In this KE Report interview, Dave Erfle, founder and editor of Junior Miner Junky, joins us to explore the recent rotation from senior gold producers to juniors, what it means for the broader bull market, and how M&A and fund flows are shaping the precious metals narrative. Dave breaks down key technical signals, fund positioning, and stock-specific strategies to help investors position ahead of the next phase.
As gold consolidates near all-time highs and generalist money trickles in, Dave shares what separates the outperformers from the laggards, and where smart capital is going next.
Key discussion points:
- Sector rotation underway: Juniors are gaining traction, especially as early investors take profits from majors and royalty names.
- ETF fund flows diverging: GLD sees ~$7B in inflows YTD while GDX sees ~$3B in outflows.
- M&A returns to early-stage assets: Lumina Gold’s acquisition and other recent deals show growing interest in de-risked development-stage projects.
- Where to look next: Dave outlines the sweet spot – fully financed, late-stage developers nearing production or takeover – while cautioning on dilution risks and poor share structures in early-stage juniors.
- Silver stock selectivity: A small basket of well-funded, high-grade, tight-structure silver juniors is beginning to move, especially those with strong U.S. listings and institutional visibility.
Click here to visit the Junior Miner Junky website to learn more about Dave’s investment letter.