Hey PF,
I cannot help but feel there is going to be at least 1 more push lower (whether orchestrated, or simply a large market fall) in the USD POG.
As you mention, most mid/large tier producers are now very close to the lows of March 2020, which... I find amazing, and yet... when the overall markets move higher, and stock picking becomes irrelevant, I can understand somewhat, why we are where we are.
Explorers overall, have held up very well. Developers, not as well, but... quality has held firm.
It's just producers that have been slaughtered.
As you mention, USD is still strengthening (though, the actual moves are slowing). Yields are rising also.
We even have Biden basically lower the amount of stimulus to be released into the US economy.
The main positive, is the vaccine rollout and re-opening of the economy.
Perhaps the consensus is that the Reserve banks of the world, are actually able to steady the global economy, smoothly print forever, all the while, not needing to raise interest rates.? Perplexing to say the least.
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