Gold's Bull Market: Is This The Worst Ever?

Summary

The current gold bull market, despite recent drops, might be the poorest performing and shortest on record as of July 2026. Jeff Clark, founder of The Gold Advisor, explains that gold's nearly 30% fall, matching the Great Financial Crisis, presents a significant buying opportunity. He highlights that long-term issues like debt, deficit spending, and currency devaluation remain unaddressed, making a continued long position in gold sensible. Clark views silver as a leveraged play on gold, expecting it to outperform during the next upswing, despite its higher volatility. He emphasizes the importance of a substantial cash balance to capitalize on dips, allowing for averaging down and acquiring desirable assets. The mining sector, particularly producers, maintains high margins over 50% even with gold's price drop. For junior miners and explorers, project progress is more crucial than the gold price. Clark anticipates increased M&A activity as producers seek to acquire ounces more affordably than discovering them. He is also bullish on uranium and copper due to supply-demand dynamics and political support. Clark provides several stock picks including A2 Gold, Pacific Osilva, Summit Royalties, Sunpeak Metals, and Getty Copper, advocating for diversification across different types of mining plays. He stresses the importance of dating stocks rather than marrying them, meaning investors should be ready to divest if circumstances change. Clark believes that even the major gold producers, currently undervalued, are attractive, with Agnico Eagle being a top pick.