Gerardo Del Real,
Editor
Oct. 28, 2026
I’m on my way to the New Orleans Investment Conference… and the timing couldn’t be better.
There are several schools of thought.
On one side there are those that believe the precious metals bull market has run its course. There’s even an ominous article in Fortune warning 2027 could see a reversal of the move higher.
On the other side there are those who are looking at the math and see a clear runway higher.
When does that plane take off again? No crystal ball… but there are signs that $4,000 per ounce is likely a new bottom. Could we overshoot lower briefly? Sure, but the pullback there would likely be very short-lived.
The next big move will be higher, not lower. Higher lows are precursors to new highs, which is exactly what gold has put in over the last year.
Silver appears weaker in the near term and needs to hold the $50 per ounce level… or a move down to the mid-$40s is possible.
Copper looks like the best-positioned metal of the three in the near term, flirting with new highs on an almost weekly basis.
New copper discoveries are getting harder to find. Production misses and mine closures are becoming more commonplace, sending premiums to record highs.
The not-so-silent cold war with China over critical metals (among other issues) continues to escalate, and uranium fundamentals have never been as supportive of a violent move higher.
In the lithium space, Benchmark Minerals estimates that in a base case scenario the world will need 134 new lithium mines by 2050.
Good luck with that!
Despite the bullish overall fundamentals, the resource equities are trading at a severe disconnect more in line with prices from two years ago. That will change. Again, no crystal ball… but there’s a higher risk of missing a substantial move higher than enduring a further move lower.
Which is why I’ve been busy writing checks to explorers I believe have a chance at making the discoveries we so desperately need. Discoveries that will be richly rewarded.
Bull markets don’t mean markets go straight up. The last nine months of consolidation have been healthy.
The next leg higher will be worth the wait, and you can see how we’re positioning in the pages of Junior Resource Monthly and Junior Resource Speculator.
If you’re in New Orleans, please say hello.
Let's get it,
Gerardo Del Real
Editor, Bizarro World