Loading ...Lots of Optimism in the PM Space
Have we seen this movie before ?
For me…the most important indicators that we are about to see a Bull Run in PMs are the PM Stocks to PM Ratio charts.
We have never seen a sustainable PM move that is not accompanied by a positive ratio chart
GDX:GLD
SIL:SLV is a problem ?
Here is how I track this in my gold bottoming system:
https://stockcharts.com/h-sc/ui?s=%24HUI%3A%24GOLD&p=W&yr=3&mn=0&dy=0&id=p34805067116&a=492990738&listNum=212
https://stockcharts.com/h-sc/ui?s=%24SILVER%3A%24GOLD&p=W&yr=2&mn=6&dy=0&id=p26047487880&a=429138554&listNum=212
https://stockcharts.com/h-sc/ui?s=%24GOLD%3A%24SPX&p=W&yr=2&mn=0&dy=0&id=p87444448392&a=429126279&listNum=212
https://stockcharts.com/h-sc/ui?s=%24GOLD%3A%24%24PPI&p=W&yr=7&mn=0&dy=0&id=p27602179639&a=514752221&listNum=212
https://stockcharts.com/h-sc/ui?s=%24GDXADP&p=W&yr=2&mn=0&dy=0&id=p63666472043&a=429284285&listNum=212
Bottom Line: We are not there yet
Guess I am not the only “party pooper”…Thanks Plunger for your generosity…
I think gold goes higher still… dragging the miners with it lethargically. But when gold turns, they’ll dump hard.
If we haven’t bottomed yet it looks like PMs are being led lower by some of the silver miners as Fully pointed out. Some of them have dumped hard.
Cautiously optimistic here 😉
Is that like being a little bit pregnant ?
Armstrong’s take:
We reported that we had three “Minor Weekly Bullish Reversals in gold at 1284.20, 1290.70 and 1298.90. Believe it of not, the precision of the market is once again revealed since this market closed on the 11th exactly at 1290.70. So while we elected the first minor, we closed precisely on the next. For a real breakout we needed a closing above 1298.90. While we can see some follow-through, the closure exactly on the Reversal is NOT an election. The market MUST close above.
I am long PMs with a very tight stop. even though I didn’t want gold to rise All my indicators showing otherwise