Recorded on February 11, 2026
Adam Hamilton of Zeal LLC joins Andy Millette to break down why gold’s recent move started flashing the kind of “extreme” signals you only see near historical blow-offs—and why January 1980 still matters as the cleanest analog for what can happen after parabolic price behavior. Adam explains his preferred way to quantify overbought conditions (price vs. long moving averages), why “this time is different” thinking gets traders hurt, and what a realistic reset can look like (high consolidation vs. a sharp drawdown). They also dig into the China-driven demand impulse, how Western capital typically follows late, and why that flow pattern can distort price far beyond what fundamentals alone would justify. From there, the conversation shifts to miners: how gold stocks tend to amplify gold’s moves, why entries matter more than narratives during late-cycle momentum, and what kind of “fear window” can create the best risk/reward setups. If you want a contrarian framework for navigating overheated metals—and not getting trapped by crowd psychology—this episode is built for that. #Millettian
Key topics
Gold “overbought” signals and what they typically precede
1980 analogs: what was similar, what was different, and why it matters
Defining “parabolic” behavior in real market terms
Selloff vs. consolidation: what history says is more likely
China/Asia demand mechanics and how Western flows react
Why miners are leverage instruments (and how that cuts both ways)
Positioning logic: avoiding FOMO, waiting for better entries
What a “fear reset” could mean for the next leg
Guest links (verified)
Zeal LLC (main): https://zealllc.com/
About Zeal LLC: https://zealllc.com/about.htm
Zeal Essays: https://www.zealllc.com/essays.htm
Zeal Intelligence: https://www.zealllc.com/intelligence.htm
Consulting (email listed): https://www.zealllc.com/adam.htm
LinkedIn (claimed): https://www.linkedin.com/in/adam-hamilton-zeal/
Host Andy Millette — Natural Resource Stocks
Website https://www.NaturalResourceStocks.net
YouTube Main https://www.youtube.com/@naturalresourcestocks
YouTube Clips https://www.youtube.com/@NaturalResoureStocksClips
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 — “crazy overbought” framing
01:11 Intro + who Adam is
02:10 Why these markets feel unprecedented
03:25 History rhymes: big bull moves & what follows
07:20 How Adam measures “overbought” (price vs 200DMA)
08:42 What “parabola” really means (and why it’s dangerous)
10:48 “This time is different” trap
14:06 Why a ~20% reset matters
16:54 Miners as leverage plays (good and bad)
21:01 Demand drivers: China/India/central banks
22:36 Portfolio allocation reality check (how underowned gold is)
26:27 If stocks roll over, metals get attractive again
28:15 Where to find Adam + Zeal
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