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Trade Alert: Top Names + Gold Doré

Trade Alert: Top Names + Gold Doré

Trump's "Big, Beautiful Bill" looks bullish for gold. Plus, a stock apparently trading for less than the cash on its books.

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Portfolio Armor
May 22, 2025
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The Portfolio Armor Substack
The Portfolio Armor Substack
Trade Alert: Top Names + Gold Doré
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If Gustave Doré painted a man pouring gold doré.

The Big, Beautiful Bill

It seems unlikely the Republicans are going to rein in their “Big, Beautiful Bill”, as I suggested in the post below. That means gold and bitcoin are likely going higher.

We placed a couple of trades on bitcoin-related names last month,

Trade Alert: Bitcoin Bull

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Apr 21
Trade Alert: Bitcoin Bull

Zigging When The Market Zags

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And a bet on a gold name last week,

Trade Alert: Top Names + Bullwhip Effect

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May 16
Trade Alert: Top Names + Bullwhip Effect

Shipping Traffic Soars

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And now we have one on a gold doré name, that was #4 on our top ten last night. Gold doré (pronounced dor-ay) is a semi-pure gold alloy—usually a mix of gold and silver—that is produced at mining sites before final refining elsewhere. It’s usually comprised of >80% gold, with most of the balance being silver.

Our trade is a bet on our gold doré top name rising in price between now and December due to gold rising in price. But there’s also a potential catalyst with this one, a mine that might be reopened by then.

An Apparently Mispriced Stock

Our second trade today is on a biotech stock with more cash and marketable securities on its books than its market cap. If you subtract its total liabilities from that cash and marketable securities, you still have more short term assets than its market cap. The disconnect here seems to be that sites like Seeking Alpha and Chartmill are showing $500 million less in marketable securities on the company’s balance sheet than the company’s own most recent quarterly data shows. Presumably, when this gets corrected, the stock price will get rerated.

Our maximum upside is uncapped with both of these trades, and our maximum downside is 100%.

Details below.

Today’s Top Names Trade

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