Portfolio Update

Mining & Sand

Jul 27, 2026

∙ Paid

Part I

Hello, Haymakers:

While the overall stock market appears to be superficially calm, there has been an unusual amount of volatility within sectors and individual stocks. One of the most extreme examples of this is what has been going on with gold-mining stocks.

After an absolute eruption late in 2025 and into 2026, the gold miners have been among the weakest sectors in the market over the past five months. From the end of February, the primary ETF for senior gold-mining stocks has plunged 35%.

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