Good Morning!

If you are willing to do the work, as Rick Rule says, juniors are a better bet than seniors.

I cover many of the reasons below.

One is that unlike in 2010-2011, there is real potential for a mania this time.  

To learn which juniors we like best and have 5x to 10x upside potential, subscribe to TheDailyGold Premium 👇👇👇  

1) Juniors Have Better Reward vs. Risk

Juniors have far greater upside potential and leverage in a cyclical bull market, while senior miners do not necessarily possess a material advantage in protecting against the downside. 

Neither should be held throughout a bear market like blue-chip stocks. Senior mining firms are not blue chip stocks. 

Here is some data from within the last secular bull market in precious metals. 

From 2004 to 2007, GDXJ gained 299%, while from 2004 to the peak in early 2008, GDX's parent index gained 187%. 

During the global financial crisis, GDX declined 71%, while GDXJ lost 81%. 

Then, from the 2008 low to the 2011 peak, GDXJ surged 578% while GDX gained 311%.

2) Information Advantage

It's quite possible for individual and retail investors to gain a significant information advantage in various junior companies. 

Many small juniors and even medium-sized juniors lack analyst coverage. 

Retail investors can become experts on these companies. In many cases, you can communicate with the company's CEO. 

You can become better informed on these companies than most market participants. 

That is not possible with the senior mining companies. 

And even if you can reach senior mining companies, how much information can you really gain? 

They are huge companies with numerous moving parts.

3) Liquidity Advantage

Big money cannot buy or sell these companies without having a huge impact on the market. They usually buy in financings. 

Big money has to be married to them. 

Ever wonder why Eric Sprott has so many turds? (Amongst some giant winners). 

He can't trim positions or cut losers until they've lost completely. You can!

Sponsor Companies

Equinox Gold (EQX) is a paid sponsor of this free newsletter. The company pays us a monthly fee to be featured here. 

The company is currently trading at only 2x 2026 EBITDA and 2.3x 2026 cash flow at $3360 Gold. (Per RBC data). 

Calibre Mining's management, who are known as elite operators have taken control of operations and are working to ramp up the Greenstone Mine and later the Valentine Mine. 

If successful, Equinox could see a major turnaround.

Chairman Ross Beatty has bought over $1.5 Million in stock in the market in recent months. 

GoGold Resources (GGD.to, GLGDF) is a paid sponsor of this free newsletter. The company pays us a monthly fee to be featured here. 

The company is currently a small Silver producer with a pipeline of two development projects. Its CEO Brad Langille owns a large position in the company and has a very strong track record.

The company is attractively priced and in position to produce 9M oz Silver-equivalent/year in a few years (assuming permit receipt in 2025), with another development project that could take it to 16-17M oz Silver-equivalent.

For more analysis of these companies and many more companies, subscribe to TheDailyGold Premium.

5) Potential for Significant & Sometimes Life-Changing Profits

Unlike the secular bull market in precious metals from 2001 to 2011, the current one, which is just beginning, has the potential to evolve into a bubble and mania, which would entail much higher returns than in the 2001-2011 period. 

This bull market has two major similarities to the 1970s. 

Unlike in the 2000s and 1930s, Bonds are now in a secular bear market, as they were from 1965 to 1982. 

Also, like in the 1970s, Gold and Silver will have broken out to new all-time highs early in their new secular bull market. Gold- check. Silver-perhaps in 2026. 

The preponderance of new all-time highs in Gold and Silver over the years ahead will lend itself to more speculation and far more than in 2005-2007 and 2010. 

Think of the junior silver and junior uranium mania in the late 1960s. Think of gold and silver juniors in the 1970s.

6) Junior Silver Stocks as an Example

This is an index of 10 junior silver stocks, tweaked over the various time periods. 

It's not necessarily our 10 favorite or 10 best companies. 

Could this go from the current 370 to 8000 in 2029? 

Well, Silver is inching towards the greatest breakout in capital markets in the past 52 years.

Summary

Juniors are better than larger companies and seniors for investors and speculators who are willing to do the work. 

They outperform in a bull market while seniors and other firms perform almost as terribly in a bear market. 

Individual investors have an information and liquidity advantage in these companies. 

There is also the potential to make significant and life-changing returns as a potential mania is more likely than not. 

Gold & Silver both being at all-time highs (soon), the secular bear in bonds and soon to be secular bear in stocks will set the stage for an eventual mania in junior Gold & Silver stocks. 

Buy value, buy good companies and manage positions properly. 

Trim big winners along the way. Cut losers and laggards.

In TheDailyGold Premium....

TDG #946 was an 18-page update.

We updated the notes on our Top10 Company Watch List, and on page 2 we highlighted recent developments with our companies.

Subscribers are quickly informed on the most important developments on the first two pages of every update. 

On the model portfolio page we highlighted our two best buys and a third as well. (Those two buys have now likely bottomed after correcting quite a bit).

One of the companies is a favorite and has 4x upside potential in 3 years at current margins. That means more potential if the bull market continues. 

We also noted the silver stocks "are at much better entry points compared to a few weeks ago."

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Thank you for reading.

I wish you all the best in 2025 and beyond.