Goldtent TA Paradise

Gold Miners Bullish percentage index

1. Gold Learner says:

   October 27, 2021 - 3:24 pm at 3:24 pm

   Thanks, Sir Rob Walnut.

   I saw the turn in my overall PM portfolio (85%-15% junior-senior mix) from 9/29 onwards. So that kind of aligns with the BPGDM turn, LOL!

   Interestingly, today is a down day for me.
   Sometimes metals being strong, and miners weak, is a harbinger of a bearish turn.

   Many are now anticipating that PMs are rising into FOMC date 11/2/21 – 11/3/21 and then a spike down.
   On the other hand, heading into one of India’s biggest festivals, Diwali, there’s extremely strong demand for the physical, especially silver bullion, which the common man can afford, and gold jewelry, for those who can still afford to buy 22-karat gold.
   Which means that demand may taper off a bit after 11/4/21.

   Then, there’s the GDP print tomorrow, 10/28.

   All in all, an eventful week or so until next Friday!

   Cheers,
   GL

2. Noman says:

   October 27, 2021 - 4:56 pm at 4:56 pm

   GL. You posted the most important thing on this thread today. GDP tomorrow. Do you subscribe to the Atlanta Fed GDPNow? It’s free. Just go to The Federal Reserve Bank of Atlanta and sign up for it. I received the latest update yesterday morning. Their current estimation is .2 %. That may explain the 4 smash downs in the last 12 days in gold. If the print is negative or close to it, it makes the narrative understandable. The first estimate for the third qtr was close to 7% and every time it has been updated it drops and drops. If they know the number is going to be bad they kill gold.

   • Gold Learner says:

     October 27, 2021 - 6:57 pm at 6:57 pm

     Thank you Sir Noman. I do not subscribe to Atlanta Fed GDPNow, but I visit that webpage periodically.
     Over the last 12 days, gold has risen about 2-2.5% despite the smash downs.
     I tend to think that a bad GDP print would be bullish for gold.
     But what do I know.

     Something changed in the broader markets at 2:15 pm, prior to which things were looking good.
     I think we are nearing the time point where one side will be proven right. I’m on the bearish side for the general stock market, like Sir Chartsmaster.

     GL

3. Noman says:

   October 27, 2021 - 4:59 pm at 4:59 pm

   Rob. One of my 37 charts that is always open is the one you posted.