The Gold and Silver Miners have been on fire.

Today is the final trading session of Q1 2025, and these stocks are on pace for one of the best quarters ever in absolute terms. 

In relative terms, this has been the best quarter ever in many cases.

These returns have been historic, yet nobody seems to care.

We believe this strength will foster more growth in the future, and here's why.

Aside from a few obscure Consumer Staples names, we've reached the end of the Q1 earnings season.

There were some fantastic double beats and rallies. Berkshire Hathaway $BRK.A / $BRK.B was one of those, and it closed last week at a new all-time high.

However, we saw a lot more stocks get slammed for beating expectations.

The world's largest retailer, Walmart $WMT, snapped a 3-quarter beat streak after it reported a double beat. The stock has continued to print fresh lows.

Crowdstrike $CRWD is another name that got slammed for reporting a double beat.

Last week, we told you that we were looking forward to the Lululemon $LULU earnings...

Copper futures are breaking out to new all-time highs. Is this a signal for the whole Base Metals complex?

We think so and here's why.

When Copper leads, the rest of the base metals often follow. 

We've seen this happen in numerous cycles. The last occurrence was in 2020.

This trade is even better when Gold is the first one out of the gate, which is the case this cycle. We discussed it a few weeks ago - be sure to check out that post if you haven't already.

The evidence for a base metals rally has been stacking up recently. Aluminum is shaping up nicely, and we think it could be one of the next to go.

From there, we expect Steel, Nickel, Tin, Zinc, and all of the rest to follow.

This index holds an equally-weighted basket...