Sean Zubick
@SeanZubick
Multi-exit founder. Focused allocator in the full mining life cycle of precious and critical minerals. Investor in AI. Amateur Golfer
1.1K Following 3.3K Followers
The 10 largest Gold and Silver Miners had $7b in net buybacks in 2025
That is the highest in 28 years!!!
This will continue until the sector gets the right multiple..
Stop worring about if big AUM rotates or not. The major miners love their own cooking...
-@TaviCosta
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Gold miners just flipped from capital destroyers to free-cash-flow machines — and the market is still underpricing it.
Large asset managers prioritize FCF per share in mining because earnings can be noisy. Strong, rising FCF funds dividends, buybacks, and growth without dilution — exactly what was missing in prior cycles.
Record cash generation + attractive yields vs a stretched broader market create one of the clearest fundamental setups for capital rotation into gold equities in years. The re-rating is still early.
The sector stopped burning cash and started printing it. Valuations haven’t fully caught up.
Another wonderful chart by @TaviCosta
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@TaviCosta just delivered another reminder the market keeps ignoring:
Global Money Supply is structurally rising in perpetuity.
That leaves only one logical outcome for gold.
The current divergence is temporary. This gap *will* close.
All-time highs in gold are not a question of “if” — only “when.”
The math is simple. The trajectory is clear.
His substack here:
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