Nov 1, 2026 · 49 min
Gold’s pullback puts junior miners under the microscope
Jeff Clark's Top Mining Stock Picks
The episode examines whether weaker gold and silver prices offer an entry point while stressing the volatility and execution risks of junior mining stocks.
- 1Central-bank buying and gold ETF inflows support Jeff Clark’s broader bullish case for gold.
- 2Mining developers must prove projects can become mines while reducing technical, financial, and acquisition risk.
- 3Resource builders such as A2 Gold offer exploration upside but remain highly speculative and volatile.
Don't miss
Jeff Clark introduces A2 Gold and its Nevada exploration project as a test of whether a junior can prove a multi-million-ounce deposit.
The brief
Adam Taggart frames the discussion around gold and silver’s recent weakness, asking whether the pullback has created an opportunity in mining stocks.
Jeff Clark makes the bullish case for gold through accelerating central-bank purchases, diversification away from the U.S. dollar, and record inflows into gold ETFs.
For mining developers, Clark focuses on de-risking and acquisition potential, but returns ultimately depend on whether a proposed project can become a producing mine.
Clark turns to resource builders, highlighting A2 Gold and its Nevada exploration project as a case study in the potential—and uncertainty—of proving a large deposit.
The episode’s stock ideas are framed as research leads rather than personal advice, with exploration risk and sharp volatility remaining central to the investment case.
What was said on this episode
44 statements · 40 positive · 1 negative · 3 neutral
Gold and gold stocks are positioned to resume an uptrend.
“the gold stocks and gold are really primed to resume another uptrend”
Listen at 3:27
Underlying market conditions will lead to another rise in gold stocks.
“I believe is going to lead to the next rise in our market and the next rise in our stocks”
Listen at 5:02
Institutional investors are positive on gold and are buying it.
“gold is very strong and that investors, especially big investors, institutions, et cetera, are very positive on the gold price and they're buying”
Listen at 5:42
Central banks continue increasing their gold reserves.
“central banks are continuing to increase their reserves in gold”
Listen at 7:03
The latest quarter had the largest recorded global gold ETF inflow.
“last quarter was the largest quarterly inflow into global ETFs, not just US or Canada. On record, it's the highest ever.”
Listen at 9:18
Gold could more than double to approximately $10,000 if the historical pattern continues.
“If we continue to match that, the gold price from its current level would have to more than double. I mean, we're talking $10,000 gold.”
Listen at 11:43
The projected gold advance could occur within roughly one to one-and-a-half years.
“the timeframe there is only a year, year and a half. when this would happen.”
Listen at 11:53
Mining stocks are deeply undervalued and have historically high free-cash-flow yields.
“you have mining stocks that are in a prime position for us to purchase. They're deeply undervalued and yet their free cash flow yield is the highest in history.”
Listen at 13:22
Mining stocks are extremely cheap relative to gold.
“mining stocks as a group are extremely cheap”
Listen at 15:05
The low valuation of mining stocks represents an investment opportunity.
“That to me spells opportunity.”
Listen at 15:13
A small inflow of sidelined cash could dramatically affect mining stocks.
“just a small portion of the cash that's on the sidelines. coming into the mining industry would dramatically impact our sector.”
Listen at 16:43
Capital will move from bonds into the mining industry.
“And I think that's going to happen.”
Listen at 18:06
Positive drilling that demonstrates resource growth is likely to raise a mining stock.
“if the drilling is positive and strong and continues to clearly show the asset is growing, the stock is likely going to move up.”
Listen at 19:49
Most mining developers will probably be acquired rather than build mines independently.
“Most of these companies won't on their own. They're probably going to get bought out.”
Listen at 21:47
Bullfrog Gold will probably be acquired if its drilling succeeds.
“If they hit, it's clear and obvious that they'll probably be bought out because either Ken Ross or Angler are going to want it.”
Listen at 24:02
Bullfrog Gold has good acquisition prospects if exploration succeeds.
“because i think the odds are good this is highly prospective property and they probably will be bought out if they hit”
Listen at 24:21
Investors should consider buying SunComeUp Metals shares soon.
“So if you're interested in this one, you might want to pick up shares sooner rather than later.”
Listen at 25:56
Clark currently recommends the listed pre-resource stocks as buys.
“these are all buys for me right now”
Listen at 26:20
Ara Metals is worth at least C$2 per share at fair value.
“The stock, if you put it at fair value, is at least $2 Canadian.”
Listen at 27:17
Ara Metals remains a buy.
“So this is still a buy.”
Listen at 27:24
Cascadia Minerals could be significantly re-rated and is currently a buy.
“If they continue to be successful, we do think this stock is going to get a significant re-rating. This is a buy for me now.”
Listen at 28:33
Getty Copper will probably be acquired if exploration remains successful.
“I think it probably gets bought out if they continue to show success.”
Listen at 29:53
Rackla Metals is currently a good buy.
“So this is a good buy for us right now.”
Listen at 30:51
Clark is overweight Sun Peak Metals.
“I'm overweight this stock.”
Listen at 31:55
Clark recommends buying Pacifica Silver now.
“This is one I'd buy right now.”
Listen at 33:08
A2 Gold’s next resource could reach two or three million ounces.
“we believe that the next resource could be two or maybe even three million ounces.”
Listen at 34:49
A2 Gold's expanded resource would attract major mining companies.
“That'll really catch the market off guard, and it'll make them very attractive to majors in the area”
Listen at 34:56
A2 Gold currently offers an attractive entry point.
“So it's at a good entry point.”
Listen at 35:32
A2 Gold’s current price is a strong entry point.
“This would be a very strong entry point if you're interested in this.”
Listen at 35:34
Banyan Gold will probably become Yukon's next gold mine.
“Is this Yukon's next gold mine? It probably is.”
Listen at 35:41
Banyan Gold is a leading acquisition candidate.
“In my opinion, Banyan is a top buyout candidate.”
Listen at 36:03
Clark recommends owning Banyan Gold.
“But this is one I would definitely own.”
Listen at 36:18
Nucor Gold is undervalued based on its current net asset value.
“The stock is undervalued if you look at the NAV based on its current footprint.”
Listen at 38:20
Nucor Gold is definitely undervalued.
“So the stock is definitely undervalued.”
Listen at 38:28
Nucor Gold will eventually be acquired.
“In my opinion, this stock will be bought out sooner or later.”
Listen at 38:31
Grand Portage could approach a $1 billion project value at $4,000 gold.
“If you put that at $4,000 gold, you're looking at, you know, close to or at a billion dollar project.”
Listen at 40:16
Grand Portage's first gold pour is expected around 2030 or 2031.
“It's going to be 2030, maybe 2031 before first gold pour.”
Listen at 40:47
Grand Portage will probably be acquired before developing the project itself.
“They probably won't do it, though. They're probably going to be bought out by somebody who wants this.”
Listen at 40:51
Grand Portage will probably be acquired by a company seeking its project.
“They're probably going to be bought out by somebody who wants this.”
Listen at 40:53
Grand Portage’s market capitalization will grow toward its estimated billion-dollar asset value.
“the market cap of this stock is going to grow over time. and come closer to matching a billion dollar asset.”
Listen at 41:09
Grand Portage's market capitalization will increase over time.
“the market cap of this stock is going to grow over time.”
Listen at 41:09
Junior mining stocks are highly volatile.
“these stocks, they are highly volatile”
Listen at 46:19
Investors should follow guidance from a qualified mining expert.
“I think you should be following the guidance of a good expert”
Listen at 46:30
Most viewers should work with a financial advisor familiar with gold mining.
“I highly recommend most of you watching this work under the guidance of a good professional financial advisor who is familiar with the gold mining space.”
Listen at 47:00
Statements are attributed to the speaker as said on the episode and reflect their view at the time, not PodLume's. They are not advice.
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