Recorded on June 10 2026 at NRS Studios
In this Natural Resource Stocks interview, Andy Millette sits down with Adam Hamilton of Zeal LLC to unpack the violent shift in gold, gold miners, and investor sentiment after the latest jobs report shocked traders. Adam explains why he believes gold moved from a high consolidation into a full blown bear market, why the selloff has made gold radically less overbought, and why he is watching stabilization before buying in size. The conversation covers Commitments of Traders data, gold futures leverage, Fed rate-hike fears, central-bank gold demand, Turkey’s gold selling, and why American stock investors still have almost no portfolio allocation to gold. Adam also explains why gold miners may be cheap relative to their Q1 earnings and why a future rotation out of AI-heavy equity exposure could become a major structural tailwind for gold. #Millettian
Key topics
Gold’s failed high consolidation
Why the jobs report hit gold so hard
Gold futures speculators and COT positioning
Gold miners, Q1 earnings, and valuation compression
Fed rate-hike fears versus gold’s historical performance
Central-bank gold buying and U.S. fiscal pressure
AI bubble concerns and low gold allocations
Adam Hamilton’s contrarian gold setup
Guest links
Zeal LLC
https://www.zealllc.com/
Zeal Essays
https://www.zealllc.com/essays.htm
Zeal Consulting
https://www.zealllc.com/consulting.htm
Host Andy Millette Natural Resource Stocks
Website https://www.NaturalResourceStocks.net
YouTube Main https://www.youtube.com/@naturalresourcestocks
YouTube World https://www.youtube.com/@NaturalResoureStocksWorld
X https://x.com/theandymillette
LinkedIn https://www.linkedin.com/in/andymillette/
NRS LinkedIn https://www.linkedin.com/company/naturalresourcestocks-net/
NRS Facebook https://www.facebook.com/people/Natural-Resource-Stocks/100090526686713/
NRS TikTok https://www.tiktok.com/@natural.resource.stocks
NRS Instagram https://www.instagram.com/naturalresourcestocks/
Chapters
00:00 Cold open: Gold breaks down
01:05 Adam Hamilton returns
01:57 Gold’s parabolic top and reckoning
04:30 Jobs report breaks high consolidation
05:50 Is this a good entry point?
07:38 Gold futures speculators and COT setup
09:48 How to read COT reports
12:48 Gold miners, Q1 earnings, and cheap valuations
15:50 Fed rate-hike fears versus gold history
19:34 Dollar, bonds, and hawkish Fed guidance
22:05 Central bank gold demand after Turkey selling
25:09 The biggest bullish case for gold
27:21 Zeal LLC, essays, newsletters, and consulting
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