President Trump is launching a new $250 bill with his face on it – the first living president to do so since Abraham Lincoln’s $10 demand note in 1861.

Earlier this year, he instituted another currency change – insisting that his signature appear on all new bank notes.

If you’re starting to sense that Trump has taken an unusual interest in our money, you’re on the right track.

In fact, I’d like to show you that his new $250 bill is a mere distraction from a far bigger and more consequential change to U.S. currency being orchestrated behind the scenes.

Something that will affect every dollar you've ever saved or invested.

Bypassing all conventional legal and political channels, under the guise of national security, Trump is enacting a total money reset using a landmark executive order (14241).

Democrat or Republican, support him or despise him, it doesn't matter – the wheels are already in motion.

And that means every American may soon be forced to use Trump's New Dollar to fill your gas tank, buy groceries, pay the bills.

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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, with many drowning in debt, and 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 – all of those questions are answered in my briefing.

Wednesday, November 4, 2026

Beijing restricted exports of the same material months earlier.

A metal most people have never heard of is up more than 50% this year. Molybdenum. It trades near $32.97 per pound. No major outlet ran a front-page story.

The reason it moved is the same reason it cannot stop. Its supply is chained to a different metal. And both Washington and Beijing restricted the remaining pool in the same twelve months.

About 60% of global molybdenum comes out of the ground as a byproduct of copper mining. Output follows copper investment decisions, not molybdenum demand. That makes the normal market correction, where higher prices attract new supply, structurally broken. When policy from both sides of the Pacific then restricts the free supply that remains, the shortage compounds with no relief valve.

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Molybdenum hardens steel. Small amounts of it make steel hold its strength under extreme heat and pressure. Armor plate. Missile parts. Aircraft structures. It matters for defense and energy infrastructure. And nearly all of it rides along with copper.

When a copper mine digs ore, molybdenum comes out as a secondary product. If copper investment slows, or a mine hits trouble, molybdenum supply drops with it. Not because anyone wanted less molybdenum. Because copper drove the bus.

Chile is the clearest example. Chilean copper operations stumbled in the first half of 2026, and molybdenum output slumped 8%. Chile slipped behind the United States as a molybdenum source. That decline had nothing to do with molybdenum demand. It was a copper problem dragging a different metal's supply down with it.

BMO Capital Markets reported in October that molybdenum is heading for a sixth consecutive year of supply deficit. The cumulative shortfall through the end of 2025 reached 108 million pounds. That is roughly two months of global consumption, missing from the system. Six years of deficits stacking on top of each other.

Observation: Chile's molybdenum output fell 8% in H1 2026 because copper operations stumbled.
Interpretation: When supply is a byproduct, it responds to a different metal's economics, not its own demand signal.

China produces roughly 48% of global molybdenum. In February 2025, Beijing placed export controls on molybdenum-related dual-use items, covering powders and alloys with defense applications.

The controls are biting hard. In the first nine months of 2026, China's molybdenum powder exports fell 64.1% year on year. Oxide exports dropped by nearly half.

The policy matters. The structure underneath it matters more. China produced 79.5 million pounds of molybdenum in Q2 2026. It consumed 90.2 million pounds. China is no longer an exporter that can flood the market when prices rise. It is a net consumer holding on to what it has.

BMO noted that China has historically expanded primary molybdenum output when shortages emerged. That escape valve is now stuck. Resource depletion and tighter environmental rules limit how fast China can ramp production. The country that once relieved global shortages now adds to them.

Observation: China's molybdenum powder exports fell 64.1% in the first nine months of 2026.
Interpretation: The world's largest producer is now a net consumer, and the historical relief valve for global shortages is closed.

In December 2025, the FY2026 National Defense Authorization Act became law. It added molybdenum to the list of covered materials. Covered materials are those the Pentagon considers critical for defense supply chains.

Starting January 1, 2027, the Department of Defense cannot source molybdenum mined, refined, or produced in any covered nation. China is a covered nation.

The math is plain. Molybdenum goes into armor plate and missile parts. Washington declared it critical. Then the same law banned its largest source. Nearly half of global supply now sits behind a procurement wall for the US military.

Both governments restricted the same metal in the same twelve-month window. One side hoards supply. The other bans that supply. And 60% of what remains comes from copper mines that are not expanding.

Observation: The FY2026 NDAA bars Pentagon sourcing of molybdenum from covered nations starting January 2027.
Interpretation: Washington and Beijing each restricted the same metal for the same reason, defense, from opposite sides of the table.

Three forces are acting on this market at once. The byproduct structure limits how fast supply can grow. Chinese export controls remove the historical relief valve. US defense policy walls off the largest remaining source for military procurement.

The normal correction, where high prices pull new supply into the market, fails here. The supply is attached to copper's economics. Freeport-McMoRan, the largest US molybdenum producer, is trying. CEO Kathleen Quirk said in October the company is "dusting off old schedules" to expand output at its Climax mine in Colorado. But mine expansions take years, not quarters.

The signal worth watching is not the daily price. It is whether new primary molybdenum production, mines that dig for molybdenum itself rather than copper, can come online fast enough to close a deficit that has been compounding for five years. So far, that pipeline is thin.

This is a pattern worth knowing. When supply is structurally chained to another commodity and policy restricts the remaining free supply from both sides, the market's self-correction breaks. The forces do not cancel out. They compound.

Molybdenum is locked in a shortage the market cannot fix on its own. Supply is chained to copper. Both governments restricted the free supply in the same twelve months. The deficit is stacking into its sixth year.

Until next time,
The Navigator