Silver miners are selling off. @TaviCosta is buying Why? Cash flow, balance sheets and a bull market he believes isn’t finished. Watch our conversation👇Recorded 5th Nov 2026

The last time the Nasdaq 100 fell this much while gold miners rallied was during the March 2020 crash. Before that, it happened during the tech bust of the early 2000s. Both periods saw significant bottoms in gold and mining stocks. During the tech bust, miners also broke away from the broader market and began a secular bull run. Long-term investors know what to do here.

The largest copper miners are expected to report their lowest annual production in nearly 15 years. A 16% decline from 2024. Metals already face supply constraints relative to demand, and the outlook for future supply looks even more concerning. Recent weakness in the mining industry hides the real opportunity.

Positioning in the US dollar is at one of the most extreme levels we’ve seen in years. The currency is also deeply overvalued and technically stretched. With rates rolling over and the Fed nearing the end of its hiking cycle, we may be approaching a major turning point. Meanwhile: Gold and silver are deeply oversold — a reversal in the dollar could unleash a powerful rally in both metals.

Silver, tracked by $SLV, is about 29% below its 200-day average, the widest gap since March 2020. Tavi Costa (@TaviCosta) sees “one of the best buying opportunities of the cycle” over 12-24 months, though he warns more downside is possible.

Tavi Costa, CEO of Azuria Capital, remains bullish on precious metals and notes that his funds maintain a 65% allocation in silver companies. He believes gold and silver share strong supply and demand fundamentals comparable to copper, while offering better balance sheets, margins, and valuations after recent pullbacks. He also expects interest rates and the U.S. dollar to roll over as the Federal Reserve nears the end of its tightening cycle. In his view, those shifts could provide a powerful catalyst for hard assets as the broader market works through the process of bottoming.

There is a fundamental difference between the 2011 peak in silver and what we are seeing today. Back then, rising prices were accompanied by a massive increase in production. Today, that supply response is completely missing. Don’t confuse a violent correction with the end of a cycle.

There is a fundamental difference between the 2011 peak in silver and what we are seeing today. Back then, rising prices were accompanied by a massive increase in production. Today, that supply response is completely missing. Don’t confuse a violent correction with the end of a cycle.

Gold’s 30% Drop Matches 2008, but a Bottom Is Near | Tavi Costa Taken as one sector, #gold# miners would have the cleanest balance sheets in the stock market, says Tavi Costa @TaviCosta , yet mining makes up less than 1% of it. The founder and CEO of Azuria Capital calls this pullback “one of the most compelling windows of opportunities” he has seen this cycle, and with gold down about 30% by his count, he thinks “we’re closer to the bottom.” Speaking with Kitco News anchor Jeremy Szafron at the New Orleans Investment Conference, Costa points to free cash flow yields near 10% and bank models that still value the miners on $3,000 to $3,500 gold. Plug in a higher long-term price, he argues, and the whole industry gets re-rated. He is especially drawn to silver miners, some holding 10% to 15% of their market cap in cash, and he sees resources as the new moat in a world AI can disrupt, calling mining “the best AI trade.” Special thanks to our sponsor, @DakotaGoldCorp , for making this coverage possible.

Everyone is a hawk until something breaks. We’re about to find out if Warsh is all talk. In the meantime: This flush in hard assets is running out of sellers in my view. Markets have a habit of testing conviction before rewarding it.

Warsh today: All bark. No bite. Still miles from its inflation target. The Fed is in the final stretch of this suicidal tightening cycle. The chart below shows where hawkish talk runs into fiscal reality.

Sometimes all you need is a headline like this. We are likely in the bottoming process for precious metals. Miners oversold. Metals positioning overly bearish. U.S. dollar overvalued and overbought. Rates rolling over. H/t to @SamsonLi7

A reminder: If gold miners were a single sector, they would have the cleanest balance sheets, the strongest profit margins, and the most attractive valuations in the market today.