Resource Sector Repricing | Joe Mazumdar & Dave Erfle on Gold, Silver, Copper & Juniors
Gold stocks outpace bullion, juniors rebound, and copper’s breakout fuels sector-wide optimism.
With the first half of 2025 now in the books, the KE Report Weekend Show dives into a mid-year review of the resource sector. Joe Mazumdar of Exploration Insights and Dave Erfle of Junior Miner Junky break down what’s driving metals prices, why equities are outperforming, and whether the junior rally has legs. From gold’s momentum to copper’s supply crunch, this episode maps the capital rotation underway.
Key Highlights from the Interviews
Gold Stocks Outpacing Bullion: What’s Driving the Outperformance?
Joe Mazumdar notes GDXJ rose ~58% in H1 2025, outperforming gold’s ~27% move thanks to margin expansion and renewed ETF inflows.
“Margins of $1,500–$2,000 per ounce are being seen at today’s prices. That’s historic.”
Despite volatility, both Mazumdar and Erfle agree: quality producers are finally being recognized by investors.
Copper's Structural Bull Case Is Building
Mazumdar outlines a tightening physical market and falling smelter treatment charges as bullish signals.
“You can’t find enough cathode - there’s backwardation, negative TC/RCs, and majors are scrambling.”
Potential U.S. tariffs and domestic development (like Ivanhoe Electric’s Santa Cruz) could further boost U.S.-focused projects.
Junior Financing Floodgates Reopen
Explorers are flush with cash and drilling again.
“The juniors I track raised 12–24 months of runway... drilling is up, especially for gold and copper.”
Erfle says quality names are bifurcating higher, especially those with strong technical teams and supportive long-term capital.
Silver Stocks Catching Fire After Years in the Shadows
Silver’s 13-year high quarterly close is triggering renewed interest.
“The best silver juniors are breaking out. SILJ just had its highest monthly volume ever.”
As gold consolidates, momentum is rotating into silver and its undervalued equities.
Will Q2 Earnings Shock the Market?
With gold averaging over $3,200 in Q2, miners may post record free cash flows.
“Newmont could report $1.5B in free cash flow - that’s a $6B annualized run rate,” Erfle notes.
Both guests see potential for generalist investors to be caught off guard by the sector’s earnings power.
🎧 Listen to the full interview here to catch all the insights and stock-specific takeaways from Joe Mazumdar and Dave Erfle.
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