Bought Back InMarkets left oil for dead near a year ago. Maximum pessmism around the oil trade. Today the talking heads and some analysts are doing the same with gold (i.e., UBS long term 'gloomy' outlook, and in Sept saying it is 'very bullish' on gold; UBS like too many other sheep like analysts, simply bleat the flavour of the moment ... then there's Mark Cuban, whose only rival is Trump when it comes to desperately wanting media attention; Cuban comically stated 'gold is dead' - https://cointelegraph.com/news/bitcoin-is-technology-but-gold-is-dead-mark-cuban-tells-peter-schiff. Like Trump, I guess being on a tv show makes you think you're an expert on everything. More like Cuban knows what statements will make headlines and get him press attention. To be fair, Crypto has its place but it will not supplant gold; rather it will co-exist, imo.The ego on these clowns.
Still, the thing is that when all these 'experts' proclaim the end of gold's reign, well, that's when we're getting close to the bottom. No doubt, gold is in a correction, and gold stocks as well. What the herd is forgetting is that the fundamental drivers supporting gold have not only stayed the same, they've become more entrenched. And if inflation does move too quickly (many economists are saying that any upward move will be temporary), central banks will implement yield curve control (Australia has already stated it will do so; Japan has used YCC for several years; and the EU is "capping bond yields"; YCC by a different name.
And we're seeing signs of sp bottom in some larger miners (Alamos, AEM, KL, all up today). No doubt this is b/c wiser investors are seeing that these companies (and NGD) are flush with cash and hardly any, if any, debt. As for NGD, the outlook is strong, with copper prices near records, hedges off the books, and that horrible accident in the rearview. Investor psychology is what has been damaged here when it comes to gold, but this too wlll pass and change.
I sold off NGD a few weeks ago and today bought back in. Maybe sp will go lower; I don't know. But I'm positioning for the rebound. GLTA.
https://www.kitco.com/commentaries/2021-03-03/Gold-crisis-or-opportunity.html