I'm Charlotte Mloud with investingnews.com and here today with me is Davidley, editor and founder of Junior Minor Junkie. Thank you so much for being here. Great to have you. >> Hey Charlotte, great to great to speak with you again. Uh always great to to talk to you. >> Really good to have you back. There's so much going on right now, but I thought we we definitely have to start with silver today given the price action that we've been seeing. So silver has had a great year in 2025, but really in the


last couple of weeks, there's been this big breakout. So I'm hoping you can help put that into some context for us. What's driving this latest move? What what is happening here with silver? >> Yeah. Um it I think it's it's a supply squeeze. I mean, first of all, if you look at the price, um silver at $50, it was major 45ear resistance that for that that $50 line, right? I mean, it got up to $50 back in 1980 during the during the Hunt Brothers when they tried to corner the the market and then it didn't


get to $50 again. Well, nearly reached $50 again in 2011 when it peaked out about $49.50, but both times silver came crashing back down cuz it was a spike high. Well, this time the the silver price cleared that $50 magal line of resist 45 year imaginal line of resistance. And now it's kept on going. It's it's price momentum. If you take a look at a long-term chart at 45 years is a cup and handle, right? And it's breaking out of that. And so momentum chasers and then silver is a tiny


market. So momentum chasers come in and chase the price. And the the supply squeeze is a real thing. I mean, um, LBMA silver inventories have plunged to decade lows. Um, and on the COMEX registered stocks are down like 70% from their March 220 highs. And and in Shanghai, they're they recently hit a 3-month low of of silver supply. And now reports are circulating that major trading houses are cold calling mines directly, offering 20% premiums over spot for long-term contracts. So, you know, you've got silver recently been


put been put on the critical metals list by the US government along with copper. So, in copper and silver, you have supply issues. And the copper price and the copper price and the silver price and the gold price for the first time since 1980 are all hitting all all-time highs simultaneously. >> It's definitely it's feeling like a crazy time. And I'm wondering, so if we look at the silver price, can you give me a sense of where you see support and resistance right now? And I've I've


heard from other people that with technical analysis, once you get into this uncharted territory, it does get trickier to to figure this out. So any thoughts, >> especially in silver, you know, cuz when silver goes on these massive moves, it does it quickly. Um, you know, take a look at the gold silver ratio, right? I mean, it it it it peaked up above 100 when when the the the April tariff uh scare, the Trump tariff scare in April, you know, everything came off really quickly and and the this the gold silver


ratio spiked to over 100. Well, you know, I told my subscribers, it's like, hey, this time to load up on silver. You know, when when the gold silver ratio gets over 100, that is is time to load up. And um once once that took place um we started to to have them the silver price started to to to really go higher on on the back of that and um and if you if you take a look at like I said that $50 line it broke out of there and it's really it's really taken on taken on a life of its own. I mean that downside


$50 support res resistance is now strong support. There's some support at 5450 where it kind of double topped there for really quickly. And you know we had a lot of people coming out saying okay silver double top that's it. It's time for the crash. Well, you know if you if you consider the the supply demand fundamentals you know this is a fifth year of a supply deficit in silver. It which has constantly been outpacing supply. So um you know this is this all these forces have have converged to to


take the silver price so much higher and looking at upside targets uh the next target is the 6 6668 area and then 80 80 to 83 if the momentum continues into January but the long-term measured target of the cup and handle breakout is 96. I mean, if you consider the gold price, you know, it broke out of a cup and handle pattern, too. But it cup and handle below 20,000 was only 13 years. I mean, sure, that was that was that was a, you know, a very strong bullish 13-year cup and handle, and the gold


price doubled within 14 months after that. So, a doubling in the silver price would take it, you know, obviously to 100 uh within the next year or so. And you know, with this momentum and the and the supply squeeze, it could get there a lot sooner because if you take a look at the CPI adjusted inflation price of silver, I mean, gold CPI inflation adjusted price broke above that earlier this year. But for silver, um the the CPI inflation adjusted high for silver from 2011 is 7150. So the silver price


would need to get 7 to 7150 adjusted for inflation from 19 from 2011. But the 2000 but but the 1980 inflation adjusted high when it hit 50 in 1980 would be $200. So there there are even some calls out there for the silver price to reach $200 by the middle of next year. I mean anything could happen at this point as far as silver is concerned, I think. Yeah, it does seem like we're in that realm of anything could happen and and some of the price targets that I've received recently, we've already gotten


past them. So, we'll we'll see how this plays out, I have to imagine. So, we've got a a very positive long-term outlook for silver, but of course, there's going to be volatility along the way. Everybody knows that comes with the territory. >> So, how any any advice for investors on how to navigate the ups and downs that we're inevitably we're going to see them? Yeah, you know, I mean, bottom line is you need to take a step back and consider the fact that, hey, we're in a


very strong bull market here. And all the reasons for us being in a strong gold and silver bull market, I don't think they're changing going into next year. The biggest one, you know, a big one being uh geopolitical concerns overseas. Um, you know, you've got central banks are are continuing to buy gold. Um, we've already talked about the the supply deficits in in copper and especially in and in silver. Um, you know, we've and we've also got a Federal Reserve now that is lowering monetary


policy in the midst of rising inflation. I mean, you had the Federal Reserve coming out this week and making officially cutting interest rates to to 3.5 to 3.75%. But more importantly, the Fed also announced a fresh balance sheet expansion by stating that the that they're going to begin buying 40 billion of Treasury bills per month starting Friday. So, this is this is basically another way of saying quantitative easing and we're going to continue to to print money because, you know, the


Federal Reserve is in a situation where hey, we got to continue to issue new debt to pay off the old debt. So now the yield curve is is going to steepen as the FBI Fed pivots toward these Treasury bills and and private investors are going to have to absorb more duration risk. So basically, you know, this means loose monetary conditions are on the way and that's positive for both gold and especially now silver. I mean, and also you consider this was the last FOMC meeting for this year and it's also the


last one which Fed Chair Jerome Pal's going to have significant influence. You know, it's everybody's heard about, you know, how Trump wants to get rid of Pal and lower interest rates down to zero again. And he's basically said he's come out and he's he's expected to nominate a yes man to do candidate to do that and replace him. and it's probably going to be Kevin Hasset and and uh he's gonna he's gonna announce that uh beginning of next year. So basically that makes the


current Fed chairman Powell a lame duck. I mean during the the press the press these press conferences after the after the uh the FOMC meetings, they're you know they're they're they're very entertaining. I mean, he came out and he stuck to his pipe dream of getting inflation down to the Fed's mandated 2% target before his term ends in 2026, despite the New York Fed's inflation expectation survey pointing to 3.2% inflation target within the next year. That's well above their fantasy 2%


target. So basically, you know, with with speculation of who Trump is going to appoint to replace him as Fed chair, one of the press at the uh asked him what his legacy would like to be and he said he said that um what I what I want to do is I want to get inflation under control back down to 2%. I mean really that that that is a pipe dream. And it and he said basically that's that's what he wants. And you know I mean I I sat there and I almost fell off my chair. I'm like I'm thinking to myself,


so let me get this straight. I mean, you're you're you're the soon to be former Fed Chairman Pal expects inflation to move down to the Fed's mandated 2% target while cutting interest rates and initiating quantitative cut quantitative easing again as the US government runs a $2 trillion deficit amid growing fears of a sovereign debt crisis. I mean, I was thinking to myself, the the the the Jefferson air the Jefferson Starship song, Miracles, you know, if If only you believe in miracles like I believe, we


get by. I mean, that's what I was thinking. I mean, this is this is a fantasy. This is not going to happen. And the gold price reacted in kind. Especially silver reacted in kind. I mean, they're they're continuing to soar higher. I mean, you take a look at the gold price. you know, it ran up to 3500 into midappril and then it had 11 it took four weeks for an 11% correction and then it consolidated for 5 months and then it took off again and it ran up to 4,400. Well, well, once it when it


got to 4,400, it it had another 11% correction, but this time it only took 6 days. And this consolidation, it looks like it's only going to last about 2 months because now it's starting to break out of another consolidation pattern. So, you've got the silver price breaking out ahead of the gold price, and you've got the miners now, they're breaking out of a of a cup and handle pattern of their own, but a two-month cup and handle pattern on their daily charts. And the GDX is rising to


all-time highs. And yet, the GDXJ, it still needs to to rise another 70% to reach its all-time high. So, if you take a look at the at the gold stocks, there's they still got a long way to go. you know, if you're a if you're a if you're a generalist investor and you know, you haven't got into gold, you look at the gold price, you think, "Oh, I missed that move." But you haven't really if if you consider the fact that that um you know investment banks are only just now in uh recommending


investors shy away from the 60/40 portfolio meaning 60% stocks and 40% bonds and go to 60% stocks 20% bonds and 20% gold. I mean, that's the first time that these investment banks have have have, you know, advised their clients to invest in gold in in decades. So, we're not even close to being uh finished with this move, especially in gold stocks. >> Wow. I think I have a number of follow-up questions. >> Sorry, I got on a tangent there. I get I'm I get I get really excited when I


see what's going on with the Federal Reserve, what's going on with central banks buying. I mean, I've never seen this many this much wind at the tail end of of the gold and silver price. I've been in this sector in 25 years and I've never seen it this bullish. >> Well, it it is exciting and I like having these conversations with people who have been in it for so long and you can you can really tell how how significant it is. What's going on? >> I told you so. It's come out in full


force, right? It's taken a while, but I told you so. AB: >> Absolutely. And I want to one of the points I wanted to go back to is to gold price. So, we saw that big runup in October, then a pullback, and I I had the sense conversations I was having around that time is people were thinking that it would be a deeper pullback, something that would last longer, and you're mentioning that doesn't really seem to be happening. So, anything further you would add there? I think that has maybe people a little bit


nervous that a pullback could still be coming for gold. Yeah. I mean, when you consider the fact that the reason why the pullback was was was short and shallow, these pullbacks are all short and shallow because there's so much money on the sidelines waiting to get in. Because if you take a if you if you consider your generalist investor, right, they've been they continue to be distracted by the stock market making all-time highs, AI, you know, they're in gen they're in general equities and then


there's there's no reason for them to to really start to look at at the gold market at the gold market, you know, because they they're making so much money in the stock market. Um especially you know last year when you had the gold price doing so well and the gold stocks really didn't do that well. I mean at the end of the year gold was up 27% but the gold stocks were only up 13%. And that was an opportunity to to really go allin because because um of what to you know eventually took place this year.


But like yeah, I mean if if you take uh I I I read an article about uh BFA research uh mentioning that high netw worth investors hold only 0.5% of their assets in gold, you know. So that's that's pretty incredible. And you know, if if you if you take a look at the the outsized gains that we've had, I mean, it would take only a 14% increase in investment demand for gold to reach 5,000 an ounce. They they said that as well. So, and basically investment demand has has averaged that level in


the past couple of quarters. So, you know, these investment houses, they haven't really in haven't advised clients to invest in gold in decades. And um it's with it being such a small market, it won't take that much more uh buying power to come in. I mean, investment demand is really surged over the o over the past recent months, but I think there's a lot more room for it to go higher, especially in gold stocks. If you take a look at GDX, GDXJ, look at the volumes. I mean, the volumes are


still really rather low compared to where they were back during the last during the last gold bull market. Well, and I think let's talk a little bit more about gold and silver stocks. You mentioned it took a little while for them to start following the prices upward, but now we're there. So, can you give me a sense of how you're strategy right now? Strategizing right now with the gold and silver stocks. Are you are you taking some profits? I think a lot of people are wondering, well, it looks


like there's still a lot of upside. Should I be buying? Should I be selling a little bit? What should I do? So, every person is different, but maybe we talk about what you're doing. >> Well, sure. you know, my my newsletter, you know, we have I I have a real money portfolio that uh that my investors that my uh subscribers follow along with with me. So, basically what I do is I, you know, I I have a high net worth account that that um that I manage and my subscribers, you know, look over my


shoulder to see what I do. So, I've been I've basically been recommending, hey, we need to to take full positions at the be at the beginning of the year. You know, the last few years, we did a we did a good job of accumulating the best of the best stocks and we need to hold our core positions and just trim a little along the way. You don't want to sell your core positions, especially in these juniors because, you know, they're they're so ridiculously undervalued at the beginning of the year and they're


still really undervalued. I mean, a lot of these these developers, these later stage developers are trading at, you know, up to 75% less than than their net asset value of the projects they're they're derisking, which continue to go higher in value as the gold and silver prices go higher. So, um, you know, uh, and if if so, what I've been recommending is basically trim a little bit on the way up, but keep your core positions. you know, I have I have risk management rules that that that I follow


and I pass on to to my subscribers. >> I think that makes a a lot of sense and helps me understand how you're doing things. On the note of the the gold and silver stocks, we've seen a lot of M&A activity this past year and I'm wondering if I can get your thoughts or are the deals there's been a lot of deals in general. Are they making sense to you? And do you see the the current level of M&A activity continuing into next year or or changing in any degree? >> Yeah, I do. And it's it's great for the


sector and uh my subscribers and I have been in the middle of a lot of these deals. I mean, one of our t top 10 companies is is is uh is Probe Gold, and we've been in it for a while and and um you know, the reason why you get into these things is is you hope for a takeover, but on the other hand, you don't want them taken over too soon. And as far as the probe gold deal is concerned, even though we have a nice four win on it, we're not happy with with the price. I mean, the stock was


basically taken over an allcash deal for just $58 an ounce in the ground. This is a 10 million deposit in one of the best mining camps in the world in in in Valdor in Quebec. So, you know, I and uh um Ag Eagle has a mine that's that's the Malarctic mine, which is just about uh 20 minutes away that is going to run out of ore when this mine when when when the um Novador mine that that probe controls is going to be fully permitted and ready to be constructed. So I would have I would have expected Agnigo to Agneigo


Eagle to to be the natural bidder on this company, but it was but it was uh Fresno, a Mexican a Mexican silver company that came in and made and made the offer and it was accepted. So we're holding on to the stock and hoping for a bidding war and uh time is running out because the vote is coming up on the deal. So if if Agniko Eagle or another company's going to come in and make another bid, it's going to have to happen soon. And I I think it's it's ripe for another for for for another bid


because the uh the the break fee is only is only 31 million Canadian, which is really low. And the and probe has has over 45 million in cash. So whoever comes in to make a a higher bid, I mean, the break fee, they already have the cash in in in the in in the Probe coffers. So, um, we're we're hoping for a bidding war because if if a bidding war does come in with Probe and another company makes a bid and maybe another one comes in and a bidding war starts, that would be very bullish for the


entire sector because if this if this stock if this company is taken over for just $58 an ounce in the ground in this, you know, fantastic jurisdiction, it's going to make all these other companies look worth worth a lot less, you as as as this you know as this M&A I expect the M&A uh cycle to continue. We've had several other deals also come come to the forefront here and I I expect it to continue. We had um core announced they were taking out new gold. Um and uh we also had we also got in the we were in


the middle of the Dolly Barton contango um merger of equal. That's another Dolly Barton is another one of our stocks in in my portfolio. We like that deal. But uh the probe deal we're like I said we're hoping for a bidding war. >> We'll we'll have to see if that pans out. And I want to go back to gold. I got excited as well and I forgot to ask you your your gold price. expectations for 2026. What are what are you thinking for next year? >> Well, that's a tough one. You know, I


don't like to I don't like to really make uh uh guesses as as to where the gold price will be, but I could tell you where the next resistance is. Um 4500 is the next major resistance. We're only a couple hundred away from there in the futures market. And the 5,000 level, that's that's a psychologically important level, too. But um I just expect the price to continue to go higher because you know the all the reasons why I mentioned you know I mean you take a look just look at at at the


at the US debt situation. I mean when when you had the gold price have a move like it's had this year. I mean the only the only other year we had a we've had a move like we had this year was in 1980. And that was back when, you know, we had um stagflation and and the Fed trying to ring out the stagflation in the system and they were able to, you know, raise rates to to nearly 20% to do that. But at that time, the national debt, I remember, you know, I was just a kid at the time. I was in high school and I I


remember the, you know, the headlines, wow, the the US has reached a trillion in in its in its national debt. Well, um, now the the US adds a trillion to its national debt every 80 days and the debt to GDP now is 135% as opposed to 35% back then. I mean, we're in a sovereign debt crisis and and the world is waking up to the fact that the financial system is a Ponzi scheme. These central banks have to continue issuing new debt to pay off the old debt. And the music stops when w when when when there's no more investors to


buy the new debt. I mean, we're seeing that happen in Japan right now. They came out and boasted that the central bank bought 97% of of a recent debt auction. I mean, it's it's really getting it's it's really getting bad. So, the gold price is reflecting all this. If you just take a look at a at a at a gold chart up against the debt ceiling chart, it's it rises right along with it. Um so it's it's it's a foregone conclusion that um people are are moving away from fiat


currencies into something in into gold and and and especially silver. It's because you know if you take a look at gold, you're you're an average investor and you take a look at gold and you think, "Oh my god, look, it's it's it's $4,300 an ounce. I can't afford that. But hey, look at silver. That's a lot cheaper. I can afford that. That's a precious metal. That's another thing driving it higher." So, we've got all these winds at and at at the tail end of


both gold and silver. So, I see 2026 being a very good year for us as well. >> It it really sounds like it's going to be and I remember we talked in a previous conversation about that analog to the past. So, sounds like it is still playing out. And as we're getting toward the end here, I did want to ask is your portfolio, I imagine, is it fully allocated right now? Is there is there a time right now that you would be looking to buy or are you locked in at the moment? Well, um, like I said, the we're waiting


to see what happens with the probe deal and, um, eventually we're going to we're going to be selling that position hopefully to to a higher bidder. Um, I I I expect that situation to be to to happen. Uh, the the the uh the current deal is expected to close in Q1, and if there's another deal, maybe it it it if there's a better offer, maybe it it goes into Q2. But we will we will have some more money to to put to work after that deal happens. I mean my what I do in in my portfolio is I basically I I take out


all the realized capital gains and then I reinvest the investment proceeds. So the investment capital that I have invested in probe I'll put to work somewhere else and what I'll likely do is I'll I'll bring it down the higher risk food chain. Right? I mean this is this is where you go now. You see a lot of these companies that that have really taken off are the later stage companies and you go down the higher risk food chain into maybe like a company that is just put out an initial mineral resource


or they've just put out an initial pea, you know, they're they're they're they're in the higher they're in a higher risk stage of of d-risking. They're that's where that's where the value is right now. And even I even recommended our first drill play in a while. I've been stayed away from drill plays for the past three or four years, but I just invested I just recommended and invested in in a drill play uh about a about a month or two ago and we really like this company. It's got a huge land


package and it's it's plenty cashed up for the next couple years to to to drill the hell out of the property. >> Yeah. Yeah. I I recall you weren't interested in that that really early stage previously. So very very interesting to see you come back in. All right, I I have a fun hopefully a fun question. We'll see. >> Best advice for investors in 2026. >> Best advice for well I mean if you haven't taken a position in this sector, I mean by all means, you know,


accumulate the best of the best stocks on weakness and then hold hold them for the long term. hold your core positions for the long term and just trim them along the way when they get too big because like I said, we still got a long way to go in this sector. I mean, just take a look at the the TSX venture, right? The TSX venture, I mean, for the past 12 years has been building out this huge inverse cup and handle base and the neckline is about a thousand. Well, it ran up to reach a th00and in midocctober


with the mining sector and it's come off a bit. But if you take a look at where the seed where the TSX venture was back in 2007 when gold was just trying to get above a thousand. It hit over 3,300 and it's right about it's right below a thousand right now. I mean, you've had um in generalist in investors flee this sector in 2013, 2014, 2015, and they haven't come back yet. So, um we've still got a long way to go, especially in the juniors. I know it's not it it's


not the ideal barometer because only half of the of of the venture is mining stocks, but if you take a look at it and you take a look at a lot of these companies still a lot of them are still tra even trading well below their 2020 highs when gold was trying to break out above 2,000. So I we still got a long way to go. And when you consider the fact that, like I said, you know, a company like Probe is being taken out for $58 an ounce on the ground. Back in 2011, higher risk juniors that were de-risking


projects in in in like tier 2, tier three jurisdictions, like high-risisk jurisdiction were being taken over for $1,000 an ounce on the ground. I mean, we're not even close to a mania in this sector yet, but that mania is in the future. I don't know how far down the line in the future it's going to be, but but I expect to be fully allocated and have my subscribers fully allocated for when it happens. >> Well, that that really puts it into perspective. And I think it's a nice


note to wrap up on unless you want to let us know where we can find you. >> Oh, sure. Um, you go to my website, it's junior minor junkie with a y.com. And I haven't written as much lately. I haven't had a lot of time. So, I I usually write a weekly article for KitKo, but I will be writing one this week. Um, so that comes out on Friday. So, you can you can you can uh find that uh on the KitKo website. >> Okay. Well, very good. Thank you so much for coming back to talk about silver and


gold, the mining stocks. This was great. >> Absolutely. Thanks a lot for having me, Charlotte. >> Of course. And once again, I'm Charlotte Mloud with investingnews.com and this is David Erley with Junior Miner Junkie. Thank you for watching. If you like this video, make sure you hit the like button and subscribe to our channel. We'd also love to hear your thoughts, so leave us a comment below.