The commentary below is from the March 6th issue of my Mining Stock Journal. In that issue I discussed the Equinox/Calibre merger, Fortuna Mining, Discovery Silver, Heliostar Metals, Lion One Metals, Rugby Resources and Integra Resources. I also addressed subscriber questions about i-80 Gold.
“And this is why you are going to see an enormous revaluing of the asset class. The fact is there is a major structural underweight (of the gold space by institutions) that’s been built up over decades just at the point where gold is becoming increasingly relevant.” – King World News interview with Jonathan Haycock, former Wall Street professional who now runs the Egon Von Greyerz family office
That assertion by Jonathan Haycock was in response to learning that, in the last six months, there’s been just one day of cash inflows into GDXJ (through February 22nd). This is quite surprising given that the price of the gold has risen since the beginning of October 2024 from $1,850 to near $3,000 (continuous futures contract basis), outperforming the major stock indices and any other significant asset classes. Haycock went on to cite some interesting stats: In 1932, gold and gold miners were 20% of total global assets; by 1948 that number was 30%; in 1981 gold and gold miners represented 26% of global assets; at the end of 2024 that number was just 1%.
Read the rest of this commentary here: Mining Stock Journal Substack