Loading ...GDX vs gold: decision time?
It is strange that on a strong precious metals day like today, GDX is only up 2.1%, this should be at least be 3%+.
Maybe miners are taking a break anticipating gold to top soon near $1550-1575 level, or will the GDX/gold ratio break out again? Time will tell.
Yup, the stocks are generally acting tepid despite some good moves in gold/silver. There are a handful that are delivering a nice bump, but in the main I expected more in light of all that is going on. Wait and see, wait and see. Meanwhile, a good time to lighten up a bit on leveraged exposure.
Shorting/profit taking @ Gold resistance…
Holy smokes! Just saw that gold is up $26 and silver up .82 The stocks should be screaming – as in screaming meemies. Makes me even more cautious.
That’s why I posted this chart, If GDX/GLD can not break out on a day like this, when will it break out then? Maybe this is a sell the news event, and investors waiting to buy the next correction.
Many silver stocks are up 4 to 5% today.
Maybe, maybe not. All is not well in general markets, manufacturing, etc. If you use a line chart almost looks like a S-H-S pattern ready to break out. Also, check out these guys here … they have been super accurate lately: https://www.thegoldandoilguy.com/precious-metals-pull-crazy-ivan/
I should also note Mike Oliver at MSA anticipates only congestion at these levels, not a massive pullback. I agree caution is warranted, but the FED continues to pick their nose here … they should be cutting rates.