Fund managers can no longer ignore 45% year-to-date rally in gold stocks

“Gold equities have powered ahead this year, delivering strong performances. The TSX Gold index is thus up 45% so far in 2024, and the GDX ETF is posting a gain of 42%. After such a run, should we talk about exuberance? The short answer is not yet. In prior gold bull markets, TSX Gold and Precious Metals sector’s weighting in the TSX Composite reached much higher levels. With its current weighting, it’s hard to suggest the sector has grown to the point where investors need to be contrarian.

“The signal from the Global Wave remains positive despite the seven components providing a mix of positives and negatives. In aggregate, the Global Wave fell slightly last month, but not enough to trigger a peak signal. Our other indicators of the global cycle remain resoundingly positive, including the improving global earnings cycle and the rising Global News Pulse.

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