Mid-Week Macro (3/4/2026)

Key Takeaways

• Gold and silver surged, then fell 7.7% this week.
• HUI index hit 978, now down to 902.
• S&P 500 near all‑time high despite Middle East conflict.
• Author advises buying gold miners before $4,500‑$4,700 floor.
• Compiled 19 cheap, high‑potential stocks from Toronto conferences.

Pulse Analysis

The recent week has highlighted the divergent paths of precious metals and equities. After a sharp rally that pushed gold and silver to multi‑year highs, both markets suffered a roughly 7‑8% pullback, with the HUI miner index falling from its record 978 to 902. Meanwhile the S&P 500 hovered within a hundred points of its all‑time peak, seemingly indifferent to escalating tensions in the Middle East. This split suggests that investors are treating the conflict as a short‑term catalyst for safe‑haven assets while maintaining confidence in the broader equity rally.

From a valuation standpoint, the correction in mining equities creates a narrow window for long‑term positioning. Quality producers such as Newmont, Agnico‑Eagle and Hecla remain modestly priced, and a further dip to $4,500‑$4,700 per ounce of gold could compress earnings multiples even more. The author’s conference‑derived list of 19 sub‑$5‑share candidates reflects a broader search for “10‑bagger” opportunities that can ride the next wave of commodity strength. With the HUI still above 900, the sector retains upside momentum despite recent volatility.

Looking ahead, the bullish thesis for gold targets $7,000 an ounce within the next two years, anchored by sustained inflation concerns and geopolitical uncertainty. For equity investors, the S&P 500’s proximity to record levels implies that a rollover may be imminent, making selective exposure to undervalued miners an attractive hedge. The recommended strategy is to accumulate quality mining stocks now, keep cash ready for the anticipated $4,500‑$4,700 gold floor, and balance portfolio risk with broader market exposure.