Gold is catching a safe-haven bid as AI capex uncertainty (Anthropic/OpenAI slowdown calls spooking equity markets), rising rate volatility (Warsh Fed headlines), and geopolitical risk (Saudi pipeline disruption) converge simultaneously — and NEM, as the largest gold miner with operating leverage to spot gold prices, is the highest-beta expression of that multi-catalyst safe-haven rotation that hasn't been taken by another analyst this week. Scored on the close 7 days out. If NEM does not move 4.5% in my favour by then, this is a miss.

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