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Mike Larson & Doc - The SaaS-pocalypse vs. The Silver Supercycle: Navigating the 2026 Market Shift

The KE Report Feb 14, 2026

Summary

Mike Larson argues a multi-year rotation from AI tech into precious metals and energy is gaining momentum, supported by central bank buying and supply constraints.

Silver's recent spike above $120 and $60 crash resembles past bull-market blow-offs that have historically resolved into sideways bases rather than bear markets.

Richard Postma argues major producers with strong balance sheets — including Coeur, Equinox, and Hecla — typically rebound fastest when metals enter a new upleg.

Mining stocks tend to recover in stair-step patterns rather than V-shapes, Postma notes, rewarding patient accumulation during consolidations.

US and China critical-mineral designations for silver may create a long-term price floor as new legislation moves to support domestic supply.

Key points on Coeur Mining

  • The host argues Coeur Mining has emerged as a new senior/major producer after acquiring Silvercrest and New Gold, now targeting roughly 1 million ounces of gold equivalent with a strong balance sheet in current metal prices.
  • Doc positions Coeur as one of his four core major-producer holdings (alongside Hecla, Silvercorp, and Equinox) to own through the current precious-metals consolidation.
  • Doc has been adding to Coeur during the pullback, including buying after the price dropped below $4,500 gold, framing it as a name that can monetize a metals turn first.

Key points on Equinox Gold

  • The host argues Equinox has effectively transformed into a new senior/major through acquisitions, with guidance pointing to roughly 1 million ounces of gold equivalent production.
  • Doc highlights that Equinox is expected to increase the gold it pulls from the ground this year and lists it among his four core producer picks for the consolidation phase.
  • Both host and Doc treat Equinox as a major that can lead the rebound once metals turn, given its consolidated scale and balance sheet.

Key points on Hecla Mining Company

  • Doc positions Hecla as one of his four core major-producer picks, noting it is one of the oldest publicly traded miners and had a 'screaming move higher' during the recent run.
  • Both host and Doc see Hecla as a senior that rebounds fastest when the metals turn, with less drawdown than mid-tiers and juniors.

Key points on Americas Gold & Silver Corp

  • Doc singles out Americas Gold & Silver for its rare significant antimony position, framing it as one of the few public companies with material exposure to that critical mineral.
  • The host notes Americas Gold & Silver is set to grow silver output at Galena from about 1 million ounces to roughly 5 million ounces through a series of operations, and will start being paid for copper and gold it previously was not paid for.
  • Both Cory and Doc disclose long positions and view Americas Gold & Silver as a top pick, with Doc planning to keep accumulating through the pullback.

Key points on Integra Resources

  • The host argues Integra's real prize is its development pipeline — Delamar and Nevada North — which underpins the growth thesis beyond its current production.
  • Integra bought the Florida Canyon Mine out of the Argonaut breakup, and the host frames it as generating meaningful cash at today's gold prices.
  • Doc sees a pullback into the upper $2s/low $3s as a technical accumulation zone and calls Integra one of his biggest positions, planning to add on further weakness.
  • Both Cory and Doc disclose long positions, framing Integra as a growth-driven mid-tier/developer play.

Key points on Silvercorp Metals Inc

  • Doc includes Silvercorp among his four core major-producer holdings to own through the precious-metals consolidation.
  • Silvercorp is grouped with Coeur, Hecla, and Equinox as the producers Doc expects to lead when the consolidation phase ends.

Mike Larson's takeaways

  • Top takeaway The guest argues the dominant 2026 driver is a rotation out of pure AI/tech into economically sensitive sectors (energy, materials, transports, consumer staples), with foreign markets continuing to outperform the US.
  • He says big-tech AI capex is now being punished by investors, with cumulative spending overshoots of tens to hundreds of billions versus analyst expectations, raising 'how much is too much' questions.
  • He frames the 'SaaS apocalypse' and AI-driven financial-planning disruption as exaggerated near-term, arguing real displacement will take years and is constrained in highly regulated industries.
  • He remains a long-term precious-metals bull and thinks silver revisiting $120 is 'in the cards' once the current base-building/consolidation phase plays out, supported by central-bank buying, debasement insurance demand, and continued loose US fiscal policy.
  • He expects 2026's first half to be much choppier than recent years — citing midterm, geopolitical, Fed, and AI-valuation overhangs — with a possible stronger run into year-end once those clear.

Richard Postma's takeaways

  • Top takeaway The guest argues the precious-metals bull market is intact and he is 'not nervous yet,' expecting a corrective consolidation phase lasting weeks to months rather than years, and sees another run at the prior peak as typical before any blow-off top.
  • He flags critical-mineral policy — both the US and China declaring silver a critical mineral and possible US legislation setting a price floor — as a structural support that flips the prior price-suppression regime in the paper market.
  • He defines buy levels of low $4,000s gold and mid-$50s silver as tremendous buying opportunities, and has already been adding to major producers after gold dropped below $4,500.
  • He is focused on six core names — Coeur, Hecla, Silvercorp, Equinox, Americas Gold & Silver, and Integra — preferring major producers now with juniors as a later-stage add, and frames the recovery as a stair-step pattern with the blow-off still months/years away.
  • He is rotating into energy stocks that have lagged precious metals, highlighting Baytex Energy (bought under $2, now near $3.60) and Crescent Energy breaking out of its trading range after a recent acquisition, plus an oil-tanker name yielding over 12%.