Fascinating Email Stating We Haven’t Seen The Top In Gold, Silver Or Miners

Below is a fascinating email from a KWN reader stating we haven’t seen the top in gold, silver or the mining stocks.

Fascinating Email
June 8 (King World News) – Here is a very timely email from a King World News reader out of Australia:  G’day Eric,
I’ve advocated for and personally kept records of our financial situation measured in equivalent gold ounces for many years now. For gold investors, this is critical if looking at the last 6 months performance in gold, and the gold and silver miners. 

When one looks back using this method, the recent paper quoted price should give long term gold investors pause and some piece of mind in these chaotic days and weeks like the one we’ve just endured.   

There is no doubt about it, the last few years and 6 months in particular have been wild for gold, silver and mining investors. And mostly to the upside. Only 6 months ago, we were waking up every day it seemed to new record prices for the metals, while the miners were in a cautious bull market. It really wasn’t spectacular outperformance in the miners. There was some – but not what previous gold bull markets had delivered. And nothing most long term holders were looking for, despite the numbers on paper looking so good. 

The evidence of underperformance was obvious when measured in gold ounces. For this author, the December 25 – February 26 run up in prices of the metals and miners produced no meaningful increase in total net worth(TNW) when measured in gold ounces. And when I say “no meaningful increase” – I mean, nothing. Zero. Some days and weeks actually saw declining TNW measured in ounces, as gold and silver metals prices went parabolic. This is by no means “outperformance” of the miners. This author has significant net worth invested in miners with “only” 10% in the physical metals themselves. So its not like my lack of advance in TNW measured gold ounces was affected by a large physical hoard. If the miners were really going to the moon, TNW in gold ounces would have significantly jumped. 

Down Over $400,000
But the same phenomena should be noted with this bear market we entered in late February 26. On paper, it’s been brutal. I’m down over $400,000 Aussie pesos and counting. Now, I’m not going to lie. Yes, I could have done with that paper cash and hindsight tells me taking that $400k off the table in February would have been a brilliant move. However, as discussed above – for the patient long term investor looking at these things through the lens of net worth measured in gold ounces – February’s blow off top was not of much significance. Hence the lack of meaningful sales of mining stocks that had had a nice run up. It just wasn’t the time – despite the excitement and short-term attention gold gained. 

Where Are We Today?
So where are we today? Despite a crushing fall and bear market in metals on paper as discussed above, in gold ounces – is my net worth down significantly? No. In fact, even after this weeks bruising blow – I’m sitting right where I started the year. 284oz. My net worth measured in gold ounces hasn’t entered a bear market at all. 

For many who might be in the same boat, take heart. Measure your net worth in gold ounces and ride out the paper price storms far easier. It’s also worth setting your long-term financial goals in gold ounces too so you can genuinely gauge your progress or lack thereof.  400oz is a worthy goal for the everyday man. 

And know that if you’re heavily invested in the miners in your own portfolio – it’s only when you see significant growth in your net worth measured in gold ounces, that we are truly “off to the races” with this long term gold and silver bull market. That’s when one should start to consider serious selling and balancing of your portfolios out of the miners. But be patient, we ain’t there yet. And you haven’t missed the boat with the blow-off top in early 2026.

Cheer,
L-DOG, Queensland. Australia

Gold & Silver Takedown
To listen to Alasdair Macleod discuss the gold and silver takedown and exactly what he would be telling his clients to do if he was still a broker CLICK HERE OR ON THE IMAGE BELOW.

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