Good Morning!

Even despite recent weakness, Gold is above $5000 and Silver above $80 as we pen this.

Miners and juniors have been ripping.

You might think you are too late.

But the bull market is still in its early innings.

Today, I'll show you why.

The best way to mitigate the risk of sector corrections is to buy the right companies and at reasonable prices.

To learn which juniors we like best and have 5x upside potential, subscribe to TheDailyGold Premium 👇👇👇  

1) Gold's 3 Major Breakouts

Gold has staged three truly major breakouts.

First was the Greatest Breakout of All Time in 1972.

Then came a breakout from a multi‑decade base in 2005 (not to new all‑time highs), and now the current breakout.

The 1972 move ran for 8 years into a secular peak.

The 2005 breakout ran for over 6 years before topping.

Today’s breakout is not even 2 years old yet.

2) Gold vs. S&P 500 

Gold just broke-out from a 12-year-long base against the Stock Market. 

Accelerated moves to the upside in this ratio lead to both cyclical (C) and secular peaks (S) in Gold and precious metals.

The move in Gold against the Stock Market is only starting.

Look how far the ratio moved in the early 1970s until the C.

3) Gold vs. 60/40 Portfolio

The 60/40 benchmark is a powerful lens because it captures Bonds, the largest asset class.

Historically, once Gold broke out against the 60/40 Portfolio, secular bull markets persisted for roughly 8 and 9 more years.

Today, we’re only in the early part of year 2 of the current breakout.

So far this cycle, Gold is up 121% versus the 60/40 Portfolio, while the 1974 cyclical peak came after a 448% gain versus 60/40.

4) Gold as % of Central Bank Reserves

This excellent chart is from @JanGold_ 

From 1971-1980, Gold as a percentage of International Reserves increased from ~38% to ~65% of reserves.

During 2001-2011, there was only a minor increase after the GFC.

Now, Gold's share is increasing materially. It is up to 27% at present.

This has a really long way to go to the upside.

5) Gold Market Cap as % of Global Stock Market

This chart plots the value of above ground Gold against the market cap of the Global Stock Market.

The peaks in 1980 and Great Depression were around 90%.

The cyclical peak in early 1975 was 55%.

Currently, it's 20%. This has a long way to run.

6) Allocation to Gold Remains Very Low

Gold continues to be structurally under-owned.

Gold ETF assets as a percentage of all ETF assets is barely above 2% right now. 

Call it 2.5%. 

It was over 8% at the peak in 2011. 

From @Callum_Thomas

Summary

Gold confirmed a breakout from a 13-year cup & handle pattern in March 2024 — marking the start of a new secular bull market.

This trend has years left to run, as confirmed by the charts in this thread.

Capital began rotating out of Bonds and into Gold in 2022–2023.

With Gold also breaking out from a 12-year base vs. the Stock Market, that rotation is now accelerating — away from Stocks (especially Tech) and toward Gold & Precious Metals.

Gold’s cyclical bull market is likely only halfway done — and still has plenty of upside, given key metrics remain far below their 1974 peak levels.

In TheDailyGold Premium....

In TDG #975 we updated notes on our Top10 companies and our current Top6 companies on our watch list. 

We also introduced a list of "future" Top10 companies.

Top10 companies have the best combination of fundamental value and upside potential. We want to find companies with a minimum of 3x upside over the next 2-3 years at current prices and margins. These are companies you can hold for a few years as they are adding significant value. 

Because some companies will be acquired, age out and grow to large, we introduce a future Top10 (p8). That is more relevant for those new to our work or starting fresh.

In TDG #976 we wrote about the top values right now with an emphasis on 3 stocks. 

We also noted a fourth, which was previously our best value for a while. We explained why and how it could have another 3x or even 4x upside potential to an acquisition. 

Value is out there. We do the work to find it. 

We will continue to uncover quality juniors trading at excellent values and sporting 5x potential over the next few years. 

What are people saying about TheDailyGold Premium

right now?

Thank you for reading.

I wish you all the best in 2026 and beyond.