I made my first million profit from investing/flipping junior pm and bm miners, mostly from front running permitting stage and sell with the permit pop or acquired by bigger fish. That was good time pre-2008 crash, basically 100% of portfolio.
It was very frustrated to see miners, constantly lose money all the time, no matter how gold tested all time high or copper breaking records. They always manage to lose money omg. Plus a few got stolen from leftist south american govts that was lesson I learnt the hard way.
I came to the conclusion holding metals itself is so much better than miners after years of investing in them. GLD is better than any gold miner. Miners as a whole suck. The only few make sense are the majors like BHP.
Energy stocks are like heaven in comparison.