The Next Gold Bull Market May Not Reward Everyone Equally

Gold has shattered records. Central banks continue accumulating bullion at a historic pace. Governments around the world are drowning in debt, fiat currencies continue losing purchasing power, and investors are once again searching for safe havens.

Yet according to Palisades Goldcorp founder and CEO Collin Kettell, the biggest opportunity in this gold bull market may not be physical gold itself—it may be hidden inside a little-understood financial instrument called mining warrants.

Speaking with Daniela Cambone at the Rick Rule Symposium, Kettell outlined why he believes his firm’s strategy of accumulating 1.7 billion warrants could provide extraordinary leverage if junior mining stocks finally begin their long-awaited breakout.

While physical gold and silver remain the cornerstone of wealth preservation, investors seeking higher-risk, higher-reward exposure may soon witness one of the most explosive phases of the precious metals cycle.

Why the Junior Mining Sector Still Hasn’t Had Its Moment

One of the biggest misconceptions in today’s market is that mining stocks have already participated in gold’s historic rally.

According to Kettell, they haven’t.

While gold prices have climbed dramatically over the past several years, much of that demand has come from:

• Central bank purchases
• Sovereign diversification away from the U.S. dollar
• Geopolitical uncertainty
• Inflation concerns

Central banks buy physical gold—not junior mining equities.

That distinction matters.

Kettell argues that retail and institutional investors have largely ignored junior miners, leaving valuations well below where they typically trade during mature precious metals bull markets.

If investment capital finally rotates into mining equities, junior companies could experience significant upside after years of underperformance.

The 1.7 Billion Warrant Strategy Explained

Most investors simply buy mining shares.

Kettell chose a different path.

Instead of chasing stocks in the public market, Palisades invested directly into hundreds of private financings during the early stages of the current cycle.

The result?

A portfolio containing approximately 1.7 billion mining warrants across more than 330 companies.

For investors unfamiliar with warrants, they’re similar to long-term call options.

A warrant provides:

• The right—but not the obligation—to purchase additional shares later
• A predetermined exercise price
• Multiple years before expiration
• Significant leverage if share prices rise

Kettell credits both his father and legendary resource investor Rick Rule for teaching him that warrants can dramatically amplify returns during major commodity bull markets.

Why Timing Made All the Difference

Palisades didn’t build this portfolio overnight.

The company aggressively accumulated warrant positions throughout 2024 and into early 2026, when junior miners were still struggling to attract capital despite rising gold prices.

Today, conditions have changed.

Many exploration companies no longer need to include warrants when raising capital because investor demand has improved.

According to Kettell:

“You can’t build this portfolio today.”

The window that allowed investors to obtain generous long-dated warrants has largely closed.

That makes Palisades’ existing portfolio increasingly unique.

Why Gold’s Pullback Doesn’t Change the Bigger Picture

Markets rarely move in straight lines.

Despite recent corrections, Kettell cautions investors against letting emotions override objective data.

He revealed that Palisades’ warrant portfolio increased from only a few million dollars of intrinsic value to well over $100 million during gold’s rally before pulling back alongside the broader market. Even after the correction, intrinsic value remained dramatically above where it stood before the rally began.

His point is simple:

Bull markets often feel uncomfortable while they’re creating wealth.

Short-term volatility doesn’t necessarily invalidate the longer-term trend.

Why Diversification Matters Beyond Gold

Although gold dominates the conversation, Palisades’ portfolio stretches across multiple resource sectors.

Its investments include exposure to:

• Gold
• Silver
• Copper
• Uranium
• Lithium
• Critical minerals
• Energy

The strategy recognizes that global resource shortages aren’t limited to precious metals.

Copper demand continues rising as electrification accelerates.

Uranium is benefiting from renewed nuclear investment.

Critical minerals remain essential for industrial and defense applications.

Diversification allows investors to participate across several long-term commodity themes while maintaining significant exposure to gold and silver.

Could Junior Miners Be the Next Explosive Move?

Throughout history, precious metals bull markets have often unfolded in stages.

First:

• Physical gold rises.

Then:

• Major mining companies begin outperforming.

Finally:

• Junior exploration companies frequently experience the strongest percentage gains as speculative capital enters the market.

Kettell believes today’s market is still early in that final phase.

While no outcome is guaranteed, many experienced resource investors continue watching for a broad rotation into junior mining equities if gold prices remain elevated.

Why Physical Gold and Silver Still Matter Most

Even the most compelling mining opportunity carries risks.

Exploration companies can disappoint.

Projects can face delays.

Capital markets can freeze.

That’s why physical gold and silver continue serving a fundamentally different purpose.

Unlike mining stocks, physical precious metals:

• Carry no corporate management risk
• Have no counterparty exposure
• Cannot declare bankruptcy
• Have preserved purchasing power across centuries of monetary crises

Mining investments seek growth.

Physical bullion seeks wealth preservation.

For many investors, the strongest strategy combines both.

Gold and silver act as tangible assets, helping diversify wealth away from financial assets while offering protection against inflation, currency debasement, and systemic uncertainty.

As confidence in fiat currencies continues to erode, the debate increasingly becomes gold vs. dollar, rather than gold versus other investments.

Conclusion

Collin Kettell’s 1.7 billion warrant strategy reflects a belief shared by many veteran resource investors: the biggest gains of this precious metals cycle may still lie ahead.

Gold has already captured headlines.

Central banks continue buying.

Economic uncertainty remains elevated.

Yet junior mining companies have only begun attracting broader investor attention.

Whether that next wave materializes remains to be seen, but history suggests that when capital finally flows into the sector, the move can happen quickly.

For investors focused on protecting purchasing power, the lesson remains timeless:

Physical gold and silver provide the foundation for wealth preservation, while carefully selected mining opportunities may offer additional upside during powerful commodity bull markets.

In uncertain times, understanding the difference between protection and speculation could prove more valuable than ever.

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