The XAU is the Oldest of the PM Stock Indices we use so going back 25 years we need to look at the XAU:Gold Ratio

Absolutely Beyond Brutal


When I first Got interested in PM Stocks it was circa 1995…I bought some juniors and they went 10 bags in a few months…I rode them UP and I rode them back down

I never got into the XAU type stocks But this chart shows they also went up vs Gold.

Gold went NO where all thru the Junior mania of 1994- 1996 (Flat at $400)

Point is when this Junior mania ended after The Bre-X Head Geologist jumped out of a helicopter into the Jungle

That was THE top in XAU stocks vs Gold…down they went down down down into the Gold Bottom of 2001 and incredibly

down down down all through the Gold Bull Decade where Gold rose from $250 to nearly $2000…then down down down

even more as the Gold 5 year mid cycle bear unfolded..20 years of relentlessly LOSING ground vs the Commodity they mined.

I got into Gold Stocks because I always heard from the gold promoters they were leveraged 3 to 5X to the Price of Gold.

No one told me it was Negative leverage…sheesh..what a cruel market this has been.

I venture to say Gold Stocks have been the all time absolute worst investment in the history of investments…

And Yet this is where we in this community focus our attentions.

20 Years…and now…a glimmer of hope…all nightmares must end. Its only 5 months so far but hope springs that

this unprecedented carnage will now reverse in a BIG way. Good Luck Goldtenters one and all .

LOG Parabola for Spock