Gold and silver have extended their historic run, with gold up 8 of the last 9 months (~50% YTD) and silver up over 60% YTD. Meanwhile, the mining ETFs (GDX, GDXJ, SIL, SILJ) have posted massive gains – GDX up 125% this year. Craig Hemke, founder and editor of the TF Metals Report, joins me to break down why this move is not parabolic speculation but part of a recurring pattern – and why miners may just be getting started.

Key Topics

Breakout structure: Gold’s fourth major breakout in two years follows the same rhythm — multi-month consolidations followed by 15–20% surges. Craig explains why the late-August breakout fits that roadmap and how far it could extend into year-end.

Silver’s acceleration: Structural supply deficits, record industrial demand, and a FOMO-driven futures trade are propelling silver toward its prior highs. Craig outlines why $49–50 may trigger a short consolidation before a push into new territory.

Miners’ earnings leverage: With record quarterly average prices for gold and silver, falling energy costs, and strong margins, miners are set for spectacular Q3 results. Craig highlights why mid-tier, low-AISC producers offer the best torque and why developers remain undervalued on a per-ounce basis.

Flows & valuation reset: Even 1% of the $20 trillion combined market cap of the “Mag 6” mega-caps could buy the entire GDX ten times over. A small rotation into miners could rewrite valuation norms as ETF and fund flows broaden across the sector.

Macro backdrop: With the U.S. government shutdown delaying data and upcoming CPI/PPI releases, markets remain focused on the Fed’s next move. Craig also points to ongoing currency debasement, de-dollarization, and central-bank buying as key tailwinds for gold demand.

Investor playbook: Why “buy-the-dip” behavior persists, how to identify quality producers with low costs, and why the absence of 2011-style M&A suggests this bull market still has room to run.

Stocks / symbols mentioned:
GDX, GDXJ, SIL, SILJ, CDE, FNV, WPM

Click here to visit Craig’s website – TF Metals Report

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