Back in the old gold boom days, getting into a cap raise or...

Back in the old gold boom days, getting into a cap raise or placement was something you earned. If you were backing the stock and not flipping out beforehand, you got the nod. Raises happened into strength, and a premium was the norm—not the big discounts we’ve been copping lately.

These days, it’s like the market smells a raise coming, sells down ahead of it, then wants 20% off to take part. That kind of cycle just drags everyone down—and it’s starting to feel like it’s run its course.

With gold running hard over the past year, maybe things are shifting. We might be heading back to a time where backing your position actually gets rewarded again.

If everyone’s waiting for a discount, who’s building the floor? Maybe that’s about to change.