Have you noticed precious metals printing fresh highs?
Last week, gold posted new multi-month highs. So did silver and platinum, hitting their highest levels since the spring of 2022.
Not a bad start to 2023 for these shiny rocks. And it gets better!
Gold broke out to new all-time highs relative to bonds last week. The yellow metal is not only showing strength on an absolute basis – it’s also outperforming its alternatives.
These are classic bull market characteristics and two critical pieces of evidence suggesting gold is in the early stages of a new structural uptrend.
If gold is on its way to new all-time highs, gold mining stocks will be participating.
And it just so happens they are…
If gold prices rise, companies that remove gold from the ground and sell it will surely benefit. Simple!
Check out the Philadelphia Gold and Silver Index $XAU, which tracks the 30 largest precious metal mining stocks:
We don’t directly trade XAU. Instead, we look to the index for information. Think of it as a roadmap for gold mining ETFs and stocks.
