During the 2011-2016 correction in the gold market, the precious metal declined -42% while the gold miners collapsed -81%. Gold bottomed in 2016 and rallied $300 from $1,100 to $1,400. During that time, the miners almost tripled in price. Both metals and miners have consolidated those gains over the last 18 months and I am now expecting the next move up in both metals and miners to start shortly. I think the miners could be explosive on the upside once again. A glance at the chart below will show that the mining stocks, relative to the gold price, are as cheap today as they have ever been. Also of note, the gold miners have not declined this year despite the recent drop in the USD price of gold. This is an early indicator of strength in the sector. The Active Asset Allocator has taken a position in the miners in advance of what I expect will be a strong move higher.
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