Gold prices are surging to unprecedented levels, with spot gold briefly hitting a new record high of $3,699.57.
Surge Is Just The Beginning Of A Cycle
While the rally has some questioning if a bubble is forming, market strategist Otavio Costa of Crescat Capital firmly asserts that this is “not a bubble,” particularly when looking at the gold mining sector.
Costa highlights that the ratio of junior to senior mining stocks “is still 54% below its 2010 peak,” suggesting the industry is “just at the beginning of this cycle.”
Mining Stocks Lead Gold Prices Higher
Veteran economist Peter Schiff declared that “Gold is at a new record high,” with the mining stocks “finally leading the metals higher.”
Schiff enthusiastically stated, “This bull market is firing on all cylinders, yet hardly anyone is aboard for the ride. Just the way I like it.”