There was no vote.

Not a single bill was passed.

And it wasn’t even debated in Congress.

Yet President Trump is resetting the U.S. dollar.

No one has explained what is happening – or shown you how to prepare.

But my new research suggests America’s money is being replaced all the same.

A dollar reset on this scale has happened only once before in our nation’s 250-year history.

That was back in 1974, with a secret deal struck in a Saudi desert that quietly determined the financial fate of an entire generation of Americans.

It created extraordinary wealth for some, while casting millions more into relative poverty.

Now, 52 years later, it's happening again.

And I’d like to show you how to prepare for it, while there’s still time.

My name is Porter Stansberry.

I'm the founder of one of the largest independent financial research firms in the world. Over the last 30 years we've helped hundreds of thousands of Americans navigate almost every major economic cycle.

We've been on the forefront of every big financial story – from the collapse of Fannie Mae and Freddie Mac to the rise of Bitcoin, the COVID inflation surge, and the artificial intelligence revolution.

But today, I need to expose a story the likes of which we haven't seen in half a century.

And as you'll see, the aftershock of this event could reset not just your personal wealth, but the entire foundation of the U.S. dollar.

How you save, how you invest, how you protect everything you've built… it's all being reshaped by what Fortune calls "the biggest change to the world's relationship with the dollar" in a generation.

Yet almost nobody is prepared for it.

So if you've been watching the chaos of the past year unfold, struggling to make sense of it all – you're about to get the answers you've been searching for.

Everything from the government taking direct equity stakes in tiny mining companies… to Trump's obsession with Greenland… his strange deals with Elon Musk, Jeff Bezos, Sam Altman, and Mark Zuckerberg… the re-opening of shuttered nuclear plants… and a $12 billion stockpile of obscure metals most Americans have never heard of…

It's all deeply and inexorably connected to an inescapable fact no one has prepared you for:

President Trump is replacing the dollar.

His shocking money reset has bypassed all conventional channels – enacted instead through a series of executive orders, bi-lateral deals, and a landmark treaty signed by 13 nations in December 2025 (barely reported in the press) called Pax Silica.

You need to know that the financial decisions you make in the face of Trump's New Dollar could dictate whether you're enriched, or quietly impoverished by the seismic shift already underway.

The stocks to buy. The assets to avoid. And the critical moves our research indicates you should make to ensure you and your family end up on the right side of this once-in-a-generation wealth divide…

It's all laid out here for you in my important new briefing.

Good investing,

Porter Stansberry

Thursday, September 3, 2026

A surplus vanished in one quarter. Here's the map.

The world's largest nickel mine stopped producing in late May 2026. Weda Bay, on the Indonesian island of Halmahera, did not run out of ore. It ran out of a chemical most investors have never heard of.

Sulfuric acid. The reagent that dissolves nickel out of raw rock. Three forces from three parts of the world cut off its supply at once. The global nickel market flipped from surplus to deficit. It was the first deficit since 2021.

Three independent forces converged on sulfuric acid at Indonesian nickel plants. Indonesia slashed its mining quota, the Strait of Hormuz closed, and China banned acid exports. All three hit within three months. Together they moved the global nickel balance by 293,000 tonnes.

Unocal proved it worked and walked away. Chevron sold every asset. Texaco, same story. The verdict stood for fifty years — until this spring, when the sector's first pure-play IPO became the biggest clean-energy debut in history. Now Chevron, Exxon, and Devon Energy are all crawling back. One company never left: sixty years of infrastructure, a 15-year Google contract, and a federal land auction coming October 20th.

See the company that outlasted the burial »

Indonesia controls more than 60% of global mined nickel. When Jakarta changes its mining rules, the whole market feels it.

In early 2026, Indonesia's energy ministry set the annual ore quota. The new target was 260 to 270 million tonnes, weighed wet from the ground. The 2025 quota had been 379 million. That is roughly a 30% cut. Weda Bay saw its quota drop from 42 million to 12 million tonnes. By late May, it had used its allocation and stopped mining.

Nickel is a key cathode metal in high-energy EV batteries. Indonesia's ore feeds processing plants that turn raw rock into battery-grade material. Fewer tonnes of ore means fewer tonnes of finished product.

Observation: Indonesia's 2026 ore quota fell roughly 30% from the prior year. Weda Bay's quota dropped 71%.
Interpretation: Jakarta used its mining permits as a supply valve. The valve tightened. The world's largest source of nickel ore contracted in a single policy cycle.

Most of Indonesia's nickel ore is laterite. It is a soft, red, iron-rich rock. You cannot smelt it the traditional way. Instead, it goes into a process called HPAL (high-pressure acid leaching). The ore enters a sealed vessel. Sulfuric acid, under extreme heat and pressure, dissolves the nickel out.

The product is MHP, or mixed hydroxide precipitate. It sits between raw rock and battery-grade nickel in the supply chain.

The ratio is steep. It takes 10 to 12 tonnes of sulfur to produce one tonne of nickel. By January 2026, sulfur was 41% of MHP production cost, according to SMM, a Shanghai-based metals pricing service. These plants have no dial. They run at full capacity or they shut down.

Indonesia imports 76% of its sulfur from the Middle East. Most of it passes through one strait. The Strait of Hormuz is a narrow passage between Iran and the Arabian Peninsula. Inventory at the plants covers one to two months.

Observation: HPAL plants consume 10 to 12 tonnes of sulfur per tonne of nickel. Indonesia sources 76% of that sulfur through one maritime passage.
Interpretation: The processing chain depends on one chemical from one route. That is a structural dependency baked into the plumbing.

On March 2, 2026, Iran closed the Strait of Hormuz. Outbound shipping from the Persian Gulf halted. The Middle East supplies roughly half of global seaborne sulfur trade. Indonesia's primary sulfur line went dark.

With one to two months of inventory, the clock started.

The obvious backup was China. Chinese smelters produce sulfuric acid as a byproduct. But on May 1, Beijing banned industrial sulfuric acid exports. The backup closed just as inventory ran out.

Indonesian buyers scrambled to Japan and South Korea. They were competing with Chilean copper producers for the same limited byproduct acid. Prices spiked. Supply stayed thin.

The output collapse followed fast. MHP production at Indonesian plants fell 13% to 33%, according to Mysteel, a Chinese commodity data platform. Huayou Cobalt is one of China's largest nickel producers in Indonesia. It cut output by roughly half. The plants that make the world's battery-grade nickel were starved of their core reagent.

Observation: The Strait of Hormuz closed on March 2. China banned acid exports on May 1. Indonesian MHP output fell 13% to 33%.
Interpretation: Two supply lines fed the same input. Both closed within two months. The plants had no buffer and no alternative at scale.

That 293,000-tonne swing was the first global nickel deficit since 2021. The system is already adjusting.

Weda Bay sought 25 million more tonnes of quota for the second half of 2026 and was granted it. It resumed limited operations. Indonesia will not raise the national quota toward 360 million tonnes, the government confirmed. The large surplus from 2025 still acts as a buffer.

But the structure underneath has changed. Three valves control the pressure now. Whether Indonesia raises quotas further. Whether Hormuz traffic resumes. Whether China lifts its acid ban. Three valves, one pipe. That pipe carries the sulfuric acid Indonesia's processing chain needs.

The signal to watch is not the nickel price. It is the sulfur supply. That is where the constraint lives.

Three forces hit a single chemical input. The plants between raw ore and battery-grade nickel could not run without it. The system is adjusting, but the dependency remains.

Until next time,
The Navigator