Skip to main content

Robert Sinn –Technical / Fundamental Setup In Gold, Silver, & Precious Metals Stocks Heading Into Q3

The KE Report Jul 2, 2026

Summary

Gold flushed below $4,000 into quarter-end while sentiment and breadth hit extremes — early signs of a tradable low as Q3 opens.

Producers still earn near-record margins, so major miners already discount gold prices 10-20% below spot, setting up potential earnings-driven reratings.

Cash-rich explorers and developers are running their biggest drill programs in years, promising a news flood into what is usually a favorable season.

Portfolio discipline: sell positions that never work, weight your best-understood convictions heaviest, and average down only with genuinely new information.

The guest names platinum his second-half wildcard, arguing it is cheap and could trade back above $2,000, perhaps to $2,500, by year end.

Key points on Agnico Eagle Mines

  • Robert Sinn calls the $150 level on the NYSE major support for Agnico Eagle, noting the stock bounced off it and was up a little over 2% as of the July 1, 2026 recording.
  • He argues Agnico is a cash cow even with gold near $3,900-$4,000 per ounce, citing a strong balance sheet, large share buybacks, and all-in costs around $1,400-$1,500 per ounce.
  • He says he would '100%' average down into Agnico near the $150 support level, assuming the investor has cash available.
  • He sees low market expectations going into Q2 2026 earnings as setting up a good chance of an upside surprise for Agnico.

Key points on Newmont

  • Robert Sinn identifies the $92-$94 area as big support for Newmont on the NYSE and says he would definitely average down there, for example if he had bought at $110.
  • He views Newmont as a cash cow even at $3,900-$4,000 gold, with a strong balance sheet, large share buybacks, and all-in costs of about $1,800 per ounce.
  • He expects Newmont could see an upside re-rating from Q2 2026 results because the market is bracing for downside surprises going into the print.

Key points on Endurance Gold Corp

  • Robert Sinn notes Endurance Gold released a high-grade gold intercept in late June 2026, above 7 g/t over roughly 14-15 meters, yet the stock traded lower on the day amid risk-off conditions.

Robert Sinn's takeaways

  • Top takeaway Argues a tradable low may be in place for gold at the start of Q3 2026: gold flushed below $4,000 in late June, rebounded to about $4,100, and the August contract low near $3,955 could mark the downturn low, though he wants further confirmation.
  • Concedes gold and the miners are in a cyclical bear market as of early July 2026, but says rare extremes, a Daily Sentiment Index reading of 10 for gold and zero breadth in gold miners, point to a selling climax that could be near its end.
  • Contends producers are already priced for gold 10-20% below spot, so miners could start outperforming again later in the summer of 2026 even if gold merely oscillates around $4,000.
  • Expects Q2 earnings starting late July, favorable post-Independence-Day seasonality, and a flood of junior drill news to be catalysts, and picks platinum as his top metal for H2 2026, saying a move back above $2,000 and possibly to $2,500 by year end would not be a stretch.
  • Advises selling positions that are not working, concentrating on five or six highest-conviction holdings, and averaging down only with genuinely better information, naming Agnico near $150 and Newmont near $94 as levels where he would add.

Shad Markwitz's takeaways

  • Top takeaway Frames the early-2026 drawdown, with gold down roughly 30%, silver nearly 50%, and many equities down 40-60% in a few months, as too severe to call a bull market, suggesting a cyclical bear within a longer secular bull.
  • Argues producers were earning their second-fattest margins ever in Q2 2026 despite the sell-off, and asks whether strong Q2 earnings could lift the sector out of the summer doldrums.
  • Contests the energy-inflation narrative, noting WTI was back under $70, around $68, as of the recording after the Middle East MOU, and that diesel exposure varies widely by mine type.
  • Suggests this stretch is when investors should pay the most attention, treating unreacted news as an insider-like edge, and asks how to handle averaging down in high-conviction names cut 40-60%.