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However, Q4 has been much better thus far for precious metals bulls, with the bulls staging a 14% rally thus far in the GDX, reversing nearly all the losses from Q3 when the gold price slid below $1,700/oz.
While the miners are up more than 10% off their recent lows, it’s worth noting that the sector remains the cheapest that it’s been in several years, and this suggests that further weakness should present a low risk buying opportunity. In this update, we’ll look at three miners trading at deep discounts to fair value, and their ideal buy points for the best reward/risk proposition:
