What stage is the market in?

While some investors see parabolic prices as a signal to exit entirely, Lara cautioned against all-or-nothing thinking. Instead, she emphasized understanding where the market sits within the broader arc of a bull cycle.

Referencing Doug Casey’s framework, she outlined three phases: the stealth stage, the wall of worry and the mania.

In her view, today’s market sits uncomfortably between the latter two.

“Some people think we’re already in mania because of the price,” Lara said. “I don’t think we’re quite there yet.”

She pointed to lagging indicators, including subdued valuations across the TSX Venture Exchange and conservative assumptions in mining feasibility studies, as signs that the cycle still has room to run.

That said, Lara acknowledged the risks of complacency.

She recounted stories of investors who rode bull markets too long, only to find “no bids” when they tried to exit. Her solution: gradual repositioning. “Don’t wait too long,” she said. “Start to leave your positions slowly.”

For her own portfolio — and hypothetically, for her daughter’s — Lara favors selling in thirds rather than making dramatic moves. Trimming positions can relieve pressure without sacrificing exposure to further upside. Fully exiting, she warned, risks missing the very payoff investors have waited years to see.

Equally important is what happens after selling. Holding large amounts of cash, Lara admitted, doesn’t suit every personality, especially active speculators.

To impose discipline, she has redirected some profits into dividend-paying oil stocks held in a separate account. “You get paid to wait,” she said, calling oil historically cheap by multiple measures.

Beyond precious metals, Lara highlighted emerging areas of interest among veteran investors.

Copper is getting increasing attention, and will likely receive more if prices stay stable. Nickel remains overlooked, while oil continues to offer a combination of value and income that contrasts sharply with the volatility of junior miners.

Ultimately, Lara framed successful investing as a psychological exercise as much as an analytical one.

“Doing this well is a result of greed and fear,” she said. “In a bear market, you need to be greedy. In a bull market, you need to be somewhat fearful.”

Her closing message for newcomers and longtime investors: participate, but don’t lose perspective. Bull markets reward patience and punish excess.

“We’re all salespeople, including me,” Lara reminded the audience. “So don’t believe everything you hear.”

1. Purpose Bitcoin ETF (TSX:BTCC)

Assets under management: C$2.7 billion

The Purpose Bitcoin ETF, launched in February 2021, is billed as the world’s first physically settled Bitcoin ETF. It is backed by Bitcoin in cold storage, meaning the fund allows investors to add and sell Bitcoin with no digital wallet required.

Hosted by Canadian investment company Purpose Investments, the Purpose Bitcoin ETF has a management expense ratio of 1.5 percent.

2. Fidelity Advantage Bitcoin ETF (TSX:FBTC)

Assets under management: C$1.48 billion

The Fidelity Advantage Bitcoin ETF launched in November 2021. It offers the security of Fidelity’s in-house cold storage services for its holdings.

While it previously had a management fee of 0.39 percent, the Fidelity Advantage Bitcoin ETF lowered it in January 2025 to an ultra-low management fee of 0.32 percent.

3. CI Galaxy Bitcoin ETF (TSX:BTCX.B)

Assets under management: C$1.13 billion

Launched in March 2021, the CI Galaxy Bitcoin ETF was born out of a partnership between cryptocurrency leaders Galaxy Fund Management and CI Global Asset Management. Galaxy Fund Management is part of Galaxy Digital, a diversified financial services firm with a focus on digital assets and the blockchain technology sector.

The ETF’s objective is to give investors exposure to Bitcoin via an institutional-quality fund platform, as its holdings are wholly Bitcoin and are kept in cold storage. At 0.4 percent, this fund is one of the lowest management fees of the crypto funds on the market.

4. CI Galaxy Ethereum ETF (TSX:ETHX.U)

Assets under management: C$574.97 million

The CI Galaxy Ethereum ETF, another collaboration between CI and Galaxy, offers investors exposure to the spot Ethereum price through Ether holdings in cold storage. The fund launched on April 20, 2021, the same day as two of the other Ether ETFs on this list.

The CI Galaxy Ethereum ETF has a low management fee of just 0.4 percent.

5. Purpose Ether ETF (TSX:ETHH)

Assets under management: C$390.8 million

The Purpose Ether ETF is a direct-custody Ether ETF that launched on April 20, 2021. This fund currently holds over 83,000 Ether, which it stores in cold storage.

The Purpose Ether ETF offers investors exposure to the daily price movements of physically settled Ether tokens with a management fee of 1 percent.

6. Evolve Bitcoin ETF (TSX:EBIT)

Assets under management: C$270.39 million

Evolve ETFs partnered with cryptocurrency experts, including Gemini Trust Company, CF Benchmarks, Cidel Bank & Trust and CIBC Mellon Global Services, to launch the Evolve Bitcoin ETF.

Launched a week after the Purpose Bitcoin ETF, its holdings of Bitcoin are priced based on the CME CF Bitcoin Reference Rate, a once-a-day benchmark index price for Bitcoin denominated in US dollars. The fund, which holds its own Bitcoin, has a management fee of 0.75 percent.

7. 3iQ Solana Staking ETF (TSX:SOLQ)

Assets under management: C$263.2 million

The 3iQ Solana Staking ETF is designed to provide investors with a user-friendly and secure way to gain exposure to SOL and earn passive rewards through staking. Its launch quickly garnered significant assets under management and attracted investments from SkyBridge Capital and two of ARK Invest’s ETFs.

For the first 12 months after its April 16, 2025, launch, the ETF features a 0 percent management fee. After this initial period, the management fee will be 0.15 percent, the lowest on this crypto ETF list by far.

8. 3iQ XRP ETF (TSX:XRPQ)

Assets under management: C$162.67 million

The 3iQ XRP ETF provides investors with exposure to XRP, the digital asset native to the XRP Ledger. The ETF, which launched on June 17, 2025, is passively managed and aims to track the performance of the CME CF XRP-Dollar Reference Rate. The underlying XRP is held in secure cold storage.

The fund’s primary objectives are to give unitholders an opportunity for long-term capital appreciation through exposure to XRP and its daily price movements against the US dollar.

This XRP ETF had a 0 percent management fee for its first six months after its June 17 launch, after which time the company stated it would change to to 0.59 percent.

9. Purpose Bitcoin Yield ETF (TSX:BTCY)

Assets under management: C$145.5 million

The Purpose Bitcoin Yield ETF uses a covered call strategy to generate yield for investors. Its distributions are paid monthly and it has a management fee of 1.1 percent.

A covered call strategy involves writing call options on Bitcoin, which give the buyer an option to purchase an asset at a specific price on or before a specific date. Its structure allows the fund to earn income from option premiums while providing investors with exposure to Bitcoin’s price movements.

10. Purpose XRP ETF (TSX:XRPP)

Assets under management: C$122.5 million

The Purpose XRP ETF started trading on the Toronto Stock Exchange on June 18, 2025, as part of the launch of Canada’s first XRP ETFs. The fund invests directly in XRP, offering investors access to the XRP spot price.

The new asset is offering a 0 percent management fee through February 2026, after which time it will have a management fee of 0.69 percent.

11. Evolve Cryptocurrencies ETF (TSX:ETC)

Assets under management: C$93.9 million

The Evolve Cryptocurrencies ETF launched in September 2021 as the first multi-cryptocurrency ETF, providing combined exposure to both Bitcoin and Ether. Its holdings have since expanded to include XRP and Solana.

This product from Evolve ETFs allows investors to diversify their crypto portfolios and provides indirect exposure to the four coins by holding the individual Evolve ETFs dedicated to each coin.

Its holdings are weighed market capitalization and rebalanced on a monthly basis. Bitcoin makes up the vast majority of its portfolio at over 75 percent.

While this ETF has no management fee, the underlying funds that hold Bitcoin, Ethereum and XRP funds have management fees of 0.75 percent, while the Solana ETF has a management fee of 1 percent.

12. Fidelity Advantage Ether ETF (TSX:FETH)

Assets under management: C$90.5 million

Following the successful launch of its Bitcoin fund, Fidelity brought its Advantage Ether ETF to market in September 2022, making this the newest Ether ETF in Canada. Its holdings are stored in Fidelity’s in-house cold storage.

The Fidelity Advantage Ether ETF has a low management fee of 0.4 percent.

13. Evolve Ether ETF (TSX:ETHR)

Assets under management: C$87.74 million

The Evolve Ether ETF offers investors an easier route to investing in Ether. The fund’s holdings of Ether are priced based on the CME CF Ether-Dollar Reference Rate, a once-a-day benchmark index price for Ether denominated in US dollars.

It entered the market in April 2021. As with the Evolve Bitcoin ETF, the Evolve Ether ETF has a management fee of 0.75 percent.

14. Purpose Ether Yield ETF (TSX:ETHY)

Assets under management: C$81.2 million

Like the Purpose Bitcoin Yield ETF, the Purpose Ether Yield ETF offers investors an opportunity to invest in Ether while also generating yield. Purpose Investments lends a portion of its Ether holdings to institutional borrowers and earns interest on those loans.

Investors who purchase shares of this ETF receive a portion of the interest earned in monthly distributions. This Ether ETF launched in November 2021 and has a management fee of 1.1 percent.

15. Purpose Solana ETF (TSX:SOLL)

Assets under management: C$70.3 million

The Purpose Solana ETF gives investors exposure to the price of the Solana cryptocurrency. Its purpose is to provide a regulated and convenient way for investors to participate in the Solana market without the complexities of directly buying and storing the digital asset.

A key feature of this specific ETF is that it was one of the world’s first with staking built right in. It has a low management fee of 0.39 percent.

Nine Mile Metals (CSE:NINE,OTCQB:VMSXF,FSE:KQ9) is a Canadian critical minerals explorer focused on discovering and advancing copper-dominant sulphide systems in New Brunswick’s Bathurst Mining Camp. Copper is a cornerstone metal for electrification, renewable energy systems, and global industrial supply chains, and the Bathurst camp ranks among the world’s most productive districts for copper-rich volcanogenic massive sulphide (VMS) deposits.

The Bathurst Mining Camp is widely regarded as the third-largest mining camp in the world and has supported several world-class base-metal mines, most notably the Brunswick No. 12 operation, which stands as a benchmark for scale, grade, and mine life within VMS-hosted critical mineral systems.

Nine Mile Metals is developing a diversified asset portfolio that includes the historic copper-producing Wedge Mine, a high-grade copper discovery at Nine Mile Brook with bulk sampling approval secured, and two district-scale exploration properties—California Lake and Canoe Landing Lake—located along highly prospective geological corridors. Although the mineralization is VMS-hosted, the company’s strategy is firmly centered on advancing high-grade copper and associated critical minerals within a stable and proven Canadian mining jurisdiction.

Company Highlights

• Focused on advancing critical minerals projects, with a primary emphasis on copper, across four high-priority assets in New Brunswick’s world-renowned Bathurst Mining Camp: the Wedge, Nine Mile Brook, California Lake, and Canoe Landing Lake. The company’s projects are hosted within copper-rich volcanogenic massive sulphide (VMS) systems, a globally proven source of critical metals.
• Controls a large, contiguous 136.34 square kilometre land package across 624 claims in one of the world’s most prolific base- and critical-minerals districts, offering district-scale exploration and development optionality within a stable, mining-friendly jurisdiction.
• Nine Mile Brook represents a standout high-grade copper discovery, hosting the highest-grade certified copper drill results reported in the Bathurst Mining Camp to date, supported by multiple polymetallic lenses containing copper, zinc, lead, silver and gold—metals increasingly relevant to modern industrial and energy-transition supply chains.
• The Wedge Project is a historic copper-producing mine, previously operated by Cominco, with documented production and a historical resource estimate. Modern exploration has confirmed the presence of copper-dominant massive sulphide mineralization and demonstrated that the system remains open for expansion along strike and at depth.
• Employs modern exploration technologies—including advanced geophysics, three-dimensional geological modelling, UAV-based magnetic surveys, and AI-assisted targeting—to efficiently identify and prioritize concealed critical-mineral-bearing sulphide systems across the portfolio.
• Received regulatory approval for a 1,000-tonne bulk sample program at Nine Mile Brook, advancing the project beyond early-stage exploration and providing a pathway to evaluate concentrate quality, metallurgical performance, and potential development scenarios for copper and associated critical minerals.

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Rick’s rules for silver sector profits

Rick Rule, investment guru and proprietor at Rule Investment Media, is already making plays in this latest silver bull market, leveraging the profits he’s made in physical silver to better position himself for the next stage.

“My reasoning being as follows: if silver goes nowhere for a year, if it stays rangebound, the best silver producers are discounting US$45 silver a year from now, if the price is at US$75 or US$80 they’ll be discounting US$75 or US$80 silver, which means the stock will be up 50, 60, 70 percent,” he explained.

“The speculative outlook for the silver stocks seemed to be better than the speculative outcome for silver. If silver stays flat for a year, by definition, silver won’t give me any return. But if it stays flat, the silver stocks would give me 50 or 60 percent so it was a better speculative outcome,’ Rule added.

What did he do with the rest of his gains from his physical silver investment? He parked 25 percent in physical gold. “That’s how I save. I maintain liquidity in US currency, and I save in gold,” said Rule.

The other 25 percent went into oil and gas stocks. “As you know, my motto is that I buy hate and I sell love. Silver was loved, so I sold it. Oil and gas were hated, so I bought it.”

Both Krauth and Barton are on board with Rick’s Rules for silver investment.

“(Rule) has had for a long time a significant position in physical silver, and has sold a good portion of that because he is looking for value all the time and not sitting still. And he decided that those proceeds were going to go to where he saw value,” said Krauth. “And that’s part of my thesis going forward as well — that the value, or the unrealized value, in the silver space is now, especially in the miners.”

Barton also sees value in this strategy. “I have been selling some physical silver, and I’ve been putting it into oil stocks, and I’ve been putting it into gold and silver miners because they have not played that catch-up trade, right?,” he said. “Spot gold and silver are relatively expensive compared to very good silver and very good gold miners. So that could be a place where you could take some profits and rotate into the next leg up.”