Gold stocks are in historically oversold territory:
~95% of stocks in the gold miners ETF, $GDX, are now trading in a bear market, the highest since at least April 2023.
This has surged +850% over the last 4 weeks as gold miners have dropped -25% over this period, entering a bear market for the first time since 2023.
By comparison, ~90% of stocks in the ETF were in a bear market in October 2023.
From that point until March 1st, 2026, $GDX rallied +346%, experiencing one of its biggest bull markets in history.
Gold miners have rarely been this oversold.
Stagflation is written all over this move today.
Gold decisively decoupling from overall equities and rising in step with oil and other hard assets.
So much for the liquidation narrative — it’s gone completely quiet now.
Don’t believe everything you read.
Metals remain supply-constrained, historically underowned relative to financial assets, and deeply undervalued in a world where neutral assets are in high demand as governments rush to build critical mineral reserves.
The defining difference from the 1970s?
A Fed with no real capacity to raise rates.
Game on for hard assets.
open.substack.com/pub/tavicosta/…
🚨 BREAKING:
INSIDERS JUST STARTED LIQUIDATING ALL RISK ASSETS AS THE US-IRAN DEAL FAILED
55 TRADES. $2.3B WORTH. EVERY SINGLE TRANSACTION IS A SELL WHILE THE MARKET IS CLOSED
SOMETHING VERY BAD IS COMING ON MONDAY...
Turkey’s $8 billion gold sale could be a signal of a broader reversal in the market for the precious metal, writes Jack Ryan bloomberg.com/news/newslette…
Looks like senior gold miners GDX has been bottoming out over the passing week. RSI tested the same level it did back in April 2025, when GDX nearly tripled in less than a year. I think another big leg up is underway in metals and miners into late summer 2026...