkshire has no corporate solution to the problem. (We’ll say it again next year, too.) Inflation does not improve our return on equity”

- Warren Buffet’s 1980 letter to shareholders (emphasis mine)

The above requires some serious reflection.

Particularly the last line.

Is there a class of businesses for which inflation enhances, rather than erodes, return on equity?

Long-term readers will recognise the answer immediately. If that’s you, congratulations, you are already ahead of the curve. Such businesses have long been central to the focus of this publication.

Over the past 26 years, gold bullion has compounded at approximately 11% per annum, establishing itself as a benchmark savings instrument for purchasing-power preservation.

Yet the same period reveals a structural advantage available to those willing to move one layer up the value chain. Royalty and streaming businesses tied to precious metals compounded at 16–18% annually converting gold exposure into equity returns.

For many investors, the simplest way to outperform the benchmark savings asset was not leverage, timing, or speculation, but ownership of the royalty & streaming Co.s.

On The Interview With Doomberg

Whilst I agree with many of the points made by , I do not share his contention that gold is not a commodity, but rather money. Every good, that is: gold, you, and I for that, matter, money can be consider a commodity through an economic lens in that it adheres to a supply and demand dynamic. Gold behaves idiosyncratically due to its demand being mainly as a form of storage (money), leading to large stock levels. Its supply is relatively difficult to come by hence its inherently low stock to flow ratio, which in turn solidifies its main use case as being money.

However, history has shown that it is in fact possible to have hyperinflation even in societies on a gold standard when circumstances result in a dramatic new supply of gold entering into an economy. The flood of New World gold into Spain following the conquests of the sixteenth century produced precisely such an outcome whose consequences, according to many economic historians, echoed for generations

The more legally inclined reader might prefer considering whether gold conforms to the following definition of a commodity

Commodity:

“an economic good, such as a raw material, that is interchangeable with other goods of the same type.”
Source: Merriam-Webster

Gold clearly fits the definition.

FAQ

What is your view on Royal Gold Corp (RGLD)?

In brief: I own RGLD and continue to hold it. It might be the cheapest precious metals royalties in the above $20 Billion Market Cap space.

More details in this video

Which commodities Are You Most Bullish on in 2026?

Land & Water. I have been buying land which has water rights and energy royalties for some years now and I believe the party is only getting started.

Consulting

An increasing number of clients are seeking consulting input on portfolio structuring for retirement. In many cases, this involves the integration of royalty-style business models alongside options-based digital income strategies. Enquiries can be directed via private message on Substack.

For non-Platinum members, this service is provided on a pay-as-you-go basis.

Exotic Trades

Updates on two exotic trades, the first of which might be the single best risk–reward combination of 2025, delivering both appreciation and recurring monthly income from an appreciating asset. With the trade having now come home, I am, for the time being, leaving my gold exposure unhedged.

The next trade was closed early as the stop loss level was reached. A small loss, improbable, yet was incurred as per the rules of the trade.

The expected value of its consistent application over time remains positive.

Wishing you all the best.
— Benjamin
The Royalty King

Disclaimer: This publication is intended solely for documenting my personal journey with trading and investments for income and travel purposes. I am not a certified financial advisor nor am I a financial professional and none of the content provided should be construed as investment advice. It is essential to conduct your own thorough research and consult a registered financial service provider for appropriate guidance. I cannot guarantee the accuracy or completeness of the information presented. Any actions taken based on the information shared in any of my work are done at your own risk and discretion. Past performance is not indicative of future results. All investing involves risk, including the potential loss of principal. There is no guarantee that any investment strategy, including those discussed here, will achieve its objectives or generate profits. You should carefully consider your investment objectives, risk tolerance, and financial situation before making any investment decisions.

What stands out is the mood. The region, and Argentina as a whole, feels like it’s turning a corner. I’ve never seen it quite like this—there’s a genuine sense of momentum and optimism.

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Royal remarks
In brief, there isn’t much available today that both fits my preferred business model characteristics and screens as attractively priced. The main exception remains energy royalties, where I already have meaningful exposure across portfolios.

Most junior precious metals royalties I highlighted last year—then trading at steep discounts to book—have since seen those gaps close, largely as expected, driven by sharp price appreciation. Tether’s recent buying activity appears to have accelerated this process materially.

FAQ: When will the income mastermind open?

Patience. My developer (seen below) and I both ran into delays, we’re now targeting a launch by the end of Q1 2026. There’s no urgency with a project like this—I want it to be thoughtful, deliberate, and genuinely exclusive.

It will also be expensive.

The options market isn’t going anywhere, which makes getting the foundation right far more important than rushing to market.

Exotic Trades

Selling options on my physical gold continues to provide a double benefit - the underlying collateral is screaming higher whilst the options provide on average 1.5% per month cash in hand yield.

Given such a strong opportunity exists in one of the safest assets available it makes sense to keep drawing from the same well.

ICYMI

Market Musings

An example of high quality energy assets that appear attractive is left here.

There’s an argument to suggest that Viper energy, VNOM is on offer for a 20-25% free cashflow yield as below. As such, anyone running an insurance-style business model for income might consider selling some longer dated put options if they had the temperament.

At the time of writing the 6 month ATM puts are on offer for $2.40 implying a 13% annualised yield. That might sound boring to some but I’m highly satisfied with my current position in life now and hence the goal is not to be interesting nor even sell subscritpiions as a primary focus but rather to protect and grow my capital in reliable fashion. Boring business is good business.

Insights:

Vaca Muerta is booming!

Normally I like to buy the exchange itself, but that requires local account, which isn’t a problem, however it also requires justification of funds entering Argentina, along with 6-8% transfer fee every time + close to 80% tax rates on any income or gains!

Conclusion - those less familiar with the country but who are seeking exposure are likely best to buy an ETF via ADRs.

Media
I completed my 100th podcast with the notorious Doomberg.

Several more podcasts are in the pipeline and will be published over the coming weeks.

In brief, I sat down with: Marco Roque, CEO of Cassiar gold, Steeeeve of , , and more.

I’m now off with the family to southern Chile and given the wifi isn’t the best, there’ll be a delay in publishing these.

Consulting

Thank you to all clients who have engaged my consulting services. For those interested in a private consultation—including bespoke research, portfolio commentary, and focused work on royalty-style businesses and options strategies for digital income—please reach out via direct message on Substack.

A reminder that pricing across all services will increase effective January 1, 2026.

Wishing you all the best.
— Benjamin
The Royalty King

Disclaimer: This publication is intended solely for documenting my personal journey with trading and investments for income and travel purposes. I am not a certified financial advisor nor am I a financial professional and none of the content provided should be construed as investment advice. It is essential to conduct your own thorough research and consult a registered financial service provider for appropriate guidance. I cannot guarantee the accuracy or completeness of the information presented. Any actions taken based on the information shared in any of my work are done at your own risk and discretion. Past performance is not indicative of future results. All investing involves risk, including the potential loss of principal. There is no guarantee that any investment strategy, including those discussed here, will achieve its objectives or generate profits. You should carefully consider your investment objectives, risk tolerance, and financial situation before making any investment decisions.

Let’s start with some recent Q&A

Q: Are the upcoming price increases going to affect current subscribers?

A: No. All existing subscribers will be grandfathered at their current rate. The new pricing applies only to new members who join after the change (Jan 1st) or for those who cancel and then re-subscribe. The current yearly price, I humbly suggest, is a no-brainer.

Insights

Natural gas has caught the attention of many with its 60% price rise inside of 3 months.

This bodes extremely well for one of more well known pieces outlining the investment thesis for San Juan Trust which you can find here:

Whilst SJT receives pricing far lower than the Henry Hub level, it’s hard to imagine such a price arbitrage remains indefinitely and therefore if one is able to think 6-12 months ahead there’s a possibility SJT enjoys a far more rapid pay down of its excess production costs owed to operator Hilcorp, resulting in the royalty payments returning on a much increased production volume and increased price environment.

In my private consulting I have shared with clients my blended case for payments to be re-instated in 6-9 months depending on the spot price received.

Bottom line: I continue to hold SJT regardless of the c60% increase in price since my entry at $3.80. The trust dished out an average annual dividend of $0.60 over the past 8 years at much lower prices and volumes. Returning to such a level as a base caseimplies a 10% dividend yield today or closer to 16% yield on cost.

Exotic Trade Update

Oct 31 this piece was published sharing some of the lesser-know derivatives trades I use, mainly for income or hedging purposes.

The trade has since paid off in full providing a spectacular cash-in-hand profit whilst structured such that it was impossible to lose money overall. This structure remains a favourite of mine and I continue to deploy it to the tune of 1.5-2% yield per month.

Income and exotic trades will be expounded in 2026 in the mastermind which is currently under construction - apologies for the delay yet this is not an example where time is of the essence but rather quality and compliance considerations take precedent.

Media Appearances

Market Musing

Liquidity today sits in a more fragile equilibrium than most investors appreciate. The TGA has rebuilt toward its upper range, ON RRP has been exhausted, and reserves are doing most of the adjustment work. In practical terms, every dollar of Treasury issuance or QT now has a clearer path into tighter financial conditions. Markets can still rise, but they are rising against a slower current and that current is now visible in the plumbing.

Thanks for reading the Crown Compendium. If you’d like the full research that sits behind these notes, you’re welcome to upgrade whenever the time feels right.

Now I’m traveling back to Argentina to enjoy the holiday season in my second home.

Wishing you all the best.
— Benjamin
The Royalty King

Disclaimer: This publication is intended solely for documenting my personal journey with trading and investments for income and travel purposes. I am not a certified financial advisor nor am I a financial professional and none of the content provided should be construed as investment advice. It is essential to conduct your own thorough research and consult a registered financial service provider for appropriate guidance. I cannot guarantee the accuracy or completeness of the information presented. Any actions taken based on the information shared in any of my work are done at your own risk and discretion. Past performance is not indicative of future results. All investing involves risk, including the potential loss of principal. There is no guarantee that any investment strategy, including those discussed here, will achieve its objectives or generate profits. You should carefully consider your investment objectives, risk tolerance, and financial situation before making any investment decisions.