Crescat Capital Warns Of Market Top, Bets On $20,000 Gold

(MENAFN- ValueWalk) Crescat Capital, the Denver-based macro and precious metals hedge fund, used its September 2026 newsletter to lay out a multi-pronged case that U.S. equity markets are flashing a major top while gold and junior mining stocks offer a generational opportunity. The firm's research letters, media appearances, and commentary from founder Kevin C. Smith, CFA, converged on two themes: deteriorating equity market internals and an accelerating case for precious metals.

Market warning signs in the NASDAQ

Crescat's September research letter, titled“Market Warning Signs,” highlighted a divergence in the NASDAQ Composite that the firm says signals a potential major market top. When a stock index moves higher, the stocks within it reaching new 52-week highs typically exceed those hitting new lows. That...

MENAFN01102026005205015282ID1111749094