What stage is the market in?

While some investors see parabolic prices as a signal to exit entirely, Lara cautioned against all-or-nothing thinking. Instead, she emphasized understanding where the market sits within the broader arc of a bull cycle.

Referencing Doug Casey’s framework, she outlined three phases: the stealth stage, the wall of worry and the mania.

In her view, today’s market sits uncomfortably between the latter two.

“Some people think we’re already in mania because of the price,” Lara said. “I don’t think we’re quite there yet.”

She pointed to lagging indicators, including subdued valuations across the TSX Venture Exchange and conservative assumptions in mining feasibility studies, as signs that the cycle still has room to run.

That said, Lara acknowledged the risks of complacency.

She recounted stories of investors who rode bull markets too long, only to find “no bids” when they tried to exit. Her solution: gradual repositioning. “Don’t wait too long,” she said. “Start to leave your positions slowly.”

For her own portfolio — and hypothetically, for her daughter’s — Lara favors selling in thirds rather than making dramatic moves. Trimming positions can relieve pressure without sacrificing exposure to further upside. Fully exiting, she warned, risks missing the very payoff investors have waited years to see.

Equally important is what happens after selling. Holding large amounts of cash, Lara admitted, doesn’t suit every personality, especially active speculators.

To impose discipline, she has redirected some profits into dividend-paying oil stocks held in a separate account. “You get paid to wait,” she said, calling oil historically cheap by multiple measures.

Beyond precious metals, Lara highlighted emerging areas of interest among veteran investors.

Copper is getting increasing attention, and will likely receive more if prices stay stable. Nickel remains overlooked, while oil continues to offer a combination of value and income that contrasts sharply with the volatility of junior miners.

Ultimately, Lara framed successful investing as a psychological exercise as much as an analytical one.

“Doing this well is a result of greed and fear,” she said. “In a bear market, you need to be greedy. In a bull market, you need to be somewhat fearful.”

Her closing message for newcomers and longtime investors: participate, but don’t lose perspective. Bull markets reward patience and punish excess.

“We’re all salespeople, including me,” Lara reminded the audience. “So don’t believe everything you hear.”

US targets rare earths security with Project Vault

While Japan pushes deeper into rare earths supply diversification, developments in the US underscore how deeply critical minerals policies are shaping markets on both sides of the Pacific.

On Monday (February 2), the Trump administration rolled out Project Vault, a roughly US$12 billion strategic critical minerals reserve aimed at reducing US dependence on China for rare earths and other essential metals.

The initiative, anchored by a US$10 billion loan from the US Export‑Import Bank and about US$2 billion in private capital, is designed to stockpile strategic materials like rare earths, cobalt and lithium.

The program’s backers say the reserve will function much like America’s Strategic Petroleum Reserve, offering a buffer against global supply disruptions and insulating manufacturers from price shocks that have plagued markets during recent US-China trade tensions. Analysts say the effort signals an ongoing shift toward industrial policy that treats critical minerals as strategic assets, even as completion details and long‑term execution remain uncertain.

The financial markets responded quickly. Shares of Australian rare earths producer Lynas Rare Earths (ASX:LYC,OTCQX:LYSDY) rallied more than 3 percent on Tuesday (February 3), closing at AU$15.25, reflecting renewed investor interest tied to the policy news and the broader rare earth narrative.

Lynas’ recent movements come against a backdrop of broader gains in non‑Chinese mineral producers, as investors reposition around supply chain security and government policy support.

Rare earths stocks more generally saw upticks in the US market after the country’s critical minerals plan came into focus, with producers like MP Materials (NYSE:MP) and USA Rare Earth (NASDAQ:USAR) gaining on reports of increased government engagement in critical mineral sourcing.

Nine Mile Metals (CSE:NINE,OTCQB:VMSXF,FSE:KQ9) is a Canadian critical minerals explorer focused on discovering and advancing copper-dominant sulphide systems in New Brunswick’s Bathurst Mining Camp. Copper is a cornerstone metal for electrification, renewable energy systems, and global industrial supply chains, and the Bathurst camp ranks among the world’s most productive districts for copper-rich volcanogenic massive sulphide (VMS) deposits.

The Bathurst Mining Camp is widely regarded as the third-largest mining camp in the world and has supported several world-class base-metal mines, most notably the Brunswick No. 12 operation, which stands as a benchmark for scale, grade, and mine life within VMS-hosted critical mineral systems.

Nine Mile Metals is developing a diversified asset portfolio that includes the historic copper-producing Wedge Mine, a high-grade copper discovery at Nine Mile Brook with bulk sampling approval secured, and two district-scale exploration properties—California Lake and Canoe Landing Lake—located along highly prospective geological corridors. Although the mineralization is VMS-hosted, the company’s strategy is firmly centered on advancing high-grade copper and associated critical minerals within a stable and proven Canadian mining jurisdiction.

Company Highlights

• Focused on advancing critical minerals projects, with a primary emphasis on copper, across four high-priority assets in New Brunswick’s world-renowned Bathurst Mining Camp: the Wedge, Nine Mile Brook, California Lake, and Canoe Landing Lake. The company’s projects are hosted within copper-rich volcanogenic massive sulphide (VMS) systems, a globally proven source of critical metals.
• Controls a large, contiguous 136.34 square kilometre land package across 624 claims in one of the world’s most prolific base- and critical-minerals districts, offering district-scale exploration and development optionality within a stable, mining-friendly jurisdiction.
• Nine Mile Brook represents a standout high-grade copper discovery, hosting the highest-grade certified copper drill results reported in the Bathurst Mining Camp to date, supported by multiple polymetallic lenses containing copper, zinc, lead, silver and gold—metals increasingly relevant to modern industrial and energy-transition supply chains.
• The Wedge Project is a historic copper-producing mine, previously operated by Cominco, with documented production and a historical resource estimate. Modern exploration has confirmed the presence of copper-dominant massive sulphide mineralization and demonstrated that the system remains open for expansion along strike and at depth.
• Employs modern exploration technologies—including advanced geophysics, three-dimensional geological modelling, UAV-based magnetic surveys, and AI-assisted targeting—to efficiently identify and prioritize concealed critical-mineral-bearing sulphide systems across the portfolio.
• Received regulatory approval for a 1,000-tonne bulk sample program at Nine Mile Brook, advancing the project beyond early-stage exploration and providing a pathway to evaluate concentrate quality, metallurgical performance, and potential development scenarios for copper and associated critical minerals.

This Nine Mile Metals profile is part of a paid investor education campaign.*

Click here to connect with Nine Mile Metals (CSE:NINE) to receive an Investor Presentation

1. Purpose Bitcoin ETF (TSX:BTCC)

Assets under management: C$2.7 billion

The Purpose Bitcoin ETF, launched in February 2021, is billed as the world’s first physically settled Bitcoin ETF. It is backed by Bitcoin in cold storage, meaning the fund allows investors to add and sell Bitcoin with no digital wallet required.

Hosted by Canadian investment company Purpose Investments, the Purpose Bitcoin ETF has a management expense ratio of 1.5 percent.

2. Fidelity Advantage Bitcoin ETF (TSX:FBTC)

Assets under management: C$1.48 billion

The Fidelity Advantage Bitcoin ETF launched in November 2021. It offers the security of Fidelity’s in-house cold storage services for its holdings.

While it previously had a management fee of 0.39 percent, the Fidelity Advantage Bitcoin ETF lowered it in January 2025 to an ultra-low management fee of 0.32 percent.

3. CI Galaxy Bitcoin ETF (TSX:BTCX.B)

Assets under management: C$1.13 billion

Launched in March 2021, the CI Galaxy Bitcoin ETF was born out of a partnership between cryptocurrency leaders Galaxy Fund Management and CI Global Asset Management. Galaxy Fund Management is part of Galaxy Digital, a diversified financial services firm with a focus on digital assets and the blockchain technology sector.

The ETF’s objective is to give investors exposure to Bitcoin via an institutional-quality fund platform, as its holdings are wholly Bitcoin and are kept in cold storage. At 0.4 percent, this fund is one of the lowest management fees of the crypto funds on the market.

4. CI Galaxy Ethereum ETF (TSX:ETHX.U)

Assets under management: C$574.97 million

The CI Galaxy Ethereum ETF, another collaboration between CI and Galaxy, offers investors exposure to the spot Ethereum price through Ether holdings in cold storage. The fund launched on April 20, 2021, the same day as two of the other Ether ETFs on this list.

The CI Galaxy Ethereum ETF has a low management fee of just 0.4 percent.

5. Purpose Ether ETF (TSX:ETHH)

Assets under management: C$390.8 million

The Purpose Ether ETF is a direct-custody Ether ETF that launched on April 20, 2021. This fund currently holds over 83,000 Ether, which it stores in cold storage.

The Purpose Ether ETF offers investors exposure to the daily price movements of physically settled Ether tokens with a management fee of 1 percent.

6. Evolve Bitcoin ETF (TSX:EBIT)

Assets under management: C$270.39 million

Evolve ETFs partnered with cryptocurrency experts, including Gemini Trust Company, CF Benchmarks, Cidel Bank & Trust and CIBC Mellon Global Services, to launch the Evolve Bitcoin ETF.

Launched a week after the Purpose Bitcoin ETF, its holdings of Bitcoin are priced based on the CME CF Bitcoin Reference Rate, a once-a-day benchmark index price for Bitcoin denominated in US dollars. The fund, which holds its own Bitcoin, has a management fee of 0.75 percent.

7. 3iQ Solana Staking ETF (TSX:SOLQ)

Assets under management: C$263.2 million

The 3iQ Solana Staking ETF is designed to provide investors with a user-friendly and secure way to gain exposure to SOL and earn passive rewards through staking. Its launch quickly garnered significant assets under management and attracted investments from SkyBridge Capital and two of ARK Invest’s ETFs.

For the first 12 months after its April 16, 2025, launch, the ETF features a 0 percent management fee. After this initial period, the management fee will be 0.15 percent, the lowest on this crypto ETF list by far.

8. 3iQ XRP ETF (TSX:XRPQ)

Assets under management: C$162.67 million

The 3iQ XRP ETF provides investors with exposure to XRP, the digital asset native to the XRP Ledger. The ETF, which launched on June 17, 2025, is passively managed and aims to track the performance of the CME CF XRP-Dollar Reference Rate. The underlying XRP is held in secure cold storage.

The fund’s primary objectives are to give unitholders an opportunity for long-term capital appreciation through exposure to XRP and its daily price movements against the US dollar.

This XRP ETF had a 0 percent management fee for its first six months after its June 17 launch, after which time the company stated it would change to to 0.59 percent.

9. Purpose Bitcoin Yield ETF (TSX:BTCY)

Assets under management: C$145.5 million

The Purpose Bitcoin Yield ETF uses a covered call strategy to generate yield for investors. Its distributions are paid monthly and it has a management fee of 1.1 percent.

A covered call strategy involves writing call options on Bitcoin, which give the buyer an option to purchase an asset at a specific price on or before a specific date. Its structure allows the fund to earn income from option premiums while providing investors with exposure to Bitcoin’s price movements.

10. Purpose XRP ETF (TSX:XRPP)

Assets under management: C$122.5 million

The Purpose XRP ETF started trading on the Toronto Stock Exchange on June 18, 2025, as part of the launch of Canada’s first XRP ETFs. The fund invests directly in XRP, offering investors access to the XRP spot price.

The new asset is offering a 0 percent management fee through February 2026, after which time it will have a management fee of 0.69 percent.

11. Evolve Cryptocurrencies ETF (TSX:ETC)

Assets under management: C$93.9 million

The Evolve Cryptocurrencies ETF launched in September 2021 as the first multi-cryptocurrency ETF, providing combined exposure to both Bitcoin and Ether. Its holdings have since expanded to include XRP and Solana.

This product from Evolve ETFs allows investors to diversify their crypto portfolios and provides indirect exposure to the four coins by holding the individual Evolve ETFs dedicated to each coin.

Its holdings are weighed market capitalization and rebalanced on a monthly basis. Bitcoin makes up the vast majority of its portfolio at over 75 percent.

While this ETF has no management fee, the underlying funds that hold Bitcoin, Ethereum and XRP funds have management fees of 0.75 percent, while the Solana ETF has a management fee of 1 percent.

12. Fidelity Advantage Ether ETF (TSX:FETH)

Assets under management: C$90.5 million

Following the successful launch of its Bitcoin fund, Fidelity brought its Advantage Ether ETF to market in September 2022, making this the newest Ether ETF in Canada. Its holdings are stored in Fidelity’s in-house cold storage.

The Fidelity Advantage Ether ETF has a low management fee of 0.4 percent.

13. Evolve Ether ETF (TSX:ETHR)

Assets under management: C$87.74 million

The Evolve Ether ETF offers investors an easier route to investing in Ether. The fund’s holdings of Ether are priced based on the CME CF Ether-Dollar Reference Rate, a once-a-day benchmark index price for Ether denominated in US dollars.

It entered the market in April 2021. As with the Evolve Bitcoin ETF, the Evolve Ether ETF has a management fee of 0.75 percent.

14. Purpose Ether Yield ETF (TSX:ETHY)

Assets under management: C$81.2 million

Like the Purpose Bitcoin Yield ETF, the Purpose Ether Yield ETF offers investors an opportunity to invest in Ether while also generating yield. Purpose Investments lends a portion of its Ether holdings to institutional borrowers and earns interest on those loans.

Investors who purchase shares of this ETF receive a portion of the interest earned in monthly distributions. This Ether ETF launched in November 2021 and has a management fee of 1.1 percent.

15. Purpose Solana ETF (TSX:SOLL)

Assets under management: C$70.3 million

The Purpose Solana ETF gives investors exposure to the price of the Solana cryptocurrency. Its purpose is to provide a regulated and convenient way for investors to participate in the Solana market without the complexities of directly buying and storing the digital asset.

A key feature of this specific ETF is that it was one of the world’s first with staking built right in. It has a low management fee of 0.39 percent.

Trump’s Fed chair nomination calms risk-off sentiment

Precious metals are a complex market, and prices are driven by a myriad of factors.

For this latest price movement, the biggest trigger was US President Donald Trump’s nomination of Kevin Warsh, a former Federal Reserve governor, to replace Jerome Powell as the next Fed chair.

Powell, whose term expires this coming May, has faced heavy criticism and targeted legal attacks from the Trump administration, which wants the Fed to cut interest rates in a hurry.

For months now, market participants have been piling into gold on the belief that Trump would try to use his position to nominate a puppet dove as Fed chair and push for greater influence over monetary decisions.

If that were to occur, it would not only undermine Fed independence, but looser policy decisions could in turn further weaken the US dollar on the global stage and lead to higher inflation.

Such an environment is price positive for safe-haven assets such as gold and silver. But with the more hawkish Kevin Warsh as the nominee, the belief is that swift rate cuts aren’t necessarily on the table.

“His focus on real-time data and fundamentals could bring much-needed modernization to the Fed’s framework, at a time when investors are seeking transparency and credibility in monetary policy.”

That shared sentiment among investors led the US dollar to strengthen sharply. The precious metals and US dollar share an inverse relationship — as gold and silver are typically priced in US dollars, a stronger dollar makes purchasing them much more expensive for foreign buyers. This leads to lower demand and downward pressure on prices.

Will gold and silver prices recover?

Does the largest correction in decades mean the party’s over for gold and silver prices?

It’s more likely to be a healthy correction in an otherwise strong bull market for precious metals. Don’t forget that one policy event does not foretell the complete collapse of the strong fundamentals underlying the gold and silver markets. There is still a very strong case for the precious metals bull market given the high demand for gold from central banks and institutional investors. And industrial demand for silver is still expected to eclipse available mine supply.

Not to mention, there’s still optimism that the Fed will need to lower rates to deal with the nation’s ever-growing mountain of debt — which could become impossible to service at higher rates.

“Our view remains that structural forces continue to support a lower-rate environment, which should be constructive for risk assets. We remain focused on fundamentals and are positioning client portfolios accordingly,” stated Hulick.

For those investors still optimistic that gold and silver are in the early stages of a bull market cycle, this rundown in gold and silver prices may represent a buying opportunity.