Don Durrett says gold miners have ‘two more legs’ higher despite strong rally

Veteran mining investor Don Durrett believes the biggest gains in gold mining equities may still lie ahead, arguing the sector remains far from the speculative excesses typically seen at the end of a bull market.

Speaking to Top of Mine on MINING.COM, the founder of Goldstockdata.com said the recent advance in precious metals stocks represents only the first stage of a broader move.

“We’ve still got two more stages to go. We’ve got two more legs to go in miners,” Durrett said, adding that valuations remain well below the levels associated with previous market peaks.

His outlook comes as investors debate whether gold equities can continue outperforming after bullion’s powerful rally over the past year.

Durrett also challenged the view that the biggest opportunities lie in junior explorers, arguing that the vast majority never create lasting shareholder value. Instead, he outlined the characteristics he looks for when identifying potential winners and explained why he believes some of the world’s largest producers—including Agnico Eagle, Barrick and Newmont—could still deliver substantial upside.