A Warning Shot in Precious Metals

Every bull market has its heartbeat. 

Sometimes it’s loud and obvious, like Gold ripping to all-time highs. 

Other times, the pulse is quieter, buried inside the intermarket ratios that tell you who’s doing the buying, who’s doing the selling, and whether investors are embracing risk or backing away from it.

Right now, we’re watching that heartbeat slow.

For most of 2025, precious metals have behaved precisely as a real bull market should. 

• Capital flowed down the risk curve into junior miners.
• Silver miners outpaced the rock.
• Breadth improved.
• And Long-term trends strengthened. 

The whole complex was working in unison.

But over the past few weeks, that synchronization has cracked. The leaders stopped leading, and the ratios we rely on to confirm risk appetite rolled over. 

And what happens next, whether these pullbacks stabilize or turn into something deeper, will ultimately determine the strength and durability of this bull market.

Today, we’re walking through three charts that tell the entire story. 

Risk appetite in precious metals has cooled, and until it returns, we want to stay focused, selective, and disciplined, buying dips only in the strongest names.

Our first chart shows the Gold Rush Junior Miners Index relative to our large-cap Gold Rush Miners Index. This is an equal-weighted ratio that serves as the risk gauge for the entire Gold mining space.