Brian Leni – The New Valuation Reality for Precious Metals Stocks & Navigating the Developer Landscape
In this Daily Editorial, we sit down with Brien Leni, Founder and Editor of the Junior Stock Review and creator of Field Notes on YouTube. As the precious metals equity market shifts from a “rising tide lifts all boats” environment to a highly selective landscape, Brien provides a grounded perspective on where the true value lies in 2026.
We delve into the evolving criteria for successful junior mining investments, exploring why spectacular news is now required for market rewards and how the ongoing conflict in the Middle East is reshaping the outlook for energy and gold. Brien shares his disciplined approach to portfolio management and provides a deep dive into the technical and strategic milestones that signal a company is ready for a major re-rating.
Click here to visit the Junior Stock Review website to keep up to date on what Brian is investing in – https://www.juniorstockreview.com/
Click here to watch the latest Field Notes video – https://www.youtube.com/@FIELD_NOTES
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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 or investment product. Investing in equities, commodities, really everything 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.
I see the CME just lowered margin requirements for gold and silver futures. In particular silver margin was reduced to 11% from 14%.
It costs $41250 to buy 5000 ounces for future delivery at 11% of today’s spot silver close of just over $75. Shouldn’t that make the Shanghai arb trade easier? Buy in New York today, take delivery 90 days out wherever you like with the $10 spread between today’s $85 Shanghai/$75 New York ounce picking up the shipping tab…at a discount even factoring in shipping costs.
Locking in 5000 oz of today’s $75/oz silver for $41250 looks good from here. But aren’t CME silver inventories supposedly being drawn down by more futures buyers demanding delivery every month? Warehoused inventory disappearing faster than it can be replaced?
If that is the case, which i believe it is, shouldn’t margin be going up? To slow inventory drawdowns from contract holders who won’t settle for cash and insist on delivery?
Or is this margin reduction a sign of good old fashioned competition for business between CME and Shanghai? Which begs the question ‘just how tight is current silver supply and demand anyways’?