You are correct in your assumptions, there is a big gap in the pricing of gold and value of gold producers. Retail can only force the price up so much. At the end of the day, you need massive institutional buying and interest to support the larger gains, exactly what we saw in the Li boom - With CXO, LTR, PLS etc going on up to 100x runs. Unfortunately for some reason, the institutions are reluctant to buy big into gold stocks... I will let you decide why, but most of us in here have a good idea why. Look into Blackrock, Goldman Sachs, Vanguard etc and their recent government aligned and globalist agenda... the truth will hit you. They need a strong USD to support the AI, Robot, Tech, Defence, Renewables push and protect their interests leading into an election. If that succeeds, the globalist agenda succeeds. All of us should be hoping that it fails to protect our way of life into the future.
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