Just a quick update. What a day!
Gold is up over $200, a 4.5% gain in a single day. The main driver behind this massive move is signs of diplomatic progress in the Middle East, which have eased concerns around inflation and further interest-rate hikes.
With gold soaring, mining companies are rallying as well. As I mentioned recently, I started to DCA into Agnico Eagle and today it’s up more than 9%, bringing its gain over the past week into the double digits.
This could be the turning point for gold and gold miners after the massive correction we’ve seen over the past few months. Whether this rally proves sustainable remains to be seen. It’s still a heavily macro- and politically-driven market.
That said, if this is the start of a broader trend, there could still be significant upside ahead. Gold is still more than 20% below its all-time high, and many miners are down 30–50% since February.
I’ve increased my DCA and I’m excited to see how things develop from here.
What about you?
