Gold At $3,300: Market Peak or Just The First Leg Up? | David Wolfin

Summary

David Wolfin, President and CEO of Avino Silver & Gold Mines, discusses gold above $3,300, arguing gold is portfolio insurance and mining equities offer leveraged exposure. He expects stronger miner cash flow and dividends to lift senior and royalty companies first, then mid-tier and junior miners, while silver M&A has narrowed the pure silver universe. Wolfin details Avino's five-year organic growth plan, La Preciosa permit, oxide tailings project, falling costs, Samsung offtake, and resource expansion plans.

• Gold above $3,300 is treated as a portfolio-insurance asset rather than a price-chasing trade.
• Gold mining equities are framed as a higher-leverage alternative to bullion.
• Free cash flow and expected dividend increases are seen as catalysts for senior miners and royalty companies.
• The re-rating is expected to trickle down to mid-tier and junior miners.
• Silver sector M&A has reduced the number of pure silver plays and focuses attention on remaining names.
• Avino is pursuing a five-year organic expansion with La Preciosa, oxide tailings, lower ASIC, no debt, and Samsung offtake.
• Wolfin expects gold could pull back at some point before moving higher again.