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THE DAILY H.E.A.T. Torching Wall Street’s Obsolete Playbook. Delivered straight to your inbox 5 days a week. Subscribe Home Posts Why The Oil Shock May Be Creating An Opportunity In Gold Miners Why The Oil Shock May Be Creating An Opportunity In Gold Miners Mar 19, 2026 I’ve been a trader and investor for 44 years. I left Wall Street long ago—-once I understood that their obsolete advice is designed to profit them, not you. Today, my firm manages around $4 billion in ETFs, and I don’t answer to anybody. I tell the truth because trying to fool investors doesn’t help them, or me. In Daily H.E.A.T. , I show you how to Hedge against disaster, find your Edge, exploit Asymmetric opportunities, and ride major Themes before Wall Street catches on. Table of Contents Disclosure Day: A Playbook For Investors If The Go … H.E.A.T. Oil Shock Sale: Gold Miners Get Hammered While Gol … The core issue: miners are a spread trade So why are miners acting like the world ended? Are gold miners a buy here? The “right” way to play the bounce Winners and losers in an “oil up, miners down” reg … The tell that the bottom is in Bottom Line News vs. Noise: What’s Moving Markets Today In Case You Missed It The ETF Innovator Challenging Wall Street | Matt T … New Space ETF Promises Weekly Income As Industry Boom Takes Off - Tuttle Capital Space Industry Income Blast ETF (BATS:SPCI) The SPCI ETF offers space industry exposure with weekly income through an options strategy, combining growth potential with steady cash flow. www.benzinga.com/etfs/new-etfs/26/03/51308983/new-space-etf-promises-weekly-income-as-industry-boom-takes-off Next Webinar Sign up to learn about a potentially asymmetrical investment opportunity that nobody is talking about………. Disclosure Day: A Playbook For Investors If The Government Confirms It Has Alien Technology On February 19, President Trump started the countdown to potentially the biggest government disclosure in history: March 19, 2026 2pm EST Register For My Free Webinar: Replay will be sent out after the webinar to all registered attendees. H.E.A.T. Oil Shock Sale: Gold Miners Get Hammered While Gold Holds Near $5,000 Oil ripping higher has turned into an ugly, headline-driven gut punch for gold miners. Brent is now trading like a war-risk asset again, and when crude spikes, the market immediately does the same lazy thing it always does: assume miners’ margins get crushed and sell first, ask questions later. Meanwhile, gold is still hovering around the $5,000 neighborhood — yet the miners have been treated like they’re back in the “razor-thin margins” era. Here’s the real setup: this drawdown looks less like “the gold bull case is broken” and more like a classic de-grossing + diesel panic combo. When volatility hits, the market sells anything liquid, and miners are liquid. Add the fear that oil stays high, and you get a fast, ugly unwind — even in companies that are still printing cash. The core issue: miners are a spread trade Gold miners are basically a leveraged bet on the spread between: Gold price minus All-in sustaining costs (AISC) Oil mainly matters because it hits the cost line through diesel, power, transport, and consumables. But here’s the part investors consistently get wrong: oil has to move a lot to truly wreck the economics — especially when gold is already elevated. A simple way to think about it: If energy-related inputs are ~15–25% of AISC (varies by mine type and jurisdiction), then a big oil move translates into a smaller AISC move (painful, but not fatal). Even if you assume oil sticks around $100+ for a while and AISC rises high-single digits to low-double digits, that’s not an existential blow when gold prices are still historically extreme. It’s a margin haircut, not a margin collapse. So why are miners acting like the world ended? Because this isn’t just an “oil cost” story — it’s also a macro/positioning story: Oil up → inflation fears up → real rates up → dollar up That combo is kryptonite for gold in the short run, and it hits gold equities even harder. Risk-off selling doesn’t discriminate In fog-of-war markets, portfolio managers sell what they can, not what they should. Gold miners get tagged as “risk asset,” even when the underlying commodity is playing defense. Crowded trades unwind violently Gold miners had become a consensus hiding place for a lot of investors. When the market needs to raise cash quickly, consensus hideouts become liquidation sources. Are gold miners a buy here? If you’re long-term bullish on gold, this is the zone where you want to start acting like a collector. Not all-in, not hero trades — but scaling in as fear peaks and liquidity selling does the heavy lifting for you. That said: you can’t buy “miners” blindly. In environments like this, quality spreads out fast. The market stops paying for hope and starts paying for: low-cost ounces strong balance sheets operational consistency jurisdiction quality capital discipline The “right” way to play the bounce If you’re positioning for a rebound, think in tiers: Tier 1: “Survive anything” quality (core holdings) These are the names that can absorb a cost shock and still compound value: Royalty/streaming models (less direct cost inflation sensitivity): FNV, WPM Scale + balance sheet majors: NEM, GOLD, AEM Tier 2: Torque, but still real companies (tactical adds) These can move more when sentiment snaps back, but you want to stay selective: mid-tiers with improving cost control, strong mines, and clean balance sheets Tier 3: Optionality / high-beta pain trades (small sizing only) This is where the biggest percentage rebounds happen… and also where you get carried out if oil stays high, credit tightens, or gold rolls over again: high-cost single-asset names highly levered developers anything needing capital markets in a risk-off tape Winners and losers in an “oil up, miners down” regime Likely winners Royalty/streamers (structurally less exposed to diesel inflation): FNV, WPM Low-cost, high-quality producers with net-cash or low leverage: AEM, NEM, GOLD Operators with strong cost control + long-life assets (the market pays for “boring” again) Likely losers High-cost producers where diesel and logistics dominate the cost stack Highly levered balance sheets (oil up + rates up = refinancing pain) Developers that need funding (risk-off markets slam the capital door) Operationally messy stories (when markets get scared, there’s zero patience) The tell that the bottom is in You don’t need perfection. You need the rate of bad news to slow: oil stops accelerating higher the dollar stops rampaging miners stop making lower lows even on bad headlines gold stabilizes (even if it’s not ripping) When those conditions show up, you usually get that “snap-back” rally where miners outperform the metal — because they’re coming off a sentiment low, not a fundamentals low. Bottom Line Oil’s spike is pressuring risk assets broadly, with Brent jumping into the ~$110–$115 range as Middle East conflict risk re-priced energy and inflation expectations. Gold, meanwhile, has remained near the $5,000 area in recent sessions, which means miner margins still have an unusually large cushion versus historical norms. The miner selloff looks driven by three forces more than one: (1) diesel/power cost fears, (2) “oil up = inflation up = yields/dollar up” macro repricing, and (3) forced selling/de-grossing in a volatility regime. Reuters noted precious-metals miners fell sharply in the risk-off tape alongside higher oil and a more cautious Fed backdrop. On the technical/positioning side, the VanEck Gold Miners ETF (GDX) has slid back into the high-$80s area (reported around ~$88.7 as of March 18), consistent with the “support zone” narrative many traders are watching. Bottom line: the key question isn’t “does oil hurt miners?” (it does) — it’s whether the selloff is pricing an AISC shock big enough to permanently impair margins, even while gold remains elevated. If oil stabilizes and the dollar/real-rate pressure eases, quality miners and lower-cost models (especially royalty/streaming structures) are set up best for the rebound. News vs. Noise: What’s Moving Markets Today We had a feeling that two up days heading into Powell could mean a pullback. We also continue to feel that it is going to be hard to sustain any type of upward momentum with oil prices around $100 and yields spiking. It didn’t help that PPI was hotter than expected. Powell summed up the problem best….. "The implications of developments in the Middle East for the U.S. economy are uncertain." I am starting to get more interested in hard assets again—-gold miners (see above), copper (see below), maybe some other metals. This morning’s selloff in MU could also be an opportunity to buy into the memory names. They are extended regardless of how ugly today is though, but perhaps barbelling them with some beaten up hard asset names wouldn’t be such a bad idea. A Stock I’m Watching Today’s stock is Freeport-McMoRan (FCX)….. I’m looking to get back into commodity stocks. Would be looking for an undercut and rally at the March 9th low ($55.50). It’s down pre market so I may also watch support around $52.50. In Case You Missed It The ETF Innovator Challenging Wall Street | Matt Tuttle on Themes, Crypto & the Future of Investing The H.E.A.T. (Hedge, Edge, Asymmetry and Theme) Formula is designed to empower investors to spot opportunities, think independently, make smarter (often contrarian) moves, and build real wealth. The views and opinions expressed herein are those of the Chief Executive Officer and Portfolio Manager for Tuttle Capital Management (TCM) and are subject to change without notice. The data and information provided is derived from sources deemed to be reliable but we cannot guarantee its accuracy. Investing in securities is subject to risk including the possible loss of principal. Trade notifications are for informational purposes only. TCM offers fully transparent ETFs and provides trade information for all actively managed ETFs. TCM's statements are not an endorsement of any company or a recommendation to buy, sell or hold any security. Trade notification files are not provided until full trade execution at the end of a trading day. The time stamp of the email is the time of file upload and not necessarily the exact time of the trades. TCM is not a commodity trading advisor and content provided regarding commodity interests is for informational purposes only and should not be construed as a recommendation. Investment recommendations for any securities or product may be made only after a comprehensive suitability review of the investor’s financial situation.© 2026 Tuttle Capital Management, LLC (TCM). TCM is a SEC-Registered Investment Adviser. All rights reserved. Keep Reading Mar 5, 2026 • 18 min read Rent Software. Own Cyber. Stalk Memory. Mar 11, 2026 • 11 min read The EV Obituary Trade Is Getting Crowded Mar 18, 2026 • 12 min read Washington Just Declared War on China’s Shipyards: 3 Stocks That Could Benefit View more 1