The Silver & Gold Data Nobody Wants To Show You | Mike Maloney & Alan Hibbard

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Get Mike Maloney's 1st book for free here: Are mining stocks really a “leveraged” way to play gold… or a trap hiding in plain sight? In this episode of The GoldSilver Show, Mike Maloney and Alan Hibbard put mining stocks vs. physical gold under the microscope using decades of data—then deliver a simple conclusion: gold has dramatically outperformed even top-tier miners over the long term, and the downside risk in miners can be far more punishing than most investors expect. You’ll learn: Why gold vs. miners isn’t a fairytale leverage story What it means to measure miners in gold (real money), not dollars How dilution and capital raises can quietly crush returns The narrow windows when miners can outperform—and why timing is everything A practical 5-point checklist before you ever buy a miner If you’re deciding between physical metals and mining equities, this one could save you from years of underperformance. Chapters 00:00 The breathtaking drawdown (miners priced in gold) 00:23 Stocks vs private placements (and dilution) 02:55 Are miners a leveraged play? 05:45 Ratio chart: when miners beat gold (and when they don’t) 14:17 The 5-criteria checklist for miner investing 5-bullet summary (key takeaways) Over the long run, gold beats miners—by a lot. Using the Baron's Gold Mining Index (top-tier miners) vs. gold starting from the same base, they show gold ending far ahead (roughly 6–6.5x better over ~5+ decades). Miners aren’t “simple leverage” to gold. The charts show the “leverage” tends to be worse on the downside than on the upside, creating long-term divergence even when gold rises. Measure performance in “real money,” not currency. They argue that looking at miners priced in gold reveals brutal drawdowns (including ~75–90% relative declines depending on the window/measure). Share dilution is a structural headwind. Mining companies frequently raise capital (especially via private placements), creating new shares that dilute existing holders—Maloney calls the sector “the greatest inflators on earth.” If you buy miners, treat it like a trade with rules. Their checklist: (1) already own physical, (2) use “gambling currency” you can lose, (3) miners undervalued vs physical, (4) short time horizon, (5) expert help + enough capital/time to diversify. ----------------------------------------------------------------- GoldSilver is one of the most trusted names in precious metals. Since 2005, we’ve provided investors with both education and world-class bullion dealer services. We offer a wide selection of bullion products, private vault storage, global shipping, and easy payment choices. Buy Precious Metals at: Get Free content from Mike’s new book here: Subscribe to our channel: Get Essential Gold & Silver News—Delivered Twice a Week: Follow Mike on Twitter: Follow us on Facebook: Check out our sister channel Wealthion @Wealthion featuring regular guests such as Jim Rickards, Rick Rule, Stephanie Pomboy, Lance Roberts, John Hathaway, Alisdair McLeod, Simon Hunt, John Rubino, Jim Rogers, Marc Faber and more. As always, thank you for your support. M.