Bottoming out...

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Bottoming out...

Gold joins the rest of the markets in leaping higher on hopes for an end to the Iranian conflict.

Have we just seen the bottom in this correction for metals and miners?

There’s plenty of evidence to suggest just that. First off, consider that spot gold is up about $90, and silver is doing even better percentage-wise as I write.

As you can see, gold was up about $140 before some of those gains were shaved off in New York trading. However, considering the fact that Iran reportedly rejected every one of President Trump’s 15-point peace offerings, it’s impressive that gold’s still up so strongly.
 

But so is every other asset class: Stocks, bonds, crypto, the Dollar Index...everything except oil is up strongly today, despite the disappointing news out of Iran.
 

To me, this speaks of a relief from a liquidity crunch as much as anything else. Margin calls have been met, positions have been squared, and now investors are positioning for the next move.
 

For gold in particular, there are other indicators of a bottom in place, including the metal reaching its lowest RSI reading since the beginning of this bull market.

Note that this chart does not include today’s rally, so that RSI number is rising even more quickly.
 

And for the miners, the indications are even more compelling, as the Gold Miners Bullish Percent index just reached its lowest level in over a decade, and is now rebounding strongly.

Note the blue lines showing each time this index got into the 50s, and how those instances presaged major rallies in gold. Also take a look at the last time sentiment on the gold miners even approached recent levels, back in February of 2024.
 

That’s when — based on this very indicator — I predicted an imminent rally in gold.
 

You know what happened next.

What To Do Now...

It’s important to understand that this correction in metals and miners was precisely the kind of liquidity vacuum that I’ve been talking about. And it’s also important to remember that these kinds of events are always followed by central bank accommodation.
 

This wasn’t an all-out crash scenario that will prompt a central bank rescue effort, and the inflationary repercussions of the energy price spike will force the Fed to stay its hand on rate cuts for the time being.

But the simple normalization of markets, combined with the sheer volume of monetary liquidity looking for a home, will spark a big rebound in all assets.

Metals and miners will be among the biggest winners not only because they were damaged the most in the correction, but also because the fundamental factors driving their bull market remain firmly in place.

So what to do now?

Well, as I told you on Monday, the last week saw a washout of weak-handed longs in gold and silver...and now we’re about to see a washout of the shorts.

That’s why I’m especially excited about the upcoming April issue of Gold Newsletter, which I’m putting the finishing touches on now.

In it, I’m introducing four new recommendations — each positioned to benefit from the next move higher in the metals…

Here’s a brief look at what’s coming:

•     A newly assembled, district-scale gold story in one of the most historic mining regions in the United States — backed by a proven mine builder and drawing overwhelming smart-money demand even before it begins trading.
 

•     A high-grade silver exploration play in one of the world’s richest silver districts, where recent drilling is finally demonstrating the kind of scale investors have been waiting for — with a fully funded, aggressive drill program set to follow.
 

•     A rapidly growing royalty company with exposure to multiple producing and near-producing assets — already transitioning toward meaningful cash flow, yet still trading at a ridiculously low valuation.
 

•     A past-producing, high-grade silver project being revisited at a time of much higher metal prices — with existing underground development, fresh capital and a clear path toward a big re-rating.

Each of these opportunities comes to us at a perfect moment — thanks to the recent correction that has temporarily slashed valuations across the sector.
 

If you’re not already a subscriber, I strongly encourage you to join us now, so you don’t miss this extremely valuable April issue.

All the best,

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

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