Macro Update
Gold miners are trading at one of the deepest discounts to the S&P 500 on record.
Fundamentals remain strong.
Prices keep falling.
This is what an accumulation phase looks like to smart money.
--
In this report, I walk through several important macro charts I’ve put together on interest rates and the US dollar — two of the central pillars of my broader macro thesis.
I hope you find it insightful.
