TheDailyGold: Precious Metals Secular Bull Needs This...

Published: Fri, 02/03/23

The Daily Gold
Jordan Roy-Byrne, CMT, MFTA


Friday, February 3, 2023


Good Morning!

So I have been thinking about this for a few weeks. That is, the importance of the Gold to S&P 500 ratio trending higher for a secular bull market in not just Gold but precious metals as a whole.

And there is a clear level Gold/S&P 500 needs to break above to trigger the secular bull market. (The 2016 & 2020 highs).  

I do not think I have shared this yet but I am updating my book and I'm placing bits and pieces on YouTube. You can follow along here.

Lesson 2, Video 1 pertains to what I am focused on. That is, Gold's relationship to the stock market and the key level it has to break to trigger a secular bull market. 

Click Here to Watch the Video

Even though Gold has rebounded over $300/oz, sentiment remains muted. As long as fundamentals do not weaken here, corrections will be brief and mild. 

Click Here to Read the Article


This chart plots Gold against the S&P 500 along with Gold and Silver. Note the key resistance levels of 1 and 2. 

Breaking above 1 would put Gold in position to reach $2300-$2400. At worst that puts Silver back at $28-$30.   

Breaking above 2 kicks off and confirms a secular bull market.  



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TDG #815 included some intro notes in a table on my current top 5 silver stocks as well as a list of the top 10-15 juniors with the best projects. I also opined on juniors with a $50-$100M market cap that might have a chance to join that list in the future.

One subject I want to cover in TDG #816 this weekend is how cost inflation has rendered so many projects as marginal or optionality plays. For example, a project that required $250 Million in capital three years ago may now require $370 Million. I think there are projects that looked good on paper two years that are now not viable.  

Anyway, hence what I said last week:

Also, go for high quality deposits and companies.....Capital is flowing into these names and I would still prefer these over marginal and optionality plays. If I'm wrong and the sector has a bigger or longer correction than expected, these names will hold up the best.

I am ramping up my coverage and offerings quite a bit. Look for more CEO Interviews in TDG Premium. 



Thanks for reading. I wish you all great health and prosperity in 2023.


Disclaimer: This newsletter is intended for informational and educational purposes only and should not be considered personalized and individualized investment advice. Investment in the precious metals sector contains significant risks. You should consult with an investment advisor and do your own due diligence before making any investment decisions. This email may contain certain forward looking statements which are subject to risks, uncertainties and a multitude of factors that can cause results and outcomes to differ materially from those discussed herein.  


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