Gold and silver have broken out to new cycle highs after a 5-month consolidation. Craig Hemke, founder and editor of the TF Metals Report, joins me to map the pattern driving the move, where it could go next, and how equity inflows and central-bank dynamics are reshaping the precious metals landscape.
Key Topics
- Breakout mechanics & roadmap: Four repeated cycles over the last ~2 years … 3–4 months of sideways consolidation followed by 15-20% surges. With the latest breakout confirmed in late August, Craig outlines upside scenarios into Q4.
- Miners vs. metals: Why strong metal prices plus widening margins can still mean more catch-up ahead for producers and developers; how valuation frameworks (P/E, price/book) may evolve if capital rotates into the sector.
- ETF flows & breadth: Rising inflows into GDX/GDXJ as broad participation improves across large caps and juniors; how equity strength and metal strength reinforce each other.
- Macro drivers: Slowing U.S. data, rate-cut expectations into the upcoming Fed meeting, and the prospect of yield-curve management; how global de-dollarization and central-bank buying since 2022 continue to underpin gold demand.
- Then vs. now: Lessons from the 2009–2011 bull market compared to today’s debt math, policy backdrop, and global currency dynamics.
- Positioning mindset: Why “buy-the-dip” may persist in a structurally supportive backdrop, and what traders should watch as liquidity returns post-summer.
Click here to visit Craig’s website – TF Metals Report
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