Gold market momentum: Jeff Clark sees bull run far from over [Video]

In a recent Money Metals podcast, host Mike Maharrey spoke with Jeff Clark, a veteran gold and silver analyst and founder of TheGoldAdvisor.com, about the state of the precious metals markets, mining stocks, and the forces shaping investor sentiment. 

Clark launched The Gold Advisor during the COVID-19 pandemic and is the author of Pay Dirt: How to Strike Pay Dirt With Mining Stocks, a practical guide to evaluating mining companies.

About Jeff Clark

Jeff Clark is a seasoned authority in the precious metals sector, combining decades of industry experience, deep sector knowledge, published expertise, and a proven track record. He has worked with renowned investor Doug Casey, advised multiple bullion dealers, and contributed to top-tier investment newsletters. His insight is grounded in real-world exposure to mining through his father, an independent gold prospector with claims in California, Nevada, and Arizona.

As the author of Pay Dirt, Clark blends his own analysis with contributions from 17 respected industry figures, offering investors practical guidance on both physical bullion and mining equities. His history of navigating multiple bull and bear cycles gives added weight to the perspectives he shares in this discussion.

Money Metals is pleased to have Jeff Clark back as a guest on the Money Metals podcast. 

A young bull market poised for growth

Clark believes the current gold bull market—now about 18 months old—is still in its early stages. 

While gold hit all-time highs in April before consolidating, he notes the pullback has been unusually mild—less than 6% versus an average 10.1% correction during the 2001–2011 bull run. 

This recent correction, he argues, has been “more in time than price,” with sideways trading serving as the cooling-off period before another potential leg higher. 

Historically, September is gold’s best month, and Clark is preparing for possible upside in the medium term.

Why miners lagged—and what’s next

When gold prices first broke out, uncertainty from Fed policy shifts, geopolitical tensions, and tariff rumors pushed investors toward physical gold and silver rather than mining stocks. Miners only began breaking out later, a normal dynamic in bull markets. 

Today, producers are “printing cash,” but Clark points out that Main Street and Wall Street still haven’t piled into mining equities. 

The ratio of mining stocks to the S&P 500 remains historically low, suggesting significant upside once broader markets weaken and capital rotates into the sector.

U.S. skepticism vs. eastern Gold appetite

Clark contrasts the cultural attitudes toward gold in the U.S. and the East. 

In China, the government has even encouraged citizens to buy gold—something unheard of in Washington. U.S. investor interest has been soft, with recent price strength driven largely by Asian demand and central bank purchases. 

He believes a breakout in silver above $50 could spark a buying frenzy in both metals across the West, potentially leading to gains of 50% to 100% or more.

The politics of Gold

Clark argues that a runaway gold price is the last thing U.S. policymakers want, as it threatens the dollar’s reserve currency status. 

While he stops short of predicting a formal return to a gold standard, he maintains that only such a shift could rein in unsustainable deficit spending. 

Until then, inflation, money printing, and fiscal irresponsibility “force” him to remain a so-called “gold bug.”

Mining stocks vs. physical bullion

Clark stresses that gold is money—a form of portfolio insurance best held in physical form for emergencies. 

Mining stocks, by contrast, are speculative bets on company performance and offer leverage of 2–4x gold’s price moves, with juniors capable of even higher gains if they make major discoveries. 

His three key evaluation criteria for mining companies are people, project, and politics.

• People – The quality and track record of the company’s management team, geologists, and board of directors. In mining, experienced and reputable leadership is critical to making good exploration decisions, securing financing, and executing projects efficiently.
   
• Project – The strength and potential of the mining asset itself. This includes the size and grade of the resource, how economical it is to extract, the stage of development (exploration, development, production), and its potential to grow through new discoveries.
   
• Politics – The jurisdiction and regulatory environment in which the mine operates. Political stability, mining laws, environmental regulations, permitting processes, and even local community relations can make or break a mining project.
   

Clark’s point is that all three factors need to be strong for a mining stock to have a good chance of success. Weakness in any one of them can create serious risks for investors.

Mergers, acquisitions, and a healthy sector

Mergers and acquisitions are accelerating in the mining sector, fueled by two factors:

1. Sustainably higher gold prices boosting producer cash flow.
    
2. Debt reduction—industry net debt is projected to be zero this year, down sharply from the overleveraged peak in 2011–2012.

Producers must replace the ounces they mine, making juniors and developers prime takeover targets. 

Financing for small companies has surged, with firms that struggled to raise $1 million last year now securing $5–10 million in oversubscribed rounds—an indicator of robust market health.

The overlooked opportunity

Clark says the biggest blind spot in mainstream coverage is the mining stock opportunity. Despite some miners doubling or tripling year-to-date, broad investor participation is minimal. 

“The big gains are still ahead,” he insists, predicting a powerful rally once generalist investors enter the space.

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