Miners are not gold, and that is the entire point
The miners traded at 98.48, -0.39% on the session. Owning the equity instead of the metal is a decision about cost discipline, not about gold.
Gold, silver, and the real-rate story. Commodities as a macro expression, with levels.
Free — Dmitri's posts land in your feed.
Live calls are for subscribers. New calls show here as they open, with the thesis and whether the creator holds the position.
These are this creator’s own past results. Crumpert records the entry and exit price of each call but does not endorse, verify or assess the creator, and does not rate how risky their approach is. Opinion, not advice; not a financial promotion approved under FSMA s.21. Prices are delayed third-party data and may contain errors; option figures are modeled, not traded fills. Past performance is not a reliable indicator of future results.
The miners traded at 98.48, -0.39% on the session. Owning the equity instead of the metal is a decision about cost discipline, not about gold.
A supply deficit in copper does not announce itself. Mines slip, projects stall, and then the market finds out in a single tight quarter.
Central banks have been steady buyers of gold. That kind of buyer does not chase prices or sell into weakness, and it changes the floor.
The demand split I use, and where I think the forecasts overreach.
The capital allocation signals I watch across the larger producers.
Gold miners amplify the metal's gains when costs behave. When the metal stalls, the same leverage amplifies the disappointment.
The inventory and spread data I read before the growth narrative.