The Daily Gold https://thedailygold.com Your Source for Everything Gold Fri, 05 Jun 2026 06:36:02 +0000 en-US hourly 1 https://wordpress.org/?v=6.8.5 The Precious Metals Correction: Late Innings, Not Quite Done https://thedailygold.com/the-precious-metals-correction-late-innings-not-quite-done/ Fri, 05 Jun 2026 06:36:02 +0000 https://thedailygold.com/?p=29327 The intermediate-term correction in precious metals is getting long in the tooth—but it is not over yet. We are finally seeing the kind of cleansing you want to see after a major breakout: sentiment has cooled, positioning has washed out, and participation has thinned. But when you line up the historical analogs and drill into … Continue reading]]> The intermediate-term correction in precious metals is getting long in the tooth—but it is not over yet.

We are finally seeing the kind of cleansing you want to see after a major breakout: sentiment has cooled, positioning has washed out, and participation has thinned. But when you line up the historical analogs and drill into breadth, the message is clear: this move likely needs a bit more time and a bit more downside before it fully resets the runway for the next leg higher.

After a major breakout, Gold’s first significant correction has historically followed a clear pattern: a strong impulse higher, followed by a choppy, draining pullback that resets sentiment and positioning without breaking the larger uptrend.

This one is right on script. When you compare it to past episodes, the current move looks like a textbook post-breakout digestion phase that likely needs a bit more time and a bit more downside to fully run its course.

 

Sentiment is already in the process of resetting. GLD has seen notable outflows in recent months, which is what you want to see during a corrective phase, not at a long-term top.

 

At the same time, open interest has been washed out.

On the Comex, open interest has plunged to a 17‑year low, and even when you adjust for the shift in trading to global exchanges, total global open interest by dollar value has dropped sharply and sits near a one‑year low. That kind of collapse in participation usually reflects speculative money being forced out—important fuel for the next advance.

 

When I map the current breakout move in Gold (which began in February 2024) against history, the “best fit” analog is a weighted composite of the 1972 and 2005 breakouts, shifted forward.

That roadmap easily allows for another leg down—on the order of roughly 10% in Gold—while still preserving the structural bull case.

In other words, more weakness from here would not invalidate the breakout; it would be part of the normal post-breakout process.

 

The miners add an important piece to the puzzle.

I track GDXJ alongside breadth data: the percentage of stocks above their 20‑, 50‑, and 200‑day moving averages. The shorter moving averages help with short-term swings, but during maturing, intermediate-term corrections, the 200‑day is the key tell.

In the 2000s, significant lows often formed when less than 20% of names were trading above their 200‑day moving average. Recently that figure was still in the low 40s, suggesting the breadth washout in the juniors is underway but not yet at the kind of washed-out levels that have historically marked the best buying opportunities.

 

Gold’s correction continues to track prior post-breakout analogs.

Sentiment is resetting, participation has been washed out (open interest collapse), but miner breadth and price action argues for a bit more downside.

Structurally, the backdrop remains firmly bullish. Tactically, though, the evidence still points to an ongoing correction rather than a completed one.

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]]> TheDailyGold Premium #989 https://thedailygold.com/thedailygold-premium-989/ Mon, 01 Jun 2026 01:34:17 +0000 https://thedailygold.com/?p=29325 ]]> ]]> Correction Update and Comment on a Stock https://thedailygold.com/correction-update-and-comment-on-a-stock/ Thu, 28 May 2026 07:31:18 +0000 https://thedailygold.com/?p=29321 Correction Update & Notes on a Future Takeover Target]]> .mepr-paywall-overlay { position: fixed; top: 0; left: 0; width: 100%; height: 100%; background-color: rgba(0, 0, 0, 0.7); align-items: center; justify-content: center; z-index: 9999; overflow-y: auto; } .mepr-paywall-container { box-sizing: border-box; width: 100%; height: auto; background-color: #fff; border-radius: 2px; padding: 20px 15em 3em; box-shadow: 0 0 20px rgba(0, 0, 0, 0.2); position: absolute; top: 50%; min-height: 50vh; transition: all 0.3s ease-out; } .mepr-paywall-container.active { transition: all 0.3s ease-out; top: 20%; min-height: 80vh; } body:has(.mepr-paywall-overlay) { overflow: hidden; } @media (max-width: 767px) { .mepr-paywall-container { padding-left: 40px; padding-right: 40px; } }

Correction Update & Notes on a Future Takeover Target

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]]> TheDailyGold Premium #988 https://thedailygold.com/thedailygold-premium-988/ Mon, 25 May 2026 02:04:19 +0000 https://thedailygold.com/?p=29320 ]]> ]]> Gold Market Sentiment: Why This Correction is Moving Towards the End https://thedailygold.com/gold-market-sentiment-why-this-correction-is-moving-towards-the-end/ Fri, 22 May 2026 17:38:07 +0000 https://thedailygold.com/?p=29311 Precious metals remain in an intermediate correction, but several real-money sentiment indicators suggest the market is working its way into the later innings of this pullback. While technical charts still point to potential downside, sentiment data indicates any lower lows would likely be unsustainable . Institutional Positioning Shows Limited Enthusiasm The Bank of America Global … Continue reading]]> Precious metals remain in an intermediate correction, but several real-money sentiment indicators suggest the market is working its way into the later innings of this pullback. While technical charts still point to potential downside, sentiment data indicates any lower lows would likely be unsustainable .

Institutional Positioning Shows Limited Enthusiasm

The Bank of America Global Fund Manager Survey reveals that a net 16% of managers currently consider gold overvalued . This marks the lowest reading in the past 10 months and the second-lowest in 15 months, indicating professional investors have turned increasingly skeptical during this correction.

More striking is the data from family offices: according to the JPMorgan 2026 Global Family Office Report covering 333 single family offices from 30 countries with average net worth of $1.6 billion, 72% own no gold whatsoever. Among the 28% who do hold gold, the average allocation stands at just 0.9%.

ETF Holdings Reveal Stark Underinvestment

Despite gold trading roughly 100% higher than its 2020 peak, gold ETF holdings (as of March) are only slightly above their 2020 levels and may be even lower today. This disconnect between price appreciation and investor positioning highlights the absence of speculative excess that typically marks significant market tops.

Gold ETFs currently comprise less than 2% of total ETF assets. This allocation sits below the 2019 peak and far below the 2011 peak when gold ETFs represented over 8% of total ETF assets. The data suggests that while gold has declined against the traditional 60/40 portfolio and equities, investor allocation has not followed price performance.

 

Gold Mining Stocks Show Even Greater Underallocation

Gold miner ETFs tell an even more extreme story. Miner ETFs now comprise approximately 0.37% of ETF capital, down from roughly 0.52% a few months ago. This represents levels below both the 2020 and 2016 peaks.

The Bull Market Backdrop

The sentiment picture strongly supports the thesis that gold and gold stocks remain in the early innings of a secular bull market, with the current cyclical bull that began about 2.5 years ago not yet halfway complete. A substantial portion of capital remains parked in conventional equities, creating potential fuel for future precious metals rallies .

Historically, cyclical peaks in gold are preceded by a flush of capital out of stocks and into precious metals—a dynamic clearly absent from current positioning data. While this correction has successfully reset sentiment and technical indicators may suggest additional near-term downside, the fundamental lack of speculative positioning argues against a sustained breakdown from here.

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]]> TheDailyGold Premium #987 https://thedailygold.com/thedailygold-premium-587/ Mon, 18 May 2026 02:58:18 +0000 https://thedailygold.com/?p=29309 ]]> ]]> Silver Short-Term Outlook & A Merger https://thedailygold.com/silver-short-term-outlook-a-merger/ Thu, 14 May 2026 07:39:40 +0000 https://thedailygold.com/?p=29307 Short-Term Outlook on Silver, Comments on a Merger & a Breadth Statistics]]> .mepr-paywall-overlay { position: fixed; top: 0; left: 0; width: 100%; height: 100%; background-color: rgba(0, 0, 0, 0.7); align-items: center; justify-content: center; z-index: 9999; overflow-y: auto; } .mepr-paywall-container { box-sizing: border-box; width: 100%; height: auto; background-color: #fff; border-radius: 2px; padding: 20px 15em 3em; box-shadow: 0 0 20px rgba(0, 0, 0, 0.2); position: absolute; top: 50%; min-height: 50vh; transition: all 0.3s ease-out; } .mepr-paywall-container.active { transition: all 0.3s ease-out; top: 20%; min-height: 80vh; } body:has(.mepr-paywall-overlay) { overflow: hidden; } @media (max-width: 767px) { .mepr-paywall-container { padding-left: 40px; padding-right: 40px; } }

Short-Term Outlook on Silver, Comments on a Merger & a Breadth Statistics

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]]> TheDailyGold Premium #986 https://thedailygold.com/thedailygold-premium-986/ Mon, 11 May 2026 03:06:32 +0000 https://thedailygold.com/?p=29303 ]]> ]]> News and Notes on 2 Silver Stocks https://thedailygold.com/news-and-notes-on-2-silver-stocks/ Fri, 08 May 2026 02:43:39 +0000 https://thedailygold.com/?p=29302 Important news and some thoughts on two of our silver stocks...]]> .mepr-paywall-overlay { position: fixed; top: 0; left: 0; width: 100%; height: 100%; background-color: rgba(0, 0, 0, 0.7); align-items: center; justify-content: center; z-index: 9999; overflow-y: auto; } .mepr-paywall-container { box-sizing: border-box; width: 100%; height: auto; background-color: #fff; border-radius: 2px; padding: 20px 15em 3em; box-shadow: 0 0 20px rgba(0, 0, 0, 0.2); position: absolute; top: 50%; min-height: 50vh; transition: all 0.3s ease-out; } .mepr-paywall-container.active { transition: all 0.3s ease-out; top: 20%; min-height: 80vh; } body:has(.mepr-paywall-overlay) { overflow: hidden; } @media (max-width: 767px) { .mepr-paywall-container { padding-left: 40px; padding-right: 40px; } }

Important news and some thoughts on two of our silver stocks...

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]]> New Historical Comparison for Silver https://thedailygold.com/new-historical-comparison-for-silver/ Wed, 06 May 2026 02:17:51 +0000 https://thedailygold.com/?p=29300 The recent parabolic move and crash is similar to another period in Silver's history]]> .mepr-paywall-overlay { position: fixed; top: 0; left: 0; width: 100%; height: 100%; background-color: rgba(0, 0, 0, 0.7); align-items: center; justify-content: center; z-index: 9999; overflow-y: auto; } .mepr-paywall-container { box-sizing: border-box; width: 100%; height: auto; background-color: #fff; border-radius: 2px; padding: 20px 15em 3em; box-shadow: 0 0 20px rgba(0, 0, 0, 0.2); position: absolute; top: 50%; min-height: 50vh; transition: all 0.3s ease-out; } .mepr-paywall-container.active { transition: all 0.3s ease-out; top: 20%; min-height: 80vh; } body:has(.mepr-paywall-overlay) { overflow: hidden; } @media (max-width: 767px) { .mepr-paywall-container { padding-left: 40px; padding-right: 40px; } }

The recent parabolic move and crash is similar to another period in Silver's history

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