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.