March 6, 2023

Hello Peter Anthony Hovis,

Gold stocks are rising with staggering consistency.

The VanEck Gold Miners ETF (GDX), the world’s largest gold stock ETF, is up five straight days.

The ETF is up 20% in just over a week.

Gold is doing well. It’s hitting new highs. But it’s just part of the story.

The much bigger driver for gold stocks has been value.

Gold stocks have been down for so long that any upturn in gold was bound to be a big upturn.

Here’s a chart that compares the shares of the world’s largest gold miner, Newmont (NEM), to gold prices:

That’s a huge gap that wasn’t going to keep widening forever.

If history is your guide, this is one trend that can be very friendly.