Precious Metals Bull Market: Presenter argues we are in an early-to-mid stage gold bull market with gold stocks significantly outperforming other asset classes and strong institutional inflows.
Gold Miners Theme: Emphasis on valuation disconnect and upside for miners versus gold, with historical ratios and PE discounts supporting continued outperformance.
Strategy: Focus on positioning over predicting—hold best-in-class names, take profits on big winners, build cash, don’t chase parabolic moves, and use pullbacks/watchlists.
Three Winners Now: Stocks getting rewarded are discovery stories, new producers/pre-producers, and new names with strong teams; these are highlighted as core hunting grounds.
Uranium: Positive on uranium equities with multiple new ideas and commentary that uranium stocks are “really moving,” supported by experienced teams and resource growth potential.
Key Securities: GDX discussed extensively for performance, fund-raising backdrop, and valuation metrics as a proxy for gold miners.
Specific Opportunities: Company profiles pitched include Rio2 (RIO), First Nordic Metals (FNM), Stallion Uranium (STUD), Golden Cross Resources (GCR), and Dryden Gold (DRY) with catalysts like construction decisions, discoveries, and resource builds.
Risks and Corrections: Expect multiple pullbacks even in a bull market; manage entries around corrections and tax-loss season while avoiding all-in/all-out timing.
Transcript
Welcome to Thoughtful Money. I'm its founder and your host, Adam Teagert. A few weeks ago, we held the Thoughtful Money Fall online Conference, which was a fantastic event. But the bonus video that all conference attendees received was a video from precious analyst, precious metals analyst Jeff Clark, going over his top picks for precious metals mining stocks. Now, it was very wellreceived at the time, but in the weeks following the conference, the precious metals went through a bit of a price correction, which was, to be honest, quite expected given how far and fast that they had run up in the the months before. Um, now that the precious metals are back in rally mode, uh Jeff and I and, uh, quite frankly, a number of the people that watch the conference thought it'd be a really good idea to share that video with the general public at large. So, that's what you're going to see here. So enjoy. >> Hi everyone, this is Jeff Clark of the Pater Prospector newsletter at the goldadvisor.com. Thank you so much for watching this video. This is your bonus video as usual from Adam Tagert's thoughtful money uh fall conference. So uh I'm glad to be uh joining back here and you know a lot's been happening in the gold sector. We have a lot to talk about. Uh, I have, uh, what I think is a pretty exciting presentation and lots of good research to give you, lots of good picks, and so I I want to get into it. But for those of you that don't know me, um, my dad was a gold prospector uh, back in the day. Um, he didn't work for a company, he worked on his own. Had some successes. Uh his biggest success was a beautiful uh five pound roughly uh piece of bright white quartz that had gold weaving throughout it. We estimated about three and a half ounces one piece. It was it was awesome. Anyway, uh I've worked for Doug Casey. I've worked for Mike Maloney. I've worked for other uh newsletters, other bullion dealers. uh started the goldadvisor.com in the middle of COVID, but it's been successful and we're having a lot of fun. We're doing really well. Uh we'll talk more about that later, but I just wanted to give you a background on me for those that don't know me. Okay, as usual, I've got a PowerPoint uh presentation here. I'm going to share it with you and I think uh you can you should be able to see that there. Um, so this is what we're going to talk about. The type of junior stock you must buy right now. And there's very specific types of junior stocks that are doing well right now. Others that quite aren't. So, we're going to focus on the ones that are doing well, but there's one in particular you may not be aware of that is doing really well. Um, I have my favorite stocks I'm going to share with you in four different categories, plus how to prepare for a correction because I do think that's coming. Um, this is the current precious metals bull market that we're going to talk about and here are the specifics. What a gold bull market looks like. Why I remain long, why there's a valuation disconnect. I'm going to show that to you. Uh, correction is incoming. The strategy on how to handle the current environment. There's no magic formula, but I have some specific things I do to handle this specific type of environment that we're in right now. We're going to talk about the bifurcation in mining stocks. I have some interesting things to show you there. The three types of stocks getting rewarded right now and one you got to buy right now. And again, my favorite stocks in four different categories. So, let's jump in. Here we go. This is what a bull market looks like. You can see uh uh this is updated through October 10th. Uh gold has almost doubled. GDX has almost tripled and GDXJ is up 220%. These uh figures are actually already outdated. They're up actually up higher since. But anyway, we have the exact ingredients of what you look for in a in a confirmed bull market. GDXJ is outperforming GDX and GDX is outperforming gold. Now before I bring up my next slide, I want to ask you a question. What do you think is the top performing major asset class worldwide year to date? Do you think it's gold? Do you think it's Bitcoin? Do you think it's NASDAQ with all the AI stuff going on? If you guessed any of those, ladies and gentlemen, you are wrong. The top performing asset class year to date is gold stocks. Look at that. GDX up 123% year to date. And by the way, look at the top five performing asset classes year to date. They're all in the precious metals sector. Gold stocks, platinum, silver, palladium, gold, all of them are outperforming all major stock indexes worldwide, including the NASDAQ. It's out they're outperforming Bitcoin. They're outperforming obviously the NASDAQ, real estate, commodities, and then you can see at the bottom there just how poorly uh oil and the US dollar have done year-to date. Okay, so let's get into some more things here. Uh, big investors are going big. That's exactly what is happening. In the first bullet point there, you can see gold stocks as a group raised $6.7 billion in Q3. It's the highest quarterly record on to uh total on record. 6.7 billion in one quarter, the highest amount we've ever seen. And if you've been investing in the sector, you've probably noticed that many companies have been able to not only successfully raise, but raise enormous amounts. The company that was raising$1 and2 million a year ago is now raising 5 million. The one that was raising 5 million a year ago is raising 10, 12, 15 million. We've seen some very big financings. What that means is these are usually investors that come from fund managers, institutions, uh things like that, the bigger investors. So they have been getting excited all year long about the sector and have been uh investing big amounts of money uh year to date. So that's something to be aware of. The second bullet point, you may not be aware of this. Uh Q3 for gold was the largest quarterly gain on record. That's also true for silver. It was its biggest quarterly gain ever. Bank of America named gold miners its number one investment theme for this year 2025 even ahead of AI and it just raised uh its gold price forecast for to $5,000 for 2026. Now I I know it's Bank of America and sometimes we get a little uh contrarian when we see some mainstream coming in, but uh this does mean they're going to be investing in this sector. Okay, all that said, obviously we want to know is it time for a break? Because and this is a fair question to ask because look at this gold chart. This is a one-year gold chart. The red line is the 200 day moving average. The blue line is the 50-day moving average. The green line is the 20-day moving average. And as of you can see the date there in the top right. As of October 14th through that date, uh gold is outrunning all its moving averages. So, it's a fair question to ask. Is it time for a break? Let's talk about that. First of all, um you I'm I'm moving my uh picture away. I don't know if it's in your way or not, but the current bull run is still not equaling other bull runs that gold has had. Uh this is from the World Gold Council. You can see gold hit a milestone, but the fundamentals suggest we're still in the early innings. And that's true fundamentals, but it's also, you know, true technically. The gold line is the gold run to date as they measure it. And you can see it falls short of all other gold bull runs in terms of duration and it's underperforming two out of the three other bull runs in my opinion. I think there are others in there. We'll talk about that in a minute. But um you can see it's far short of what happened in 1979 1980. And yes, gold is overbought, but in terms of how far it can go ultimately, it is it has not matched the one the run from 2011 yet. Not match the gains and it's obviously not matched the gains from 1979 1980. This is a very good chart I think from uh the uh world gold council. The gold price as you and I talk is technically overbought. Any measure you look at it, gold is overbought. But in the big picture, the metal is still underowned. Again, this is from the World Gold Council. It shows a percentage of holdings of private investors and also central banks. You can see how high that was back in 1980, 60%. And you can see where we are today between 15 and 20%. So again, the price is overbought, but the metal is under own. So I think it's good to keep that in mind. Okay, what about gold stocks themselves? Well, this chart is all of the big gains we've had at different times since way back in the 1970s versus the current. So the first bar on the left there is our current bull run. Look at that. And compare that to all the other green bars. The 1979 1980s, the first green bar. The next one there is the hem low rally. Look at that. Over 4,000% for juniors. Mid90s bull market. Look at that. The 2001 to 2008, what I call the silent bull market, over 1,500%. The big rebound after the '08 crash, uh, 845%. And then I have two smaller ones there to the right. I put them in because they were big gains but in a very short period of time. The first one there in 2016 321% gain in seven months that you know our current bull run has not done that. And then the COVID rebound 400% that was also in about six seven months. So, in terms of gains of of of our stocks, we're far short of almost all historical big bull market runs. Here's some more evidence. Um, this is the gold stock ratio to gold, the hui, the gold stock index and its ratio to the gold price. Uh, you can see the high mark there, you can see the low and then look where our current ratio is. So, a lot of people are nervous like, "Oh, gold stocks are outrunning gold here. Is it time to, you know, to sell or step aside or whatever?" Well, you can see there on the far right, you can see the little blip up, a little line moving up. That is gold stocks recently outperforming gold. Yes, they have. But in the big picture, it's far short of where they've been before relative to the gold price. There's a lot of upside left in gold stocks relative to the gold price. And here you go with the uh gold price to the NASDAQ. Um you know, the NASDAQ has been kind of weak, but it's been hot at times because of AI and things like that. And despite the gold price rising, it is still not far off its lows from uh back in 2021. So, there's still a lot of room for the gold price itself to move up relative to the NASDAQ. And this chart is also true, by the way, for the S&P and Dow and things like that, but it's more dramatic with the NASDAQ. So you can see there's a lot of room to move for the gold price relative to common stocks. And by the way, we're still at a valuation disconnect despite the big move up in gold and gold stocks. Read along with me here. As of October 8th, GDX was trading at over 15 times earnings estimates for 2026. That's about the 5-year average, but it was 22 times in 2023, just two years ago. Also, GDX was trading at a multiple that's 33% below the S&P 500's PE ratio. The average discount is about 23%. Gold stocks are normally undervalued relative to the the big stock market, but you can see we're even below what the average discount is for gold stock. So, there is still room for the valuation to catch up for gold stocks. So the bottom line for me is the bull market is not over. There's just too many risks and vulnerabilities out there in this system, all the systems basically for gold to still move up. I list some of them there. If gold moves up, gold stocks are likely to follow. That's a theme we have in per. That's how you know or my gold stocks going to move up. Well, if gold's moving up, usually gold stocks will move with it. Now, all that said, all that said, we're still going to have a correction and we need to be prepared for it. So, I have some good data on this I want to share with you. So, I've shown this chart before, but it's basically all the major corrections in the gold price uh back in the last bull market, 2001 to 2011. And you can see these are all the ones that were 6%. There were 20 of them in 10 years, 10 and a half years. That's two a year. That's a lot. We've not seen that yet. You can see the average there on the far right, 12%. If you take out the '08 crash, it would still be 11%. We even had big corrections in the mania. The only mania we've really had, we're maybe in a mini mania now, but nothing like 1979, 1980. And during that time, there were, you can count them there. There were seven corrections over 6% in basically a 13-month period of time. And you can see there the average still 10%. So even in a mania we have to expect at least historically that there are going to be multiple and sometimes big corrections. And here you go. So far ours have been small. So this chart was updated about a week ago. Um, you can see I measured all the corrections over 4%. There's not many of them. The biggest was 7.6%. That's not even the average of what we've seen in in past bull markets. So, here's an interesting chart. Basically, I'm comparing our current corrections to the past ones. So, the first red bar there on the left, that's the 7879, the mania correction, the average. The next bar is 2001 to 2011, the average. And then the rest of the red bars are the corrections we've had year-to- date. And you can see none of them even come close to being what the average was before. So there's some, you know, insights here. First of all, we should expect a correction. We can expect multiple corrections. They may be big. But does it mean that the bull market is over? if we get a 12% correction. No. So, I think it's important to talk about how to handle this current envir envir environment because we we've had a big run in gold. We've had even bigger runs in many gold stocks, not all, but many. So, we have to be prepared. We have to kind of position ourselves appropriately for this market and be prepared for whatever may come. And I I term it like this. It's positioning versus predicting. I don't spend a lot of time predicting. It's way too easy to be wrong. You'll be wrong, you know, 90% of the time or whatever. So instead of trying to predict what's going to happen, try to p focus on positioning yourself for the current environment. For me, that's this is what that means. And I hope you find this useful as well. First of all, you hold on to the best of best. Um, it doesn't mean they won't correct when we get a correction. They will, but the stronger the company, the the the bigger the catalysts that are ahead, the bigger the growth that is ahead, the more likely a discovery that's ahead, that may be a company you want to hold on to more than sell or even take profits. But my second point there, you do want to take profits from your biggest gainers. So what you hate to see is you're up 500% on a stock and all of a sudden you're back to 50% up because 50% up because of a big correction. So if you have big gainers, it only makes sense to take your at least your original investment off the table. Uh build cash. You need to have cash. Um, if I could double the amount of cash you have in your portfolio right now, how would that make you feel? You would probably feel more empowered and and and have more ability to handle any type of correction, even a big one, if your cash level is high. It doesn't mean you're selling all your stocks. Means you're building cash. If you don't have a lot of cash, to me, that is a signal that you should more likely take profits than maybe someone who has uh a a big cash pile. So, think about that. If you don't have a lot of cash, I I would encourage you to consider taking more profits. Uh should you sell everything and buy back? No, absolutely not. That is not the way to go. Uh here's one example. Snowline gold is actually it's actually 31x for us now. 31x, 3,100% gain since I very first recommended it publicly. Uh, and it did that, by the way, during COVID, during a stock market crash, during a recession, and most importantly, during a bare market and mining stocks. So, there you go. Now, maybe there are the exception and not the rule, but there are companies out there that are going to do similar things in this bull market. I if you sell everything, you're going to have a problem of knowing when to buy back in. That that that's the issue. So, I would encourage you not to do that. Should you buy a hot stock now, a stock that's really running hot? No. Uh yes, we may be in the the a start of a little mini mania here. Uh but I would not chase something, especially something that's up 500%. You got to be real careful. If you do do that, you need to have your finger on the sell signal to, you know, take profits uh if you get them right away. Um or to sell if it it's just not working out. It's already run too much. That's the other problem with stocks that are up 500% or more. You know, how much more are they going to run? Well, they'll run if gold stays hot, but they're going to be easy to correct. Uh they might be the bigger corrections in those stocks than otherwise. Uh, what if there's a stock you really want? Jeeoff, I really like this stock, but it got away from me. Well, what I do is put it on my watch list and I watch for a big pullback for my first entry point. And that's one way to handle this. Let's say it, you know, it's up 500%. You really like it, but it pulls back uh, you know, 25%. I might take a first trunch bite, right? then uh not my full position but maybe just a first tunch and leave a tunch in case it falls any more than that but look for a significant meaningful pullback before you enter and buy a first trunch keep in mind tax loss selling is ahead however this year there may not be a whole lot of that uh there will be some definitely as I'm going to show you uh in the next chart here um but just be aware we could see some tax loss selling and that could be an opportunity for some stocks on your watch list. In the meantime, enjoy the run. If you're uh invested, enjoy it. Um this is why we invest is for this time right now. Okay. Now, switching gears, I want to talk about something else. I want to start to really dive into mining stocks themselves. Um first of all, this is some of the stocks from my portfolio. And I noticed as I was preparing my last uh presentation that in my portfolio, I have a whole bunch of stocks that are doing really well. Hopefully, you do too. Those are the ones in the green. But I also have stocks that they're just not performing at all. And not only are they not rising, some are actually falling in this environment. So, what the heck is going on? So, there you go. I'm not I'm leaving the names off for obvious reasons, but you can see I have a lot of stocks that are down big and I have a lot of stocks that are up big. So why the bifurcation? Why the dichotomy? Well, there are three factors. There are three types of stocks that are getting rewarded right now and that's the ones in the green. So let's talk about those three types of stocks and these are the ones we want to focus on. First of all, discovery. If you make a discovery, if a company makes a discovery, their stock is going to get rewarded. I think everyone knows this. Uh even in a bare market, uh the in this chart, this is again from our portfolios. Uh the first two there, the orange ones are copper ones, the next ones are gold ones, the last four are silver ones. These are all in our portfolio. All these companies have made some type of discover discovery and are getting rewarded for it. Their stocks are getting rewarded for it. So if you can focus on companies that are more likely to make a discovery than not, that could be a potential reward. Okay. What's the second type of stock getting rewarded right now? It's new producers, new production. Um so these again are stocks in in our portfolios. Uh the green ones are is the stock performance of those companies from one year before they started production to present and you can see the gains there. So the market is really rewarding companies that are starting production now. The gold ones are ones that have been have declared a construction decision but are not in uh production yet. Now, Erdine there, the first one, um, just declared, uh, production since I made this chart. Um, they're up even more since then. Uh, they're doing very well, but you can see the gains there from these companies once they make a construction decision. They enter that sweet spot, that that pre-production uh, stage that we like so much, that I like so much. Anyway, you can see how these have done. All right, ladies and gentlemen, what is the third type of stock that's getting rewarded right now? I just did another presentation at a conference. If you watch that, you know what it is, but it's an important one. And this is the category you must buy right now. It is new names. It's new companies that are just starting out and attract excitement from the market. Rob Mchuan, David Goff, both mining veterans, uh, legends in our industry. They both said the smaller, newer names offer the highest potential returns. This is bore out by history. I think it's true that part of our portfolio, not all of it, needs to focus on newer stocks. And it can't just be any name like I I say there, they still have to pass the six Ps in the book, okay? They still have to meet the criteria. Not every new name is going to do well. It has to be something that is uh meets all of our criteria and can attract attention from the market. Okay, here we go. So, I have some stock picks in every one of these categories. So, let's uh jump into that. This is the most exciting part, right? Okay, here's some discovery picks that I really like or potential discovery picks as I say. Okay, first is Golden Cross Resources. This is also a new name, by the way. Uh, not a not a lot of people were aware of this when we first recommended it. Um, but it's an Australian gold producer, uh, with a team that's generated big gains in the past. They're drilling a project right next door to Southern Cross, which is like a billion and a half now, uh, market cap. Um, assays are pending. It's an overweight position for me. In this particular case, this company has similar geological signatures as Southern Cross right next door that made the big discovery. And yet, Golden Cross's uh the GE they've identified more geological targets than what Southern Cross has. So, this is a this is a good speculation. This is what we look for. No guarantees, but it's what we look for. Pardon me. The next name is Stallion Uranium. Again, this is also a new name. At the conference I was at, I asked the audience, "How many of you heard of this stock?" And like two people raised their hands. I love that. That's that's what we look for, right? Is brand new names that that haven't attracted a lot of attention yet because when they do, that's when they can really run. Excuse me. This is the best opportunity for the discovery in the Aabaska. That's a question by the way, but it's it's possible that it th this statement is true because they've had they've got a new team in place that's made several uranium discoveries before. And just like Golden Cross, the geological signature of his flagship project is actually bigger than the Arrow discovery that was made nearby. era, excuse me, the big discovery with NextG. Big discovery stock has done extremely well. They have Stallion Uranium has the same geological signature as that. A whopping 45% of the stock is owned by insiders. Uh I made an an overweight investment in a recent private placement. So that shows you what I think about the opportunity. Okay, here's some pre-producer picks. We like this stage because why? Once they declare a construction decision from then up to the beginning of production. Historically, there's been a 90% chance of a 90% return in 18 months. Now, right now, that return is much bigger. Some of these have run. Um, Rio 2 has run, but you know, you can probably buy it on on pullbacks. They have the Phoenix gold project in Chile. It is one of the largest undeveloped gold projects in the Americas. First pour is in January. So that is typically when we might look to take profits. Uh stocks are running real hot right now. If they're still running hot in January, you might get a bigger return. But again, you can see there it's up 240% year-to date, but it'll probably be higher by January. Uh just be careful. This is one that's already up a lot. Uh so if you buy it uh watch the news releases and we cover this in per prospector if you'd like to subscribe will be making a formal recommendation once they declare a construction decision. Uh first Nordic Metals they just bought Mossen Finland. So the combination of these two companies could eventually produce over a quarter million ounces of gold per year. that would obviously be very attracted to a major if they if some major wants to take them out. Um, they are aggressively drilling right now. They're de-risking both projects. They have a new CEO in place. They're getting very aggressive. I like this company a lot. They're they're basically exploring an underexplored uh territory. Uh, Venom Capital Markets has a one-year price target of $155 Canadian. Yesterday it was trading at 49 cents. So they're saying this stock could triple over the next year given what could happen with the company. It is true that it is trading at a considerable discount to other gold developers. And this is a stock I'm overweight. Again, we cover all these inert prospector if you'd like to know what we're doing and when. Okay. Okay, now I have another category here before we get to the new picks because this is an important category. Um, it's resource builders I call them. And these are companies that have a million ounces or whatever. And yet they're drilling a project that shows potential for two or three or four or five or whatever. And the first one here is dried in gold. Um, I asked the question, could this be the next Red Lake Gold District? Not just one little deposit, but multiple deposits. That's the potential that's showing here because it has striking similarity to to the nearby Red Lake Gold Mine. And the president of Dryen Gold worked there. So, this is someone who would know if Dryen Gold has this potential. She thinks it does. Um, look at this. investors include Centa Gold, Alamos Gold, Rob Mchuan, Eric Sprat, Bob Quartermate and multiple funds uh along with Jeff Clark. So I did invest in a private placement. So I I an overweight position. So um I like this a lot. And again, as the resource is built bigger, significantly bigger, not 10% or 20%. That's going to attract more attention to it and more demand for the stock. Uh, Gro Goldold. How many of you have heard of Gro Goldold? U, this is a totally off the radar pick. Um, no analysts really even cover it yet. There's like two of us newsletter writers that cover it and that's it. But they've already got a 2.3 million ounce gold resource in Nevada. They're drilling right now to expand it. Assays are pending. there is a large excuse me valuation gap between it and its after tax NPV net present value meaning that this this is still offers a great entry point if you're looking for a stocks that haven't run up a lot that haven't quadrupled whatever uh here's one that has not done that and yet is a nice builder uh of of a resource that's going to almost surely get bigger Good hold there. Uh, Homeland Uranium. Um, uranium stocks are really moving. Homeland Uranium is also a new pick. Again, I asked people at the conference how many have heard of Homeland and most had not. U, that's because they just acquired um, well, it's like in the spring, a historic 35 million pound resource in Colorado. it has some venadium, but this team has, you know, built things before and this what they're doing right now is trying to confirm and then add to that existing resource. And like I say there, this this team in place right now, boy, if you look at their website, this is a top-notch team. They've attracted some of the top people in the uranium sector. They've done what Homeland Uranium is trying to do. They've done that before. stock has doubled year to date, so only buying pullbacks. I am overweight the stock. And here's some more new names. We've had some there, but here's some more of them. So, I really like this company, uh, Pacifica Silver. It's run by CEO Todd Anthony, who I know very well. But this is a brand new silver explorer in Mexico. They're well cached up. They're aggressively drilling an underexplored project in a prolific gold silver belt in Mexico. So there's assays pending, but look at this. Investors include First Majestic, Visa Silver, Silver Court Metals, Eric Spratu, and yours truly. But seriously, it's one of my biggest investments that I've made year to date uh in the sector. So that tells you what I think of the potential here. Uh and obviously, a lot of other silver companies want to be in on this name. Um, so I I am told that the assays probably won't be till early December. So, uh, they're drilling right now in phase one. They'll probably do a phase two and then beginning in Q1. Uh, so there's going to be a lot of news flow. Uh, but watch for an early Christmas present hopefully from Pacifica Silver A2 Gold. Here's another one that's an overweight investment for me. They have uh a 1.4 4 million ounce gold resource in Nevada, but it's likely on its way to 3 million ounces. They've because they've only tested 18% of their targets. They're drilling 20,000 meters a year for the next 2 to three years, maybe more. They're drilling right now. Assays are pending. There's also going to be a big resource update, which could be significant because, as I say there, the last one was done at $1,700 gold. So the resource is going to be uh very meaningful. Let's put it that way. Uh they just did a recent financing and included Ken Ross. Kin Ross has actually invested multiple times with them and they've put some of their technical people uh on the team. So Ken Ross Gold really believes in the possibilities here at A2 Gold. Eric Sprat has also invested. Um, I invested an overweight position in that private placement and it was because of one of the directors that got involved. You can read it in in our write up in Peter Prospector, but he's created serious shareholder value with the past few companies that he's been involved in. I followed him right into this and made an overweight position. So, so there you go. We do cover those both in uh Peter Prospector as well. Okay. So, there you go. Um, like I say there, I want to strike petered in this bull market. Um, I I I've been investing very aggressively. I will say that uh here in 2025, uh there will probably be another round of financings um here before the year is over. Uh I will probably be investing in in some of those. We do have a resource advisor premium letter. If you are a high netw worth investor, you can check that on out on the website. We pass all of those uh uh private placements uh along to you with our recommendations. Um we have the free letter, gold advisor. We also have a free silver advisor letter. Uh per the book there is on the right. You can get it on Amazon. You can also read a PDF on our website too. It's not expensive. Uh, but a lot of my focus is at the per prospector there. The the logo on the bottom. This is basically early stage, higher risk, higher potential plays that are sometimes off the radar. They are new names. We will have more new picks here before the end of the year, but I've had five in the last three months. So, um, most of those actually are still within a buy range. They have not run away yet. So, we have very specific guidance in Payer Prospector. Uh the newsletter is doing well. So, if you're uh not a subscriber, I hope to see you. Um and there you go. So, thank you ladies and gentlemen. I hope this has been useful uh for you and you can apply it to your career as a mining stock investor. So, thanks everyone.
Jeff Clark's Top Gold & Silver Mining Stock Picks
Summary
Transcript
Welcome to Thoughtful Money. I'm its founder and your host, Adam Teagert. A few weeks ago, we held the Thoughtful Money Fall online Conference, which was a fantastic event. But the bonus video that all conference attendees received was a video from precious analyst, precious metals analyst Jeff Clark, going over his top picks for precious metals mining stocks. Now, it was very wellreceived at the time, but in the weeks following the conference, the precious metals went through a bit of a price correction, which was, to be honest, quite expected given how far and fast that they had run up in the the months before. Um, now that the precious metals are back in rally mode, uh Jeff and I and, uh, quite frankly, a number of the people that watch the conference thought it'd be a really good idea to share that video with the general public at large. So, that's what you're going to see here. So enjoy. >> Hi everyone, this is Jeff Clark of the Pater Prospector newsletter at the goldadvisor.com. Thank you so much for watching this video. This is your bonus video as usual from Adam Tagert's thoughtful money uh fall conference. So uh I'm glad to be uh joining back here and you know a lot's been happening in the gold sector. We have a lot to talk about. Uh, I have, uh, what I think is a pretty exciting presentation and lots of good research to give you, lots of good picks, and so I I want to get into it. But for those of you that don't know me, um, my dad was a gold prospector uh, back in the day. Um, he didn't work for a company, he worked on his own. Had some successes. Uh his biggest success was a beautiful uh five pound roughly uh piece of bright white quartz that had gold weaving throughout it. We estimated about three and a half ounces one piece. It was it was awesome. Anyway, uh I've worked for Doug Casey. I've worked for Mike Maloney. I've worked for other uh newsletters, other bullion dealers. uh started the goldadvisor.com in the middle of COVID, but it's been successful and we're having a lot of fun. We're doing really well. Uh we'll talk more about that later, but I just wanted to give you a background on me for those that don't know me. Okay, as usual, I've got a PowerPoint uh presentation here. I'm going to share it with you and I think uh you can you should be able to see that there. Um, so this is what we're going to talk about. The type of junior stock you must buy right now. And there's very specific types of junior stocks that are doing well right now. Others that quite aren't. So, we're going to focus on the ones that are doing well, but there's one in particular you may not be aware of that is doing really well. Um, I have my favorite stocks I'm going to share with you in four different categories, plus how to prepare for a correction because I do think that's coming. Um, this is the current precious metals bull market that we're going to talk about and here are the specifics. What a gold bull market looks like. Why I remain long, why there's a valuation disconnect. I'm going to show that to you. Uh, correction is incoming. The strategy on how to handle the current environment. There's no magic formula, but I have some specific things I do to handle this specific type of environment that we're in right now. We're going to talk about the bifurcation in mining stocks. I have some interesting things to show you there. The three types of stocks getting rewarded right now and one you got to buy right now. And again, my favorite stocks in four different categories. So, let's jump in. Here we go. This is what a bull market looks like. You can see uh uh this is updated through October 10th. Uh gold has almost doubled. GDX has almost tripled and GDXJ is up 220%. These uh figures are actually already outdated. They're up actually up higher since. But anyway, we have the exact ingredients of what you look for in a in a confirmed bull market. GDXJ is outperforming GDX and GDX is outperforming gold. Now before I bring up my next slide, I want to ask you a question. What do you think is the top performing major asset class worldwide year to date? Do you think it's gold? Do you think it's Bitcoin? Do you think it's NASDAQ with all the AI stuff going on? If you guessed any of those, ladies and gentlemen, you are wrong. The top performing asset class year to date is gold stocks. Look at that. GDX up 123% year to date. And by the way, look at the top five performing asset classes year to date. They're all in the precious metals sector. Gold stocks, platinum, silver, palladium, gold, all of them are outperforming all major stock indexes worldwide, including the NASDAQ. It's out they're outperforming Bitcoin. They're outperforming obviously the NASDAQ, real estate, commodities, and then you can see at the bottom there just how poorly uh oil and the US dollar have done year-to date. Okay, so let's get into some more things here. Uh, big investors are going big. That's exactly what is happening. In the first bullet point there, you can see gold stocks as a group raised $6.7 billion in Q3. It's the highest quarterly record on to uh total on record. 6.7 billion in one quarter, the highest amount we've ever seen. And if you've been investing in the sector, you've probably noticed that many companies have been able to not only successfully raise, but raise enormous amounts. The company that was raising$1 and2 million a year ago is now raising 5 million. The one that was raising 5 million a year ago is raising 10, 12, 15 million. We've seen some very big financings. What that means is these are usually investors that come from fund managers, institutions, uh things like that, the bigger investors. So they have been getting excited all year long about the sector and have been uh investing big amounts of money uh year to date. So that's something to be aware of. The second bullet point, you may not be aware of this. Uh Q3 for gold was the largest quarterly gain on record. That's also true for silver. It was its biggest quarterly gain ever. Bank of America named gold miners its number one investment theme for this year 2025 even ahead of AI and it just raised uh its gold price forecast for to $5,000 for 2026. Now I I know it's Bank of America and sometimes we get a little uh contrarian when we see some mainstream coming in, but uh this does mean they're going to be investing in this sector. Okay, all that said, obviously we want to know is it time for a break? Because and this is a fair question to ask because look at this gold chart. This is a one-year gold chart. The red line is the 200 day moving average. The blue line is the 50-day moving average. The green line is the 20-day moving average. And as of you can see the date there in the top right. As of October 14th through that date, uh gold is outrunning all its moving averages. So, it's a fair question to ask. Is it time for a break? Let's talk about that. First of all, um you I'm I'm moving my uh picture away. I don't know if it's in your way or not, but the current bull run is still not equaling other bull runs that gold has had. Uh this is from the World Gold Council. You can see gold hit a milestone, but the fundamentals suggest we're still in the early innings. And that's true fundamentals, but it's also, you know, true technically. The gold line is the gold run to date as they measure it. And you can see it falls short of all other gold bull runs in terms of duration and it's underperforming two out of the three other bull runs in my opinion. I think there are others in there. We'll talk about that in a minute. But um you can see it's far short of what happened in 1979 1980. And yes, gold is overbought, but in terms of how far it can go ultimately, it is it has not matched the one the run from 2011 yet. Not match the gains and it's obviously not matched the gains from 1979 1980. This is a very good chart I think from uh the uh world gold council. The gold price as you and I talk is technically overbought. Any measure you look at it, gold is overbought. But in the big picture, the metal is still underowned. Again, this is from the World Gold Council. It shows a percentage of holdings of private investors and also central banks. You can see how high that was back in 1980, 60%. And you can see where we are today between 15 and 20%. So again, the price is overbought, but the metal is under own. So I think it's good to keep that in mind. Okay, what about gold stocks themselves? Well, this chart is all of the big gains we've had at different times since way back in the 1970s versus the current. So the first bar on the left there is our current bull run. Look at that. And compare that to all the other green bars. The 1979 1980s, the first green bar. The next one there is the hem low rally. Look at that. Over 4,000% for juniors. Mid90s bull market. Look at that. The 2001 to 2008, what I call the silent bull market, over 1,500%. The big rebound after the '08 crash, uh, 845%. And then I have two smaller ones there to the right. I put them in because they were big gains but in a very short period of time. The first one there in 2016 321% gain in seven months that you know our current bull run has not done that. And then the COVID rebound 400% that was also in about six seven months. So, in terms of gains of of of our stocks, we're far short of almost all historical big bull market runs. Here's some more evidence. Um, this is the gold stock ratio to gold, the hui, the gold stock index and its ratio to the gold price. Uh, you can see the high mark there, you can see the low and then look where our current ratio is. So, a lot of people are nervous like, "Oh, gold stocks are outrunning gold here. Is it time to, you know, to sell or step aside or whatever?" Well, you can see there on the far right, you can see the little blip up, a little line moving up. That is gold stocks recently outperforming gold. Yes, they have. But in the big picture, it's far short of where they've been before relative to the gold price. There's a lot of upside left in gold stocks relative to the gold price. And here you go with the uh gold price to the NASDAQ. Um you know, the NASDAQ has been kind of weak, but it's been hot at times because of AI and things like that. And despite the gold price rising, it is still not far off its lows from uh back in 2021. So, there's still a lot of room for the gold price itself to move up relative to the NASDAQ. And this chart is also true, by the way, for the S&P and Dow and things like that, but it's more dramatic with the NASDAQ. So you can see there's a lot of room to move for the gold price relative to common stocks. And by the way, we're still at a valuation disconnect despite the big move up in gold and gold stocks. Read along with me here. As of October 8th, GDX was trading at over 15 times earnings estimates for 2026. That's about the 5-year average, but it was 22 times in 2023, just two years ago. Also, GDX was trading at a multiple that's 33% below the S&P 500's PE ratio. The average discount is about 23%. Gold stocks are normally undervalued relative to the the big stock market, but you can see we're even below what the average discount is for gold stock. So, there is still room for the valuation to catch up for gold stocks. So the bottom line for me is the bull market is not over. There's just too many risks and vulnerabilities out there in this system, all the systems basically for gold to still move up. I list some of them there. If gold moves up, gold stocks are likely to follow. That's a theme we have in per. That's how you know or my gold stocks going to move up. Well, if gold's moving up, usually gold stocks will move with it. Now, all that said, all that said, we're still going to have a correction and we need to be prepared for it. So, I have some good data on this I want to share with you. So, I've shown this chart before, but it's basically all the major corrections in the gold price uh back in the last bull market, 2001 to 2011. And you can see these are all the ones that were 6%. There were 20 of them in 10 years, 10 and a half years. That's two a year. That's a lot. We've not seen that yet. You can see the average there on the far right, 12%. If you take out the '08 crash, it would still be 11%. We even had big corrections in the mania. The only mania we've really had, we're maybe in a mini mania now, but nothing like 1979, 1980. And during that time, there were, you can count them there. There were seven corrections over 6% in basically a 13-month period of time. And you can see there the average still 10%. So even in a mania we have to expect at least historically that there are going to be multiple and sometimes big corrections. And here you go. So far ours have been small. So this chart was updated about a week ago. Um, you can see I measured all the corrections over 4%. There's not many of them. The biggest was 7.6%. That's not even the average of what we've seen in in past bull markets. So, here's an interesting chart. Basically, I'm comparing our current corrections to the past ones. So, the first red bar there on the left, that's the 7879, the mania correction, the average. The next bar is 2001 to 2011, the average. And then the rest of the red bars are the corrections we've had year-to- date. And you can see none of them even come close to being what the average was before. So there's some, you know, insights here. First of all, we should expect a correction. We can expect multiple corrections. They may be big. But does it mean that the bull market is over? if we get a 12% correction. No. So, I think it's important to talk about how to handle this current envir envir environment because we we've had a big run in gold. We've had even bigger runs in many gold stocks, not all, but many. So, we have to be prepared. We have to kind of position ourselves appropriately for this market and be prepared for whatever may come. And I I term it like this. It's positioning versus predicting. I don't spend a lot of time predicting. It's way too easy to be wrong. You'll be wrong, you know, 90% of the time or whatever. So instead of trying to predict what's going to happen, try to p focus on positioning yourself for the current environment. For me, that's this is what that means. And I hope you find this useful as well. First of all, you hold on to the best of best. Um, it doesn't mean they won't correct when we get a correction. They will, but the stronger the company, the the the bigger the catalysts that are ahead, the bigger the growth that is ahead, the more likely a discovery that's ahead, that may be a company you want to hold on to more than sell or even take profits. But my second point there, you do want to take profits from your biggest gainers. So what you hate to see is you're up 500% on a stock and all of a sudden you're back to 50% up because 50% up because of a big correction. So if you have big gainers, it only makes sense to take your at least your original investment off the table. Uh build cash. You need to have cash. Um, if I could double the amount of cash you have in your portfolio right now, how would that make you feel? You would probably feel more empowered and and and have more ability to handle any type of correction, even a big one, if your cash level is high. It doesn't mean you're selling all your stocks. Means you're building cash. If you don't have a lot of cash, to me, that is a signal that you should more likely take profits than maybe someone who has uh a a big cash pile. So, think about that. If you don't have a lot of cash, I I would encourage you to consider taking more profits. Uh should you sell everything and buy back? No, absolutely not. That is not the way to go. Uh here's one example. Snowline gold is actually it's actually 31x for us now. 31x, 3,100% gain since I very first recommended it publicly. Uh, and it did that, by the way, during COVID, during a stock market crash, during a recession, and most importantly, during a bare market and mining stocks. So, there you go. Now, maybe there are the exception and not the rule, but there are companies out there that are going to do similar things in this bull market. I if you sell everything, you're going to have a problem of knowing when to buy back in. That that that's the issue. So, I would encourage you not to do that. Should you buy a hot stock now, a stock that's really running hot? No. Uh yes, we may be in the the a start of a little mini mania here. Uh but I would not chase something, especially something that's up 500%. You got to be real careful. If you do do that, you need to have your finger on the sell signal to, you know, take profits uh if you get them right away. Um or to sell if it it's just not working out. It's already run too much. That's the other problem with stocks that are up 500% or more. You know, how much more are they going to run? Well, they'll run if gold stays hot, but they're going to be easy to correct. Uh they might be the bigger corrections in those stocks than otherwise. Uh, what if there's a stock you really want? Jeeoff, I really like this stock, but it got away from me. Well, what I do is put it on my watch list and I watch for a big pullback for my first entry point. And that's one way to handle this. Let's say it, you know, it's up 500%. You really like it, but it pulls back uh, you know, 25%. I might take a first trunch bite, right? then uh not my full position but maybe just a first tunch and leave a tunch in case it falls any more than that but look for a significant meaningful pullback before you enter and buy a first trunch keep in mind tax loss selling is ahead however this year there may not be a whole lot of that uh there will be some definitely as I'm going to show you uh in the next chart here um but just be aware we could see some tax loss selling and that could be an opportunity for some stocks on your watch list. In the meantime, enjoy the run. If you're uh invested, enjoy it. Um this is why we invest is for this time right now. Okay. Now, switching gears, I want to talk about something else. I want to start to really dive into mining stocks themselves. Um first of all, this is some of the stocks from my portfolio. And I noticed as I was preparing my last uh presentation that in my portfolio, I have a whole bunch of stocks that are doing really well. Hopefully, you do too. Those are the ones in the green. But I also have stocks that they're just not performing at all. And not only are they not rising, some are actually falling in this environment. So, what the heck is going on? So, there you go. I'm not I'm leaving the names off for obvious reasons, but you can see I have a lot of stocks that are down big and I have a lot of stocks that are up big. So why the bifurcation? Why the dichotomy? Well, there are three factors. There are three types of stocks that are getting rewarded right now and that's the ones in the green. So let's talk about those three types of stocks and these are the ones we want to focus on. First of all, discovery. If you make a discovery, if a company makes a discovery, their stock is going to get rewarded. I think everyone knows this. Uh even in a bare market, uh the in this chart, this is again from our portfolios. Uh the first two there, the orange ones are copper ones, the next ones are gold ones, the last four are silver ones. These are all in our portfolio. All these companies have made some type of discover discovery and are getting rewarded for it. Their stocks are getting rewarded for it. So if you can focus on companies that are more likely to make a discovery than not, that could be a potential reward. Okay. What's the second type of stock getting rewarded right now? It's new producers, new production. Um so these again are stocks in in our portfolios. Uh the green ones are is the stock performance of those companies from one year before they started production to present and you can see the gains there. So the market is really rewarding companies that are starting production now. The gold ones are ones that have been have declared a construction decision but are not in uh production yet. Now, Erdine there, the first one, um, just declared, uh, production since I made this chart. Um, they're up even more since then. Uh, they're doing very well, but you can see the gains there from these companies once they make a construction decision. They enter that sweet spot, that that pre-production uh, stage that we like so much, that I like so much. Anyway, you can see how these have done. All right, ladies and gentlemen, what is the third type of stock that's getting rewarded right now? I just did another presentation at a conference. If you watch that, you know what it is, but it's an important one. And this is the category you must buy right now. It is new names. It's new companies that are just starting out and attract excitement from the market. Rob Mchuan, David Goff, both mining veterans, uh, legends in our industry. They both said the smaller, newer names offer the highest potential returns. This is bore out by history. I think it's true that part of our portfolio, not all of it, needs to focus on newer stocks. And it can't just be any name like I I say there, they still have to pass the six Ps in the book, okay? They still have to meet the criteria. Not every new name is going to do well. It has to be something that is uh meets all of our criteria and can attract attention from the market. Okay, here we go. So, I have some stock picks in every one of these categories. So, let's uh jump into that. This is the most exciting part, right? Okay, here's some discovery picks that I really like or potential discovery picks as I say. Okay, first is Golden Cross Resources. This is also a new name, by the way. Uh, not a not a lot of people were aware of this when we first recommended it. Um, but it's an Australian gold producer, uh, with a team that's generated big gains in the past. They're drilling a project right next door to Southern Cross, which is like a billion and a half now, uh, market cap. Um, assays are pending. It's an overweight position for me. In this particular case, this company has similar geological signatures as Southern Cross right next door that made the big discovery. And yet, Golden Cross's uh the GE they've identified more geological targets than what Southern Cross has. So, this is a this is a good speculation. This is what we look for. No guarantees, but it's what we look for. Pardon me. The next name is Stallion Uranium. Again, this is also a new name. At the conference I was at, I asked the audience, "How many of you heard of this stock?" And like two people raised their hands. I love that. That's that's what we look for, right? Is brand new names that that haven't attracted a lot of attention yet because when they do, that's when they can really run. Excuse me. This is the best opportunity for the discovery in the Aabaska. That's a question by the way, but it's it's possible that it th this statement is true because they've had they've got a new team in place that's made several uranium discoveries before. And just like Golden Cross, the geological signature of his flagship project is actually bigger than the Arrow discovery that was made nearby. era, excuse me, the big discovery with NextG. Big discovery stock has done extremely well. They have Stallion Uranium has the same geological signature as that. A whopping 45% of the stock is owned by insiders. Uh I made an an overweight investment in a recent private placement. So that shows you what I think about the opportunity. Okay, here's some pre-producer picks. We like this stage because why? Once they declare a construction decision from then up to the beginning of production. Historically, there's been a 90% chance of a 90% return in 18 months. Now, right now, that return is much bigger. Some of these have run. Um, Rio 2 has run, but you know, you can probably buy it on on pullbacks. They have the Phoenix gold project in Chile. It is one of the largest undeveloped gold projects in the Americas. First pour is in January. So that is typically when we might look to take profits. Uh stocks are running real hot right now. If they're still running hot in January, you might get a bigger return. But again, you can see there it's up 240% year-to date, but it'll probably be higher by January. Uh just be careful. This is one that's already up a lot. Uh so if you buy it uh watch the news releases and we cover this in per prospector if you'd like to subscribe will be making a formal recommendation once they declare a construction decision. Uh first Nordic Metals they just bought Mossen Finland. So the combination of these two companies could eventually produce over a quarter million ounces of gold per year. that would obviously be very attracted to a major if they if some major wants to take them out. Um, they are aggressively drilling right now. They're de-risking both projects. They have a new CEO in place. They're getting very aggressive. I like this company a lot. They're they're basically exploring an underexplored uh territory. Uh, Venom Capital Markets has a one-year price target of $155 Canadian. Yesterday it was trading at 49 cents. So they're saying this stock could triple over the next year given what could happen with the company. It is true that it is trading at a considerable discount to other gold developers. And this is a stock I'm overweight. Again, we cover all these inert prospector if you'd like to know what we're doing and when. Okay. Okay, now I have another category here before we get to the new picks because this is an important category. Um, it's resource builders I call them. And these are companies that have a million ounces or whatever. And yet they're drilling a project that shows potential for two or three or four or five or whatever. And the first one here is dried in gold. Um, I asked the question, could this be the next Red Lake Gold District? Not just one little deposit, but multiple deposits. That's the potential that's showing here because it has striking similarity to to the nearby Red Lake Gold Mine. And the president of Dryen Gold worked there. So, this is someone who would know if Dryen Gold has this potential. She thinks it does. Um, look at this. investors include Centa Gold, Alamos Gold, Rob Mchuan, Eric Sprat, Bob Quartermate and multiple funds uh along with Jeff Clark. So I did invest in a private placement. So I I an overweight position. So um I like this a lot. And again, as the resource is built bigger, significantly bigger, not 10% or 20%. That's going to attract more attention to it and more demand for the stock. Uh, Gro Goldold. How many of you have heard of Gro Goldold? U, this is a totally off the radar pick. Um, no analysts really even cover it yet. There's like two of us newsletter writers that cover it and that's it. But they've already got a 2.3 million ounce gold resource in Nevada. They're drilling right now to expand it. Assays are pending. there is a large excuse me valuation gap between it and its after tax NPV net present value meaning that this this is still offers a great entry point if you're looking for a stocks that haven't run up a lot that haven't quadrupled whatever uh here's one that has not done that and yet is a nice builder uh of of a resource that's going to almost surely get bigger Good hold there. Uh, Homeland Uranium. Um, uranium stocks are really moving. Homeland Uranium is also a new pick. Again, I asked people at the conference how many have heard of Homeland and most had not. U, that's because they just acquired um, well, it's like in the spring, a historic 35 million pound resource in Colorado. it has some venadium, but this team has, you know, built things before and this what they're doing right now is trying to confirm and then add to that existing resource. And like I say there, this this team in place right now, boy, if you look at their website, this is a top-notch team. They've attracted some of the top people in the uranium sector. They've done what Homeland Uranium is trying to do. They've done that before. stock has doubled year to date, so only buying pullbacks. I am overweight the stock. And here's some more new names. We've had some there, but here's some more of them. So, I really like this company, uh, Pacifica Silver. It's run by CEO Todd Anthony, who I know very well. But this is a brand new silver explorer in Mexico. They're well cached up. They're aggressively drilling an underexplored project in a prolific gold silver belt in Mexico. So there's assays pending, but look at this. Investors include First Majestic, Visa Silver, Silver Court Metals, Eric Spratu, and yours truly. But seriously, it's one of my biggest investments that I've made year to date uh in the sector. So that tells you what I think of the potential here. Uh and obviously, a lot of other silver companies want to be in on this name. Um, so I I am told that the assays probably won't be till early December. So, uh, they're drilling right now in phase one. They'll probably do a phase two and then beginning in Q1. Uh, so there's going to be a lot of news flow. Uh, but watch for an early Christmas present hopefully from Pacifica Silver A2 Gold. Here's another one that's an overweight investment for me. They have uh a 1.4 4 million ounce gold resource in Nevada, but it's likely on its way to 3 million ounces. They've because they've only tested 18% of their targets. They're drilling 20,000 meters a year for the next 2 to three years, maybe more. They're drilling right now. Assays are pending. There's also going to be a big resource update, which could be significant because, as I say there, the last one was done at $1,700 gold. So the resource is going to be uh very meaningful. Let's put it that way. Uh they just did a recent financing and included Ken Ross. Kin Ross has actually invested multiple times with them and they've put some of their technical people uh on the team. So Ken Ross Gold really believes in the possibilities here at A2 Gold. Eric Sprat has also invested. Um, I invested an overweight position in that private placement and it was because of one of the directors that got involved. You can read it in in our write up in Peter Prospector, but he's created serious shareholder value with the past few companies that he's been involved in. I followed him right into this and made an overweight position. So, so there you go. We do cover those both in uh Peter Prospector as well. Okay. So, there you go. Um, like I say there, I want to strike petered in this bull market. Um, I I I've been investing very aggressively. I will say that uh here in 2025, uh there will probably be another round of financings um here before the year is over. Uh I will probably be investing in in some of those. We do have a resource advisor premium letter. If you are a high netw worth investor, you can check that on out on the website. We pass all of those uh uh private placements uh along to you with our recommendations. Um we have the free letter, gold advisor. We also have a free silver advisor letter. Uh per the book there is on the right. You can get it on Amazon. You can also read a PDF on our website too. It's not expensive. Uh, but a lot of my focus is at the per prospector there. The the logo on the bottom. This is basically early stage, higher risk, higher potential plays that are sometimes off the radar. They are new names. We will have more new picks here before the end of the year, but I've had five in the last three months. So, um, most of those actually are still within a buy range. They have not run away yet. So, we have very specific guidance in Payer Prospector. Uh the newsletter is doing well. So, if you're uh not a subscriber, I hope to see you. Um and there you go. So, thank you ladies and gentlemen. I hope this has been useful uh for you and you can apply it to your career as a mining stock investor. So, thanks everyone.