Endgame Or Early Innings: Where Are We in This Gold and Silver Bull Market?
If you haven’t met our senior analyst Ted Butler, he actually withdrew from his master’s in finance degree, after becoming disillusioned by the status quo of 60/40 portfolios and the omission of gold and silver from the curriculum. He’s one sharp cookie, and he just completed some research on the question on everyone’s mind: is the top in for gold and silver mining stocks? -Jeff Clark
-Ted Butler, Senior Analyst
Gold is on track for its best annual performance since 1979, silver has skyrocketed to $48 for the third time since 1980, and the junior mining stocks—as measured by GDXJ and SILJ—are up some 130% year to date.
Naturally, you’d be forgiven for thinking that this bull market is approaching its “endgame” – the so-called mania phase where irrational exuberance runs high and objective analysis takes a back seat.
In doing so, you’d be quite mistaken. That’s because mining stocks still have plenty of room to run relative to historical cycles, especially as many of them are rocking record-high free cash flows and profit margins to boot.
At the same time, we are by no means at the “bargain basement” prices from earlier this year. Arguably, that train
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