John Rubino – Trading Strategies – Anticipating Record Q3 Earnings Reports In Gold, Silver, and Royalty Stocks Juxtaposed With Recent Sector Weakness
Recorded on Wednesday October 22nd, 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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Is the Bull in Gold Stocks Storming Back? Here’s What to Know
Joshua Enomoto – Money Morning – October 23, 2025
“Gold stocks rebounded on Thursday after significant volatility in the past week hit the brakes on a seemingly unstoppable rally. Gold Continuous Contract rose more than 2% in the early afternoon session, driving up the precious metals mining complex.”
“It’s not entirely clear what sparked the volatility in the gold market. According to Reuters, investors booked profits ahead of tomorrow’s U.S. Consumer Price Index (CPI) report, which was delayed due to the government shutdown. The technical argument is understandable given that, even with the red ink, gold contracts gained roughly 58% on a year-to-date basis.”
Still, the consensus among experts appears to be that gold simply encountered a natural ebb and flow. “We maintain a bullish outlook for gold and silver into 2026, and following a much-needed correction/consolidation, traders will likely pause for thought before concluding the developments that drove the historic rallies this year has not gone away,” wrote Ole Hansen, head of commodity strategy at Saxo Bank.
https://moneymorning.com/2025/10/23/is-the-bull-in-gold-stocks-storming-back-heres-what-to-know/
What happens when silver is declared a ‘critical mineral’ after the ongoing ‘Section 232 critical mineral evaluation’ is complete? The Trade Expansion Act of 1962 allows the president to impose tariffs if silver is deemed critical to national security.
Such tariffs would make the recent silver short squeeze and its accompanying backwardization look like a preliminary. I can hardly wait.
Oh, and i see captain Canada, aka Ontario Premier Doug Ford has spent 75 Million on televised ads broadcast on all American networks quoting Ronnie Reagan on the evils of tariffs.
Mad King Donald is not pleased.
Cheers.
The adds are also going to appear in The Republican districts in the US during game one of The World Series tonight. Political Fireworks! LOL! DT 🧨🧨🎉
The One Minute Canadian Add That Has Left Donald Trump Fuming! DT
The Donald has shut down all trade talks with Canada over this add. I’m not playing in your sandbox anymore. How childish! DT 🤣🤣🤣
If was Danielle Smith there would be riots in the streets but Ford is a liberal and is not on the bad side of the Federal news services bought and paid for by the liberal party.
Dan, Doug Ford is the Leader Of The Progressive Conservative Party in Ontario. DT
… in name only… in spirit he is on the liberal endless money machine. He denigrated Poilievre because he knew he could get more money out of Carney.
I like Poilievre too, but Ford’s gripe with him was his campaign manager in the last election, Ford had fired her when she was working for him but Poilievre wouldn’t listen and he lost the election.
Ford is a smart politician one of the few in Canada by the way so is your Premier in Alberta. This country would have been better off if The Conservatives had won the last election, that is just my opinion.
Ford will work with anyone when he sees common ground that is the way it should work. The Liberals under Trudeau and now Carney are a closed door. DT
GLD: AB.CD = 348.00 (3780 spot)
GDX: AB.CD = 63.28
FREAKY FRIDAY AGAIN…………..
After huge gains why hold ANY obvious loser,
sans tax/income considerations?
(Trim them too?)
That’s a good point BDC, for anyone sitting on any losses where they can wash out any gains they took.
If I had any tax losses personally, I’d be taking them, but have had the situation for several months now where the whole portfolio has been in the green. I’ve just initiated one brand new position that is slightly in the red, but otherwise there have been no losses left to take as they were all taken in prior years mostly 2022 & 2023, and anything remaining was exercised last year but there wasn’t even much left at that point.
Unfortunately from a tax perspective it looks like any trades made are going to be taxable events, so I’m having to be more cautious and confirm whether something is long-term or short-term status before trading lately (in many cases the position is a blend of both having been bought in tranches over a few years, but since there is a “first in first out” tax rule in the US most trims are still in the long-term gains bucket… which is much better).
{not tax advice… just sharing my personal perspective}
I just can’t imagine that we are going to have much of a tax loss selling season this year compared to prior years like 2022 and 2023, as almost everything and even most sectors are up. Maybe if someone loaded the boat on oil stocks at the wrong time they could sell those, but seriously what is still down in the red at this point?
Ex: Last week the Darker Blue was Gray (see HGRAF).
A similar bottom will come with Gray into Red.
https://tinyurl.com/bddmb9wj
Integra Announces Strong Third Quarter 2025 Gold Production Results from Florida Canyon Mine and Increased Cash Balance to US$81.2 Million
October 23, 2025
Gold, Silver, Uranium, Copper: Commodity Technical Analysis with KE Report’s Shad Marquitz
StockTA – Recorded Thursday Oct 16th
https://youtu.be/yk8Jwb2yYos