Our takeaway these many years — rather than watch all the FinMedia bilge — comes from simply reading the Statement, in which for 20 March are these three key sentences...
These great fundamentals will eventually attract back investors, fueling a dramatic mean reversion higher in undervalued gold-stock prices. More gold record highs will accelerate this process.
Gold went to $2225 yesterday. By the end of the day yesterday, it finished at $2184. So you had a $41 break from that peak. I'm looking for $2149.50 to hold as support.
Lastly we can see how horribly undervalued Precious Metals stocks are relative to gold itself on our chart for $GDX divided by gold going back to 2001. Only on two other occasions during the life of this chart have they been so undervalued.