Brian Wilkes

Financial professional focusing on Macro Markets, Monetary Metals & Miner analysis, market trends, price levels, momentum, sentiment and daily COMEX activity.

[Brian Wilkes @BrianGoodner]

In Part 3 of my rankings, some familiar silver miners landed lower than you might expect including AG, HL, CDE, PAAS and HYMC,

Why are some smaller companies ranked ahead of these established names?

Valuation, potential upside, and timing of production. https://t.co/eNKWpatodx

[Brian Wilkes @BrianGoodner]

And here are the Silver Miner rankings #17-#32
https://t.co/nWVfjNqdPG

[Gordon Krbavac @GKrbavac72130]

@BrianGoodner @Tommy19801984 Where #33-64? Please

[Brian Wilkes @BrianGoodner]

Two developments in European financial markets deserve attention.

UK inflation accelerated to 3.5% in September, while government debt exceeded £3 trillion for the first time.

Meanwhile, France's 10-year government bond yield reached 5%, its highest level since 2002.

Higher inflation and rising borrowing costs are creating additional challenges for heavily indebted governments.

This doesn't necessarily signal an approaching debt crisis, but it raises important questions about fiscal sustainability.

Gold could benefit from declining confidence in government finances, although higher interest rates remain a competing influence.

[Brian Wilkes @BrianGoodner]

Hochschild Mining (HCHDF) reports Q3 attributable production of 54,732 gold ounces and 1.48 million silver ounces.

The Mara Rosa turnaround continues gaining momentum, with September delivering its strongest gold production of the year. Full-year guidance remains unchanged, and net cash increased to approximately $91 million.

[Brian Wilkes @BrianGoodner]

Fresnillo (FNLPF) reports Q3 silver production of 10.32 million ounces, down 11.6% year over year and 5.5% sequentially.

Lower ore grades at several major mines contributed to the decline, although the company maintained full-year guidance of 42–46.5 million silver ounces.

https://t.co/uD7Ew6CWPw

[Brian Wilkes @BrianGoodner]

The U.S. is borrowing nearly $2 trillion a year, with interest costs exceeding $1 trillion. The Fed is still fighting inflation. What happens when the rates needed to control inflation make Washington's debt burden even more expensive? https://t.co/k8a0uP1LBK

[Brian Wilkes @BrianGoodner]

Restarting a Historic Manitoba Gold Mine With Significant Exploration Potential https://t.co/6TisSzueTc

[Brian Wilkes @BrianGoodner]

I've seen one or two people really high on this one, but is moreso broadly with my investing goals in focusing on small and mid tier producers, along with late stage developers nearing production, and this one isn't likely to be in production until 2029 or 2030, so they won't be able to capitalize on higher silver prices if/when that happens and will have to figure out financing for their continued development.

[Brian Wilkes @BrianGoodner]

Here are my updated Silver Miner rankings after going through 88 Silver Miner companies over the last couple of months. Of course this is based on my investment criteria, so your objectives could be much different, so take that into consideration. https://t.co/uHiXIX0vrq

[Brian Wilkes @BrianGoodner]

Silver Tiger Metals (SLVTF) confirms its El Tigre silver-gold project remains on schedule for first production in December 2027.

Engineering is 70% complete, all major long-lead equipment has been secured, and the company reports approximately $120 million in cash against $100 million of remaining construction expenditures.

https://t.co/Lcx590S4tn

[Brian Wilkes @BrianGoodner]

According to Redfin's September data, Miami has the largest surplus of sellers relative to buyers among major metros, followed by Nashville and Houston.

Austin is also near the top, with roughly 131% more sellers than buyers. Florida and Texas are both heavily represented among the most oversupplied markets.

That's measuring supply relative to demand, rather than simply counting total listings.

[matt @thybead]

@BrianGoodner which metros are sitting on the most unsold listings right now

[Brian Wilkes @BrianGoodner]

Oh yeah, if I was going to buy right now (which I wouldn't), but if I had to, I'd look at foreclosure auctions.

[RoseVelvet @onlyrosevelvet]

@BrianGoodner Can tell you alot of homes are priced way high. I looked up a house for sale and was purchase for 85k and because it was painted it's prices at $174k and online it said market value was 100k 🤣 by a real estate agent. It seems some are way overpriced for the market.

[Brian Wilkes @BrianGoodner]

A substantial U.S. silver resource with a second major opportunity in Mexico—but considerable development uncertainty. https://t.co/v5ju85QtX3

[Brian Wilkes @BrianGoodner]

And here are 49-64 https://t.co/mAFtpy1YB7

[Gordon Krbavac @GKrbavac72130]

@BrianGoodner @Tommy19801984 Where #33-64? Please

[Brian Wilkes @BrianGoodner]

There are more homes for sale, fewer buyers willing or able to purchase them, and mortgage rates are back above 7%. Meanwhile, researchers visiting neighborhoods firsthand are questioning how much housing supply is visible in the official numbers. https://t.co/RkKbLMWgAe

[Brian Wilkes @BrianGoodner]

Here is 34-48 - I will send the other one shortly https://t.co/klUx5RKhO8

[Gordon Krbavac @GKrbavac72130]

@BrianGoodner @Tommy19801984 Where #33-64? Please

[Brian Wilkes @BrianGoodner]

Americas Gold and Silver (USAS) reports record Q3 silver production of 800,458 ounces, with sales reaching 860,850 ounces.

Cosalá production increased 23% sequentially, while Galena continues recovering from earlier operational interruptions. Full-year guidance of 3.2–3.6 million silver ounces remains unchanged.

https://t.co/8F8fOy8aTA

[Brian Wilkes @BrianGoodner]

Gold may be nearing a turning point after months of weakness. Silver and mining stocks haven't confirmed a recovery, but there are encouraging signs worth watching. https://t.co/RZ5uL44eCL

[Brian Wilkes @BrianGoodner]

@Irpinia63_Av Thanks, much appreciated Luca.

[Brian Wilkes @BrianGoodner]

High Grades, a Growing Resource, and the Challenge of Turning Santa Ana Into a Mine https://t.co/ClEqqmcqee

[Brian Wilkes @BrianGoodner]

Yes, 7 of thse are in my top 10 Silver stocks, with Highlander just outside and Hycroft a bit lower, though I do still hold a nice position in Hycroft given the Sprott conviction and the popularity. But all the rest producing except Vizsla which should be soon, and Highlander already has it's permit....with the latter two having two of the best Silver deposits in the world.

[Brian Wilkes @BrianGoodner]

Great post from LBroad.

We see an interesting divergence here. Over the past three months, 75.5% of gold miners outperformed GLD. Over the past four weeks, that figure dropped to just 19.7%.

Meanwhile, nearly half of silver miners are still outperforming SLV.

Gold miners have lost considerable relative momentum, but that doesn't necessarily mean they're falling in absolute terms. The question is whether this is a temporary consolidation or a sign investors are becoming more selective.

[LBroad @BroadLuis]

GOLD & SILVER MINERS: THE LEADERSHIP DIVERGENCE

Gold and silver miners have been losing ground against their underlying metals. But how widespread is that weakness?

We have reconstructed 151 weeks of historical data across our GDX–GDXJ and SIL–SILJ universes to measure the percentage of mining stocks outperforming GLD and SLV.

The latest readings reveal a striking contrast.

GOLD MINERS vs. GLD

• Last week: only 22.4% outperformed gold.

• Last 4 weeks: just 19.7%.

• Last 3 months: 75.5%.

SILVER MINERS vs. SLV

• Last week: 52.1% outperformed silver.

• Last 4 weeks: 47.9%.

• Last 3 months: 58.3%.

The message is clear: gold miners have experienced a sharp deterioration in relative leadership over the past month, despite retaining a substantial advantage over the three-month horizon.

Silver miners show a different picture. Their relative performance is much more balanced, with neither side establishing decisive short-term leadership.

This distinction matters.

A sector can look weak over a few weeks while still retaining a stronger medium-term structure. Conversely, rising metal prices do not automatically translate into broad participation by mining equities.

The question is no longer simply whether gold and silver are rising. It is whether mining stocks are beginning to outperform their metals again.

That is what we will be monitoring in the weeks ahead.

But how unusual is this divergence historically? We examined 151 weeks of data to put the latest readings into perspective, revealing just how extreme the recent weakness in gold miners has become—and what to watch for signs of renewed leadership.

Full analysis, historical comparisons, and key conclusions at Structural Alpha Research:

https://t.co/u1LnKZjGit

Structural Alpha Research — October 16, 2026

#Gold #Silver #GoldMiners #SilverMiners #GDX #GDXJ #SIL #SILJ