Valuation disconnect versus project NPV

[Recorded on Monday March 23rd, 2026] Erik Wetterling, Founder and Editor of The Hedgeless Horseman website, joins me for a candid discussion on metals sector volatility, and the increasing disconnect we are seeing in the valuation that many of the gold, silver, and copper stocks are receiving after a violent sector correction in March. 

Many of the advanced explorers and developers have market caps that have cratered when compared to the value of their defined resources in the ground are worth, even after the large correction in the underlying metals prices.

Erik is utilizing this correction to value-shuffle into positions that have built further value but are selling off due to the general negative market sentiment.

• “Volatility is the poor man’s dry powder.”
• He points to all the opportunities to take advantage of panic-selling, through micro-trading amongst positions that have held up better and those seeing disproportionate selling or that have lagged despite positive news catalysts.

He points out that: “What you do in a serious market correction is going to set your portfolio up for years into the future.”

• “I can’t afford to sell the lows of a correction, especially if I know where the long-term trend is going over the next 10 years”

We review the valuation disconnects between the market caps of companies that have corrected by 30%-60% just in the month of March, versus where the NPV of the projects still are at anywhere near spot metals prices.

• “With the gold juniors, you don’t really care if gold is at $5,500 or $4,500 because that is already so much overkill.”
• “The lower this sector goes with this panic-selling, the odds increase that there are new multi-baggers being born everyday from these valuation levels.”

Erik is seeing compelling valuations in the silver and copper developers, in the 2nd leg of the Lassonde Curve, as well as the legitimate gold juniors, with 3rd-party validation and large strategic investors adding value to projects of merit. 

Click here to follow Erik’s analysis over at The Hedgeless Horseman website

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This content is for informational and educational purposes only and does not constitute investment advice, an offer, or a solicitation to buy or sell any security. Investing in equities and commodities involves risk, including the possible loss of principal. Do your own research and consult a licensed financial advisor before making any investment decisions. Guests and hosts may own shares in companies mentioned.