Gerardo Del Real,
Editor
March 18, 2026
I’ve received more emails (appreciate them all btw!) from nervous subscribers this week than I have in the past three months. Which is good. It means you’re paying attention.
Two types of emails. One, subscribers that have followed my work for some time and are still very much in the green despite the recent pullback but would like thoughts and guidance on specific positions.
And two, newer subscribers from the past 3 to 6 months who, unlike longer-term participants, are not accustomed to seeing positions down 10%, 20%, even 50% in a quarter.
So what to do? The hardest thing to do in a mini correction (which is what this is) within a bull market is to do nothing. Of course, we feel smarter when our stocks are at all-time highs but we are nowhere near the point in the cycle where I am looking to exit the market near recent highs.
Quite the opposite. Ask yourself what the companies are doing to add value, what are the catalysts — both company-specific and macro?
Are there assays pending, is the company cashed up, is there near-term drilling with the potential for a re-rating if there is a discovery, is the current valuation justified based on what we know?
The break this morning in the gold and silver space is a knee-jerk reaction to this morning’s hotter-than-expected PPI reading, which leads many to believe the Fed may not cut rates until much later this year. The producer price index — which tracks the change in wholesale prices — rose 0.7% in February, or more than double economist estimates polled by Dow Jones.
Newsflash, the hotter-than-expected PPI reading combined with the war in the Middle East is also going to ensure that the Fed doesn’t hike rates anytime soon either. Because it can’t.
I won’t bore you again by citing the $39 trillion debt and the implications, but I will tell you that the escalating energy prices that are being reflected at the pump, in fertilizer prices, and in natural gas are not yet reflected in today’s report. Oil and the USD index tell me this war is far from over.
It’s not retail driving this metals bull market, it is a monetary shift in how central banks and fund managers hedge stupidity (I’m being kind).
We’re not going to need less metals from stable jurisdictions, we will need more. We will need more gold to offset the exploding balance sheet. We will need more clean energy. These are trends that will last for years in this new order that’s materializing. Corrections are not fun but they are necessary. Know what you own and let the market work.
Subscribers of Junior Resource Speculator, I’ll see you this Friday at 11 AM PT (2 PM ET) for a thorough live Speculator Session, where we’ll go over the portfolio, what we own, and why.
Let's get it,
Gerardo Del Real
Editor, Bizarro World