Recorded on February 11 2026
Andy Millette sits down with Lobo Tiggre of Independent Speculator to stress-test the gold and silver thesis using a true worst case framework and then work forward into what matters for mining investors right now: consolidation, correction, and the opportunity set volatility creates. Lobo lays out why even brutal drawdowns do not automatically break the long-cycle case for hard assets, and why the real edge comes from staying liquid, staying disciplined, and buying quality when panic creates air pockets. They dig into how to approach stock selection when everything chops sideways, why watching market darlings and waiting for the next scare can beat overtrading, and why the best names can still get smoked in forced selling. From there the conversation turns to rotation and relative value, including where copper and uranium can offer lower entry points versus chasing strength, and how valuation discipline matters across majors, developers, and feasibility study math. The macro wrap ties it together with inflation bias, policy reactions, and why commodities as a class sit in the bucket of things governments cannot print. #Millettian
Key Topics
Worst case framework for gold and silver and what it implies for miners
Correction, consolidation, and why volatility creates better entries
Winners and losers during sideways markets and how to stock pick
Why air pockets hit even high quality names
Rotations into copper and uranium and how to think about timing
Valuation discipline for majors, developers, and NPV discounts
Energy minerals demand, AI narratives, and what actually drives the cycle
Inflation bias and the real asset case
Guest Links
Website https://independentspeculator.com
X https://x.com/duediligenceguy
LinkedIn https://www.linkedin.com/in/lobotiggre/
Facebook https://www.facebook.com/louis.james.965580/
Host Andy Millette Natural Resource Stocks
Website https://www.NaturalResourceStocks.net
YouTube Main https://www.youtube.com/@naturalresourcestocks
YouTube Clips https://www.youtube.com/@NaturalResoureStocksClips
X https://x.com/theandymillette
LinkedIn https://www.linkedin.com/in/andymillette/
Chapters
00:00:00 Worst case gold and silver frame
00:03:07 What a bear market still looks like
00:05:18 Correction and consolidation setup
00:05:38 Volatility is the edge
00:06:24 Make a list and buy the scare
00:08:26 Air pockets and forced selling
00:09:56 Rotation into copper and uranium
00:12:26 Valuation discipline across miners
00:16:10 Energy and uranium juniors rotation
00:20:07 AI tailwind vs real demand
00:22:21 All paths lead to inflation
00:23:57 Commodities governments cannot print
00:26:11 Closing thoughts
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