In his Weekly Perspective, David Morgan keeps the update concise while highlighting major geopolitical and market developments.
He begins by noting escalating geopolitical tensions, particularly the outbreak of war involving Iran, which he views as highly significant. While not elaborating in detail, he references memos he shared on X that provide context on the broader implications of the
conflict.
He then discusses the March 2026 Morgan Report, which covers artificial intelligence, uranium trends, and an in-depth editorial on cartel activity in Mexico and its potential impact on the mining sector.
Morgan reiterates his long-standing position on precious metals investing: physical metal should be the foundation. He agrees with the principle that if you do not hold it, you do not truly own it. However, he emphasizes that he is not exclusively a “metals only”
investor. For those seeking leverage, he argues that high-quality mining stocks provide superior upside compared to holding bullion alone.
He highlights a long-term silver stock recommendation that has risen approximately 40 times in value, significantly outperforming silver itself. In addition to price appreciation, it has paid dividends, further enhancing total returns. He contrasts this with the challenges of exiting physical metal positions, including wide bid-ask spreads and
liquidity constraints. Mining equities, particularly large, cash-rich, unhedged producers, offer tighter spreads, easier liquidity, and generally more favorable capital gains tax treatment in many jurisdictions.
He also notes that several top-tier companies in the sector are reporting record cash flow, revenues, and earnings, with some increasing dividends and reaching all-time highs. In his view, mining stocks remain undervalued relative to the underlying metal prices, creating an
opportunity for investors who prefer established fundamentals over speculation.
He concludes by reiterating that there are logical reasons to hold both physical metals and select high-quality mining equities, depending on an investor’s objectives and risk tolerance, and signs off until the next weekly update.
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