Don Durrett argues the precious-metals bull market is still early despite sharp 2025–26 gains, with gold and silver miners remaining cheap relative to his long-run targets. He says the recent pullback is short-term noise from oil, rates, and Fed expectations, not a thesis break, and that the real driver is a fundamental stress in the monetary system that central banks are already reacting to by buying gold.
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This Wealthion segment is an introduction and discussion between Trey Reich and Don Durrett of Gold Stock Data. Trey frames Don’s service as a broad fundamental-data resource on roughly 850 gold and silver equities, aimed at helping subscribers do their own research rather than receiving model portfolios or frequent trading calls. The conversation focuses on the ongoing precious-metals bull market and the strong price action in gold, silver, and mining equities through 2025 and early 2026. Trey notes that since their earlier December discussion, gold has risen to about 5,200, silver to about 89, and GDX to about 104. Don says he is not surprised by the strength. …
Tactically, the precious-metals trade looks noisy rather than broken, with rates and oil acting as near-term headwinds. Pullbacks may be tradable, but miners need to start confirming strength relative to the metals to avoid another lagging phase.
Over the next few months, the base case is that gold and silver remain in an uptrend and the miners gradually catch up if the cycle is still intact. A sustained failure of miners to improve versus bullion would be the main sign that the move is less durable than Don expects.
The long-run thesis is that gold is being repriced as a monetary reserve asset in a regime of growing distrust in the existing financial system. If that is right, precious metals and quality miners could benefit from a multi-year structural reallocation rather than a short-lived inflation trade.
Wall Street is not involved yet, so the precious-metals cycle is still early.
Speaker explicitly says Wall Street is not involved and that they are very early in the cycle.
Silver miners are at least five-baggers and elite gold miners are still only a few times book from his assumed gold scenarios.
He gives explicit upside multiples for miners at $6,000-$7,000 gold.
Gold’s breakout began in February 2024, while silver did not join until August 2025.
He dates the breakout sequence for gold and silver.
Have you been surprised by the strength of these 2025 and early 2026 performances?
Don says he was not surprised because he viewed the breakout as beginning in August, with gold already broken out in February 2024 and silver only joining later in 2025.
What do you think happened in January for these blowoff moves to accelerate as much as they did?
Don says the move is hard to explain succinctly but reflects a broader re-pricing; he points to how cheap miners are, how silver and miners are not aligning cleanly, and how gold is signaling a deeper macro change.
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