The Gold Bull Market “Trickle-Down” Has Officially Begun

This gold cycle has followed a familiar pattern—but with a powerful tailwind: record central bank buying. 🔸 2023: Central banks accumulate gold at historic levels → physical prices begin responding 🔸 2024: Best-in-class royalty companies hit all-time highs 🔸 2024–2025: Best-in-class major miners hit all-time highs 🔸 Now: Capital is finally trickling down into the next layers of the market— mid-tier producers, funded & unfunded developers, and even select exploration plays. This is exactly how precious metals bull markets evolve: first bullion → then royalties → then majors → then the rest of the food chain. The key is recognizing where we are in the cycle—and positioning accordingly before the crowd arrives. *This is not investment advice, please do your own research @davidlin_TV @JayMartinBC $STLR.TO $STLRF $O9D