[music] I'm Charlotte Mloud with investingnews. com and here today with me is Don Durant of goldstockdata.com. Thank you so much for being here. Great to have you in person. >> Yeah, Charlotte, we did this last year in person and uh it was my first No, it wasn't my first one in in live, but first one with you and it was I really enjoyed it. It was fun. So, I look forward to coming back and doing it again. >> Oh, well, good. I'm so happy to have you. And that interview we did last


year, it's one of the ones that throughout the year, I think people kept watching it because we would continue getting comments on the video of people kind of following what was going on. >> Amazing. That's amazing. Yeah, I do a lot of podcast. Um, but yeah, people are paying attention to me because my thesis is hel is held. It's it's it's follow it's my thesis has always been to focus on the future gold and silver price. And I wrote my book um 2010. I just came out


with the 12th edition. It'll be out in a week. Um and uh so I keep updating it because somebody told me, "Keep your book up to date because when the bull market comes, people don't want a book that's up to date." So I I keep I keep updating it. But in that book, I mean, all the way back then, I mean, it's a long time ago. Um I had a style because I developed my style. I started buying juniors in 2004. So from 2004 till two 2010 I was learning until I wrote my book. I'm a writer and so I had written


several books before that. And so there wasn't any books on the on the that you could buy none. Zero. I bought a couple. They had nothing no you no use. So when I wrote my book I basically explained how I how I analyze my stocks. And what I do is, and yesterday I did a presentation here, people can watch it, V-Rick. It was how to get an edge. And what I found was that it's possible to get an edge. And people are really starting to like my style. They like my style. >> And I say, if you don't have an edge,


what are you doing? You're guessing. And I say people, they I ask people, why do you own that stock? Well, somebody told me to buy it. No, that's not why you buy it. You you buy it because you you feel like you have an edge. And so I found that you can have an edge but and so everyone's different. So producers I have a checklist of 10 and then developers I have a checklist of six and then I have two rules for explorers. And so if you follow those and for instance like my ex my developers have six six


items. If it doesn't have all six you pass go to the next stock. But if it has all six then all you need is one variable and that's the price of gold. So if the price of gold is important then why are we using the current price that I'm I'm buying this for the future. I'm not buying the stock to sell it tomorrow. I'm buying to sell in the future. So and if the gold price is going to be important so all we can do we can speculate on the gold price and today people are watching this today are


very lucky because we're in a bull market. There's only been two bull markets 197980 2009 to 2011 that's it. We've had two. Now we're in another one. So the third one. And so when you're in a bull market, you can easily have an edge because if you can find quality companies that are undervalued, you only need that one variable. All you need is a gold and silver price to go up. And if if it does go up, you're going to make money. Um because these companies are highly leveraged to the gold and silver price.


So, ironically, I've always been attacked for using high gold and silver prices in the future. Um, when my book came out, um, I don't know, 2010, 2011, I was using, I think, $2,000 gold, $100 silver initially, but I've always been using $100 silver. Now, we're here. And people attacked me. Believe it or not, my numbers are too conservative now. And right now, on my website, I'm using $6,000 gold and and $150 silver. and I constantly have to and those are the numbers that I use


to value the companies currently. So, I use ratings and they're all based on that. Um, and so they're too low right now. $150 silver is too low and $6,000 is too low, but I I'm going to keep it there for a while, but I should be using I think 65001 175 maybe even 7,200. And if we hit if we hit 7,200, the stocks are obviously going to fly from here. >> Well, it's really interesting seeing people who have had these high numbers like you probably feel vindicated right now. And so you're looking at a higher


targets. I think at this conference there there are people who are looking at raising their price targets, but there's a lot of talk about selling right now. Should I sell some stocks? Should I take profits in physical metal? So you at this point are you still holding on to what you have? >> Yeah, I've been trying. I I have a big following on X. I have 80,000 followers and I get that a lot. You know, people taking profits and the reason why they're taking profits is because that's


how people have been, you know, educated. That's that's kind of the norm. You know, you take your capital off. Um you take your profits whenever you have it. Um I'm a speculator. I'm in this for the price. I remember I don't I don't sell I remember I did it once and I learned a lesson. So I bought 10,000 shares of First Majestic Silver in 2009 at A$1.15 and then I sold when it got to $20 I was a 20 bagger. I sold 500 shares and got all my profit back right 9500. Believe it or not I was angry at


myself. I want I was like I want my shares back. Give me those 500 shares back I sold. To this day I'm still I but luckily they acquired Gatos and when they did that my share total went up above 10,000. So I got I got them back that way. But I believe in the Peter Lynch style. Peter Lynch was who was the best investor of all time as far as records go. Nobody has a better record than Peter Lynch. Peter Lynch said his number one regret was selling early which was my and so I'm not a believer.


I'm a I'm Peter but what Peter Lynch by say meant was that it's a mistake to take profits and that's what I try to tell people there's a smart time to buy and there's a smart time to sell. If you sell early, the only way that that's better is if you rotate it into something with more upside. But my opinion, like those 500 shares of First Majestic, whatever I put them into, they're probably not going to do better than what First Majestic does by the time I sell it.


So the key is, yeah, you can take profits only if you think you're going to rotate into something better, but you better be confident. So I but I do sell if I for instance I bought SLV and like I don't know when it was at 1175 was under $12. It was physical paper silver. I always bought that paper silver because I knew silver was going to 100 or higher. So I'm like okay that's a five bagger. I'll go ahead and buy some SLV but I never really liked holding SLV as paper silver. But I always knew it's


just at a certain point I'm going to sell that. So, I sold it at 86 and I took that cash and I rolled it into two ETFs, two silver miner ETFs that I know have more upside. So, if you're confident, so I'm very confident that those ETFs are going to do better than SLV from here forward. So, I rotated them in. Um, and I have a lot of PSLV, which is more paper. And I looked at it today and I'm going, "Oh my goodness, what what am I going to what am I going to rotate that into?" So, it


makes sense to rotate when you're confident. If you're not confident, ride it. But there's one other thing. Um, I'm I I think it makes sense to ride some stocks to the top for certain reasons. For instance, if if you're in a drill story, um, and you don't want to take profits too early, um, you want to wait until you're you think it's kind of at the top. And so, those and then those are ones that I think I I rotate out of those the fastest. Once Once a drill story takes off, I'm like, "Okay, it


doesn't have much more to go. I'm out." So, I I wrote I rotate on drill stories quite a bit. >> Okay. So, it's really very individualized. And I like that you specify you have to know where you're going after. You've got to have a plan. And I think maybe that's a problem for people is they don't know what the next step for them will be. >> I want to bring a question from one of our audience members. I think you know, I was reaching out to see does the


audience have questions before we do we do all these interviews. Somebody had asked what silver stocks you currently see the most potential in. So I wonder if you can talk about that. >> Well, the one thing about stocks with the most potential, you're talking about riskreward. >> Yeah. >> When you when you're going after 10 baggers, because that's basically the question you're asking because there's a lot of them. >> They're they're never slam dunks.


>> So you're gambling. So, what I do, and I've been doing this for 20 years, is I want to have as many quality mid-tier producers I get my hands on because those are your foundation. Those are the stocks that are going to work. They're going to participate in a bull market. So, you get that foundation and the other foundation for me is mutual funds, ETFs, physical. You get the foundation set, then you can go after these these these 10baggers. A lot of people will go after 10 baggggers and ignore the


foundation and it just a lot of risk in their portfolio. You want to you want to you want to get that risk out. You want to you want to have a strong edge, if you will. I have a really strong edge because I built my portfolio that way. Now I go after the 10baggers. So what are what are the really good high-risk highreward stocks out there right now? Um the one that re that I said that was really juicy um a while earlier was Guanowato Silver. Um and and everybody was selling it because they've been


serial diluters. And I kept saying, you don't sell a 10bagger until they dilute enough to where we don't have a 10bagger anymore. You you ride it, you hold it. And I think I think Guanowato still has a ways to run here. And James Anderson, the CEO, he's he's a bit of a dealmaker. I I wasn't surprised when he just acquired Bolanitos. I think he'll do another one. I think he'll find a way to grow the company. And I think their their their delusions now over at $100 silver. I think they can probably grow


organically. So, I like that one. Silver X is another one. It's kind of a twin iguana water, but they only produce a million ounces now, but they have a lot of silver. They have a million 100 million ounces of silver. There's not a lot of companies out there that are producers with a lot of silvers. They have 100 million plus they have 200 million silver equivalent plus they're drilling. So, it's going to grow. So, they're going to get to like 250 million silver equivalent, maybe more. So, Silver X,


um, now with these high prices, that one is looking really, really good to me. I have a good position. I'm somebody excited. Well, I own everything. [laughter] I haveund about 162 positions, I think, right now. Um, the other one that I like a lot that I think um we're going to keep going and going, right? Um, is um Silver Storm. Silvertorm is getting ready to go into production here in first half of the year. They're going to mine two two and a half million ounce silver equivalent. And if they can generate, you know, 50


million um free cash flow, they can use that to advance their San Diego project. The San Diego project has 100 million ounces. So, and they're going to truck that over to the La Perilla project. So, they could easily get to five, six, seven, eight million ounces a year. And so, that one's really juicy. The other one I I recently acquired um was um Silver Co Mining. Um that one I I looked at it about a month ago. I think it was trading like $3, $4 Canadian. Now it's at 12. And I when I first looked at it,


those some of the reasons why it ripped is because I I looked at it and said I like it and I bought it. [laughter] I got a lot of followers. Um so, you know, I'm becoming the EF Hutton. [laughter] Don speaks and people listen kind of thing. So, I looked at Silverco and I said, "Wow, this looks fantastic. Um, basically near another near-term producer like um Silverstorm. They're they they bought a mine with a mill and they're just going to put it back into production. And then they just acquired


another project um Novo Silver that was has another mill. So, Silver Co. So, I'll stop there. >> Okay. Okay. No, fair enough. I think that's a great list and thank you so much for sharing and I I do encourage people to go follow you on Twitter if they aren't already. So we we you're taking a look at new targets for gold and silver prices and I want to go back to what's driving the metals higher because I think in previous conversations that you've had with me, you've talked about how issues in the


bond market are really what's happening there. So how are you seeing that continue to develop as we head into 2026? So, I believe that you should only invest in gold and silver mining stocks if you're a believer, a strong believer that gold's going higher and that you have a general understanding of why it's going higher. Otherwise, you know, you don't Yeah, you don't have conviction. You need conviction because it's very volatile. I I believe that this is all about gold. It's not about silver.


Silver's just coming along for the ride. For instance, today, I mean, silver's been absolutely ripping, up 200% in six months. But look at gold. Gold's been ripping, too. It hasn't just been silver. Gold is such a huge market compared to silver's tiny compared to gold. What's happened is is silver's coming along for the ride. And as it's come along for the ride from investors, there's hasn't there's not enough silver. And I always said this, there's


going to be a shortage. My first book, when I wrote my book, I said in that book in 2010, I said there's going to be a shortage in silver. And now now it's there. And the reason why you're going to get a shortage is because there's they only mine 800 million ounces a year. Fabricators need about 700 million. They they need all they need all of it. So where does where's the investors going to come from? All of the investor money, all that investor stuff, that's where you have your deficit. They


think the deficit this year is going to be 300 million ounces. Two somewhere between 200 and 300 million. That's all from investors. So So there's the inst all the investor money for for for silver. That's all coming from above ground inventory and it's whittling away. The last four years it's over 600 million ounces and it's all investors. So they're just sucking it all up. So there there's not enough. We're just running out and we could be there in March. Um the comx so far in January


9,000 contracts. That's 45 million ounces of silver's been delivered in the month of January. January is not a major month. So March is looking like 75 million ounces. So we're running out of silver. Um, so but I haven't even answered your question yet, >> right? >> Um, the reason gold is going higher is there's only one reason and it it it amazes me. I mean that people don't talk about this. I talk about it over and over and over again and and it's because


the mainstream media refuses to talk about it and there's only, you know, you have to go over to YouTube to learn anything about it. And I've said it over and over again, it's only it's about the US bond market. The reason gold is is it $5,000 and going higher is because the US bond market is fragile and becoming more fragile every day. But not only that is I've said this, it's going to fail. And that's why gold keeps going higher and higher and higher because the people that are in the know and the


people that do the analysis see that what the US economy and the US government this situation what they've gotten themselves into is that once you cross the Rubicon there's no no way back. And so we're borrowing not just the two not just $2 trillion. The $2 trillion is the budget deficit. That's the borrowing. But we're rolling over [laughter] an ungodly amount of money. It's like seven to 10 trillion dollars on top of the two that they have to literally borrow. It's becoming a huge problem.


And there's no, like I said, we crossed the Rubicon. There's no way back. That's the reason gold's going up and that's the reason it's going higher. And I've been saying the winds that are back, 26 is going to be a great year because the winds that are back for gold. I don't see a scenario where gold doesn't go higher. And so silver's going to come along for the ride. still be volatile, but we're in a buy the dip situation here. Um, and it's all about the bond


market and and Wall Street is in denial. They think that the US economy is the juggernaut of the world and it's going to continue to grow and [snorts] as long as the economy is growing, the bond market's going to be fine. The second, and I've been saying this, the second the S&P stops going up, you got a problem. And you, as as Jim Rogers liked to say, I like these old guys, these old guys that have been around a lot longer than me. Um, they I I really they see it even they they have more


conviction than me. You know, Jim Rogers, he says that what's coming is going to be the worst economic problem in his lifetime. He's he's he's been adamant of saying that. And I agree with him completely. And he's also says that nobody has fixed the business cycle. He goes, "Do you think that you think that that the business cycle's been fixed and we're not going to have another recession?" Goes, he goes, "You better be very concerned." Um, very worried.


He'd like to use the word worried. You'd be be very worried. Um, and um, yeah, he's spot on. Uh, the business cycle hasn't been fixed. So, when the stock market decides it's time, it's time. And we don't know when who's going to what the bell's going to be, who's going to ring the bell. I think it's going to be this year. I really do. And this is what I call the fear trade. You're the last two times that gold miners did well was in a fear trade. It


was the 1970s. The 1970s was a period where the stock market didn't do very well. We had two energy crisis. People didn't want to own stocks. They did they didn't do very well. That was a fear trade. So people bought stocks. The miners did unbelievably well because people are pivoting into places where they can't make money. The other pit fear trade was the early 2000s and then it lasted all the way to 2011, but we had the.com bubble pop and people are like I mean the NASDAQ went down 50%. I


don't right that's and the fear traders I don't want to own stocks and then you had 911 come right after that. So both bull markets you had fear trades. We're going to have one here. That's what I'm waiting for. So that's the last battle. So the thing is amazing is that the miners are cheap. We have to win it or back at gold. And we still haven't even we still haven't even won the war yet. The the final battle is the is the fear trade. So once the stock once the S&P


stops going up, then the money starts rotating. There's $65 trillion in the US stock market. That money is going to rotate out and a lot of it's going to go into gold into the miners. That's when we win the war. But the scary part is I always knew this was the outcome and I'm not happy about it. I'm my portfolio is exploding, but I'm not happy because pe I know it's coming and it's ugly and it's gonna have a good ending, >> but the next 10 years is not going to be


any fun. And the reason why it's not going to be any fun is because our standard of living is going to go down and once it starts down, it's not going to come back up. That's the scary part for me because we're going to have to rebuild society. And and it's anybody who's is has their eyes open can see that we're we're devolving. We're things aren't getting better. It's pretty obvious. It's like this just gets worse and worse and worse. We know we know


it's going to something's something's got to give here, right? And I know and that's where we're heading. And gold is is really the canary that's saying is chirping and saying we're there people get ready. Get ready. Get ready. And it's it's it's I think it's going to happen this year. I really do. I in my newsletter, I write a newsletter and I said that 2026 is the end of US greatness. We will get to the end of this year and pe and we will realize that America's better days are done. And


and and the sad thing is many people will come to the conclusion that I've come to that there's only one outcome here which is the breakup of America. That's I don't see any other path and I think it'll be very obvious um maybe not by the end of this year but by the end of the decade that I'm right. >> Well, it certainly seems like things are coming to a head. The situation is developing kind of as people have been saying. I was told for years we're going to have higher gold and silver prices


and you're probably going to not like what's going on in the world. So, I I can definitely see what you're saying there. And I think we have to wrap it up for today and I'll send you back out onto the conference floor. But this was great as always and we'll make sure to catch up soon and see how this is developing. >> Yeah. April. Um >> April. >> We you want we were going to do one at Pedak and I said no let's wait and do one in April. That's too too close.


>> Yeah. [laughter] >> We need we need some oxygen but yeah. So and then we'll let we'll let you know this economy marinate in the stock market and gold. I think I think midappril I think we'll have some I think things will really be in motion. I think we'll have a really good idea by then of kind of where gold and silver are going the rest of the year. Um and um we'll have some more insight. So that'll be another good conversation. Always enjoy it, Charlotte. Thanks for


having me on. >> Me as well. All right, we'll see you in April. Thank you so much. And once again, I'm Charlotte Mloud with investingnews.com and this is Don Durret with goldstockdata.com. >> [music] [music]