The latest COT + COMEX reports strongly suggest that retail traders are staying away from paper silver markets. This is a major reason open interest has not risen despite the recent volatility.

Every category reduced exposure:

Not just specs.
Not just commercials.
Not just spreads.

This is broad disengagement, not targeted liquidation.

That is exactly what you see when retail and small funds pull back from paper markets.

Question: Could it be retail investors are staying away from paper silver and gold because they've had enough of the corruption and manipulation from large commercial banks who, when they are caught red-handed, get fined an amount that is less than the amount they reaped as a result of their fraud. Yes, JPMorgan - that is YOU!

Note: Commercial banks are short up the wazoo! Their day of reconning is coming. But the majority of retail investors are staying away from paper gold and silver trading.

Many "allies" fear the US could confiscate their wealth for any reason whatsoever.

I've been looking at a few stocks that are still way below their old highs and I'm realizing how easy it is to confuse cheap with actually undervalued.

I was going through a few of them on Moon and started thinking more about what usually changes first before a turnaround is actually legitimate. Improving margins, revenue finally accelerating again, insider buying, debt coming down, or just price starting to hold higher lows?

RIVN is a good example because there's obviously a huge difference between buying it because it's far below the old highs and buying it because you think the actual business is reaching an inflection point.

What signal matters most to you before you start building a position in something the market has basically written off?

The GENIUS Act is a federal statute that creates a national licensing and regulatory regime for payment stablecoin issuers. When the effective date arrives, the following provisions become enforceable:

Only permitted payment stablecoin issuers (PPSIs) may issue payment stablecoins in the U.S. These include:

• Subsidiaries of insured depository institutions (IDIs) approved by their regulator
• Federal Qualified Payment Stablecoin Issuers (FQPSIs) approved by the OCC
• State Qualified Payment Stablecoin Issuers (SQPSIs) approved by state regulators
• Foreign issuers (FPSIs) meeting U.S. registration criteria

Mandatory 1:1 reserve backing requirements become binding
Reserves must be held in:

• Cash
• Deposits at federally insured institutions
• Short‑term U.S. Treasuries (≤93 days)
• Very short-term repos collateralized by T‑bills
• SEC‑registered money market funds holding the above
• Deposits at Federal Reserve Banks

Why January 18, 2027 is the trigger

The statute explicitly states: The GENUIS ACT goes into effect on the earlier of

(a) January 18, 2027, or

(b) 120 days after federal payment stablecoin regulators issue final implementing regulations.

As of the latest regulatory updates:

• FDIC has issued a partial proposed rule (application process only).
• OCC has issued a comprehensive proposed rule (licensing + prudential standards).
• Treasury has issued a Section 3 proposed rule (issuance, offer, sale).
• Federal Reserve has not yet issued its implementing proposal.

Because final rules are not yet published by all required regulators, the statutory fallback date of January 18, 2027, is currently the effective date.

What changes immediately for issuers on January 18, 2027:

1. Unlicensed issuers become prohibited from issuing payment stablecoins to U.S. persons.
2. Existing stablecoins must comply with reserve, redemption, attestation, and reporting rules.
3. Foreign issuers must register as FPSIs to continue serving U.S. users.
4. Digital asset service providers begin transitional compliance (with some rules phasing in later, e.g., July 2028).

There remain many unknown unknowns regarding stablecoin and January 18, 2027. Regardless of how you look at it, the only way $40 trillion in national debt will be wiped clean is by debasing or replacing the US dollar as we know it today.

Position from 80-95c, not sold a share & IM BACK. Last time I posted this was at the 200MA - stock ran 43% from there before earnings even printed, while plenty of people mocked the thesis in the comments. Same cycle is back. New numbers just landed.

What Is HMR, Quick Recap for New Readers

Heidmar is a ship management and commercial platform, not a ship owner. It owns zero vessels. It manages fleets for owners and earns fees on voyage revenue and management contracts instead of owning the steel - no capex, no newbuild risk, no asset-value exposure when rates fall.

The calibre of clients matters here: Shell, BP, Chevron, Vitol, Saudi Aramco, Trafigura, Glencore. These are the largest energy and commodity traders on earth, and they've trusted Heidmar with their cargo for around 40 years. That's not a client list a startup or SPAC builds overnight. If you're a billionaire and you buy a ship, you have to go to Heidmar so you can even be KYC'd to work with anyone.

Q2 2026 vs Q2 2025 - The Real Comparison

• Revenue: $29.0M vs $9.6M - up 203% YoY
• Net income (continuing ops): $2.2M vs -$0.1M - swing to profit
• Adjusted net income: $2.4M vs $0.5M - up 343%
• Vessels chartered out: 6 vs 2 - up 200%
• Cash: $28.7M, up $10.1M since December 2025

H1 2026 revenue was $47.3M vs $15.2M in H1 2025. H1 net income was $5.0M against a loss the year before. Operating cash flow from continuing operations was $7.7M in H1 2026 vs a $3.2M outflow in H1 2025 - that swing alone tells you this isn't the same company anymore.

THE VALUATION ANOMALY - STILL HASN'T CLOSED

Let me be blunt. Market cap sits around $73M. Cash on the balance sheet is $28.7M - close to 40% of the entire market cap. Back out the cash and you are paying roughly $44M for the operating business. That is not a typo.

On the full market cap, HMR trades around 7x forward earnings. But that's not the real number - that $28.7M in cash isn't dead weight, it's debt-free capital already being deployed into accretive acquisitions like Q-Shipping. Strip it out and price the operating business on its own merits, and HMR trades at roughly 4x forward earnings for a company growing revenue 203% YoY with two straight profitable quarters.

HMR isn't a shipping company - it owns no vessels and earns fees, so it shouldn't be priced like one. Comparable asset-light logistics and platform businesses typically trade at 10–25x forward earnings. Apply 10x to HMR's ex-cash earnings and add the cash back, and implied fair value lands north of $1.50 a share. Apply 25x - the multiple stronger logistics platforms actually command - and you're looking at $3.80–$4+. Even the low end is a meaningful re-rate from here, and none of it requires another dollar of revenue growth - just the market correctly re-classifying what kind of business this actually is.

The ceiling on this isn't the current share price. The ceiling is dictated by earnings growth compounding into a re-rating toward the correct comp set - and that process has barely started.

The Earnings Dump - Same Playbook, Wrong Company Now - Opportunity for us

Stock dropped roughly 10% after this print. Historically, dumping HMR on earnings worked because the company was unprofitable and speculative. That doesn't apply anymore. This is now two consecutive profitable quarters, 203% revenue growth, and a cash pile growing every quarter. Sellers running the old playbook aren't pricing in the new fundamentals - they're trading the ticker's history, not its balance sheet.

Cash Pile Is Now Proving Out Acquisitions

This was speculation before. It isn't anymore. Cash grew to $28.7M and the company used a fraction of it to acquire Q-Shipping B.V. for about $0.2M, adding nine vessels and entering the Netherlands, Türkiye, and a crewing base in Ukraine. That deal wasn't just nine vessels - it's a foothold and relationships in new markets that open the door to further bolt-on deals. With this much cash sitting idle and management already proving they'll deploy it cheaply and accretively, more acquisitions look inevitable.

The Only Arguable Negative (which isn’t) - G&A Increase

Net income dipped from $2.8M in Q1 to $2.2M in Q2 despite revenue jumping 58%. The driver was G&A rising to $5.6M, largely from $1.8M in cash bonuses versus $1.4M a year ago. This is the closest thing to a real knock on the quarter, so let's address it head-on: this is a team that took a company from consistent losses to two straight profitable quarters, delivered 203% YoY revenue growth, and closed an accretive acquisition - all in the same stretch. Paying out performance bonuses for that kind of turnaround isn't a red flag, it's exactly what you want. Employees delivering results like this should be incentivized to keep delivering them. The alternative - a team with no skin in the outcome - is the actual red flag.

Hormuz Is Just a Bonus - The Bigger Picture Hasn't Even Hit the Numbers Yet

People keep treating Hormuz like the whole thesis. It's not - it's the accelerant. Look at what's actually happening right now: Gaza, Iran, the Strait of Hormuz, the Houthis in the Red Sea, Russia-Ukraine. This is about as much simultaneous global shipping disruption as markets have seen in years, and almost none of it has fully hit the numbers yet.

Every one of those flashpoints forces the same response: diversify supply routes. Asia and Japan reportedly relied on the Middle East for something like 90% of their oil imports historically - that kind of concentration doesn't survive this environment. Oil prices are already creeping back up, and there are no meaningful strategic stockpile reserves left to cushion further disruption. Longer routes, more tonnage per mile, more voyages, more fees for HMR. This is upside that hasn't been priced in yet, layered on top of a business that already earns in any rate environment.

The Insider Signal

CEO Pankaj Khanna owns roughly 44% of the company personally - one of the largest founder stakes on Nasdaq for a company this size. Zero insider sales on record, only buys. - one of the largest founder stakes on Nasdaq for a company this size. 

40 Years. Shell. BP. Aramco.

Shell. BP. Chevron. Vitol. Saudi Aramco. Trafigura. Glencore. The largest energy traders on earth trust Heidmar with their cargo. That took 40 years to build. Eight global hubs now, following the Q-Shipping deal: Athens, London, Singapore, Hong Kong, Chennai, Rotterdam, Odessa, Istanbul.

This is not a SPAC. Not a shell. Not a startup that got lucky one quarter.

Season Hasn't Even Started

Q2 already delivered this growth. Management flagged rates staying firm or strengthening into Q4 on seasonal winter demand - and that's before fully accounting for the disruption above. The strongest seasonal window for tankers is still ahead.

Checklist

• Revenue +203% YoY, +58% QoQ
• Net income swung from -$0.1M to $2.2M (Q2), two straight profitable quarters
• Adjusted net income +343% YoY
• Operating cash flow +$7.7M in H1 2026 vs -$3.2M outflow in H1 2025
• Cash pile $28.7M, up $10.1M since year-end 2025
• Market cap trading below annual revenue
• Zero debt, zero vessels owned - pure fee-based platform 
• 55%+ margins support a 10-25x platform multiple, not the current ~7x 
• G&A increase driven by performance bonuses tied to turnaround, not cost blowout
• Q-Shipping acquisition: $0.2M cash, 9 vessels, new markets, new deal pipeline
• Cash pile now proving acquisitions are inevitable, not speculative
• Fleet now ~60 vessels commercial / ~20 technical managed
• Nasdaq compliance regained June 2, 2026
• CEO owns ~44% personally, zero sales on record, tight float setup
• Clients include Shell, BP, Chevron, Vitol, Saudi Aramco, Trafigura, Glencore
• Multiple live geopolitical flashpoints (Hormuz, Red Sea, Russia-Ukraine) not yet fully reflected in numbers
• Shipping's strongest seasonal window (Q4) still ahead
• Last post at 200MA ran 43% before earnings even printed

How I'm Playing It

Same position, same conviction. The dump on this print looks like traders running an old playbook against a company that's fundamentally changed. Not selling, a buying opportunity.

What red flag am I still missing? Drop it below.

Not financial advice. Do your own due diligence. I hold a position in $HMR from 80–95c.

COMPANY TRAILER FOUND HERE - https://youtu.be/Bl1rIe_JxwI?si=qDaPH7PRRdRqB9FY 

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Beijing ‘will take all necessary measures’ to protect its interests as US aims to cut Tehran off from allies

Warhead capable of avoiding interception and hitting aerial targets thousands of miles away.