- Gold near $3,800, around July 2026 levels, has not triggered strong accumulation; the author expects lower gold and miner prices before a durable bottom.
- Inflation-driven AISC increases and lower gold prices are compressing margins; recent FCF generation and project progress may not offset that pressure.
- The author remains fully invested and bullish long term but is not buying options or adding leverage, waiting for roughly 20% further declines before acting aggressively.
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