The Problem with Mining Bull Markets

The Problem with Mining Bull Markets

From The Flying Frisby - money, markets and more by Dominic Frisby

May 6, 2026 · 8 min

About this episode

Dominic Frisby discusses the challenges and considerations surrounding mining bull markets and the potential for future investments in high-risk mining exploration plays.

Something of a thought experiment today, motivated by the fact that I don’t want to go through another bear market in mining. I’m done with them. The false dawns, the endless grinding declines, the frustration. You might remember me saying, mid bear market a few years ago, “One more bull market and I’m done.” So the question I’m asking today is, “when can we expect this bull market to end?” It might already be over, for all I know. Or there might be another five years in the tank. I’m asking this question because I’m finding myself more and more tempted by high-risk mining exploration plays. I’m seeing value in companies that today have a market cap of C$50 million that a year ago I would have been more reluctant to invest in when their market caps were under C$10 million. Last week I bought one. I like it. But the way I bought it ignored all the risk-aversion built up over ten years of bear market. If we are in a secular bull trend for metals, then companies like this will do very well. But come a bear market, they will grind lower and lower, eventually reaching a point where they trade for little more than their cash value. My broad thesis for gold and silver, as you know, is…

People in this episode

Host: Dominic Frisby

Topics covered

  • mining
  • bull markets
  • bear markets
  • investment strategies
  • gold and silver
  • market trends

Keywords

  • mining
  • bull market
  • bear market
  • investment
  • gold
  • silver
  • exploration plays
  • market cap
  • secular bull trend

Mentioned in this episode

Organizations: www.theflyingfrisby.com

Places: Canada

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