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The mega-rally in precious metals is well known by everyone living outside of a cave. As fond as I am of precious metals, I’ve become quite annoyed at how unrelenting the rally has been, and as a card-carrying contrarian, whenever gold and silver are the talk of every ding-dong and nitwit on the tee-vee, I figure it’s probably game over for a while.
The trope, which didn’t even exist half a year ago, has already become tired: Trump says something big and brassy, the financial markets plunge, and he does a complete 180 and reverses the damage (almost certainly profiting from a huge trade in both directions).
It happened again over the past few days, of course, with your President shrieking about 100% tariffs against China (causing a massive equity and crypto collapse), then almost immediately thereafter pouring over the treacle of “the Great Chairman Xi” crap, thus creating a huge rally on Monday. Except for two stupid precious metals shorts, I covered absolutely NOTHING, because I figured the broken trend was my ally. For the moment, it seems this steadfastness has worked out.
A year ago, almost to the day, I did a premium post called simply Five Miners which, unsurprisingly, was a bullish post about five precious metals miners.
