Episode Details

John Rubino, {Substack https://rubino.substack.com/}, joins me for another wide-ranging discussion around the strong financial health of the gold and silver producers and royalty companies parsing the Q1 financial data.  We review all of the revenue and cashflow being generated on their balance sheets, and where all that cash is going as a return of capital to shareholders.  We also touch upon the ongoing geopolitical uncertainties and macroeconomic catalysts that are leading to volatility in gold, silver, oil, critical minerals, and the related resource stocks.

We start off reviewing the various return of capital approaches to entice investors of PM stocks through share buybacks, by paying dividends, and through looking for accretive merger or acquisition targets.

Next we focus on if we are still in a bull market for the precious metals complex, after the parabolic move higher earlier in the year.

• John points out that the reasons for the prior PM bull markets topping out were for different macroeconomic reasons, from Fed policy and central bank policies, to interest rates, currency pairs, and global trade frictions.
• He goes on to unpack the reasons this bull market is still on very sound footing, where global financial uncertainty is ever-present, and the desire for nations to print more money, force lower interest rates, and inflate their way out of the current challenges. These  will underpin higher gold and silver prices.

Turning to the extreme volatility in both directions in the precious metals equities thus far in 2026 – John sees opportunities for placing low-ball bids in quality gold and silver stocks that have corrected by 30%-50% off their January and February highs, or using dollar-cost averaging to position in to a good cost-basis over the fullness of time.

• He also points to using option strategies to make profits on the way down to eventually buying a stock one already wants to accumulate at a lower pre-determined strike price.
• We note again that PM stocks have responded positively to Q1 earnings, but that are still not fully factoring in these higher metals prices, which is giving investors an edge to accumulate existing positions or initiate new positions in stocks that had previously run away to the upside into the current weakness.

Beyond the precious metals, we then broadened out the discussion beyond all the monetary policy trends and fiat money units sloshing around the markets, to discuss all the government fiscal policy initiatives to encourage mineral development, extraction, and processing around the world.

• This has had noticeable impacts on critical minerals pricing and awareness in commodities like lithium, nickel, silver, and the more niche specialty metals.
• Additionally, we review how large manufacturers and end-users of all these raw materials are getting more involved in partnering upstream with the mining companies for securing sourcing for their supply chains.

Wrapping up we spend some time getting John’s outlook on the subsector of royalty companies, their financial health as evidenced by Q1 earnings, and the ongoing M&A cycle within this group of resource equities.

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