The "Big Money" Still Lies Ahead | Jeff Clark

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**Jeff Clark** (1:26)
So the easy money has been made just because you were sitting on them and they popped up. But the big money is still ahead.

**Adam Taggart** (1:41)
Welcome to Thoughtful Money. I'm its founder and your host, Adam Taggart. When the precious metals enter into a bull market, the shares of the companies that mine them usually outperform the price gains of gold and silver themselves, sometimes wildly. Well, a precious metals bull market is currently underway, and the mining shares are indeed starting to come to life. How much farther do they likely have to run? And when investing in precious metals mining companies, what should investors look for? For answers, we've got the good fortune to welcome analyst Jeff Clark back to the program. Jeff's the publisher of the Gold Advisor Family of Mining Stock Newsletters and author of the book Paydirt, Mining for Profits with Gold & Silver Stocks. Jeff, thanks so much for joining us today.

**Jeff Clark** (2:25)
It's great to be back with you, Adam. Thanks for that nice intro.

**Adam Taggart** (2:29)
Well, look, I mean, the intro is just spouting facts here, nothing but the facts. Jeff, it was fun to get a chance to see you briefly in person, in front of Rick Ruhl's Annual Symposium in Florida the other week. We're now back home in California where it's much drier and cooler. So nice to be out all that humidity. But look, nice to talk to you about the bullseye of your area of expertise, which is precious metals mining stocks. As I mentioned there in the intro, they actually finally are starting to come back to life after a very long winter. I'm one of those long-time, long-suffering precious metals mining stock owners. So I'd love to talk to you about the opportunity that you see ahead, the degree of opportunity that you see ahead for that sector. Real quick though, before we get to the stocks themselves, what's your current assessment of the precious metals complex right now? What's driving it and what inning are we in? Just talking about the metals themselves.

**Jeff Clark** (3:30)
Well, that's a great way to start, Adam, because we are in a bull market, there's no doubt about that. It started back, in my opinion, on leap year day last year, because the day before, the Fed came out and said, well, we're going to raise rates more often and more frequently than we said. That since changed, of course, but gold ignited the next day. And essentially, Adam, it's never looked back. It's never had more than a 6% correction since then. So gold's in a bull market, I think, as most everyone knows. But we have confirmation of the bull market because the miners are outperforming gold itself. And as proof of that, gold is up 64% as you and I talk since the bull market started back in February of 2024 But GDX is up 103% since then, and GDXJ is up 111% since then. So you have GDXJ outperforming GDX and GDX outperforming gold. Those are the very ingredients that you want to see in a bull market. And so we have confirmation of that. So and by the way, this all started before Trump was elected. It started before, you know, the tariff thing. I think gold was driven in part by the tariffs and the uncertainty around that.