This is a perfect example of why we had so much optimism in this sector and why there is now so much despair .

2016 was a wild and furious surge off THE bottom ( or so it seemed) ..Check

Looked like another V Bottom like the one in 2018 that made Goldbugs who held thru the carnage whole again.

Then the obligatory Consolidation phase of this great eruption in this beaten down sector…Check

The Halfway Flags were beautiful and kept everyone in.

Then SPLAT…everyone is now puking…The ones who are not selling are still puking !

This chart says another 50% drop from here is possible if not even Likely !

barf

Ah…but look at the HUI …up 4% today…lots of PMs up 7 to 10%….hmmm