Happy birthday to the bull...

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Happy Birthday To The Bull

This gold bull market just reached its two-year anniversary...and it’s still got a long way to run.

Blow out the candles — this new bull market in gold has just reached the two-year mark!

It seems like yesterday that I was at the podium for the Toronto Metals Investor Forum on March 1st, 2024, telling the audience that a gold breakout was coming. I couched my prediction by noting that the timing is always the toughest part, but that I believed the new rally was “imminent.”

I didn’t know how imminent it was...because gold had begun to take off as I was speaking!

Once I got off the stage and saw what the gold price was doing, I ran up to my hotel room and beat out a quick alert, as you can see here:

Golden Opportunities continues below...

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Grande Portage

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The project hosts a robust NI 43-101 resource (effective July 2024): 1,438,500 oz gold Indicated at 9.47 g/t Au and 515,700 oz Inferred at 8.85 g/t Au (plus silver credits). Mineralization is open in multiple directions with metallurgical recoveries reaching 98.2%.
 

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What can investors expect in the coming months?
 

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Project Update from Grande Portage | Grande Portage Investor Presentation | Visit Grande Portage website

Gold had gained $40 in a flash while I was talking, as the powerful buying from central banks and China had finally overwhelmed the sellers. From then on, it posted a nearly relentless climb, marked by only two 10% drawdowns, plus the steep sell-off we just experienced at the end of January.
 

Notably, that consistent, price-insensitive buying not only drove the market, but also supported it. Instead of typical corrections, gold generally traded sideways to work off momentum excesses through time instead of price.
 

As I’ve been saying, that’s changed now that Western investors, particularly traders and algos, have entered the market in size in late summer. We are going to get much greater wiggling in the uptrend, but as long as the fundamental forces driving this market remain in place — which they almost assuredly will — the underlying bull market will continue.

The Next Breakout In Progress?

Gold tried to invalidate my bullish outlook yesterday, dropping about $60. But today it’s gained back all of that and more, making me look smart (not an easy job) once again.

At last check, gold’s up over $70, nearly 1.5%, while silver is doing its job by providing strong leverage. It’s up well over 4%, to just over $90. It seems like it’s taking aim on $100 once again.

As you can see from the chart above, gold has regained ground above the recent trading range. Combined with the expansion of the Bollinger bands, this continues to argue for a new rally sooner than I’d anticipated.

The mining stocks are responding middling well today, slightly outperforming gold. It is encouraging to see a sea of green in our Gold Newsletter portfolio, with many of our picks up between 5%-10%. I can’t help but notice that one of our top picks is up over 30% today alone.
 

On that note, I’m about to head out tomorrow to Toronto for the Metals Investor Forum (which promises to be another sell out) on Friday and Saturday, which my presentation coming on the latter day. Then two days of the big PDAC confab, where I’ll appear on a panel with my brilliant friend, Adrian Day.

I’ll be meeting with dozens of companies over those four days and likely finding some exciting new opportunities for our Gold Newsletter readers. If you’re not already a subscriber, I advise you to rectify that situation by clicking on the link below.

This is going to be an amazing run, so make sure you’re fully aboard!

All the best,

Brien Lundin
Publisher, Gold Newsletter
CEO, the New Orleans Investment Conference

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