Goldstocks: some charts
I remain very cautious and negative on gold, I would love to see it trading near 1200 level. But looking at miners however several are at bottom territory already:
McEwen:
Teranga: Up on weekly basis
Tahoe : strongly up
I know there are other names like EXK, but I prefer to post names with bigger market caps, so bottom could be more likely.
Of course if gold goes to 1180-1200, I doubt this names will not suffer, but It looks that a lot of damage could have been done yet, although HUI and GDX look less likely to be at bottom than some individual names
I think we’re due some sort of bounce at least. A good time to lighten up on some positions – especially if we’re heading to 8 or less on the GDX as some are suggesting !
All three are bullish I would say.
Mux posted bad earnings today, very high cash costs and net loss, mining is a tough business!