The gap between gold miners and the metal is the trade most are missing. Producers carry operating leverage, central banks haven't stopped buying, and the paper price doesn't set the physical demand curve. @OJRenick spots GDX calls outpacing puts 5:1 as gold tries to break its multi-month downtrend. The gap closes both ways. x.com 

Gold miners' record margins and sustained central-bank gold buying support the sector's bullish setup. Average AISC margins reached $3,076/oz in Q1, up 134% year over year, per the World Gold Council; gold remains above $4,100/oz. Central banks bought a record 289 tonnes in Q2. The watched bull-flag trigger for GDX is $89.76. x.com 

Gold miners, unlike gold itself, turn a higher gold price into compounding cash returns. On a path to $8,000 gold, margins would widen far beyond today's roughly $2,400 an ounce even if all-in sustaining costs rose a third to $2,650. Free cash flow per share is at a record of about $15.70, roughly tripled since 2024, and the industry is buying back stock rather than mines, a combination never seen before. Relative to the S&P 500, miners have never been cheaper, not in 2008, 2015 or 2020. x.com  … Show more

Oil, diversified commodities and gold are true diversifiers that far too few investors hold, while nearly everyone holds bonds, down 1% this year. Year to date oil is up 80%, diversified commodities 23%, managed futures 7%, global macro 5% and gold 5%. A balanced investor could allocate roughly 10% each to diversified commodities and gold. x.com  x.com 

Gold mining stocks are worth owning heavily because the sector is generating extraordinary profits at current metal prices. Per Tavi Costa, gold miners are doing more share buybacks than at any point in history, on a scale never seen before, as a direct result of that profitability. You can't own enough gold stocks in view of what is coming. x.com 

Gold and silver remain favored, with the shiny metals still drawing strong bullish enthusiasm. x.com 

Gold miners have not yet priced in what record gold prices mean for the sector, and the window to get in is shrinking. Newmont beat Q1 profit estimates even though output fell, showing the gold price tailwind is covering operational shortfalls; earnings should rise further when production normalizes. The majors have pricing power they have not had in years and operating leverage is building, while most investors remain in tech. x.com  x.com 

Gold miners look like most of the damage is done: gold is down over $1,500 from its top and miners about 40%, with sentiment and positioning near capitulation. Gold's Daily Sentiment Index fell to 14% bullish, speculative open interest is below the late-2015 bottom, the miners' bullish percent index hit 0% and gold's RSI is the lowest since October 2023. Gold could still fall on Hormuz, dollar strength and seasonality, but Chinese buying, de-dollarization and miners' cash flows remain. x.com 

Gold miners, led by Newmont, stand to gain from 2026's rotation into hard assets as inflation stays entrenched. US CPI sits at 3.8%, nearly double the Fed's target, with energy up 18% and natural gas up 28% year over year, leaving cash and paper assets as losers and gold as the ultimate inflation hedge. Central banks in China, India, Turkey and Saudi Arabia are expected to buy nearly 1,000 tons of gold this year. Newmont is the largest blue-chip gold miner on the planet. x.com 

Gold miners should do well if the Fed holds rates or the US dollar falls. A stronger bounce this week with a MACD pinch would be a new buy signal. x.com