Let’s Talk About That Move in Gold

In case you missed it, it’s been a wild couple of weeks for gold.

The yellow metal has been on a tear in 2025, up about 65% at its high for the year, set on Monday. Since early August, gold’s ascent had “gone parabolic,” rising by more than a third in a little over two months as the so-called “dollar debasement” trade started getting traction on Wall Street.

As leveraged bets on gold, goldmining stocks have performed even better than bullion. The VanEck Gold Miners ETF (GDX), a popular proxy that holds the largest publicly-traded miners, was up over 150% on the year at its high.

Even JPMorgan Chase CEO Jamie Dimon got in on the action, saying that gold could “easily” rise to $5,000 to $10,000 and commenting that, while he certainly was no gold bug, this was one of the few times in his life “it’s semi-rational to have some in your portfolio.”

And then Tuesday’s bloodbath happened.

The price of gold dropped by 6% on Tuesday, and many miners’ stocks dropped even more.

As for the why… it’s not obvious that there was a specific catalyst. It looks like a case of profit taking by traders in an asset that had simply gone “too far a little too fast,” as we say.

So… is gold’s bull market over?

Hardly.

In fact, I told my Infinite Momentum subscribers the bull market in gold will go farther, and for longer, than most folks will expect.

One clue of the sustained interest in gold’s potential can be seen in my latest Green Zone Power Rating “New Bulls” screen…

Huge Ratings Moves Outside the S&P 500

While running this week’s “New Bulls” screen on stocks outside of the S&P 500 index, I found two gold mining stocks that have improved ratings by at least 10 points or more in the last month and one that improved by 26!

Here’s that list:

Equinox Gold Corp (EQX) enjoyed a nice bump in its rating over the past month, rising 12 points and entering bullish territory. It rates exceptionally well on its growth and momentum factors, which isn’t at all surprising given the massive move in gold prices this year and the outsized impact that has on the profits of mining companies.

But I’m a lot more interested in FireFly Metals (MNXMF). Over the past month, FireFly has seen its rating jump 26 points.

FireFly is an emerging copper and gold mining company focused on advancing the high-grade Green Bay Copper-Gold project in Newfoundland, Canada. It’s small, with a market cap of just $600 million, and highly speculative. As an exploration and development stage mining company, it isn’t currently profitable.

The stock is a little too speculative for me to recommend in a newsletter with a circulation as large as ours. It’s too thinly traded and too hard to get in and out of without moving the price.

I’m more interested in what its movement means for the broader bull market in gold and gold miners.

Due to its lack of profitability, FireFly rates poorly on our quality factor. This is not a best-in-class miner, which is telling …

If investors are starting to pile into speculative miners plays like FireFly, there’s really only one reason: they believe that metals prices are going higher, and they’re looking for leveraged ways to play it.

Of course, we were ahead of the crowd on this trend. We have multiple open positions in gold mining and streaming stocks in Green Zone Fortunes, one of which is already up more than 40% in less than six months.

If you want to look up any of the stocks we covered today in my Green Zone Power Rating system, you can gain full access with a Green Zone Fortunes subscription.

Once you’re in, just look for this button on our www.MoneyandMarkets.com homepage: