Gold miners have underperformed gold for years, but with prices still depressed, we see the potential for a violent slingshot move higher.

During the COVID-19 pandemic, governments across the globe issued massive amounts of debt, much of which is now set to mature in 2025.The U.S. Treasury will need to refinance about $10 trillion in maturing debt, plus an additional $2 to $3 trillion to cover the deficit, making up roughly 33% of the total outstanding debt.

Meanwhile, other G10 nations face approximately $4.5 trillion in maturing debt and will likely need around $2 trillion more to finance their own deficits. In total, around $18 to $20 trillion in bonds will need to be purchased this year, which raises concerns about how the market will handle this without significant volatility.