Something strange is happening to your money.

It wasn't voted on. It wasn't debated in the Senate. And most Americans have no idea it's even taking place but…

President Trump is replacing the U.S. dollar.

Not with crypto. Not with a digital currency. Something far bigger than that – and it's already been signed and sealed in the back rooms of D.C., ready to be issued by the U.S. Treasury.

Bypassing every legal and political channel under the guise of "national security," Trump has enacted this total money reset using a landmark executive order (1421).

Whether you’re a Democrat or Republican, whether you support this new money or not, it doesn't matter.

Soon, every U.S. citizen will be forced to use Trump's New Dollar to fill their gas tank, buy groceries, and pay medical bills.

Which is why I've produced a critical new documentary laying out exactly what Trump's New Dollar means for your savings, your investments, and your family's financial future.

Detailing three important steps you can take today to prepare – including the name of a core band of assets connected to Trump’s initiative that could surge as a result.

As you’ll see in my briefing, the last time America reset its money like this – under Richard Nixon’s presidency in the 1970s – it created one of the greatest wealth divides in the history of our nation.

On one side, it minted an average of 1,300 new millionaires a day for over half a century. And on the other… the folks left behind, drowning in debt, with no idea how to use America’s new money to create wealth.

As Trump rolls out his new dollar, the question is:

Which side will you be on?

Good investing,
Porter Stansberry

PS. If you’re wondering what Trump’s new money will look like, when it will be issued, what it means for your investments and why it could be front page news on December 14 – all of those questions are answered in my briefing.

Friday, November 6, 2026

Neither policy targeted it. Both hit at the same time.

On July 24, the US imposed a 12.5% forced-labor tariff on South African goods. A forced-labor tariff penalizes imports tied to coerced labor. Finished steel was exempt. Ferrochrome was not.

Ferrochrome is an alloy of chromium and iron. It is the primary input for stainless steel. The US exempted the product but taxed the ingredient you need to make it.

That gap would matter in any year. It matters more now. Merafe, one of South Africa's largest ferrochrome producers, had already lost 75% of its output before the tariff arrived.

Two governments, acting on separate problems, squeezed the same bottleneck from both sides. Washington taxed the input. Pretoria's failing power grid collapsed the production. Neither policy targeted ferrochrome. Both hit it at the same time, and no backstop exists on either end.

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Chromium makes steel stainless. A minimum of 10.5% chromium content gives stainless steel its corrosion resistance. No other element does this. There is no substitute in stainless steel or in superalloys. Those alloys go into jet engines and armor plating.

The US has zero chromite mines. Chromite is the mineral ore from which chromium is extracted. The US imports 79% of the chromium it consumes. Ninety-six percent of its chromite ore comes from one country: South Africa.

This is not a trade preference. It is a constraint set by the periodic table. Chromium has been a defense concern in every national military emergency since World War I. That concern has never gone away because the dependency has never changed.

Observation: The US has zero domestic chromite mines. It sources 96% of its chromite ore from South Africa.
Interpretation: This supply chain has no redundancy. A failure at the source flows straight through to American steel producers.

South Africa holds about 29% of the world's known chrome reserves. But reserves in the ground do not equal metal on a ship.

Since 2008, electricity costs for South African smelters have risen more than 900%. Power can account for 40% of ferrochrome production costs. By the end of 2025, smelters were paying 1.36 rand per kilowatt-hour. At that rate, smelting became uneconomical.

The shutdowns came fast. Glencore and Merafe Resources run one of the country's largest chrome ventures. Merafe reported production of 28,000 tonnes in the first half of 2026. That is 75% below the 112,000 tonnes from a year earlier. The Boshoek and Wonderkop smelters went dark. The venture alone holds 2.3 million tonnes of annual installed capacity.

China filled the vacuum. It now produces 58% of global ferrochrome and holds the top-producer position South Africa lost.

Observation: Merafe's ferrochrome output fell 75% in the first half of 2026. The Glencore-Merafe venture alone holds 2.3 million tonnes of annual installed capacity.
Interpretation: The dominant supplier's production base was collapsing before the US tariff arrived. The tariff landed on a supply chain already fractured.

South Africa moved first. In June, Pretoria approved a $2.3 billion electricity tariff package for its largest ferrochrome producers. The new rate dropped to 62 South African cents per kilowatt-hour, down from 1.36 rand. Smelter restarts began at Boshoek and Wonderkop in September and October.

But the recovery is slow. Merafe estimates 2026 production will hit 25% to 29% of installed capacity. Japie Fullard, CEO of Glencore's South African ferroalloys business, was blunt: "We are definitely not out of the woods yet."

On the US side, the gap is wider. In March, the Defense Department asked for information on 4,500 short tons of chromium. That is a question, not a purchase. No chromium funding has come through the Defense Production Act's Title III program. Title III is the authority the Pentagon uses to invest in critical supply chains. It sunsets in September 2027 without reauthorization. No annual materials plan has been published.

The rescue is partial on one end. It is absent on the other.

Observation: South Africa cut power tariffs and began smelter restarts. The US made no chromium purchase and holds no Title III awards.
Interpretation: No policy on either side closes the structural gap between US demand and available supply.

The forces here are not hidden. They are scattered across different headlines. A trade policy story in one place. A South African power crisis in another. A Pentagon procurement notice buried in the Federal Register.

Lay them side by side and the pattern is plain. The US protected finished steel but taxed the raw input it cannot source at home. The one country that supplies that input saw its smelters collapse. No US policy fills the gap between those two facts.

Three signals are worth tracking in the coming weeks. The pace of South African smelter restarts. Whether Congress reauthorizes the Defense Production Act before September. Whether the tariff classification for ferrochrome changes. Each one moves a different part of the same bottleneck.

The US depends on a single foreign source for an input with no substitute. That source is running at roughly a quarter of capacity. The tariff hits the input. The exemption covers the product made from it. No policy closes that gap.

Until next time,
The Navigator