About this episode

The episode discusses the current dire situation for gold mining stocks and the unusual market conditions surrounding them.

I was on a panel with veteran geologist Brent Cook earlier in the week and something he said rather struck me. “It’s shaping up to be a brutal summer for mining companies.” Brent Cook Looking at the chart below, it’s hard to disagree. The Gold Miners Bullish Percent Index has fallen to zero. Not 5 or 10, but zero. That’s lower in the in the crash of 2008 and during the Covid panic. It has only ever reached this level during the darkest days of the great gold bear market of 2011-16, and even then only twice. This chart measures the percentage of gold mining stocks that are on Point & Figure buy signals. If every stock is on a buy signal, the reading is 100. If none are, the reading is zero. A reading of zero does not mean prices cannot fall further, only that not a single stock in the index is in a technical uptrend. Readings like this only occur at moments of extreme pessimism. But what makes today’s reading so unusual is the backdrop. In 2008, everything was crashing. In 2013 and 2015, gold itself was in a vicious bear market. During the Covid panic everything was crashing. Today, gold’s above $4,000; silver’s above $60. The fundamentals for higher prices - central bank buying…

People in this episode

Host: Dominic Frisby

Topics covered

• gold stocks
• mining companies
• market analysis
• investing
• economic outlook

Keywords

• gold
• mining
• stocks
• market crash
• economic indicators
• Brent Cook
• bullish percent index

Mentioned in this episode

Books & works: The Flying Frisby

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