As the GDX forms a strong bullish engulfing candle, the market appears to be sending a clear signal: capital rotation is underway in favor of the mining sector.

We are likely witnessing the end of a decade-long underperformance of gold mining stocks relative to the broader equity market. All signs point to the beginning of a new bullish cycle — the last of which saw the HUI/SPX ratio (which tracks miners versus the broader market) increase fivefold from current levels.

For pro subscribers: you’ll find below detailed analyses of two gold producers — Agnico Eagle Mines (AEM:US) and Orla Mining (OLA:CN) — along with an update on the latest production numbers from Fortuna Silver Mines (FSM:US).