The Great Accumulation

Jul 17, 2026

∙ Paid

Gold miners are now cheaper relative to the S&P 500 than at any point in history.

This is the uncomfortable accumulation phase.

The underlying fundamentals remain strong, even as prices continue to shake out weak hands.

In this report, we’ll dive into the forces driving the chart below, explore several new charts that I believe investors should be paying close attention to, highlight a few investment ideas, and wrap up with a portfolio update.

Hope you enjoy it.

The image displays a chart comparing the aggregate free-cash-flow yield differential between gold miners and the S&P 500, indicating gold miners have historically been undervalued relative to the S&P 500. AI-generated content may be incorrect.

Tavi Costa

The Great Accumulation

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