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Here’s my Theory
These Micro Miners (40 of them in my PF) ended the day net net about flat ( if you take out SBB which lost 35%)
FLAT on a day like this is amazing
So how can this be ?
I suspect many new owners of these shares decided NOT to sell them into this weakness but to hedge instead
So…If you are buying Canadian miners in Canadian $s…whats the best way to hold and hedge them ?
LOOK at this volume in the Canadian 2X Miner Bear ETF…
-0.24% 🙂 – heh f i n a l l y ‘GW’ saves the day. I believe it was 5/31 SBB was sold out to buy back at a better price….and voila ! Yes, we could have a pullback, possibly a re-test and I’m a bit disappointed the 1,300 breach didn’t hold but month-over-month of growing uncertainty in mkts is building a higher floor under PM’s IMO. It will take about a month of solid GOOD news (aka Central Bank success) to kill this baby bull. Brexit schmexit – they stay = CB status quo – no change in PM bull thesis (PM’s arent’ steadily rising primarily as a hedge against brexit). They leave = CB’s fail = PM’s win (USD may go up but PM’s will share in the flight to safety – not to mention brexit could crash a few mkts). CB’s are my new best friend. I can hardly wait for Q2 earnings and the next NFP print – if not absolutely STELLAR = fail.
Fully –
Don’t see today’s price action as all that amazing. Both gold & silver ended the day up. Just another day in goldtadise for the most volatile sector of all.