Miners are getting traction
Even after the start of the gold rally in the spring of 2024, miners response has been lackluster. Miners only started to get traction well into 2025 after the yellow metal had breached the $3000 ceiling.
On Valentine’s day of 2024, gold jewelry was still affordable, with bullion last quoting below $2000/Oz.
History: That $2000/Oz threshold had first been broken during the pandemic lockdown in 2020. Discretionary spending was down since shopping malls were empty. Governments were running large deficits. After the initial market plunge, there was a selective recovery with gold enjoying a major tailwind. It didn’t last: gold retreated late 2020 and over 2021. Despite inflation spiraling out of control during 2022, the interest rate hikes kept gold down for longer than could be anticipated. Some dips below $1700/Oz were real bargain opportunities. In 2023 a stealth recovery started. During the spring rally $2000 was regained, only to be given back weeks later. It would take until late november to regain $2000/Oz, making 2023 the first year with gold ending above $2000/Oz. |
The below graph shows the gold price since the start of 2024. The onset of the rally has been hesitant. By June 2024 gold was trading around $2300/Oz, the yellow metal gradually firmed, first reaching $2500 by mid August.
Gold price since the start of 2024 (Daily Spot prices on NYMEX) (click to view at true image size) |
Against the perspective of a lasting gold rally, with only minor corrections and more consolidation phases, the initial miner response has been disappointing. only since early 2025, with gold already up over 30%, miners eventually started responding to the ongoing gold rally.
HUI/Gold since the start of 2024 (HUI = Index of unhedged gold and silver miners) (click to view at true image size) |
With gold almost flat during Jan-Feb 2024, miners plunged until the onset of the rally was confirmed. The manic depressive mood swings continued during summer, despite gold hitting $2500/Oz. The Trump victory in Nov 2024 brought about a short lived and shallow gold correction. Another depressive phase for gold miners followed, leveraging down the gold correction manifold.
HUI – Gold regression
Previous artigles illustrating this are:
Source: https://gwyde.blogspot.com/2025/09/miners-are-getting-traction.html
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