Goldtent TA Paradise

Miners Have Some Catching Up To Do

1. Fullgoldcrown says:

   January 4, 2018 - 7:03 pm at 7:03 pm

   Thanks Northstar

   I am always concerned when gold leads The Gold Stocks

   good clean lines there.

   need to start taking them out.

   Wall of Worry

   

   • Northstar says:

     January 5, 2018 - 7:08 am at 7:08 am

     In my opinion, the miners will make very impressive gains this quarter. Time, and the charts will tell, as always

2. red label says:

   January 4, 2018 - 8:25 pm at 8:25 pm

   I’ve really been tracking these Gold $US Bulls/Bears over 2017 more so than in the past so my observations are limited to recent price action of the GDX. IMO there are two very different movements that have occurred in 2017 GDX.

   1) Gold Bull/Bear simply based on currency exchange relative to the $USD movements. In these movements PM GDX action is muted and typical comments suggested the market is broken somehow. IMO what is being witnessed is simple currency exchange movements therefore PM’s GDX bottom lines are not being affected hence minimal SM price action just currency movements.

   2) The second Bull/Bear Gold $US price action of 2017 which has recently affected the PM’s (GDX) considerably included all the elements listed above yet the Gold $US price exceeded the movements of simple currency exchange percentages witnessed in the $USD. These instances have led to nice buying and selling opportunities ie. Dec 19/16 Feb 8/17, July 8/17, Sept 6/17 and Dec 12/17. IMO these price actions were that of a commodity in addition to the currency movement.

   IMO Gold $US is a mixture of price action of Currency and Commodity. The price action of currencies typically tend to be muted. IMO PM’s GDX are a derivative of Gold, 2017 GDX typically showed price action accordingly.

   I haven’t spent any time looking at the HUI as the GDX gives me the proxy I need. IMO the $USD Index should not be ignored when comparing the Gold $US & HUI. IMO comparing price action of the HUI to $GOLD:CAD, $GOLD:EURO or $GOLD:AUD gives a sense of perspective.

   • Fullgoldcrown says:

     January 4, 2018 - 8:32 pm at 8:32 pm

     Well put Red Label

     Gold in Euro is muted here

3. Northstar says:

   January 5, 2018 - 7:06 am at 7:06 am

   Good points there RL. Thanks.

   • red label says:

     January 5, 2018 - 12:13 pm at 12:13 pm

     This type of price action in the PM’s of 2017 mini bulls was frustrating. The interesting thing is it appeared to require a currency movement to induce a commodity type price movement in Gold $US during 2017. IMO Gold was OS by approx $34 US Dec 12/17 today it would appear to be OB by $12. Therefore I compare the $46 price change (including currency movements it was $82) Gold $US or 3.5% with the PM’s GDX which has gained 11.1% (8.6% corrected for currency movements) in the same time period. The $USD moved from 94 to 91.7 in this timeframe. I am expecting it to be OB further in the next few days but it can turn on a dime. I’m in CAD so it is quite frustrating to watch typically as the $USD drops the $CAD has risen further muting the gains in PM shares priced in $CAD. It also works the other way as the $USD rises.

     The other very interesting not is when charting the MA’s can be quite different in $CAD or $US. A breakout in one does not necessarily show up in the other.