Gold miners offer deep value on dips
The bull case for gold mining stocks is that strong corporate earnings and high margins have created a disconnect where juniors are undervalued relative to physical gold.
The argument
John Fennick argued that gold miners produced outstanding earnings, free cash flow, and strong margins in early 2026. Recent sell-offs driven by geopolitical liquidations represent panic-selling buying opportunities rather than fundamental business flaws.
The thesis, stress-tested
✓ What validates it
- ✓Junior mining stocks recovering from recent 40% to 50% drawdowns
- ✓Continued strong margin reporting in upcoming quarterly earnings
▸ Risks discussed
- ▸Inherent illiquidity and extreme volatility in junior mining stocks
- ▸Forced market liquidations during geopolitical escalations
Hear it yourself
"GDX, is the larger cap miners in our sector. Think Newmont, NEM, Agnico, AEM, etcetera. Right? February, March earnings were outstanding. Lights out earnings. And we saw some follow through buying as a result of that."
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