Milk Road Macro The Gold Crash That Could Trigger a Bigger Rally w/ Jeff Clark
Apr 2, 2026
Jeff Clark, precious metals analyst and founder of The Gold Advisor, discusses the recent gold sell-off and why pullbacks can signal major opportunities. He breaks down macro drivers like dollar strength, geopolitics, and deleveraging. He also covers mining stocks, junior equity evaluation, buying strategies, and where future gold catalysts might emerge.
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Corrections Are Normal In Gold Bull Markets
- Large corrections are normal inside a gold bull market and don't signal its end.
- Jeff Clark cites 1970s and 2001–2011 bull markets where average pullbacks were ~10–12% and multiple corrections occurred during the run.
Dollar Spike And Deleveraging Worsened The Drop
- Recent selling was amplified by a dollar spike, hawkish Fed expectations, and heavy deleveraging by funds needing cash.
- Clark compares this to 2008 and COVID sell-offs where fear forced broad selling then gold rebounded sharply.
Expect More Mini Manias Not One-Time Peaks
- Manias in asset bubbles are often short and repeatable, so another strong run in gold is possible.
- Clark notes mini-manias in October (one month) and January and says historical manias average about a year.
