Gold just closed Q1 over $3,100, up nearly 20% year-to-date, marking one of the strongest quarterly performances in recent memory.
Craig Hemke, editor of TF Metals Report, joins us to break down what’s driving this strength and why the equities haven’t fully caught up.
The GDX and GDXJ ETFs continue to lag, weighed down by large-cap underperformers like Newmont and Barrick. However, many individual gold and silver stocks have delivered outsized gains. Craig emphasizes this is a stock picker’s market, not a time to rely on passive ETFs.
We also discuss:
- How Q1 earnings could finally spotlight the widened margins across producers.
- The divergence between precious metals and broad markets (with the S&P down ~10% since February).
- Why silver’s lag is mostly due to heavy futures positioning, despite strong physical demand.
- Whether gold’s parabolic move requires a healthy pause—or if momentum will keep building.