Editorials

After the introduction of Gold and Silver ETFs and a 13-year secular bear market, everyone knows gold miners suck. Just ask Hugh Hendry.   But the truth is far more nuanced.   Here is almost everything you need to know, divided into a list.     1) Gold Stocks are Options on the Gold … Continue reading

The precious metals sector performed poorly during the last three bear markets in stocks. Those include 2022 during initial Fed tightening, the Covid crash of spring 2020, and the heart of the global financial crisis in autumn 2008.   Investors steadfastly believe that precious metals will decline during the next economic downturn. History has solidified … Continue reading

Gold has reached the first of a handful of measured upside targets at $2350.   It has another measured upside target of $2350 and the cup and handle targets of roughly $3000 and $4000.   Many observers will naturally worry about the next correction after unexpected and sudden strength. It is almost a knee-jerk … Continue reading

Gold has broken out from a super bullish cup and handle pattern. This breakout is historically significant as it has tremendously bullish implications over the next decade.    However, Gold breaking above $2100 is not quite a risk-off signal for the entire precious metals sector. At least not yet.   The breakout has started … Continue reading

I have focused on the coming secular shift in Gold and precious metals because it has massive implications over the coming years and into the 2030s.   However, I will discuss the cyclical potential of the current move in Gold today. With a strong close above $2100, Gold is in a new cyclical bull … Continue reading

The gold stocks have underperformed Gold for almost 20 years so it is extremely difficult to imagine they could outperform Gold.   There are three reasons for the underperformance, but with Gold’s major breakout, two will evaporate.   One reason for the underperformance is the introduction of Gold ETFs (like GLD) in the mid-2000s. … Continue reading

I have written about Gold’s super bullish Cup & Handle Pattern multiple times over the last few years.   If you need to get up to speed, my most recent article on the cup and handle pattern is here.   Yesterday, Gold finally broke out from the handle and surged above $2100 to $2126. … Continue reading

Gold continues to hold above $2000/oz, but the gold stocks, which have failed to get any traction, grind lower as the stock market surges.   Apathy has set in as valuations and investor sentiment in gold stocks probe multi-year lows. In other words, the weakness of the last several quarters is more a result … Continue reading

We wrote that gold stocks are cheap and hated a few weeks ago.   You never could use those adjectives in a bull market.   Gold remains extremely close to a significant and historic breakout, but the sector as a whole is breaking down when measured against the stock market.   Below, we plot … Continue reading

This week, I published a video update evaluating whether gold stocks are cheap or undervalued. There is a difference. But I digress.   After publishing the video and reviewing the comments, my biggest takeaway was that gold stocks are hated.    After a nearly three-and-a-half-year-long bear market, one can imagine how investors and speculators feel … Continue reading

I have been writing about Gold’s super bullish cup and handle pattern since 2021.   The pattern is super bullish because the handle consolidation of the past few years has transpired above the 38% retracement (around $1675/oz), and the peaks are above the peak from 2011 at the start of the pattern.    The … Continue reading

I have been writing about this for years, but it bears repeating because many gold bugs deny or gloss over its reality.   Although Gold is hovering around all-time highs, the precious metals sector will remain in a secular bear market until the stock market and the economy crack.   Let’s review the historical … Continue reading