Episode Details

Recording date: 2nd February 2026

Olive Resource Capital executives Derek Macpherson and Samuel Pelaez recorded their latest market commentary during a pivotal moment in late January 2026, as precious metals experienced both historic gains and a subsequent correction. Gold surpassed $5,100 while silver exceeded $120 before both metals pulled back, yet still positioned to deliver potentially the best monthly performance on record following 2025's exceptional year.

The correction, while notable, was characterised by the executives as a healthy consolidation rather than a reversal of underlying trends. Pelaez emphasised that fundamental drivers supporting precious metals remained intact, including expanding global liquidity at all-time highs and persistent supply constraints. Technical indicators showed overbought conditions with relative strength indices in the 90s range, but the executives noted such conditions can persist for extended periods without signaling imminent reversals.

Macpherson's attendance at the Vancouver Resource Investment Conference revealed dramatic shifts in market participation. Conference attendance exceeded levels seen in the previous decade, with one small-cap exploration company reporting over 150 investor booth visits. This contrasted sharply with recent years when sparse attendance left companies pitching to neighbouring exhibitors rather than actual investors.

Capital markets activity reflected this heightened interest, with private placements routinely exceeding $20-25 million. Institutional investors who participated in mid-2025 financings returned with substantially larger commitments in January 2026, reflecting strong portfolio performance and capital rotation into the mining sector.

Despite the rally in metal prices, Pelaez argued that mining equities, particularly developers and explorers, have not yet reflected $5,000 gold in their valuations. Upcoming first-quarter earnings should demonstrate significant margin expansion, as producers benefit from $700 quarterly increases in realised gold prices flowing directly to bottom lines. 

The executives maintained that mining equities retain appreciation potential even if commodity prices stabilise at current levels, presenting ongoing opportunities for investors willing to navigate near-term volatility while maintaining conviction in the sector's long-term trajectory.

Sign up for Crux Investor: https://cruxinvestor.com