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.
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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.
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$34B EMERGENCY INJECTION: The Real Reason Silver Crashed 14% Today
Asian guy, Currency archive, Jon AG – Dec 29, 2025
Just so people that haven’t seen what is going on yet are up to speed, I’ll post a few more iterations of this “Jon – A.G.” Artificial Intelligence program that is creating an insane amount of content suddenly across all kinds of newly launched YouTube channels.
Here’s another video and channel, apparently run by the same unknown group of programmers. Is it disinformation? Fake news? Redirection of the exact opposite intention? The Chinese government?
Nobody knows… but here is another example of another brand new channel launched…
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They Smashed It: The Truth Behind Silver Crashed $9 in One Day
Uncovered Currency – Dec 29, 2025
And here is another channel, along the similar vein with the same “Jon Asian Guy” A.I. talking head.
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THEY ARE PANIC BUYING: Banks Forced To Cover At $74.54
Boring Currency – Dec 30, 2025
… and here is yet another example, of a different YouTube channel with the same exact A.I. talking head and same format, style of A.I images, and analysis.
This is really a crazy swamping of YouTube with all these channels and content, and it is being churned out way faster than actual hard working human analysts could do this. I’m almost wondering if there are teams of coders, enabling A.I. to just create and post this content.
This is a really wild development here in December of 2025 (and a bit spooky as to what the future of information gathering may entail to separate real analysis from A.I. generated click bait).
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URGENT: China has just broken the silver market
The Asian Guy – December 30, 2025
OK…. Last share here with this “Asian Guy” Artificial Intelligence content creation machine, but there are seriously like a dozen other new channels beyond just the 4 different ones I just shared above.
Here is just another one them…
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$650B CRASH: Silver Hits $71 — But China Paying $89 (Paper Market COLLAPSING)
Macro Reality – Dec 29, 2025
Considering how good this A.I. content being generated is, it will make it harder and harder for us carbon-based lifeforms trying to create good informative content.
Thanks to everybody in the KER crew listening to our show and contributing on this site, for supporting human-created content.
Ditto on the HUMAN ELEMENT……..
I enjoy the ‘Asian Silver Guy’. His factual presentation is always correct. He builds a case…after which I part ways with him because his conclusions are programmed to be sensational. Not that they are necessarily wrong. I just prefer to make my own inferences and draw my own conclusions.
It is true…the silver market is in turmoil. Large western institutions will try to suppress the price. There is a ‘metals war’ (how sensational!) going on.
More futures contract holders are insisting on taking delivery than there are ounces and ingots available in warehouses. The warehouse owners–Comex and LME–now must procure silver from the spot market.
They have out foxed themselves by selling forward far more ounces than they have. Its been going on for a very long time.
‘Asian Guy’ always leads with this and gets it right.
I’ve been watching Jon AI for weeks, and at the very least it’s informative. The barrage is drawing attention to the lack of physical, furthering a potential short squeeze.
Yeah, it’s at least interesting… and some of the information is pretty good… and it is drawing more attention to the silver sector, and physical versus paper markets, and this is a net positive overall.
Bonzo does not need Don the Aisian guy when he has Chin Lin, Michael Oliver, Eric Sprott, Moriarity, Savage, and Clive Maund explaining why silver must soar.
OOTB Jerry
20 hours ago
Insane……….. SILVER $72……. down $7…… WHAT A JOKE……..
Reply
irishtony
19 hours ago
Dont Worry , Be Happy . ……………………………………………………………. The game has only just started.
What happened in 25 , was just the prelude to 26 . ………………………………………………… SILVER.
Yes be happy…… You are making money regardless of the price at this point…..
Long term holders are in the money…..
Final day of tax loss selling in Canadian markets…
TSX.v, weekly pitchfork.
It’s crazy . Silver bars in China …. But are they Real or Fake . Take a look.
IPT, 1h, pitchfork… breaking out.
It is also breaking out of a very big pitchfork:
https://schrts.co/TEwDFPRH
And an even bigger one:
https://schrts.co/dJsnRUWH
Not to mention this big speed line:
https://schrts.co/iPYHhWeC
And this 50% Fibonacci fan resistance:
https://schrts.co/BTEWhbhk
You’ve pointed out the volume before also, now we are talking millions of shares instead of thousands per day.
Yes, it’s a very different stock today with respect to its average trading volumes, daily/weekly/monthly/etc.
KTN, monthly, has the same impressive volume gains…
Silver 1h, pitchfork…
IPT is breaking out, I always follow volume because without volume nothing is happening, I noticed the pick-up in volume a couple of days ago. DT
AGX up 12.5% so far today, selling all that silver to the Chinese. Must be irritating Trump to no end since he thinks he owns the hemisphere, but he doesn’t.
There is only one hour left in tax loss selling for 2025. It closes at 4:pm. today. DT
I put in stink bids for BBB and LIO
ZSL
https://tinyurl.com/2xx2pfyc
Possible PM Top.
Years?
Walk back at EOD. Wrong robots left to cover trading. Regular ones are over at JPM being upgraded with new scams…
Good day overall. Back where I was in mid October which was high for year … so I guess if we finish tomorrow without a crisis, I will finish at high of year. Happy New Year.
As mentioned before, I believe 2026 is the year when the bull market in PMs really begins and you’ll finally start to see it in the juniors. One you might want to look at which on the monthly chart is attempting to break up over the upper BBs is mirasol. The BBs are extremely tight and this stock is an easy 5 bagger at this time.
The stock I was referring to on the above is Mirasol.
Silver is not long for the 70s. Backwardation is the new normal, spot higher than futures, fueled by overseas buyers while New York sleeps.