Friday Recap (8/8/2025)

AU: $3397 ($3336 - Spot Two Weeks Ago - I didn't do a Friday Recap last week)

AG: $38.27 (38.08)

HUI: 472 (442)

DXY: 98.0 (97.4)

S&P: 6389 (6388)

10-Yr: 4.28% (4.39%)

Oil: $66 (65)

Gold continues to lead this year. Spot is up 28% in 2025 and up $61 in two weeks. If gold continues to trend, it could end the year up more than 30%. The HUI was up significantly this week, closing at 472. That is a weekly cycle high going back over ten years. The gold/silver miners seem to be breaking out. I don't think this Genie is going back in the bottle. Yes, we will get corrections, but those are to be bought and will be short-lived. Gold is likely trending to $5K over the next 24-36 months, or at least that is my expectation. Silver has now figured that out and has joined the party.

Once silver gets above $40, the train is leaving the station. With another Friday close above $38, it is becoming apparent that the floor on silver has risen significantly. The chance of silver going back below $35 and staying there is decreasing rapidly. Conversely, the chance of silver getting above $40 is increasing rapidly. The signs are hard to ignore: gold is finally pulling silver higher. With Hecla and Coeur both ripping higher this week after releasing positive Qtrly results, the train's whistle is blowing.

If you don't own the Mormons (CDE, HL, PAAS, AG, EXK, HOC, FRES, AYA), then now is your last chance. You might get lucky and time the final dip, but if you are not proactive now, then they will likely slip through your fingers. I would include ASM as part of the Mormons. It has always been pretty, but a bit young (small producer). That's nine silver producers to ride to $100. One will probably disappoint, and one will likely be a rocket ship. That's why you own them all. We don't know which one will be the 20-bagger. The big winners always surprise.

I have been building my gold/silver miner portfolio for 20 years. I think I am done. I might buy a few more, especially on dips, but I am basically finished. Now, I will sell to the top. I won't begin selling until the bull market in gold/silver miners is mature. That will likely be around 800 on the HUI. I could sell a bit before then, but not much. Most of my selling will be from $4500 to $5000 gold, and $75 to $100 silver.

If your portfolio is not finished, you better hurry up. My guess is that you only have a few months. Once the HUI breaks out in a big way, you will lose most of the big upside potential (once a stock doubles, you lose 50% of the upside). I expect all of the Mormons to double quickly once silver gets above $40. Why are they called the Mormons? Because you want to marry all of them.

Some of you are wondering about my expected crash in the S&P, and are concerned about your miners getting whacked. Yes, that will happen. However, it will likely be short-lived, so why worry about it? Perhaps save a bit of powder to buy the dip, or create a list of stocks that you want to buy on sale. I think it's more prudent at this stage (with silver perking up) to be more worried about the train leaving the station than to worry about a correction.