Here are hard facts! This is what happens to gold & silver...

Here are hard facts!
This is what happens to gold & silver miners in a true silver bull era, they under perform!
Evidence tells me that it is better to hold silver. If this chart shows me something different, I will change my bias.

https://x.com/badcharts1/status/1811734069169779122

..this is what I've been saying that holding physical Precious Metals is safer and more rewarding than the average miner. Now I used the word average because there will always be a superstar miner than can beat physical.
..what Karim's chart is saying that during bull markets, while miners rise, they underperform relative to physical

Why tend hold miners as
1. they present equity risk, they fall steeper in a market correction relative to general equities
2. you have company specific risks including administration (CAI is a reminder)
3. the company may wrongly hedge their gold price to their detriment (so company does not receive upside when gold/silver runs)
4. they may not grow their EPS as higher as they should from a gold price rally
5. market may not accord the valuation they deserve despite a gold price rally

That said, miners can outperform physical Gold/Silver when equities perform well and can produce great outperformance over a short holding period while gold rally last.