Gold's Bull Market Isn't Over, But Don't Buy Yet
Speakers
Lobo Tiggre
— Founder, The Independent Speculator
Summary
Veteran resource investor Lobo Tiggre explains why he sold all his gold and silver stocks despite remaining bullish on gold long term. He warns that the recent rally in mining equities looks dangerously similar to past peaks and urges patience. He also discusses copper and uranium valuations, emphasizing a disciplined 'buy low' approach.
- Lobo Tiggre sold every gold and silver stock position, citing an overheated market that mirrors 2011 or 1980 peaks.
- He does not see now as the right time to buy gold and silver stocks, recommending patience for better entry points.
- Physical gold bullion remains a long-term accumulation asset for him, supported by central bank buying and its hedge properties.
- Copper above $6/pound and uranium between $85-$95 are not considered low enough to warrant buying according to his disciplined framework.
- He cautions against letting compelling macro narratives (de-dollarization, BRICS gold plans) override price-based discipline.
- The current gold price action is at a critical juncture; if it breaks lower, it could signal a 1980-style decline, while sideways movement would be healthier.
- Investing lesson: don't confuse the inevitable with the imminent, and avoid chasing rallies just because others are enthusiastic.
Ideas
Accumulate gold bullion long-term.
Physical gold bullion remains a long-term accumulation asset regardless of short-term price fluctuations. Unlike the stocks, bullion's role as a hedge that works offline and its sustained central bank buying support a strategy of continuous accumulation on weakness, rather than timing the market.
Avoid copper and uranium at these prices.
Copper and uranium are not buy-low opportunities at current levels. Copper remains over $6/pound, still near all-time nominal highs after a small retreat. Uranium, even after pulling back from recent highs to $85-95/pound, is many times above its $18/pound low of a few years ago. The disciplined approach demands waiting for genuinely low prices.
Avoid gold and silver stocks now.
Gold and silver mining stocks are not a buy right now. Recent price patterns look alarmingly similar to the peaks of 2011 and possibly 1980, suggesting a correction or consolidation ahead. He has sold all his gold and silver stock positions and advises against chasing the current rally, favoring patience over urgency even for long-term bulls.
