This image is not just a chart...

But an early map of one of the most important opportunities in today's markets.
What do we see here?
Capital expenditure of gold and silver companies (CAPEX)
After being adjusted for gold prices in a sharp downward trend for over a decade.
The shocking number:
A decline of nearly 83% from the peak.
In other words:
Mining companies… invest much less than they used to, even though gold prices haven't crashed by the same percentage.
And here lies the real story.
What does this mean?
Chronic underinvestment → fewer new projects → fewer discoveries → limited production capacities
An upcoming supply gap → demand for gold is stable or increasing (Hedging, central banks, risks) → supply cannot keep up
The commodity cycle has not yet peaked → Usually, peaks occur when CAPEX reaches very high levels → Today… we are far from that
The most important point:
The market is not suffering from excess… but from a long-term "investment hunger."
And this creates a classic scenario:
Supply gradually shrinks
Demand remains steady
Prices move upward… but with a delay
The key takeaway ignored by many:
Major opportunities in commodities do not appear when everything is clear… but when investments are at their lowest levels.
And this is exactly what this chart tells us.
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