Loading ...FYI Don’t fall in love with your gold stocks.
Things are so fast moving here. Keep in mind yesterdays bottom will be retested of sorts. Move may be near finished soon. May I suggest GDX 25/26 area… (just guessing)
GSR is telling us that the crash in the Dow is approaching a crescendo. For traders if we get a washout like we saw in the gold stocks yesterday it will be time to buy the Dow.
No long term recovery in the gold stocks then ? Do you think we’ll be heading back to $20 or less ?
Probably not that low. Prolonged advances are not built from V bottoms. Especially considering the indexes breached the previous low. We will need to retest. How low I don’t know. But I have already began to sell
Thank you Plunger. Much appreciated.
From what I’m observing in 2008 crash (high vix environment)… when vix has peaked… gold and silver and miner lows were in a couple of days after… while stocks… oil… copper kept falling for a couple of months… and more! https://goldtadise.com/?p=460059
Now… how do you know the vix has peaked?
Yep gap on GDX now closed. Maybe it makes a run for the 20 dma next (or lets it catch down to current levels).
Silver just can’t catch a break. I imagine it back tests the $14 zone at some point. Thereafter though its anyone’s guess where it is headed. Serious damage done to it on the charts.
slv:$spx is breaking down today, arguably breaking the neckline of a large H&S. It’s also underperforming GCC and is on the cusp of a complete breakdown against the rest of the commodity complex.
Yes, at some point it will bottom in absolute and relative terms, but right now it looks like a horror show.