Where are we with gold - cyclical or structural?

I am travelling in Hong Kong (notwithstanding the Force 10 typhoon), Germany and London for a couple of weeks attending conferences at which I am giving investor presentations on Aguia Resources and Wests Wits Mining, so far with good effect. I am unable to travel with my chart folder, so the charts comments have not been updated. However, we should know by now what the current trend is. The markets are moving higher, especially gold stocks.

A few months ago I wrote that we were in the early stages of a bull market for resources stocks. There were still a number of investors who were expressing caution, but in taking guidance from my crystal ball - the Sentiment Oscillator - the evidence was building.
Now, with the passage of time, there is no doubt. Stocks that looked dead in the water six months ago are performing strongly. Money is flowing back into resources stocks in a big way.

The hard core resource investors who chose to ride out the tough times are looking sweet now, sitting on big improvements from the earlier lows. Profit maximisation means that they should not be selling prematurely, with relief, but they should be letting their profits run as just reward for their persistence. 

 WeeklyComm27Sept2025.pages.pdf