A picture is worth a thousand words:
The MB Fund rotated from iron ore miners to gold miners a month or two ago.
I still worry that if this global shock really gets going then gold will also suffer as the USD attracts a massive safe haven bid.
There is also the concern that with its building armory of tariffs, US inflation will remain stronger than elsewhere into the next cycle which will not be gold positive.
That said, the Fed will be forced to slash and print if we do get the global shock so buying gold into any crisis dip as the USD rallies will still likely be the play.
For now, it’s time to make hay.