Digging the Dirt: Gold’s Beta Test, Miner Growth, EU Steel: BI Replay

“Digging the Dirt” this month focuses on whether metals can keep beating beta as gold, copper and Bitcoin increasingly move with stocks. Gold has lost 98% vs. the S&P 500 over the past century. Could history repeat, and what would it take for metals to break free. We also size up diversified miners, coal and European steel, plus streamers and Mid-Tier gold producers. Wheaton Precious Metals and Royal Gold stand out on mine value, asset quality and royalty scale, while midtier miners’ growth spending could sharpen their advantage over seniors investing heavily just to sustain output.