Fresh inflation data from both consumers and producers confirms that rising energy costs tied to the ongoing disruption of shipments through the Strait of Hormuz are beginning to work their way through the broader economy. The result has been a rise in real interest rates, with markets increasingly pricing in the possibility of a rate hike, rather than a cut, by early 2027.

While higher costs may soon turn the ballpark’s yard-long nachos into a luxury item, that dietary adjustment might not be the worst thing for public health.

In the Weekly Market Digest, market volatility spiked as the equity market retreated from record highs. Precious and industrial metals were not spared, and neither were resource equities, from the risk of higher prices.

The Exploration Insights portfolio was down modestly last week but outperformed the major resource equity ETF benchmarks, led by a pair of grassroots copper explorers in Peru. A Finland-focused grassroots explorer provides an update on its acquisition by a major gold producer. A tightening nickel market supports the plans of the only US-based nickel producer.

In The Rant, I review an M&A transaction whereby two intermediate producers combined to consolidate production scale in Canada for generalist investors.

In Stock Talk, my principal discussion covers the first-quarter results of a cash-flowing royalty company and its acquisition of a royalty on a feasibility-stage underground silver-gold project in Mexico, which carries some security risks. I also cover exploration updates from a grassroots precious metal explorer in Nevada and a copper explorer in Australia.