I am viewing this broad market correction as an opportunity, given the macro view for the balance of 2026. That includes the precious metals and commodity sectors. As you know, the expectation is for the play to broaden out to include more commodities.
If the spike in the Oil/Gold ratio is real, that would be so much the more so. But within its downtrend, the spike is symbolic at this point. Symbolic of the need to expand beyond gold mining in the 2026 macro.
Enter mineral exploration and gold/silver/commodity royalty plays. Neither of these types depend on a declining Oil/Gold ratio for fundamental improvement. The explorers are digging, not mining and transporting ore. The Royalties are simply concerned with metal/commodity prices, unlike the miners that want to see their commodity’s price out-perform their cost-driver prices.
When you have Royalties like ELE, FNV and others that are diversified beyond gold and silver, so much the better in an inflationary macro where other commodities may start to play catch-up.
Just an FYI on how I am seeing the situation. Still trying not to ‘Galaxy Brain’ the situation all in one day. But a day like this does get the old noggin in gear and ideas flowing.
