Bumble

Not all the big names have gone. Kirkland Lake hasn't recovered from the drop last November when they took over Detour Gold. The market seems to think they paid too much, but its probably worth giving them the benefit of the doubt. KL is a well-managed company with some of the lowest costs in the industry, and if they can turn the Detour assets around they will do well.
Agnico Eagle also hasn't fully recovered from some poor results in Q1, but they have a strong reputation and some good assets.
In the mid-caps it's worth looking at B2Gold and Eldorado, though both have started to take off and are no longer cheap.

The last time the price of gold was as high as it is now was in 2011-12, and back then GDX was about 60, which is nearly twice as high as it is now. So there is plenty of room for upside. But you have to remember that many mines and refineries are closed because of the virus. Also, miners are among the most risky businesses you can own: floods, collapses, strikes, nationalisation, tax hikes, criminal gangs, terrorist attacks, and just greedy and incompetent management.

According to a recent interview with Rick Rule, the usual course of events when the gold mining sector breaks out is that the big names move up first, then mid-caps and finally money trickles down to the juniors. When the price of juniors starts to move up, they may well use this as an opportunity to raise more capital, and this will keep a lid on their share price, at least for a while. Generalist investors who don't understand the intricacies of the mining sector will buy big liquid stocks like Newmont and Barrick, or the GDX and GDXJ funds.

That photograph is not politically correct. You obviously need to study the sexual harrassment policy.

Andrew Maguire worked as a precious metals trader and is famous/notorious for turning whistleblower and explaining to the Commodity Futures Trading Commission (CFTC) how bullion banks manipulate the price of gold and silver. This became the subject of an episode of 60 Minutes. Andrew has been an advisor to the ABX Allocated Bullion Exchange and to the creation of Kinesis, which is a form of digital money fully backed by physical gold and silver.
While Andrew is highly knowledgeable about the business and mechanics of gold trading, my reservation is that he has been telling the same story for several years. He is a regular interviewee on King World News, and on numerous occasions he has given the same narrative that there is a huge mismatch between the trading of paper gold and the availability of physical, bullion bank traders rip everyone off by shorting and running the stops, the LBMA is running short of gold, there is a large pent-up demand for gold from sovereigns and high net worth individuals, a price reset of gold is inevitable.
I don't doubt that these things are true, but inevitable is not the same as imminent. Maybe the virus is the catalyst that will make things happen this year, but the capacity of the authorities to kick the can down the road should not be underestimated. We could still be years away from a major reset in price.
 

Andrew Maguire worked as a precious metals trader and is famous/notorious for turning whistleblower and explaining to the Commodity Futures Trading Commission (CFTC) how bullion banks manipulate the price of gold and silver. This became the subject of an episode of 60 Minutes. Andrew has been an advisor to the ABX Allocated Bullion Exchange and to the creation of Kinesis, which is a form of digital money fully backed by physical gold and silver.
While Andrew is highly knowledgeable about the business and mechanics of gold trading, my reservation is that he has been telling the same story for several years. He is a regular interviewee on King World News, and on numerous occasions he has given the same narrative that there is a huge mismatch between the trading of paper gold and the availability of physical, bullion bank traders rip everyone off by shorting and running the stops, the LBMA is running short of gold, there is a large pent-up demand for gold from sovereigns and high net worth individuals, a price reset of gold is inevitable.
I don't doubt that these things are true, but inevitable is not the same as imminent. Maybe the virus is the catalyst that will make things happen this year, but the capacity of the authorities to kick the can down the road should not be underestimated. We could still be years away from a major reset in price.
 

Kitko's price is a spot price, and it is showing much higher than the Bullion Vault price. When the futures price is higher than spot this is called 'contango' and is the normal state of affairs for a commodity, because the buyer is effectively buying a guarantee of a future price, and this usually comes with a cost. The opposite state of affairs is called 'backwardation' and is usually considered bullish for a commodity because it indicates that buyers are desperate to buy for immediate delivery and will pay a premium price, because they believe the price is about to rise.

It is not so much that GBP is weak, but that USD is strong. The DXY is up at 99.5. The USD is doing what it tends to do in bad times and is acting as a safe haven. People are selling everything and holding dollars while they wait to see just how badly things turn out. US dollars and US bonds are the most liquid assets in the world, and in a crisis liquidity is king.

It is not so much that GBP is weak, but that USD is strong. The DXY is up at 99.5. The USD is doing what it tends to do in bad times and is acting as a safe haven. People are selling everything and holding dollars while they wait to see just how badly things turn out. US dollars and US bonds are the most liquid assets in the world, and in a crisis liquidity is king.

GoldMoney and Bullion Vault are both still offering fairly tight spreads with less than 1% over spot for buyers.

I'm inclined to agree that the recent fall in the gold price arises because a great many stock market participants are using leverage, and so when the prices move against them they are forced to sell whatever they can to stay liquid and meet margin calls. There are a few other speculations that I've come across: the BIS may be selling; Russia may be selling in order to compensate for lost oil revenue. These are less likely, I think. In 2008 gold and gold stocks fell during the crash and then proceeded to rise strongly, so we have a precedent for a rally.

I'm inclined to agree that the recent fall in the gold price arises because a great many stock market participants are using leverage, and so when the prices move against them they are forced to sell whatever they can to stay liquid and meet margin calls. There are a few other speculations that I've come across: the BIS may be selling; Russia may be selling in order to compensate for lost oil revenue. These are less likely, I think. In 2008 gold and gold stocks fell during the crash and then proceeded to rise strongly, so we have a precedent for a rally.

It has been said that there are few situations in life that cannot be honourably settled, and without loss of time, by suicide, a bag of gold, or by thrusting a despised antagonist over a precipice on a dark night.
The Wallet of Kai Lung, by Ernest Bramah.

Some interesting tweets from Ed Conway. In Nov/Dec 2019, the UK exported about 300 tonnes of gold and it created a monthly trade surplus. It may have been nothing more than a US bank switching some gold holdings from unallocated to allocated status, but it is still pretty odd. Trading Economics attributes it to exports to the US and Turkey.

Tesla is ridiculously overpriced, but it is being held up by irrational exuberance. Betting against Tesla is like betting against a religious cult - it's just too risky.

Tesla is ridiculously overpriced, but it is being held up by irrational exuberance. Betting against Tesla is like betting against a religious cult - it's just too risky.

The administrators will have to assess what assets and liabilities the company has. If possible, they will try to find a way for the business to continue as a going concern, perhaps by finding a buyer for it. If not, the company's assets will be divided up between the various creditors. According to Glint's website, the gold is allocated to its customers, so they will not lose out, though it may take the administrators a few months to sort out. The parties who will lose out are the investors. Most recently, Sprott invested $5 million as part of the expansion of Glint to the USA.

Glint has been taken into administration. Very few details at present.
https://www.fca.org.uk/news/news-stories/information-customers-glint-pay-services-ltd