A lot of mining stocks in 2025 went up 100%+, but investing more in well run mining stocks in 2026 is the place to be in my opinion (the S&P is gasping).  Relative to the metals they are STILL cheap.  using silver as an example, the average price for 3Q was ~$35/oz.  4Q was ~$55/oz.  Companies that are reporting this week and next are getting 65-70% more for the commodity which is largely dropping to the bottom line.  We are likely looking at average prices for 1Q 2026 around $85/oz ($88-90/oz is already locked in), another 55-60% increase.  We will see stellar earnings and cash flow, and probably quite a few re-rates as the general investor possibly catches on at some point.  

Ha! I was trying to be conservative.   

AEM for 2026 - 3.4m oz at AISC of $1,500/oz. Insane.  It's a FCF money printing machine.  I don't know the short term charts, but in a year the stock will likely be over $300/share (one analyst in the metals space is forecasting more than a double from here).

Their coffee is terrible as well!   

I think strategy depends on if you think silver/gold are resetting to a new normal and the prices are going to be in the $100-200 range for silver and maybe $5,000-6,000 range for gold (they both could go higher than that).  If you believe in that, then the mining shares right now are undervalued and could double and triple (or more) from their current prices. I have been playing call options for the last year, selling them and taking profit, and moving farther out in time with higher strike prices.  I've been fortunate to "ride the wave".  Now I'm moving most of my posiitons from the metals to the stocks since at these metal prices the stocks prices are low in terms of ratio of metal to stock price.  I'm just setting some stops on regular positions, and moving my options in the stocks out to late 2026 in case we see some corrections along the way.  We'll see if this is a good play, but I'm still very bullish on the metals stocks, they are going to be printing money if metal prices stay where they are or go higher.

It does feel like a correction is around the corner, but technical analysis aside (I know that's blasphemous here), this could be a fundamental reset of the price of silver (with some corrections along the way) happening before our eyes where the mid $100's are the new normal going forward.  There are lots of reasons to back this idea.

When silver is over $100 in 2026 it won't look toppish anymore, but understand in the short term there could be some correction. I guess it depends on if its for investment or short term trading as well.

It happened in October and I think it's happening again right now.  They are blaming the Friday stop on trading on a data center problem, which is a bunch of BS. They are scrambling because they are out of physical.   

It looks like the silver market is structurally broken, we could see some big moves higher.  This isn't crypto at all.

Silver market dynamics

An interesting podcast if you are interested in the silver market (that is very broken).  It seems like the industrial use of silver, along with its monetary store of value is going to give it much more potential upside from here than gold for a multitude of reasons.  It will be interesting to see how things play out!

https://youtu.be/9M_jYhHi6Oc? si=wNOqaVTJWxMahwSy

CDE acquisition of New Gold.   This should be a powerhouse in the coming quarters.

Coeur Announces Acquisition of New Gold to Create a New, All North American Senior Precious Metals Producer

BMXI    Nice to see a press release yesterday of an official website for information and transparency.         https://www.brookmountau.com   

Looks like today there is a floor on spot silver around $51.75.  We will see if that holds, its bounced off about 3 times so far.

I have been in IAG and EQX since early in the year. They have been performing incredibly well and I think they still have a ways to go. Equinox is just starting to hit their stride and 2026 will be clicking on all cylinders (they are still bringing their flagship mine (Greenstone) into full production and just started production at their Valentine mine.  CDE has been incredible as well and probably still has legs left.  Lots of good stuff to look at and pick, lately you can close your eyes and throw a dart   

There are still mining companies out there that are profitable, with rising production, trading at PE's less than 10-15, that still haven't realized the earnings that the gold/silver price are giving.  For now I'd rather be in those than the general market with historically elevated PE's, consumer debt at historic levels, political instability in the world, etc, etc, etc.  There will be bumps along the road but I don't see gold/silver prices trending down over the next year or two.......  some of these well-run mining companies are literally printing money, and at an increasing pace, right now.  We will see how things all play out! Interesting times!

Can you give a bit more information on GDX related to what you are saying about gold and silver prices?  If gold breaks up out of the coil and silver goes from $40 to $50 or more, would you still expect GDX to drop in the next month even as metal prices stay where they are or go higher?  It would seem if you are calling for a correction in GDX we would see the same with the metals?  Thank!

JOBY has been on an absolute tear.... they have some large investment from companies like Toyota and some great stuff in the pipeline.

Is anyone looking at OXLC with this drop this morning?  I saw an announcement of the NAV but I don't really understand it all. Thanks!

It seems like some good quality mining stocks are a good area to invest right now.  The forward P/E's on some are quite low with earnings that are going to be much higher this year with current metal prices that will stay high and likely go higher.  Does anyone have thoughts on this?  I've been scaling into CDE and an interesting Canadian company, EQX.......becoming a major producer in Canada this year.  EQX looks compelling to me with earnings exploding in 2025 (Greenstone Mine in Canada getting into full production this year with fairly decent/ow cost of production).  Anyway, any thoughts would be appreciated!  (FSM as well)

The system statistics page on the website only shows RSI Oversold, but nothing for the RSI 40 system.  I see it got sent in a note, but would it be possible to have all the system statistics updated/listed on that statistics page?  Thanks!