Recorded on February 3, 2026
Gold and silver can rip higher… then snap back in minutes—especially when the market starts gaming the next Fed chair and the direction of real rates. In this episode, Steve Yang sits down with Joe Mazumdar (Editor/Analyst at Exploration Insights) to break down what actually moves precious metals, why some “safe haven” narratives fail under stress, and how to think about miners versus the metals themselves. Joe explains why headline risk can trigger sharp pullbacks even in strong trends, why Bitcoin doesn’t always behave like the hedge people expect, and why silver’s supply reality is very different than the hype cycle. They also get practical: how to filter jurisdictions, what due-diligence is worth your time, and what red flags show up fast in management teams and share structures. If you invest in miners or juniors, this is a full checklist conversation—macro to micro.
Key topics
Gold demand: central banks vs ETFs and why miners can lag
Real rates direction and “Fed chair” headline shocks
Why Bitcoin can underperform when trust becomes the driver
Silver supply: mostly byproduct production and limited responsiveness
Jurisdiction risk filters (Mexico/security/permitting; BC/consent framing)
“Your time is money”: diligence depth vs liquidity
Share structure + management red flags; strategic vs dumb capital
Juniors, financing cycles, and where M&A can surface value
Guest links
Exploration Insights (official): https://explorationinsights.com/
Team page (Joe’s role): https://explorationinsights.com/about/the-team/
Subscribe: https://explorationinsights.com/about/subscribe/
Joe on X: https://x.com/JoeMazumdar
Exploration Insights on X (verified): https://x.com/ExplorationIns1
Joe on LinkedIn: https://www.linkedin.com/in/joe-mazumdar-b0177215/?originalSubdomain=ca
Host block (single host only)
Host Steve Yang — 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/TheSteveYang
LinkedIn https://www.linkedin.com/in/thesteveyang/
Steve Yang (stocks) https://x.com/SteveYangStocks
Steve Yang (LinkedIn alt) https://www.linkedin.com/in/steveyangstocks/
NRS LinkedIn https://www.linkedin.com/company/naturalresourcestocks-net/
NRS Facebook https://www.facebook.com/people/Natural-Resource-Stocks/100090526686713/
NRS TikTok https://www.tiktok.com/@natural.resource.stocks
NRS Instagram https://www.instagram.com/naturalresourcestocks/
Chapters
00:00 Fed chair pressure + Bitcoin vs gold (cold open)
00:00:58 Intro
00:01:27 Gold & silver surge, pullback, rebound
00:04:30 “Fed chair” headlines + real rates
00:05:31 Geopolitics, liquidity, and why Bitcoin lags
00:07:43 Silver: byproduct supply + ratio reset
00:10:45 Jurisdiction risk: Mexico, security, permitting
00:18:30 Filtering jurisdictions + BC/consent risk
00:25:46 “Your time is money” — diligence vs liquidity
00:31:44 Share structure & management red flags
00:39:33 Juniors, funding cycles, and M&A setup
00:44:40 Where to find Exploration Insights
Millettian
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