Source: VRIC Media | Date: January 20, 2026

Don Durrett: Proof the Silver Bull Market Is Just Starting

Key Takeaways

Bull market is still early with potential for 3-4 phases of multiple expansion ahead (normalization, high valuations, then mania phase)
Mining stocks currently trading at extremely low free cash flow multiples (under 10x) while S&P 500 trades at 22-23x forward PE
Focus on quality producers with strong balance sheets, high margins, and free cash flow generation rather than quarterly earnings
Silver shortage expected in Q1-Q2 2026 due to unsustainable delivery demands and depleted inventories from 600+ million ounce deficit over past 4 years
Investment horizon should be 24-48 months, not quarterly - these are cyclical speculative bets dependent on higher gold/silver prices

Gold price targets: $6,000-$8,000 gold expected, with some seeing potential for even higher
Silver projection: Currently at $90/oz, driven by supply shortage with 250-300 million ounce deficit expected in 2026
Timeline: Bull market could extend to 2028-2029, with 18-24 months before reaching high valuation phase
S&P correlation: Gold strongly correlated to S&P 500 since March 2024; expects S&P to hold levels through February earnings
Economic outlook: 2026 predicted as "last year of American greatness" with recession likely before year-end

Newmont (NEM): Currently ~$100, target $400 (4x bagger potential) with $13B annual free cash flow
B2 Gold: Trading at 3x free cash flow multiple, potential for 3x expansion despite Mali geopolitical risks
Equinox: Undervalued major with growth pipeline from 750K to 1.2M ounces, recently divested high-cost Brazilian assets
1911 Gold: Development story in Canada, production expected Q1 2027
Silver miners: Expected to significantly outperform gold miners due to higher margins

"We're early here. I can find 50 very high quality five baggers and another 25 high-quality three baggers... and another 25 high quality 10 baggers."
"You shouldn't even be playing with this stuff. You should only be investing in gold and silver mining stocks if you're willing to lose money, not expecting to make money, willing to lose money."

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