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Research
Gold, Silver and Junior Mining Market
The Lassonde Curve Explained
The Lassonde Curve is a model, developed by mining executive Pierre Lassonde, illustrating the typical life cycle of a mining company, mapping share price and value from exploration to production.
J.P. Morgan - December 16, 2025 Research
Will gold prices break $5,000/oz in 2026?
Sprott Report: Top 10 Themes for 2026
Gold’s Role as a Core Store of Value Strengthens
Silver’s Dynamic Bull Case
Silver’s Dynamic Bull Case
Sprott: Gold Miners Shine in 2025
Gold and Silver, vs. Stocks, Bonds and USD (12/31/1999-7/31/2025)
Visual Capitalist: What Gold Investors Should Know in 2025
Gold vs. S&P 500
So far in 2025, market uncertainty has pushed gold prices to record highs.
In addition, gold equities have outperformed the S&P 500 as investors seek safe-haven assets.
While major gold producers have seen their stock prices rise, exploration companies—often referred to as juniors—remain overlooked.
The gap between the spot gold price and the TSX Venture Exchange (TSXV), the main hub for junior mining companies, has reached its widest point in years.
In fact, physical gold has outperformed shares of junior mining companies over the past three years by the largest margins in decades.
So far in 2025, market uncertainty has pushed gold prices to record highs.
In addition, gold equities have outperformed the S&P 500 as investors seek safe-haven assets.
While major gold producers have seen their stock prices rise, exploration companies—often referred to as juniors—remain overlooked.
The gap between the spot gold price and the TSX Venture Exchange (TSXV), the main hub for junior mining companies, has reached its widest point in years.
In fact, physical gold has outperformed shares of junior mining companies over the past three years by the largest margins in decades.
Gold Miners Crushed The S&P 500 By 10x - Are They Still A Buy?
Precious metals closed out 2025 in blockbuster fashion, with gold posting its strongest year since 1978 and silver its best since 1979. That momentum has carried into a powerful 2026 rally — a shift that Thomas Shipp, head of equity research at LPL, said has materially reshaped earnings power and investor expectations across the mining sector.
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