Carter Worth and Tim Seymour on Gold's Record Highs and Miner Performance

Gold's Record Performance and Technical Outlook

• 🥇 Gold has reached a fresh all-time high, settling just under $3,500 and is up over 32% this year.
• 📈 The GDX ETF, representing gold miners, has surged over 70% in 2025, significantly outperforming bullion.
• 📊 Carter Worth notes that gold is very close to breaking out of a formation, with converging trend lines suggesting a setup for higher prices.
• 💡 The presumption is that gold will indeed break out of this technical pattern, supporting a long gold position.

Bullish Activity and Options Market

• 💰 Bullish activity was observed in the options market, with significant trading in December 3700 calls for Comex gold futures.
• 🚀 This activity suggests a bet on approximately 7% upside in gold by the options' expiration in November.

Drivers and Geopolitical Factors

• ⚠️ Tariffs on gold from Switzerland and potential executive orders are noted as short-term market influences.
• 🌍 The rhetoric between BRICS nations and the US is mentioned, with BRICS being significant buyers of gold.
• 💡 The core drivers for gold's rise are not fully captured by current analyst models, which are often behind the spot price.

Gold Miners' Operational Leverage

• 🛠️ Gold miners are currently printing money due to stabilized costs and operational leverage, a change from 1.5-2 years ago when inflation was peaking.
• 📈 Analysts are expected to upgrade their price targets for gold miners, who should outperform bullion.
• ✅ Investors are advised not to conflate administration policies on tariffs with the fundamental drivers supporting higher gold prices.

Bitcoin vs. Gold Comparison

• ⚖️ When comparing Bitcoin and gold, gold is seen as having better chart potential due to its recent rest and breakout potential, while Bitcoin is in a continuous uptrend.