Transcription
So, right now I'm using $7,000 gold, $200 silver, which I think are conservative. I think we're going higher than that. And I tell people, I said, "Look, I have a tool on my database and get an idea what these companies are going to do." These things that compounding goes absolutely bonkers. When you When we get to $150 silver, every $10 it goes up, that stock could double.
Yeah. Yeah, that's that is something that people don't get at all. The only reason to own gold and silver miners, if you will, is if you don't believe in the US economy.
Then Greenspan. Then he started lowering rates. That was his signal that Greenspan put was that he would lower rates to help to support the stock market. And it worked and it created a massive bubble [music] from 2001 to 2007, the how the housing bubble. He took interest rates down to 1%. Created that housing bubble and he he printed, you know, like crazy. His thesis was that the the depression shouldn't ever happen.
All they care is every month a 401k plan goes, "Okay, here. Put in 100 bucks. Put in 200 bucks." They go, "Buy. Buy. Buy. Buy." People don't realize how cheap these these companies are trading at. I mean, it's literally like pennies on the dollar. Um I mean, these are These are stocks could be five-baggers in 18 months if if silver prices. If gold goes to $6,000, I mean, another 1911 gold. If you just do the math on it, they're going to be about about a 45. They're going to go into production Q4 this year. So, they're going to ramp up Q1 of next year about 45,000 oz. So, they're producing 45,000 oz and then gold goes from today is at 4,000. It goes to 6,000, which I think is possible next year. And you just put a 10 multiple on it. It It prints out as a five-bagger. In 18 months. Yeah. And And that's phase one. 45,000 oz phase one. Then they have another deposit to add to that, 500,000 oz deposit about 8 g that they can add, take it to 60 to 70,000 oz. And then, I think they're eventually going to get to 80 to 100,000 oz.
>> [music] >> So, 1911 is kind of crazy cheap. And then, Jaguar Mining, another undervalued producer that's growing production. They have three mills. One mill is not even being used on care and maintenance. The other two mills are using being used at half capacity. There's organic growth. All they're going to be doing is basically filling these mills up. And they've been having really good success with exploration. And I like their team. I like the CEO. Um so, those are my five. Um and I can go on and on. You guys can go to YouTube. Uh about a week ago, I did 50 buy the dip stocks.
Markets celebrate expensive momentum, while ignoring producers trading at fractions of their potential value. Don Durrett notes that expanding production into a stronger gold environment changes valuation far faster than most discounted cash flow models assume. Wall Street often waits for confirmation, leaving early upside to patient investors willing to accept uncertainty. Missing this phase can mean paying multiples later, instead of discounts today. Next, Don Durrett reveals why institutional screens systematically overlook tomorrow's biggest mining re-ratings.
So, these five are on it. And then, there's another 45 for you guys to check out.
And I would uh just add if people aren't a sub of Don's, he has a great website called goldstockdata.com. And you can fact-check all 50 of those where he gives you about a three-paragraph write-up on the stock, but also a ton of metrics. And Don, when you're putting those metrics in, you're modeling at a certain price for gold and silver, correct?
Yeah, so there's three ways to invest. The first way to invest is the long-term capital appreciation on annual basis. You're trying to get 5 to 20% every year. Just steady as you go, 20, 30, 40 years. Just steady as you go, right? That doesn't really work well when you for for gold and silver miners. It's just too speculative. It It's too much volatility. Just look at the Look at this year, right?
True. Um if you added money in January, like a lot of people like every January they're like add more to it, right? If you would add money in January, your portfolio your gold and silver would get absolutely obliterated. Um and so it doesn't really work well for the long long-term capital appreciation. It is more speculative. This is the reason why Wall Street isn't interested in gold and silver miners because they're doing this long-term capital appreciation. And so that's the reason why you you saw Agnico Eagle, which is the elite of the elite, go down from $250 to about 135 this year.
Yeah. Because Wall Wall Street doesn't care if it's valuable.
A quality miner can lose nearly half its value even while its long-term fundamentals remain intact. According to Don Duret, traditional buy-and-hold investing often clashes with the extreme cycles that define precious metals equities. The disconnect explains why institutional capital frequently exits precisely when long-term value is improving beneath the surface. Investors who mistake volatility for permanent impairment risk abandoning their strongest opportunities. Next, Don Duret exposes why Wall Street's favorite investing strategy repeatedly fails inside mining cycles.
I mean, it shouldn't be traded. I I think it maybe it bounced maybe it's back to about 150, but I think it went all the way to 135, which.
It's about 145. Now it's at 145, and it wasn't 250. In January it was 250. This is This is a company It's the elite of the elite in Wall Street, and this is the reason why is because of what I just explained. It doesn't really work. Gold miners don't really work with a capital appreciation strategy, and that is the main strategy that people use. You mentioned earlier John that you know you can't find any nobody wants to invest now and that's the reason why they they don't want to catch falling knives they don't want to get out in front of the steamroller. They want they only want to chase momentum. They want to have confidence that they're going to make money basically.
Yeah. So that's so strategy one doesn't work well. And most people are used to strategy one. That's how they've invested their whole lives. [snorts] Strategy number two um works for gold and silver miners and that's a big chunk um of people that do it. That strategy number two is having a short-term focus but you want to have outsized returns. So those are the people that show up like they want annual returns. They want capital appreciation. But they're okay with stepping outside the box when they see some momentum. They see they see a sector doing well. Oil's doing well, you know, gold's doing well, commodities doing well, the tech stocks are doing well. They'll they'll see it doing well and they're like, "Okay, I'm going to go grab some of that."
Momentum usually arrives only after the largest gains have already been captured by earlier buyers. What Don Durett is highlighting is that capital consistently chases performance instead of anticipating value creating repeated boom and bust entry points. Institutions prefer confirmation because career risk matters more than buying cheaply. Retail investors copying that behavior often end up paying premium prices for yesterday's opportunity. Next, Don Durett unravels why conviction consistently outperforms perfect market timing.
Right. It's kind of outsized returns but it's a short-term focus. I consider those people like they want to have like a 50 to 100% return but they want to they want it now, right? Now the third way to do this is how I do it. I don't care about the next 12 months. I don't care about the near term. And the reason why I don't care about it is because I'm I'm speculating on a thesis. And my thesis is that gold's going higher. Now, I don't know when. It could It could do it in 3 months, but I but I'm very confident. We're We're going to get in this. We're going to talk about macro.
Yeah. But I'm very confident that in the next 36 months, gold's going to be significantly higher than it is now. Potentially double where it's at now. And And so.
Wow. I use a future price. I look out in the future about 3 years. 3 to 5 years, but usually around 3 years. And I say, "Okay, what's gold going to be at?" And I constantly adjust that those prices because I'm always focused on I'm not I don't care about the next 24 months. I'm looking at 36, 48, 60 months. So, in my database on my website, I'm constantly adjusting the dollar the gold amount that I'm using to to value these miners. So, today I I told you about Silver Gold, Denarius, Talisker, 1911, Jaguar. Those.
Yeah. Picks that I like, I could be wrong. You never know, right? In gold and silver, we're speculating. Those picks are all based on a 36-month focus. 36 to to 60 months with gold prices going and silver prices going up substantially.
Don't market obsesses over quarterly earnings while monetary cycles unfold across several years. Don't Direct's argument suggests that valuing miners with today's prices ignores the future environment those assets are actually being built for. That difference explains why consensus models frequently underestimate major commodity bull markets. Investors anchored to current conditions may miss the biggest wealth transfers entirely. Next, Don't Direct reveals how future metal prices completely reshape mining valuations.
So, right now I'm using $7,000 gold, $200 silver, which I think are conservative. I think we're going higher than that. Um and I tell people, I said, "Look, I I a tool on my database. you can plug in whatever future gold price you want, you can plug in their future can plug in their future production and use a lot of variations. So, I tell people don't just use 7,000, use 7,500, use 8,000, don't just use 200, use 150, 200, 250, 300. And get an idea what these companies are going to do, potentially going to do. Because what's going to happen is a lot of people are going to sell early. They're not going to anticipate gold going to 7,500 or or silver going to 250. And they they don't realize the upside because the these things the compounding goes absolutely bonkers. When you When you get to $150 silver, every $10 it goes up that stock could double.
>> [laughter] >> Yeah. Yeah, that that is something that people don't get at all. So, Don, let's move on to macro. Uh you know, you just talked a little bit about gold. Um you know, if you want to talk about gold and silver or you want to talk about some of the factors that are driving things right now, we can.
In my. Most investors underestimate how non-linear mining returns become once metal prices cross key thresholds. This is where Don Durrett's thesis shifts from stock picking towards scenario analysis where small commodity moves create outsized equity revaluations. Institutions routinely model multiple price paths while retail investors fixate on today's spot price. That difference shapes who captures exponential gains and who exits too early. Next, Don Durrett exposes the hidden assumptions quietly embedded inside conventional valuation models.
My opinion, the only reason to own gold and silver miners, if you will, is if you don't believe in the US economy. Do you believe in the US economy? If If you really feel confident that everything's just going to keep going, everything's fine, stable, don't worry about it. Um then don't get into gold and silver miners. I don't believe. I think I really believe that belief is important because of the volatility. Remember I said that you know, we've had this correction this 36% correction since January and it hasn't bothered me. The reason why it hasn't bothered me is because of my conviction slash belief that gold is going to end up being the winner. Now, if you look at I look at history. So one of the reasons why so I I was actually I was 20 years old in 1980 and that's when Reagan came into office. And so I basically I've lived through I went to the college in the 1980s during the Reagan period. So I I experienced the pivot into globalism and the pivot into basically money printing. And I I experienced the Greenspan put in 1987. So the Greenspan put was we basically went down 22% in 19 October 87 and Greenspan said came out the next day and said, "Don't you guys worry about the stock market. I got your back. I'll print whatever is needed." Stock market immediately turned around and went up. From that day forward they called the Greenspan put. Don't worry about stock market. The Fed The Fed basically said Greenspan said, "Don't worry. Stock market goes down, I'll do whatever it takes to get it back up." And and and then we didn't have any problems until 2001.
Every rescue today quietly increases tomorrow's financial vulnerability instead of eliminating it. Donderet notes that decades of intervention conditioned investors to expect central banks to suppress every major market decline. That expectation changes risk behavior far more than interest rates themselves ever could. Savers relying on perpetual rescues may discover those guarantees disappear when confidence matters most. Next, Donderet reveals why the Greenspan era permanently altered investor psychology.
And then Greenspan, you know, then he started lowering rates. That was his signal that Greenspan put was that he would lower rates to help to support the stock market. And it worked and it created a massive bubble from 2001 to 2007, the how the housing bubble. He took interest rates down to 1%. Created that housing bubble. And he he printed, you know, like crazy. Um and then you know, every every then we had the great financial crisis. Well, that's basically the Greenspan crisis from basically taking rates too low to put too much which is what we've done ever since. Basically bubble bubble bubble. We basically been living on bubbles. So, Greenspan, he told us and he was in office from '87 to 2006. And he pretty much told us what he was going to do. I'm going to lower rates and print money and and don't worry, everything's fine. You're right? And and he got away with it because we didn't have any inflation during his era. From '87 to 2006, there was no inflation. So, Greenspan the Greenspan put was absolutely in place, but he also set a precedent. This is the reason why you want to own gold. He he basically set a precedent that the Fed would manipulate manage the economy. That would forget about free markets. We're not using free markets here, people. We're using the Greenspan put, right? And then Bernanke comes in. Now, isn't Bernanke a really interesting guy to come after Greenspan? If you think about it, he was in love with the Bernanke put. Greensp- and Bernanke and he wrote his thesis.
Policies that postpone pain often compound the eventual cost for long-term savers. According to Don Durrett, repeated intervention transformed temporary market corrections into progressively larger financial imbalances over time. Cheap money rewarded leverage while quietly eroding the purchasing power of disciplined investors. Preserving wealth increasingly depends on recognizing policy incentives instead of trusting comforting narratives. Next, Don D'Amato exposes the historical pattern connecting easy money with hard landings.
His thesis was that that the depression shouldn't ever happened. That all they needed to do was print money and they could have avoided it. There was a liquidity problem, right? Which is exactly what the Greenspan put is. And so Greenspan comes in in 2006, he's ready to print like crazy, which is what he did. Uh basically took rates to zero, which is the Greenspan thing, right? Use rates and use printing. So, Greenspan really was the guy that really destroyed the US economy because he did he rug pulled the free market.
Bernanke Mario Draghi in Europe. It was a very similar thing, very similar. And then Bernanke came in and said, "Don't worry, I got your back. I'm I'm Greenspan on steroids."
>> [laughter] >> Don't you worry. And they built those two guys together were the tag team that destroyed the US economy. But and if you can see it, if you have eyes to see, if you do if you do the research and you look at what's what's really happened from 1987 till now, you can actually go to 1980 or you can go to Nixon in '71 when he when I took us off the gold standard. If you really look and see the only thing that's keeping the US the stock market up right now, it's twofold. First thing is passive investing. So, we got 60% of the stock market is passive investors. It's all passive funds that just keep getting just keep coming in. Now, passive funds, they don't care what the stock market's doing.
Markets can stay elevated long after price discovery quietly stops functioning as intended. What Don D'Amato is highlighting is that passive investment flows increasingly support valuations regardless of underlying fundamentals. That creates the appearance of stability while concentrating systemic risk beneath the surface. Investors assuming constant liquidity may discover it disappears exactly when everyone heads for the exit. Next, Don Durrett unravels why passive investing could amplify the next major downturn.
All they care is every month a 401k plan goes, "Okay, here. Put in 100 bucks. Put in 200 bucks." They go buy buy buy buy. They never sell. All they do is buy. And so, when you got 60% buyers, no they're not sellers, they're only buyers. Um and when you put that in tandem, right? So, we got all the passive investors, the 401ks, pension funds as well. When you have that many passive, when you put that in tandem with the US government, with its fiscal dominance, where they're basically borrowing 2 trillion. So, we have 5 trillion in income, 7 trillion in pay payouts. So, 2 trillion deficit, right? So, that all that money is being basically shoved into the economy. So, you got the passive economy, then you got the stimulus from the from the from them. Then you got the Fed in the background going, "Don't you guys worry. You need anything, we'll pump up we'll pump up the volume." Warsh comes into office and he says, "Oh, I'm I'm going to get go after that. I'm going to go after that um inflation. Inflation's my number one priority." Look at the Fed's balance sheet since he came in. With the Fed If the Fed's balance sheet is increasing, that means they're printing money.
>> [laughter] >> So, the Fed's like, "No, you know, there's inflation." They don't care about inflation. They're printing money. And And Warsh actually even said that, you know, the money he's he's basically Martin Milton Friedman. It's It's a monetary issue. When you print money, you create inflation. When you expand the money supply, you create inflation.
The inflation story weakens whenever money creation quietly continues behind reassuring public statements. Don Durett's argument suggests that expanding deficits and central bank liquidity deserve more attention than headline policy speeches. Markets respond to actual capital flows, not carefully crafted press conferences. Investors ignoring that distinction risk protecting narratives instead of protecting purchasing power. Next, Don Durett reveals the contradiction between anti-inflation rhetoric and ongoing monetary expansion.
The Fed's been ignoring Friedman forever. They don't even talk about the money supply. Now, we're sure we got to start talking about the money supply. Bottom line is this is that our economy 71, 87, 2006, it broke. And gold's going to be the winner. Now, look at the US dollar. Um since 1971, the dollar's dropped 86% since 1971. 86%. So, the stock market is is it what what, you know, it if you look at the numbers, it looks like it's doing fantastic, right? But now value it in gold. It's down 86%.
>> [laughter] >> Um so, it's broken, and that's the reason why I own gold and miners because it's just People say, "Well, this thing is never going to break because of the passive income." But 20% of that money in the stock market today is foreign money. That foreign money, that's that's that's the risk here is if we ever do go into recession, people say, "We're never going to go into recession." But if we do go into a recession, that foreign money's going to leave. And when the foreign money leaves, cuz the foreign money's only here to make money. And I go, "Let's rotate out. Stock market's down 10%, 15. We got to rotate out." Foreign money starts leaving, and then at that point, the passive money turns. There There is nobody backstopping the passive money. Nobody. Nobody. So, if the passive money turns and says, "I want to sell." there's no buyers. It's too damn big. It's too damn big. You you With 60% I mean, these funds are just uber massive. So, if they if they decide to sell, there's nobody on the other side. And then you have the derivatives.
It Yeah. It's a house of cards.
A market dominated by automatic buyers can become surprisingly fragile when capital reverses direction. This is where Don Dorit's thesis shifts from inflation toward liquidity. Because selling pressure matters most when natural buyers disappear. Foreign capital and passive flows can reinforce each other until confidence suddenly breaks. Investors should watch liquidity just as closely as earnings or valuations.