Gold is as oversold as it was in 2008, right before gold soared a jaw-dropping 171%.
Gold Miners
June 25 (King World News) – Otavio Costa: Gold miners are trading at one of the deepest discounts to the S&P 500 on record.
KING WORLD NEWS NOTE: Gold Miners Trading At One Of The Deepest Discounts To The S&P On Record!
Fundamentals remain strong.
Prices keep falling.
This is what an accumulation phase looks like to smart money.
Gold
Otavio Costa: I won’t say much more than this:
The only other time gold was down this much was at the bottom of 2008.
KING WORLD NEWS NOTE: Gold Now As Oversold As 2008, Right Before The Price Of Gold Soared 171%
Just Wait, The Fed Will Do A 180
Peter Schiff: Even if the Fed is serious about bringing inflation down to 2% with aggressive rate hikes and QT, once the stock market accepts that and crashes, the Fed will do a 180. A stock market crash, plus a real estate crash, threatens not only a recession but another financial crisis…
Listen to the greatest Egon von Greyerz audio interview ever
by CLICKING HERE OR ON THE IMAGE BELOW.
It’s Magic
Peter Boockvar: With WTI crude oil now just about $3 from where it was before the Middle East conflict began, the 14 day Relative Strength Index is now at the lowest since September 2020, when we were slowly coming out of Covid but before the vaccine news.
KING WORLD NEWS NOTE: Hard To Believe: Crude Oil Is $3 From Where It Was Before The Iran War Began.
The Daily Sentiment Index is down to just 12 (range of 0-100), according to my friend Helene Meisler. I still think prices eventually settle out in the $80s but no question I’m very surprised at how much they’ve fallen. By the way, the Daily Sentiment Index for gold and silver are now down to just 10 and the DXY is up to 83. All stretched readings.
The Dallas Fed released its quarterly energy survey and said this:
“Activity in the oil and gas sector jumped in second quarter 2026, according to oil and gas executives responding to the Dallas Fed Energy Survey. The business activity index, the survey’s broadest measure of the conditions energy firms face in the Eleventh District, increased from 21.0 in the first quarter to 46.1 in the second quarter, marking the strongest reading since second quarter 2022. The survey was in the field June 9–17 as the U.S. and Iran negotiated a memorandum of understanding about ending hostilities.”
And, “Oil production advanced modestly in the second quarter, while natural gas production saw only minimal gains, according to executives at exploration and production (E&P) firms. The oil production index increased from zero in the first quarter to 15.0 in the second quarter, whereas the natural gas production index remained relatively unchanged at 3.7.”
With input inflation, “Costs increased at a faster pace relative to the prior quarter. Among oilfield services firms, the input cost index surged from 34.9 to 64.4, with no respondents reporting a decrease in costs. Among E&P firms, the finding and development costs index increased from 22.3 to 40.0. Meanwhile, the lease operating expenses index rose from 30.0 to 43.7. All cost indexes were above their series averages, suggesting costs are growing at a faster-than-average pace.”
And where respondents think prices settle out at, “On average, respondents expect a West Texas Intermediate (WTI) oil price of $81 per barrel at year-end 2026; responses ranged from $60 to $150 per barrel. When asked about longer-term expectations, respondents on average said they expect a WTI oil price of $78 per barrel two years from now and $82 per barrel five years from now. Survey participants foresee a Henry Hub natural gas price of $3.36 per million British thermal units (MMBtu) at year-end 2026.” I bolded.
Tavi Costa On Friday’s Takedown In Gold & Silver
To listen to the brilliant Tavi Costa discuss what to expect in the coming days, weeks and months in the gold, silver, mining and oil markets CLICK HERE OR ON THE IMAGE BELOW.
Just Released!
To listen to Alasdair Macleod discuss the takedown in the gold and silver markets and what to expect next CLICK HERE OR ON THE IMAGE BELOW.
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This Is All That Needs To Be Said About The Gold Market Today CLICK HERE.
This Will Cause The Price of Gold To Surge For The Next 12 Months CLICK HERE.
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Central Bank Gold Purchases Have Increased 500% Since 2022! CLICK HERE.
Nomi Prins – Did Gold & Silver Just Bottom? CLICK HERE.
CAPITULATION: Silver Open Interest Has Broken Below 2020 & 2013 Lows CLICK HERE.
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