- The recent rally in the RING Gold Miners ETF suggests it is no longer cheap relative to the current gold price, even after the gold price itself has risen.
- Mining stocks have outperformed non-mining stocks to a significant degree over recent months that at current gold prices the mining sector is no longer particularly attractive.
- I continue to expect long-term outperformance relative to the broader market, and remain long, but the risk-reward outlook has deteriorated in recent weeks leading me to pare back my positions.
For further details see:
RING: Shifting From Miners To The Metal