Fresh off another record-breaking week for precious metals, Cory Fleck and Shad Marquitz dive into the numbers behind this historic rally and what it means for valuations, exploration plays, and investor strategy going forward.

Historic run: Gold has surged past $4,000/oz, rising seven straight weeks and up nearly 20% since late September. GDX and GDXJ have both outperformed gold, up over 120–140% YTD, while silver has gained roughly 50% in the last four months.

Valuation discipline: With miners flying, Cory and Shad unpack how to assess value at these levels - using economic studies, considering NPV sensitivity, realistic spot price assumptions, and peer comps by deposit size and jurisdiction. They also flag red flags in “financial engineering” where low CapEx hides high sustaining costs.

Exploration risk & reward: Exploration money is flowing again, but investors should stay selective. In today’s bull market, 300–400 gram-meter hits are the new standout threshold. Companies chasing multiple targets have the best odds of a true new discovery win.

M&A reality: Global deal value is up 15% this year to $1.1T, but mining takeovers remain concentrated among majors and mid-tiers. Not every junior will be bought - teams that can build mines should outperform those just waiting for takeouts.

Portfolio strategy: After nine straight up weeks for GDX, Cory and Shad emphasize taking partial profits, managing concentration, and rotating some gains into other resource sectors. Trim into strength - and always have a plan beyond “waiting for a buyout.”

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