Loading ...The Leader of the Pack
Love them or hate them Barrick Gold , the worlds largest Gold Mining Stock is a leader.
We used to call them Darth Barrick as they had a couple of shady ex leaders ( Bush Sr and Mulrooney)
on their board….that cant be good ! And they hedged like 20 years of production…to supress the price of gold…all GATA stuff
Don’t know about all that but its on ignore now.
I have had this chart on the backburner for a while…looks like this will play out IMO
But….not tomorrow , also not this month or likely not even this year.
This is a slow developing pattern and for symmetry lovers…it could go in for another 10 months.
Ha
Think back to last year at this time…The HUI et al were going Nucken Futz..It was wild…a V bounce off obscene lows….New Baby Bull…..
The Rocket Launch took ABX up 300% in like 9 months. ABX is NOT a tiny little junior with flash in the pan spikes.
9 months of a pure Goldbug orgy…with only a small % of Goldophile on board.
Spock was on board at THE bottom and incredibly with all this carnage his PF is up 290% as of now.
Of course something happened on the way to the moon and a predictably miserable “consolidation” is in the midst.
I am back in the Bull Camp…because of this ABX chart and Spock’s chart on the 15 year cycle.
I don’t think we have to rush though….
Maybe this time will be like Jan 2016 and take ofF so fast that many will be left at the station or at best chasing. But
I am going to start buying a few more rocks …hopefully at leisure…(if there is any in this wild west PM market .)
This is a LOG look ( which for newbies…is a format that tracks % moves rather than numerical moves….and lets face it its all about % Moves when you are betting er trading)
Cant see this retracing all the way to 6
….Fullys Fearless Freediction….6 was the forever low folks .
Anyhow…good luck to all you gold traders out there. More power to you for sticking with this Sector..(.like you have a choice ? …is an Addiction.)
Hey you teenagers…get out of here…before you end up like us…Hopeless Slaves to Kitco and Netdania.
Nice chart Fully. Love the freedictions!
ABX is giving better signals than GDX. I need to start following it more. I agree though, maybe some limited down side and then some meandering upside based on macd on the weekly, that’s my freediction feedback.
Fully, do you see charts in your sleep?
Nice one, I agree with this. Just waiting for one more push down to load up on miners.
I think you just for a moment there Fully forgot about my big picture post on PM, below.
https://goldtadise.com/?p=403102
Here you have all the TA plus cycle charts one ever needs to understand where we are going I would say, including a pioneering chart of Barrick showing a perfect 25 year expanding wedge with that inverse h&s as a reversal off the bottom.
And, as I do not post a chart unless I think it is (the most) correct, I do think that 25 year Barrick chart is most valid.
My comment above seems maybe a bit in-your-face, that was not my intention. I just wanted to highlight my comprehensive big picture post really.
Thank you Graddhy…I have seen all your charts and I like mine better.
If I liked yours better I would just quit charting and wait for you to tell me what’s next.
Like most ( myself included) you see what you want in your charts. Some will play out roughly as expected and some will not.
I prefer to Stay nimble and not get married to a concept. That is a recipe for losing.
Right Shoulder might need sub 10 again though.
12-13 should be enough is there is good symmetry
sub 10 would negate the pattern for me.