Erik Wetterling – Sentiment Shifts In Volatile Precious Metals Markets, And Why Junior PM Stocks Should Rerate Higher In 2026
Erik Wetterling, Founder and Editor of The Hedgeless Horseman website, joins me for an end of the year wrap up, and a look ahead to 2026. We contrast how different stages of companies are reacting, or not reacting, to the higher underlying metals prices, across the producers, developers, and explorers; as well as where Erik sees the most fundamental catalysts stacking up that are not being properly recognized in current company valuations.
We review the continued strange dichotomy between surging precious metals prices and the lagging reactions in many junior gold and silver stocks from 2024 into 2025, but look ahead to when we may see more capital rotate down into the PM junior stocks heading in 2026.
Since the producers can immediately monetize the higher gold and silver and platinum prices, they have run much more over the last year than the pre-revenue companies. With regards to the junior explorers and developers, he sees the metals prices as merely a tailwind to their coming newsflow and that those fundamental catalysts are much more relevant for any changes to the company’s valuation (either up or down).
Erik points to the developers in the 2nd leg of the Lassonde Curve, like Montage Gold that have derisked large projects and been rewarded, or developers that successfully have moved into production, like Artemis Gold as examples of the kind of moves that other stocks may go on as this precious metals bull market matures.
* In full disclosure, the companies mentioned by Erik in this interview, are positions held in his personal portfolio, and also may be site sponsors of The Hedgeless Horseman website at the time of this recording.
For more market commentary & interview summaries, subscribe to our Substacks:
The KE Report: https://kereport.substack.com/
Shad’s resource market commentary: https://excelsiorprosperity.substack.com/
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.
A much needed sell off for PMs. I hope we get more to shake out the week hands. We need some consolidation and that would strengthen this bull market and give us more chances to add to our favorite positions. I agree that the juniors get a higher bid this year.
I know there is a lot of speculation as to the identity and motivation of this “Jon – Asian Guy” A.I. talking head, and the validity of the information being bombarded across multiple channels on YouTube. It is a curious relatively new entrant into this sector media over the last month or two.
After sitting through another video with a very high degree of skepticism of the information being shared, I have to admit, it is very well-crafted, intelligent analysis, and there are actually good points raised and some valid information shared. Some of it is a bit hyperbolic, but overall it’s thought-provoking.
If nothing else it still seems worthy of consideration (and, quite frankly, it is actually better than a lot of human talking heads that just regurgitate the same talking points over and over again with their own embedded biases).
Again, this all should be taken with a giant grain of salt as to who programmed the A.I. prompts and verbiage in the first place… but they are clearly not idiots and there is solid background knowledge behind all of this. I’m still not sure what to think of this “Jon AG”, but do feel it is worth sharing in the spirit of looking at things from different vantage points.
_______________________________________________________________________________________________
$34B EMERGENCY INJECTION: The Real Reason Silver Crashed 14% Today
Asian guy, Currency archive, Jon AG – Dec 29, 2025
Silver is not long for the 70s. Backwardation is the new normal, spot higher than futures, fueled by overseas buyers while New York sleeps.