Here is an interesting promo piece that (CXB) Calibre put out on their site, that is really well done with many charts, tables, and graphics to put things into perspective:
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3 Big Reasons (And One Really Big Reason) Gold Investors Need To Pay Attention To Calibre Mining Right Now
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https://tinyurl.com/3pf32dap

Hi Doc

What is your best estimate of the MRE coming hopefully net week for WM. G/T and ounces. What is best guess with stock price where it is. As to what the market is pricing in now. They are also updating Martiniere also. Your thoughts on that is you would be so kind. thanks. I believe if not mistaken you are a shl.

Here was the most recent interview we did with Nomad:
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(NSR) Nomad Royalty – Recapping 3 Key Asset Developments and Q3 Financial Results
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Korelin Economics Report – Oct 21, 2021
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http://www.kereport.com/2021/10/21/nomad-royalty-recapping-3-key-asset-developments-and-q3-financial-results/

Hi Doc – EQX has sure had a nice bump over the last month or so, but then again, so has most of the PM sector. I last bought some on Aug 20th @ $5.94, trimmed a bit off that position on Oct 13th @ $8.07.
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Equinox closed the week on Friday at $7.43 (but it was up around $8.20 just a week ago), so it’s started to digest that bounce and has moved back down some, to where I may add a bit if it gets back down below $7 again.

Lawrence Lepard – The U.S. dollar ‘as we know it’ will be dead in 10 yrs, bitcoin price to hit $2 million in 5 yrs
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Kitco News – Oct 20, 2021
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https://youtu.be/LCM6YnCpdlE

Uranium Market Minute Episode 22: Uranium SUPER-CYCLE Incoming?
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Justin Huhn – Uranium Insider – Oct 21, 2021
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https://youtu.be/YOaUC_EOPm4

Not a chance. Volcker’s interest rate peak of 15.8% (10 year) happened in September 1981, 36 years after the 1.7% all-time low in 1945. In 2016, we saw a new all-time low of 1.5%. That was our 1945, 35 years after Volcker. Perfect. Or so we thought. Thanks to the brazen psychopaths in charge, a new record low was reached in August last year at a whopping 67% below the 2016 low (0.5%). My point is that Volcker came onto the seen at what would’ve been the top anyway. Market forces/mother nature were doing their thing in response to other natural market forces as well as the parasite/political class doing their thing. Commie bankster puppet Nixon brought us the blow-off in inflation and therefore interest rates. Volcker’s heroics were manufactured by the media.
The top, or “Volcker period” for this cycle is decades away and real rates must remain negative most of the time until we get there.
Don’t forget that nominal rates rose with gold throughout the 1970s but real rates stayed negative until the end when they spiked to something like 6%. It is also worth noting that USA, Inc. was the world’s number one creditor back then while today it is the number one debtor.
The deflations have been wrong all a long and are really going to be baffled in the years ahead.

Absolutely Lakedweller2. DDB is a very sharp macro economics thought leader, and if I see her interviewed I try and tune in to get her take on things. She has had the same basis premise for over a decade now, but in 2021 heading into 2022 we are much closer to the scenario she’s warned about for years, and she updates her message as the Fed experiment and MMT consequences pile up, and as inflation has reared it’s head, precisely as she projected it would. Good stuff!

Gold and Silver To ‘Eclipse’ Record Highs In 6 months, This Is The Trigger
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Kitco News – Oct 30, 2021
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“It’s been ‘a mad world’ out there with record-high equities, real estate and more. But the long-awaited surge in gold and silver is coming in the next six months,” said Mike Larson, senior analyst at Weiss Ratings.
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“If you’re in a world where many assets are over-valued, where real estate is extremely highly valued, stocks are extremely highly valued, and so on. What hasn’t run up and remains relatively cheap? The biggest, most obvious answer to me is precious metals. And of course, the shares of the companies that mine them,” Larson told Michelle Makori, editor-in-chief of Kitco News, on the sidelines of the New Orleans Investment Conference.
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“What’s been holding gold and silver back this year is the fear that the Federal Reserve will have to act aggressively and raise interest rates quickly in order to fight off inflation.”
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But that is not going to happen, according to Larson. “There’s going to be a realization in early 2022 that the Fed is not going to be able to be aggressive. People need to realize that this Fed is very tentative. It’s a Fed that has a lot of political pressure to favor the employment side of its mandate over inflation.”
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https://youtu.be/zsUgwpTZLc0

It really does come down to trading the junior mining space, as you mentioned Lakedweller2, with some being short duration swing-trades for the base hits, and a few exceptional companies, being able to truly be “buy and hold” speculations for longer durations. It is just quite rare for any company to be able to sustain quality news flow and growth, to where they buck the underlying trends in the sector and just keep running higher.
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For example I remember moves in some stocks moving counter to the rest of the herd of miners in the past like 2014-2016 in Newmarket, Richmont, Lake Shore Gold, Claude, etc… back at the end of the last bear market as they started moving up first on fundamental operational news, or in some of the rough patches over the last few years in 2017-2019 where K92 Mining, Atlantic Gold, or Minera Alamos had bucked the trend of other producers/developers. There were also dozens of small explorers that popped on drill news success and sustained some level of success even during bearish moves in the PMs, showing that true discoveries get rewarded (like Silvercrest, Great Bear, GT Gold, Tudor, Skeena, etc… and more recently companies like New Found Gold and the other Newfoundland area play stocks, or Rupert resources, or Eskay Mining, etc…).
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One of the more recent examples from this year has been Emerita Resources on the back of their legal successes and exploration success where EMO has bucked the trend of most other companies in 2021. It has been a story marching to beat of it’s own drum and a unique scenario in and of itself, so hats off to you and Doc Jones for doing fantastic in that trade.
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In general though, most of the people that have been “buy and hold” investors for long periods of time over the last decade, have either been stuck in a down draft, or sideways channel. Either they bought into strength and watched the valuations decay over time as more dilution and endless capital raises affected many stocks, or some of the larger majors essentially went nowhere in a sideways whipsaw pricing channel unable to created sustained runs for investors. Of course, there area few exceptions, but they are just that… exceptions.
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For the vast majority of the gold and silver stocks, they have been and still are just trades, and those that bought the dips and sold the rips over the last decade have fared MUCH better than those that simply bought and held. This is why some have still been able to grow their portfolio size from year to year, while many are sitting on cumulative loses from 2011 to 2021, because of difference in understanding, approach, and strategy. The sector is seasonal, volatile, and oscillates from despair to euphoria quickly, and the mining stocks… even more so. Those moments of despair need to be capitalized on with buying, and the euphoric moments need to be sold into… Rinse and repeat.
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As we’ve pointed out on here so many times when people categorically say the sector has gone nowhere or is in a decade bear market, there have been plenty of nice tradable rallies over periods of time that could have resulted in multibagger gains, but investors needed to buy into oversold setups and then sell into overbought setups and not get married to any stocks.
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There was the big 8 month surge in mining stocks from Jan 2016 – August 2016, the Q1 Runs (really from late December – mid Feb or early March) in 2017, 2018, 2019, there was the smaller fall rallies into winter in 2017, 2018, and the more extended surge in 2019 that went from the summer to the Q1 of 2020. Then after the Pandemic Crash of 2020 in March, there was the epic move higher from mid-March 2020 through August of 2020, but again, by late July 2020 the BPGDM was hitting readings of 100 for several weeks, so that was the time to trim again. Well, I did trim in July/Aug of 2020, but now in retrospect, we know looking back it would have been better in the vast majority of miners to have sold completely out of the space and waited a full year until March of 2021.
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However, even in March of 2021, earlier this year, there was a nice dive down in pricing into that double-bottom in Gold at $1673 / $1677 where the miners really sold down hard. Just like in 2020, that March weakness and extreme oversold condition was a buy in the miners, and then they rallied for a few months into this summer in June, that was a great trade. Most investors in March were calling for Gold to break down into the low $1600’s or even the high $1500’s though, so as a result, few had the gonads to buy into that March weakness, but those that did were rewarded with a several month rally from late March through early June.
. It was obvious though, by many comments here and elsewhere, that most people have not been trading this sector like that, and many have just been sitting in positions and moping at the malaise (especially from many of the comments over at ceo.ca where many people seem to fall in love with the early stage explorers they hold) . There are some active traders here and elsewhere though, like yourself David, that did actively trade during those periods, and scooped up some nice valuation scalps, and that has been the way to play it ever since this bull market started in early 2016 in the miners. It’s definitely not easy, and if one get’s wrong-footed in the trend it is easy to get out of synch with the ebbs and flows of the sector, so many traders have been served losses by trying to be the hero going in big with a concentrated bet on drill play, or chasing a hot shiny object higher, only to see it do a return trip where they get stuck as a bag-holder or blow up their trading account getting too aggressive. Still, for those with diversified portfolios, and the propensity to buy during the periods of the worst sentiment, and light up during the uplifts, there has been money to be made in this sector since 2016.
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We’ve all just experienced yet another bounce recently, that rewarded those traders that bought more miners or added to positions from mid-August to mid-September, and just had about a month of double-digit returns coming into late October, that would have outperformed most other returns that generalists got in tradition stocks and mutual funds all year long. Once again though, few investors were actually buying into the weakness 1-2 months ago, and so another rally came and went.
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For those people that sat idly by, and did not buy a few months back, their rose-colored glasses know only the longer term pain, because they’ve missed rally after rally of shorter-duration gains, and they did not make hay while the sun was shinning… so they’ve become sector rain clouds.
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Sometimes the sun doesn’t shine but a month or two in this sector, with the longest runs only lasting 3-8 months. That means if people have wanted to harvest gains since the kickoff of the bull market in January of 2016, then they had to buy weakness and sell into strength, and most waited for too much evidence of a uptrend BEFORE they got positioned, which had them buying the peaks, and then they held into pullbacks and didn’t buy into weakness, but rather they whined into weakness.
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Bottom line: There have been very few periods of time since the PM market topped in late 2011 where investors could just buy and hold for years for the best performance. This isn’t the tech sector or social media stocks, it is a cyclical sector where traders need to be incredibly nimble. I guess technically those that bought in early 2016 could have held through the sideways chop and whipsaws of 2017 and 2018 and the first half of 2019, and waited for things to pick up again from mid-2019 through mid-2020 and still done well if they sold into the Summer rally of 2020, but most didn’t do that. Also, to have bought in early 2016 and done nothing but hold to 2020 would have had a lot of “opportunity cost” and “dead money” for years in the middle from mid-2016 to mid 2019, if they were just holding and not actively managing their portfolios, so that still wouldn’t have been the right strategy.
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Again, the commodity sector and monetary metals, and especially their related miners, are not general stock market blue chip stocks or the FAANG stocks that can just be bought and held into perpetuity for a decade. Where people get it wrong and mix in philosophies from other sectors is that those generalist stocks (like the DOW, Nasdaq, or S&P 500 indexes or the dividend paying blue chip stocks) are the kinds of stocks Jessie Livermore was discussing when he wrote about being an “old turkey” and “buying right and sitting tight.”
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People unfortunately extrapolated that advice for the general markets and tried to apply it to the mining stocks for the last decade and made bad decisions to sit in losing trades for far too long as a result. I remember in the summer of 2016 all the people extolling the virtues of being an “old turkey”, and we saw that again in the summer of 2020. All they ended up being were straight-up turkeys though. Most of the best wins in the resource stocks, whether it was gold/silver, or the palladium stocks, or copper stocks, or lithium stocks, or uranium stocks, were short duration trades over a few months or maybe in the best-in-class companies over 1-2 year periods. Even the best stocks eventually peaked out and traded sideways or pulled back down from their highs after the new buying got exhausted. There has been no compelling reason to “buy and hold” the resource stocks since the period from early 2009-late 2011. Those that were old turkey in this sector since that time, were served up at the farmhouse table as roadkill long ago.
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The consolation prize is that moving into next year, when the Fed policies around hiking rates come to forefront, we may actually be getting closer to a time where people could buy and hold for a period of time from 2022 into 2023 or 2024 and be rewarded over a longer stretch of time. It may be more reminiscent of that 2009 – 2011 period again. However, they should have been accumulating into the weakness in the middle of this year, or any future weakness we see over the next few months, and sadly most haven’t or won’t buy these lows, and will wait for too much proof next year once the easy money is made. We just saw this exact same thing play out in the Lithium stocks and Uranium stocks. People quit believing the eventually rally was coming, they ignored all the signs fundamentally and technically that the move was upon us, and then waited until the stocks went up 3x, 5x, 8x, 10x to finally start taking notice, having missed all the easiest returns. That’s the way it’s always been and is the way it will always be, and that is what makes a market.
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Ever upward!

Sorry Joe I had not looked at the chart, I should have said put on my watch list. I always liked the management team and strategy, but wasn’t crazy about the jurisdictional risk. Nevada is a game changer for me. All I am saying is I am buying into the story and will be a buyer, if not now then on a dip.

I lived Costa Rica in 2008 and everything bad that happened always blamed on Nicaraguans. Lots of banditos up there. I got held up one night coming home from the pub and everybody said it must have been a Nicaraguan.

Larry, GDX tested several daily chart/short term anchored VWAPs today and it would be best if they held. As you can see, they are based on the highs and lows of August and September…
https://schrts.co/FQCYDPqZ