We are in the end stages of one of the worst bear markets for resource stocks that I have ever seen. True, we had bear markets in 2000 and 2008 and 2015 and 2020 but in each of those crashes, the metals went down and the shares followed. For the first time in my memory, the metals are pretty much holding up but the resource shares have been destroyed.

That’s the good news if you are a contrarian. 80% of investors are sheep who want to buy at tops and sell at bottoms. When they lose money it was caused by someone else. The sheep are in a mad rush to sell lately so they can capture the bottom.

Rick Rule has another take on these markets. Three weeks ago at the Cambridge House Investment Conference held in Vancouver David Lin interviewed Rick and asked him to compare 2016 to now. His response was interesting.

2001, 2009, 2016 and 2020 were brilliant times to own junior resource stocks. As soon as the mob finishes dumping all their shares at the very bottom we are going to be in another great ride…

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