Recorded on Wednesday October 22^nd, 2025:   John Rubino, [Substack https://rubino.substack.com/ ], joins us for a nuanced discussion on portfolio trading strategies at this interesting point where gold, silver, and PM stocks have pulled back some after big moves to new all-time highs; but also as the market anticipates strong record Q3 earnings reports from the producers and royalty companies.

We start off reviewing huge runs higher all year long in most gold and silver equities, but that sentiment has shifted slightly more negative since the end of last week, as gold, silver, and the related equities have had swift downside corrections.   While most were anticipating a consolidation of the recent gains, the big drops in PM stocks starting last Friday and accelerating on Tuesday and part of Wednesday morning when this episode was recorded, caught some investors wishing they’d taken more gains.

John outlines that holding through any market consolidations is the best policy for longer-term investors, and that for shorter-term investors that there are a few different strategies one can deploy.   We discuss trimming back outsized portfolio positions to redeploy into other names that haven’t moved as much, but John also highlights different strategies investors can utilize with options trading to hedge bets in either direction, and smooth out risk in more volatile price action.

Looking ahead to Q3 earnings, and the expected record revenues that will have been generated we touch upon a few aspects that may animate investors moving forward.

• Will investors keep bidding up revenue-generating stocks, expecting that the pattern of multiple consecutive quarters of earnings growth will inevitably attract new entrants into the space?
• Will investors sell this news, possibly expecting the recent corrective moves we’ve seen to keep accelerating to the downside and putting an end to margin expansion?

Even if gold and silver prices were to stay around similar levels or even head lower, John outlines that we’ll still see the mining stocks improve and strengthen their businesses by using their growing revenues and cash flows to pay down any debt, buy back shares of their stock, increase their dividends, or make accretive acquisitions.

• We consider that, thus far in Q4, the average gold or silver price being realized is still quite a bit higher than they were in Q3, and so even if there was a further correction, it would still likely mean higher average prices for the last quarter of this banner year in the precious metals sector.
• It would take a massive correction in November and December to see lower average quarterly PM prices in Q4 than the prior quarters.

In addition to gold and silver producers, we review that the precious metals royalty companies have been seeing consecutive quarters of record revenues and cash flows and they have also been continuing their multi-year trend to higher valuations.

Wrapping up we pivot over to the big runups we’ve seen this year in other metals and critical minerals sectors from rare earths and antimony to uranium and copper.

• John is still very exposed in his own portfolio to uranium equities, and while he wished he’d have trimmed some back a bit more, he also makes the point of how the bullish sector fundamentals for nuclear power will likely still provide more running room in these stocks.
• He brings up the potential disruptive threat of thorium-based reactors to the sector, that they are experimenting with in China, and what that could mean down the road.
• John also highlights the strong fundamentals for the copper sector and how important that is for the electrification narrative, and why this trend still has legs.
• He also mentions that if solar gains ground on nuclear and nat gas power plants, that it would be a continued boon to the silver industry, and is worth keeping tabs on developments there.

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