Gold and silver have pulled back sharply from recent highs, but Craig Hemke, founder and editor of TF Metals Report, says this is classic bull-market behavior – not the start of a bear phase. Gold remains up roughly 40–50% YTD, silver over 50%, and despite short-term pain, the structural uptrend remains intact.
Key Topics
Recurring 10% pullbacks: Craig outlines how each gold rally since 2023 has followed a rhythm – 90-day consolidations, 10% corrections, and ~20% surges higher. He sees the current move as another leg in that pattern.
Silver’s consolidation band: After reaching $54, silver’s drop below $47 mirrors prior shakeouts. Hemke expects a 20% range to hold before the next breakout attempt toward new highs.
Earnings strength & sentiment lag: Even at $3,800–$4,000 gold, miners like Newmont (NYSE: NEM) and Agnico Eagle (TSX/NYSE: AEM) are printing record margins. Investor sentiment, however, hasn’t caught up.
M&A and cash hoards: Majors are flush with cash, minimal debt, and strong cash flow. Hemke expects consolidation in the sector to spark fresh M&A activity as producers replace reserves.
Macro triggers to watch: A Fed rate cut cycle, potential dollar weakness, and re-emerging risk appetite could all act as catalysts for the next leg up across precious and base metals.
Visit Craig’s website – TF Metals Report: https://www.tfmetalsreport.com/
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