…2017 was just the first year with a small increase after a huge drop off in exploration activity. It may take many years of future increases to get back to where the activity was in 2012, as projected increases in exploration spending are seen to be slow and steady.

This collection of positives augurs well for strengthening worldwide industrial activity leading to upward price pressures and eventually rising inflationary expectations—all of which have historically positive implications for gold and silver...