Dear Crisis Investing Subscribers,
One of our gold positions has doubled since we recommended it last year. If you’re a regular reader, you probably know what comes next: it’s time to lock in profits on half your position via a Casey Free Ride and let the rest ride for free.
This validates exactly what we’ve been positioning for.
For most of the past decade, you see, gold mining stocks frustrated investors. Gold would rally 20%, and miners would barely move 15%. The leverage everyone expected simply wasn’t there. More often than not, capital was wasted on questionable projects, costs spiraled, and shareholders got burned.
That changed in 2025. Gold miners finally delivered. The NYSE Arca Gold Miners Index gained 158%—more than double gold’s 65% return.
The reason? Margins.
Gold averaged $3,440/oz last year while sector costs (AISC) sat around $1,600/oz. That's an $1,840/oz margin—among the widest in industry history. For context, in the decade from 2013-2023, AISC averaged around $900-1,100/oz while gold traded in the $1,200-$1,950 range. Margins typically ran $300-800/oz (midpoint ~$550). Today's margins are roughly 3x wider.
With gold now above $5,000? Low-cost producers with sub-$1,300 AISC—like the one we’re taking a Casey Free Ride on today—are generating $3,700+/oz in per-ounce cash margins. These companies are printing money—and yet they’re still trading at 0.7-0.9x NAV, well below historical bull market averages of 1.2-1.5x.
But here’s what makes this moment particularly interesting.
As I mentioned in a recent piece, leverage is leverage—but for mining stocks, that roughly 2-to-1 ratio we observed last year is still, well… underwhelming.
Historically, miners have delivered 3-to-1, 5-to-1, or even 10-to-1 returns—or higher—in true bull markets.
In a sense, this is understandable. The early-to-middle stages of precious metals bull markets usually play out the same way: investors pile into the metal first, and the stocks follow later—starting with the large caps, then the rest of the universe. That’s when the moves can turn truly violent.
We’re still not at that stage. And that’s the opportunity.
Now that we’ve covered that, let’s turn to the position that just doubled. For paid subscribers, below you’ll find the specific stock name, full Casey Free Ride calculations, and the action to take.