Gold delivered an impressive 7.45% gain this week, its strongest weekly advance since January. Even more powerful was the move among gold miners, with the NYSE Gold BUGS Index surging more than 21%. The index tracks gold producers that hedge their production no more than 18 months in advance, making their shares particularly sensitive to changes in the underlying gold price.
A weekly gain of this magnitude has occurred only five other times in more than 70 years. The last instance, in 2016, was followed by an 85% gain in the index over the next 26 weeks.
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