Jordan of Mining Stock Monkey argues the gold bull market may be mature but still supported by central-bank buying and heavy government debt, so he prefers higher-margin, lower-risk precious-metals exposure over speculative producers. He is rotating toward unloved commodities like nickel and potash, while staying constructive on copper but waiting for a better entry.
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This interview centers on Jordan’s investing approach across mining and commodities. He explains how his background in stocks and a childhood metal-detector experience led him into precious metals, then describes years of trial-and-error investing in mining stocks that shaped his current risk-focused style. His portfolio still has meaningful gold and silver exposure, but he says he is reducing that exposure now that gold has already risen sharply from its 2015 lows. On precious metals, Jordan makes two competing points at once: the gold bull market looks mature if measured from the 2015 bottom, yet major macro forces could still extend it. He cites the 2022 “weaponization” of the U.S. dollar, central-bank diversification into gold, and persistent government spending/debt as structural tailwinds. …
Near term, the key setup is whether gold keeps consolidating at elevated levels or rolls over; Jordan is not chasing miners here and prefers low-overhead royalty names if volatility rises. Oil is a fast-moving tactical trade because any de-escalation could hit prices hard.
Over the next several months, the base case is selective upside in precious metals with better relative performance from high-quality royalty/streaming businesses than from leveraged producers. The thesis is invalidated if gold loses momentum decisively or if risk assets and commodity sentiment improve enough to revive cyclicals more broadly.
Structurally, he sees a long-lived regime of fiscal excess and currency debasement that keeps real assets relevant, but the easy money in precious metals may already be behind us. The durable edge therefore shifts from broad commodity beta to disciplined selection, capital structure quality, and buying unloved sectors before they re-rate.
Jordan got into precious metals early because a childhood metal detector experience and his father's background in financial advice led him toward stocks and mining.
He directly explains his personal origin story and path into the sector.
The gold bull market may be mature if measured from the 2015 bottom, but it could still continue because central banks are diversifying away from U.S. Treasuries and governments are spending heavily.
He explicitly gives both the maturity and continuation arguments.
He is reducing precious-metals exposure and preferring safer vehicles because current prices have already run sharply and the cycle may be later-stage.
He says he wants to reduce exposure after large price appreciation and keep metals in safer vehicles.
Could you start with a brief introduction to yourself and your work, and how you got into this space?
Jordan got into mining stocks after his dad, a financial adviser, got him into stocks early, and finding a 1901 silver quarter with a metal detector sparked his interest in precious metals. He started investing in mining stocks around high school, lost money for the first 5-10 years learning lessons, and has now been doing it for 20 years. He founded Mining Stock Monkey a few years ago to teach beginners the pitfalls he encountered.
How does your portfolio break down in terms of commodity and company size?
The portfolio is heavily weighted toward gold and silver, with some copper, a little iron ore, and some other commodities. He is trying to reduce precious metal exposure after gold has moved up about 5x from 2015 lows and moving those into safer vehicles like royalty/streamers. His general strategy is to buy stocks in a commodity when that commodity is cheap because the industry is cyclical, and he's now looking for more unloved commodities.
Where in the cycle do you see us right now for gold, and what up-and-coming commodities are you starting to focus on?
Jordan argues the gold bull market started in late 2015, making it more than 10 years old — mature compared to past cycles lasting 3-10 years. However, macro forces like weaponization of the dollar in 2022 and endless government spending could continue to push gold higher. He sees arguments on both sides and doesn't know for sure. For unloved commodities, he's looking at nickel, potentially lead and zinc, and potash. He's bullish on copper long-term but waiting for a better entry due to recession risk and expected mine supply ramp-ups.
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