Crescat’s Live Market Call – June 20th, 2025 Commentary

In this week’s market call, we break down major macro and metals trends shaping 2025. Charts highlight the shifting landscape of foreign holdings of U.S. financial assets, the divergence in capex between the new and old economy, and gold’s breakout as a top-performing asset year-to-date. We also cover the energy sector’s historically low weighting in the S&P 500 and a compelling cup-and-handle formation in silver. Dr. Quinton Hennigh joins with exploration updates across all major mining names, including the latest drill results and discovery progress.

0:00 Introduction 2:38 Kevin Smith Macro 23:26 Tavi Costa Macro 52:11 Quinton Hennigh Introduction 55:19 Alpha Exploration Update 57:00 Altamira Gold Update 59:32 Blue Lagoon Update 1:01:09 Brixton Metals Update 1:02:22 Condor Resources Update 1:04:07 Eloro Resources Update 1:05:17 Eskay Mining Update 1:07:08 Goliath Resources Update 1:08:39 Hannan Metals Update 1:10:23 Inflection Resources Update 1:12:59 Irving Resources Update 1:14:56 Intrepid Metals Update 1:16:21 Juggernaut Exploration Update 1:18:18 Kingfisher Metals Update 1:19:48 Mogotes Metals Update 1:21:44 Newfound Gold Update 1:23:11 Novo Resources Update 1:24:23 Onyx Gold Update 1:25:33 Rackla Metals Update 1:27:01 Red Canyon Resources Update 1:28:17 Silver47 Update 1:30:52 Sitka Gold Corp Update 1:33:56 Snowline Gold Update 1:35:57 Tectonic Metals Update 1:37:30 Westward Gold Update 1:39:08 Yukon Gold Update 1:40:23 Aztec Metals Update 1:42:18 Restone Mining Update 1:44:14 Trifecta Gold Update 1:46:04 Conclusion