Below is an interview by Rick Mills, the editor and publisher of Ahead of the Herd, with Bob Moriarty of 321 Gold.
Rick Mills, Editor/Publisher, Ahead of the Herd:
Looking back to mid-November last year, gold was trading around $2,536 per ounce, but now it's reached $3,334. Silver has jumped from $26.38 to $36.92, while platinum has surged from $851.56 to $1,391.00.
What's driving this impressive performance across precious metals?
Bob Moriarty, Founder, 321gold:
I believe we're witnessing a widespread exodus from the dollar into safer commodity assets. Frankly, when you examine the record highs in both the Dow and S&P, you're seeing a similar pattern — investors scrambling toward security that traditionally resided in Treasury bills but now finds its home in gold, silver, and platinum.
RM: Let's talk about platinum. This market shows fascinating dynamics — platinum prices have increased 50% in 2025 and remain stable, while availability in storage facilities like London and Zurich grows increasingly constrained.
The World Platinum Investment Council forecasts a significant supply deficit approaching 1,000,000 ounces this year, primarily due to 4% decreased global production, especially from South African operations. Platinum jewelry demand is expanding, particularly in Chinese and Indian markets.
Investor interest continues growing despite the platinum-to-gold ratio remaining historically low.
You've consistently highlighted platinum since our conversations began, and it's performed well. Do you anticipate continued strength?
BM: Consider this: Rhodium reached $10,000 per ounce in 2008 before falling to approximately $700-$800 around 2011-2012. I recommended rhodium purchases solely because it had become inexpensive relative to historical values. Subsequently, rhodium climbed from $700 to $28,000 per ounce.
For 99% of platinum's history since its 1725 discovery, it has commanded a premium over gold. With gold at $3,330 and platinum at $1,400, platinum remains remarkably undervalued. My fundamental investment principle is buying undervalued assets and selling overvalued ones. Compared to gold, platinum appears poised for appreciation. China's government actively encourages citizens to invest in both silver and platinum precisely because they're undervalued.
RM: I'm familiar with just one platinum project — PTX Metals Inc. (PTX:TSXV; PANXF:OTCQB; 9PX:FSE) — a copper-nickel-PGE-gold property we previously discussed. Given platinum and palladium's strong fundamentals and price appreciation, I'm surprised more investment vehicles aren't available to capitalize on this trend.
BM: Platinum traded at $900 in April before rising 50%. The simplest platinum investment approach is purchasing an ETF.
RM: Regarding gold mining companies, are investors beginning to revalue these operations with expectations that gold will constitute a larger portion of public and private investment portfolios?
BM: Are you at your computer?
RM: Yes.
BM: Check Orestone Mining Corp.'s (ORS:TSX.V) chart. What was its price two weeks ago?
RM: Four and a half cents.
BM: Now it's 10.5 cents. I maintain that profitable investing means buying undervalued assets and selling when they become expensive. We've both participated in that placement at approximately 2.5 cents. We've discussed this opportunity for months, primarily because it was undervalued.
After our interview with Quinton Hennigh last week, interest increased substantially, driving the stock from $0.08 to $0.11 within three days. These sub-$0.10 stocks can deliver exceptional percentage returns.
RM: All our private placement investments have appreciated 300-400%. Harvest Gold Corp. (HVG:TSX.V) gained 4 cents this week following our conversation with Quinton. They've announced financing at $0.10, but that was another company we entered at 2.5 cents.
What's encouraging is that Orestone offers solid technical fundamentals supporting our investment, as do Harvest Gold and others. Trifecta Gold Ltd. (TG:TSX.V:TRRFF:OTCQB) has commenced drilling, while Sitka Gold Corp. (SIG:TSXV; SITKF:OTCQB; 1RF:FSE) and Rackla Metals Inc. (RAK:TSX.V) will soon begin their programs. When we started acquiring these positions, I wanted companies conducting drilling this year.
They were certainly inexpensive, but I didn't want indefinite holding periods awaiting market appreciation — I wanted news generation and drilling programs this year, which appears forthcoming across our portfolio.
With 300-400% gains and imminent drilling, I typically evaluate my free-trading positions (I own some freely tradable shares in each company). After such significant appreciation, technical analysis becomes crucial in determining whether to maintain, partially reduce, or completely exit positions. After years of minimal returns, investors must now make active decisions.
My approach involves selling just enough to recover my initial investment while retaining the remainder. I'm not offering advice or recommendations — just sharing my personal strategy.
BM: Let me highlight some important considerations you've touched upon without fully exploring. Regarding all these companies we're discussing, what's their drilling status?
RM: All companies mentioned plan to drill — some have already started while others will commence shortly.
BM: So with active drilling programs, what upcoming development might significantly impact share prices?
RM: Drill results.
BM: Exactly. Companies raised financing between April and July, and many are currently drilling. Within a month, we should see results flowing, and I'm particularly anticipating Rackla's outcomes — admittedly revealing my bias — because one successful hole could deliver extraordinary returns.
RM: Couldn't Trifecta, which just announced drilling commencement, achieve similar results?
BM: Absolutely comparable potential, but Rackla features 500 meters of surface samples. Confirming a 500-meter intercept could drive the stock up three to five times, potentially replicating Snowline's performance from several years ago.
Here's the key: When investing for profit, successful positions must eventually be sold. Your approach of recovering initial capital through partial sales makes sense, but remember we're targeting 10-20x returns rather than 2-3x gains. All these companies possess tenfold potential worth considering. From a seasonal perspective, what typically happens with gold in July?
RM: My Scottish-Irish heritage influences my thinking here.
We're currently in a seasonally weak period, but gold should strengthen relatively soon. Seasonality significantly impacts performance.
BM: Very good. Tactically, July represents the year's lowest month, but by late July or early August, trends reverse. Seasonally, gold and gold stocks typically strengthen by August at latest. Seasonal factors favor your position, as does value investing, with potential drilling results approaching. If you demonstrated foresight — as we both did — reviewing our recommended stocks from three months ago reveals universal appreciation.
RM: Recently examining that period, I realized our podcast discussions precisely identified the junior precious metals market bottom.
BM: I invest specifically to generate returns, so I'm satisfied with stocks purchased between 2.5-4.0 cents now trading around 10 cents.
RM: Another significant factor is the performance of major producers. The world's largest gold miner, Newmont Corp. (NEM:NYSE), has gained 63% from late 2024 lows. Canada's Barrick Mining Corp. (ABX:TSX; B:NYSE) shows 40% appreciation in U.S. dollar terms from December lows. AngloGold Ashanti Ltd. (AU:NYSE; ANG:JSE; AGG:ASX; AGD:LSE) shares in New York have surged 108% from January lows, while Gold Fields Ltd. (GFI:NYSE; GFI:JSE) has realized 88% gains in U.S. dollar terms.
Everything you've outlined appears accurate, but with these companies reporting exceptional earnings, market participants will eventually recognize the precious metals sector's potential. This should cascade capital into junior miners through mergers, acquisitions, and other favorable developments — creating perfect conditions for our gold investments.
BM: Absolutely.
RM: Any final thoughts?
BM: Only that the gold share market, especially juniors, will remain quiet through July before turning significantly upward beginning August 1.
RM: We've acquired numerous companies at favorable valuations, generated substantial returns, and anticipate drilling across our portfolio — exciting developments ahead.
BM: Excellent.
RM: With your family commitments and my 75 acres of hay requiring baling, let's reconnect July 25, 2025.
Important Disclosures:
- As of the date of this article, officers and/or employees of Streetwise Reports LLC (including members of their household) own securities of Barrick Gold Corp.
- Rick Mills: I, or members of my immediate household or family, own securities of: Harvest Gold and Orestone Mining. My company has a financial relationship with: Silver North, Harvest Gold, Orestone Mining, and PTX Metals. I determined which companies would be included in this article based on my research and understanding of the sector.
- Bob Moriarty: I, or members of my immediate household or family, own securities of: Harvest Gold Corp., Orestone Mining, Rackla Metals, Sitka Gold, and Trifecta Gold. My company has a financial relationship with: Harvest Gold Corp., Trifecta Gold, and Rackla Metals. I determined which companies would be included in this article based on my research and understanding of the sector.
- Statements and opinions expressed are the opinions of the author and not of Streetwise Reports, Street Smart, or their officers. The author is wholly responsible for the accuracy of the statements. Streetwise Reports was not paid by the author to publish or syndicate this article. Streetwise Reports requires contributing authors to disclose any shareholdings in, or economic relationships with, companies that they write about. Any disclosures from the author can be found below. Streetwise Reports relies upon the authors to accurately provide this information and Streetwise Reports has no means of verifying its accuracy.
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