“This time, it’s different”.
The four most expensive words in history.
Everywhere you look right now, gold is making headlines.
Prices have hit record highs in both US and Aussie dollars, and suddenly, mainstream finance outlets can’t get enough of the yellow metal.
But here’s the thing…while most people are just starting to notice, those of us who follow the gold market closely know this cycle has been building for years.
And according to my guests in this week’s special Drilling Deeper episode, what we’re seeing today could just be the beginning.
I sat down with two of the sharpest minds in the mining and investment space – Sean Russo from Noah’s Rule and Hedley Widdup from Lion Selection Group – to unpack exactly what’s happening in the gold market, why it matters for investors, and where the real opportunities might lie.
Gold’s relentless breakout
Russo put it bluntly: this is the fastest, strongest breakout he’s seen in more than 25 years of watching gold. Unlike previous bull runs that sputtered with pullbacks and corrections, this rally has just kept powering higher.
And it’s not just gold bugs paying attention anymore.
Widdup pointed out that the mainstream financial press – usually the last to the party – has finally woken up to the fact that gold is running hot.
For investors, that means more money is flowing into gold ETFs, producers, and, importantly, the junior explorers and developers that have struggled for attention in recent years.
The junior exploration revival
One of the most exciting points both Russo and Widdup made is that small-cap miners are finally starting to catch a bid. For years, juniors have been starved of capital, trading sideways while the big producers soaked up the gains.
Now, that’s changing.
We’re seeing liquidity return to raisings, more ASX listings coming through, and, as Widdup noted, even M&A activity is picking up. That’s usually a strong signal that smart money sees value in juniors – and wants to get positioned before the market really wakes up.
Silver, copper and beyond
Of course, we didn’t just talk gold.
Russo made the case that silver could be the trade of the decade.
Right now, the gold-to-silver ratio sits near 100:1 – well above the historical average of around 40:1. If silver were to even partially close that gap, it could mean huge upside for investors positioned correctly.
Copper was another hot topic. After years of underperformance, it finally looks like the red metal is gaining traction. With demand from electrification and supply challenges mounting, both Russo and Widdup see copper as a space to watch. Tin and oil also made the list of commodities worth keeping an eye on.
Why conferences still matter
Another theme that came through strongly is the value of in-person events like the upcoming RIU Investor Roadshow.
In a world where everything seems to happen online, both stressed nothing beats meeting management face-to-face, asking tough questions, and reading the honesty (or lack of it) in the answers.
As Russo admitted, he’s personally bought stocks on the back of multiple strong conference presentations. For retail investors, events like these remain one of the best ways to uncover opportunities before the broader market catches on.
Don’t miss the full conversation
If you’ve been wondering whether gold’s run has legs, whether juniors are worth another look, or where the next big commodity moves might come from, this is a conversation you don’t want to miss.
Russo and Widdup bring decades of hard-earned insight to the table, and they don’t sugarcoat the risks or the rewards.
Regards,
Shae Russell
