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Otavio (Tavi) Costa, portfolio manager at Crescat Capital, draws attention to a shift occurring among gold miners, describing a transition from weak hands to strong hands in the market.
He suggests this pattern is typical during a bottoming process for the sector.
Costa has recently commented on broader metals and mining activity. He noted that copper miners led gains during a breakout in the metals and mining ETF. Earlier, Costa pointed to strong $75/oz margins for silver, suggesting silver miners could approach a breakout with selling prices well above costs.