Brien Lundin – Precious Metals Stocks: Optionality Plays, Exploration News Coming
We’re joined by Brien Lundin, editor of Gold Newsletter and host of the upcoming New Orleans Investment Conference (Nov 2–5). Shad and I will both be attending, and we hope to see many of you there as well.
Brien shares his insights on the remarkable run in precious metals equities and where opportunities still remain, from development-stage “optionality plays” to the surge in exploration success stories.
Key discussion points:
- Optionality plays: Once trading at $10/oz in the ground, many have rerated to $30–$50/oz. But history shows they’ve commanded $100-$300/oz in prior cycles. M&A may drive the next leg higher.
- Exploration upside: A wave of strong drill results, including standout discoveries like Prospector Metals in the Yukon, fueled by years of careful groundwork during leaner times.
- Financing boom: Juniors raising capital at unprecedented levels, often without warrants – creating both opportunity and caution around free-trading share overhangs.
- Strategic investments: Producers like Centerra Gold are increasingly backing juniors, bringing capital, technical expertise, and long-term support.
- Jurisdiction focus: Safe, established regions (Canada, Nevada, Yukon) are attracting the most capital and generating the most discoveries.
Stocks & themes discussed: Prospector Metals (TSX.V:PPP – OTCQB:PMUSP), Centerra Gold (TSX:CG – NYSE:CGAU).
Click here to learn more about the New Orleans Investment Conference on November 2-5.
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Investment disclaimer:
This content is for informational and educational purposes only and does not constitute investment advice, an offer, or a solicitation to buy or sell any security. Investing in equities and commodities involves risk, including the possible loss of principal. Do your own research and consult a licensed financial advisor before making any investment decisions. Guests and hosts may own shares in companies mentioned.
Hi Ex, Yes, but the herd has only shown up sporadically, the real stampede has occurred yet. Keep your fingers crossed it will be spectacular. DT
OOPS! The real stampede hasn’t occurred yet.
Good open for about 30 secs. Once the reflex action of the algos cool their heels, maybe we can have a good day.
Silver… 1 month daily
Impact… has move opposite of silver in the last 5 weeks.
It’s the financing. Volume for IPT has been massive since the news one month ago. Defiance went through the same thing but 3 months earlier. In the 6 months prior to the news, DEF traded 8-10 million shares per month. In the 4 months since the news, it has traded an average of 35 million per month.
IPT traded roughly 9 million shares per month for the 6 months prior to its financing news and for the month since, it has traded over 60 million shares.
I have added to my already oversized position almost daily, including today, but it might not move up significantly until the market gets confident about silver at this level.
https://schrts.co/WhVwmTKA
Bullish alert: Silver is in contango today. Spot silver is currently and has been trading above December silver. Backwardation, not contango, is normal for gold and silver.
Contango is no more but the fact that it happened at all shows demand for physical is very strong.
I think you have that backward. Contango is when futures price is higher than spot price and is the typical pattern in commodities, including gold and silver.
Backwardation is when the spot price is higher than the futures price, is not typical in commodities markets, and may indicate supply constraints or some other fear or concern about future supply/availability.
Yes I did switch the two. Thanks for pointing it out.
And since I recently talked about Antal Fekete’s 2006 article The Last Contango in Washington, I shouldn’t have made such a mistake!
Back into IPT. US account down as Magna and EMO hit at same time ….again.(I would buy more but I already own more as a %).
September 2025 Metals Investor Forum – The Bull Market Keeps Charging On
Excelsior Prosperity w/ Shad Marquitz (10-02-2025)
https://excelsiorprosperity.substack.com/p/september-2025-metals-investor-forum