$EVEREST GOLD(01815.HK) rose another 15% today, with volume expanding to nearly five times the average—last week saw half-year earnings beat expectations, followed by waves of capital flooding in, pushing through several large bullish candles.

The issue is that gold prices have been largely flat these past few days, and the divergence between the one-sided surge in mining stocks and stagnant gold prices is widening.

The exploration narrative from the Tibet mining area, combined with its small market cap and low float, makes it unstoppable when rising. However, historically, gold stock rallies detached from gold prices mostly end in mean reversion. Is this wave pricing in reserve realization early, or is it purely a capital game? My intuition leans towards the latter; chasing in now is essentially betting that the capital won't withdraw.