(Kitco News) A crowded convention floor can signal optimism. Whether it signals durable outperformance is another question, according to Nicole Adshead-Bell, Director of Cupel Advisory. Speaking with Kitco Mining’s Digging Deep at PDAC 2026 in Toronto, Adshead-Bell said the distinction between company-specific performance and broad sector momentum can become blurred in strong markets. “We always mistake alpha for beta,” she said, cautioning that rising prices can make it harder to judge execution.
