Anthony Milewski

Big Money Is Moving Into Small Gold Stocks | Anthony Milewski - The Oregon Group

• Top takeaway He argues this is the first time in about a decade that very small gold juniors are worth owning: after heavy capital raising over the past 12 to 24 months and renewed M&A activity, he expects these companies to put money in the ground instead of the CEO's pocket, with discoveries and heavy drilling to follow.
• He warns against holding minor or critical metal stocks for long, saying 98 to 99% of global refining capacity for many of them sits in China, that demand is nearly fixed so a small push of supply leaves almost no bid, and that you never really own a minor metal stock, you rent it — sell into a placement or trim the initial position.
• He says company boards now want U.S. listings, because the big recent success stories have been U.S.-listed and that market carries the deepest liquidity; he has noticed a wave of U.S. banks specialising in NASDAQ vehicles, and sees cross-listing and ADR routes as how juniors plan to reach that capital.
• On nickel he says the metal is at the bottom of the cycle, with roughly 70% of global production in Indonesia, where he describes severe environmental damage and a recent earthquake that narrowly missed the region; he calls that major concentration risk and expects nickel to have its moment within the next few years.
• He predicts gold will reach new all-time highs within 12 months of the October 2026 conversation even with interest rates rising, attributing his conviction to government spending and election-cycle money printing, while saying silver is more complicated because of its industrial use and expressing no strong view on it.

Capital is returning to small gold explorers after a decade of dry funding; juniors are now putting raised money into drilling, not CEO pockets. Moving to U.S. listings opens far deeper retail liquidity, and the new SEC ADR rules let Canadian juniors reach Nasdaq and NYSE investors. Critical metals carry real risk: roughly 98-99% of global refining capacity sits in China, and rigid demand can erase the bid on small surpluses. Nickel sits at the bottom of its cycle with about 70% of supply in Indonesia, while deep-sea polymetallic nodules could disrupt markets this decade. The guest expects gold to set new all-time highs within a year on election-cycle money printing, even as rates rise; silver is less certain.