Source: Kitco NEWS | Date: January 27, 2026

Key Takeaways

Gold and silver hit record highs with silver seeing unprecedented 13% intraday moves, but experts view silver as "overblown" while gold has stronger fundamental support
High metal prices are enabling risk capital to flow back into junior miners and exploration companies after years of difficulty raising funds
The cycle will eventually end "violently" but companies are using current cash flows to pay down debt and prepare for inevitable downturn
Focus remains on safe jurisdictions (Canada, US, Australia) over higher-risk international locations due to investor preferences
Supply response will be slow (3-5 years) despite high prices due to the multi-year nature of mine development

Market Views

Gold has "great legs" to continue higher due to fundamental money flows from treasuries/USD to gold
Silver at $100+ is considered unsustainable and due for "violent correction," though $50 silver would still be "fabulous" for miners
Copper has strong outlook driven by AI infrastructure demand (300 tons copper per acre of server farms)
Market currently lacks value opportunities across the sector due to bull market conditions

Hemlo Mine: New high-grade drill results announced, operating mill at 38% capacity vs 10,000 ton/day design capacity
Equinox Gold: Reduced debt from $1.5B to projected debt-free status by end of quarter
Dakota Gold: 150,000 ounce producer in South Dakota on private land
Aluminina Metals Poland: Copper project going public Q2 2024 after 14 years development, $150M invested

Ross Beaty on cycle timing: "When it turns, as it will, it's a very ugly multi-year exercise...most projects run uneconomic and the valuation of these companies goes to zero"
Bob Quartermain on exploration: "As a metal price has gone up, there's now areas within that region to go on...The homestake mine shut down in 2000 with $280, $300 gold now that we're 15 times higher"

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