June 25, 2026
Here’s what was covered in episode 370:
Macro Musings - Gold finally cracked below $4,000, silver broke below $60, and the dollar surged above 101, putting pressure across the metals complex. Nick said gold has broken its short-term trend and could test the $3,930 area again. If that level fails, he sees the next major support closer to the mid-$3,000s. That does not change the long-term gold thesis, but it does mean the near-term chart has weakened.
Gerardo pushed back with context: $4,000 gold and high-$50s silver would have sounded fantastic a year ago. His point was that the bull market can still be intact even if the sector is correcting hard. Both hosts emphasized portfolio discipline, risk tolerance, and knowing whether a position is still adding value.
Market Takes - Copper still looks better than gold, and gold still looks better than silver, though copper has also turned short-term bearish and needs to hold roughly the $5.90 level. Nick warned that the pending Section 232 copper report could create tariff-driven volatility similar to last summer, but he remains long-term bullish on copper and critical metals.
The larger theme remains supply security. China is tightening rare earth magnet exports again, Japan is still struggling after more than a decade of trying to diversify supply, and the West remains far behind in mining, processing, refining, and magnet-making capacity. Energy Fuels (NYSE: UUUU)(TSX: EFR) was highlighted as a major U.S. critical minerals story after receiving major government support and moving to vertically integrate rare earth production through processing and magnet manufacturing.
Gerardo also highlighted Generation Mining (TSX: GENM)(OTC: GENMF), which received a major Canada Infrastructure Bank commitment for its palladium-copper-zinc project. Nick added that Generation now has nearly all of its expected capex package secured, with Wheaton Precious Metals and major banks involved, while the company still trades at a large discount to spot-price NPV.
Uranium also came up again, with Nick pointing to $17.5 billion in federal support for nuclear reactor development and the government’s broader push to fast-track uranium and nuclear infrastructure. Gerardo added that the U.S. is now greenlighting critical metals plants on military bases, another sign that the strategic metals theme is only getting stronger.
Bizarro Banter - The political section moved from New York’s socialist electoral wave to Washington state taxes, Rick Rule looking at Florida real estate, Roundup litigation, corporate power, Citizens United, Supreme Court decisions, and the broader collapse in trust across institutions. Gerardo argued that voters are gravitating toward extremes because the old system is not working for them. Nick agreed that people are fed up with rising costs, wealth inequality, political self-dealing, and government spending that often fails to deliver results.
They also discussed the Supreme Court, Monsanto/Roundup, corporate liability, Second Amendment cases, cannabis and firearms, birthright citizenship, Lisa Cook, boys in girls sports, and the difference between legitimate criticism and tribal outrage. The larger point was that America’s political system is being pulled toward extremes because many people no longer believe the center is capable of reforming itself.
Premium Portfolio Picks - Gerardo opened the premium section with PMET Resources (TSX: PMET)(OTC: PMETF), arguing that Generation Mining’s financing package offers a roadmap for what could happen at PMET. In his view, PMET is emerging as one of the most important critical metals companies in North America because of its lithium, cesium, tantalum, and broader strategic metals exposure. He expects limited dilution, strong institutional and government financing interest, and a much better second half if lithium prices cooperate.
He also returned to Hannan Metals (TSX-V: HAN)(OTC: HANNF), which has begun drilling its high-grade gold project in Sweden. The analog is Boliden-style mineralization, and Gerardo said assays could come quickly. If Hannan can show structure, grade, and continuity in the first phase of drilling, he thinks the stock could rerate sharply while investors wait for the much larger Previsto target in Peru.
Gerardo also highlighted Lux Metals (TSX-V: LXM)(OTC: BBBMF) in James Bay. The company has outlined a roughly 20-kilometer mineralized trend, completed important mapping and soil work, and should have assays soon before drilling begins. He sees both Hannan and Lux as exploration stories with the potential to trade in dollars rather than cents if the drill bit confirms the thesis.
Nick focused on companies that are already answering the key questions. First was Aldebaran Resources (TSX-V: ALDE)(OTC: ADBRF) which he originally financed at C$0.30 and has traded much higher since. The stock has pulled back with copper, but the company continues to add value, with a new resource estimate and further economic work ahead. Nick also likes the pending Centauri spinout, which includes the Rio Grande gold-copper project in Argentina and should bring additional drilling catalysts.
His second name was Gladiator Metals (TSX-V: GLAD)(OTC: GDTRF). Nick bought it around C$0.95 in November, watched it move above C$3, and noted that BlackRock just invested C$35 million with no warrants. That is a serious endorsement. Gladiator continues to hit high-grade copper in Yukon, appears to have strong control over the mineralization, and has the capital to keep drilling. Nick is not chasing it after the recent move, but said he would consider adding on a pullback toward the financing price.
June 25, 2026
Here’s what was covered in episode 370:
Macro Musings - Gold finally cracked below $4,000, silver broke below $60, and the dollar surged above 101, putting pressure across the metals complex. Nick said gold has broken its short-term trend and could test the $3,930 area again. If that level fails, he sees the next major support closer to the mid-$3,000s. That does not change the long-term gold thesis, but it does mean the near-term chart has weakened.
Gerardo pushed back with context: $4,000 gold and high-$50s silver would have sounded fantastic a year ago. His point was that the bull market can still be intact even if the sector is correcting hard. Both hosts emphasized portfolio discipline, risk tolerance, and knowing whether a position is still adding value.
Market Takes - Copper still looks better than gold, and gold still looks better than silver, though copper has also turned short-term bearish and needs to hold roughly the $5.90 level. Nick warned that the pending Section 232 copper report could create tariff-driven volatility similar to last summer, but he remains long-term bullish on copper and critical metals.
The larger theme remains supply security. China is tightening rare earth magnet exports again, Japan is still struggling after more than a decade of trying to diversify supply, and the West remains far behind in mining, processing, refining, and magnet-making capacity. Energy Fuels (NYSE: UUUU)(TSX: EFR) was highlighted as a major U.S. critical minerals story after receiving major government support and moving to vertically integrate rare earth production through processing and magnet manufacturing.
Gerardo also highlighted Generation Mining (TSX: GENM)(OTC: GENMF), which received a major Canada Infrastructure Bank commitment for its palladium-copper-zinc project. Nick added that Generation now has nearly all of its expected capex package secured, with Wheaton Precious Metals and major banks involved, while the company still trades at a large discount to spot-price NPV.
Uranium also came up again, with Nick pointing to $17.5 billion in federal support for nuclear reactor development and the government’s broader push to fast-track uranium and nuclear infrastructure. Gerardo added that the U.S. is now greenlighting critical metals plants on military bases, another sign that the strategic metals theme is only getting stronger.
Bizarro Banter - The political section moved from New York’s socialist electoral wave to Washington state taxes, Rick Rule looking at Florida real estate, Roundup litigation, corporate power, Citizens United, Supreme Court decisions, and the broader collapse in trust across institutions. Gerardo argued that voters are gravitating toward extremes because the old system is not working for them. Nick agreed that people are fed up with rising costs, wealth inequality, political self-dealing, and government spending that often fails to deliver results.
They also discussed the Supreme Court, Monsanto/Roundup, corporate liability, Second Amendment cases, cannabis and firearms, birthright citizenship, Lisa Cook, boys in girls sports, and the difference between legitimate criticism and tribal outrage. The larger point was that America’s political system is being pulled toward extremes because many people no longer believe the center is capable of reforming itself.
Premium Portfolio Picks - Gerardo opened the premium section with PMET Resources (TSX: PMET)(OTC: PMETF), arguing that Generation Mining’s financing package offers a roadmap for what could happen at PMET. In his view, PMET is emerging as one of the most important critical metals companies in North America because of its lithium, cesium, tantalum, and broader strategic metals exposure. He expects limited dilution, strong institutional and government financing interest, and a much better second half if lithium prices cooperate.
He also returned to Hannan Metals (TSX-V: HAN)(OTC: HANNF), which has begun drilling its high-grade gold project in Sweden. The analog is Boliden-style mineralization, and Gerardo said assays could come quickly. If Hannan can show structure, grade, and continuity in the first phase of drilling, he thinks the stock could rerate sharply while investors wait for the much larger Previsto target in Peru.
Gerardo also highlighted Lux Metals (TSX-V: LXM)(OTC: BBBMF) in James Bay. The company has outlined a roughly 20-kilometer mineralized trend, completed important mapping and soil work, and should have assays soon before drilling begins. He sees both Hannan and Lux as exploration stories with the potential to trade in dollars rather than cents if the drill bit confirms the thesis.
Nick focused on companies that are already answering the key questions. First was Aldebaran Resources (TSX-V: ALDE)(OTC: ADBRF) which he originally financed at C$0.30 and has traded much higher since. The stock has pulled back with copper, but the company continues to add value, with a new resource estimate and further economic work ahead. Nick also likes the pending Centauri spinout, which includes the Rio Grande gold-copper project in Argentina and should bring additional drilling catalysts.
His second name was Gladiator Metals (TSX-V: GLAD)(OTC: GDTRF). Nick bought it around C$0.95 in November, watched it move above C$3, and noted that BlackRock just invested C$35 million with no warrants. That is a serious endorsement. Gladiator continues to hit high-grade copper in Yukon, appears to have strong control over the mineralization, and has the capital to keep drilling. Nick is not chasing it after the recent move, but said he would consider adding on a pullback toward the financing price.
June 25, 2026
Here’s what was covered in episode 370:
Macro Musings - Gold finally cracked below $4,000, silver broke below $60, and the dollar surged above 101, putting pressure across the metals complex. Nick said gold has broken its short-term trend and could test the $3,930 area again. If that level fails, he sees the next major support closer to the mid-$3,000s. That does not change the long-term gold thesis, but it does mean the near-term chart has weakened.
Gerardo pushed back with context: $4,000 gold and high-$50s silver would have sounded fantastic a year ago. His point was that the bull market can still be intact even if the sector is correcting hard. Both hosts emphasized portfolio discipline, risk tolerance, and knowing whether a position is still adding value.
Market Takes - Copper still looks better than gold, and gold still looks better than silver, though copper has also turned short-term bearish and needs to hold roughly the $5.90 level. Nick warned that the pending Section 232 copper report could create tariff-driven volatility similar to last summer, but he remains long-term bullish on copper and critical metals.
The larger theme remains supply security. China is tightening rare earth magnet exports again, Japan is still struggling after more than a decade of trying to diversify supply, and the West remains far behind in mining, processing, refining, and magnet-making capacity. Energy Fuels (NYSE: UUUU)(TSX: EFR) was highlighted as a major U.S. critical minerals story after receiving major government support and moving to vertically integrate rare earth production through processing and magnet manufacturing.
Gerardo also highlighted Generation Mining (TSX: GENM)(OTC: GENMF), which received a major Canada Infrastructure Bank commitment for its palladium-copper-zinc project. Nick added that Generation now has nearly all of its expected capex package secured, with Wheaton Precious Metals and major banks involved, while the company still trades at a large discount to spot-price NPV.
Uranium also came up again, with Nick pointing to $17.5 billion in federal support for nuclear reactor development and the government’s broader push to fast-track uranium and nuclear infrastructure. Gerardo added that the U.S. is now greenlighting critical metals plants on military bases, another sign that the strategic metals theme is only getting stronger.
Bizarro Banter - The political section moved from New York’s socialist electoral wave to Washington state taxes, Rick Rule looking at Florida real estate, Roundup litigation, corporate power, Citizens United, Supreme Court decisions, and the broader collapse in trust across institutions. Gerardo argued that voters are gravitating toward extremes because the old system is not working for them. Nick agreed that people are fed up with rising costs, wealth inequality, political self-dealing, and government spending that often fails to deliver results.
They also discussed the Supreme Court, Monsanto/Roundup, corporate liability, Second Amendment cases, cannabis and firearms, birthright citizenship, Lisa Cook, boys in girls sports, and the difference between legitimate criticism and tribal outrage. The larger point was that America’s political system is being pulled toward extremes because many people no longer believe the center is capable of reforming itself.
Premium Portfolio Picks - Gerardo opened the premium section with PMET Resources (TSX: PMET)(OTC: PMETF), arguing that Generation Mining’s financing package offers a roadmap for what could happen at PMET. In his view, PMET is emerging as one of the most important critical metals companies in North America because of its lithium, cesium, tantalum, and broader strategic metals exposure. He expects limited dilution, strong institutional and government financing interest, and a much better second half if lithium prices cooperate.
He also returned to Hannan Metals (TSX-V: HAN)(OTC: HANNF), which has begun drilling its high-grade gold project in Sweden. The analog is Boliden-style mineralization, and Gerardo said assays could come quickly. If Hannan can show structure, grade, and continuity in the first phase of drilling, he thinks the stock could rerate sharply while investors wait for the much larger Previsto target in Peru.
Gerardo also highlighted Lux Metals (TSX-V: LXM)(OTC: BBBMF) in James Bay. The company has outlined a roughly 20-kilometer mineralized trend, completed important mapping and soil work, and should have assays soon before drilling begins. He sees both Hannan and Lux as exploration stories with the potential to trade in dollars rather than cents if the drill bit confirms the thesis.
Nick focused on companies that are already answering the key questions. First was Aldebaran Resources (TSX-V: ALDE)(OTC: ADBRF) which he originally financed at C$0.30 and has traded much higher since. The stock has pulled back with copper, but the company continues to add value, with a new resource estimate and further economic work ahead. Nick also likes the pending Centauri spinout, which includes the Rio Grande gold-copper project in Argentina and should bring additional drilling catalysts.
His second name was Gladiator Metals (TSX-V: GLAD)(OTC: GDTRF). Nick bought it around C$0.95 in November, watched it move above C$3, and noted that BlackRock just invested C$35 million with no warrants. That is a serious endorsement. Gladiator continues to hit high-grade copper in Yukon, appears to have strong control over the mineralization, and has the capital to keep drilling. Nick is not chasing it after the recent move, but said he would consider adding on a pullback toward the financing price.