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The dollar will have its corrections, but bucky and rates will both keep marching higher. Until something breaks big.
So my sense is that this move for PMs is, and will be for a bit more, just a BMB.
Not even a BMR. Upside might resume part of next week.
But prevailing downside risks look like they will persist thru most of Q4.
There MAY be the usual shenanigans over the Christmas holidays but my charts are in no way confident of that.
I’ll be the first to admit my tools can’t always isolate THE BOTTOM in real time, from the phonies.
But the persistence of this downtrend (since Aug 2020) likely means we will need multiple phony bottoms to ratchet our way into position for the final bottom, down the road.
I put in time almost every week refining my tools that attempt to spot VLT reversals.
Its an ongoing process.
Thanks, pedro, for keeping it honest. It’s much appreciated.
Sir Pedro,
As I pointed out in some earlier posts, many juniors are refusing to go even close to their June-July-August 2022 lows (giving a timespan where many of these juniors bottomed).
In the same / similar vein, Bob Hoye advises to selectively accumulate:
http://www.321gold.com/editorials/hoye/hoye100822.pdf
GL
GL – my Miners charting file includes about a half dozen symbol collections from folks who have made their favorites lists public, including Sprott and Gold Ventures and a few others as you can imagine. That gives me the opportunity to see how those calls have been faring since those lists were posted. (Not so well.) I’m not a mining sector insider, and I’m not a geologist, so I cannot pick them. Not that I would anyway based on tips or ‘fundamentals’. I prefer the leveraged ETFs if and when I put my chips into this area. What matters as I see it, is whether “the public” or institutions are buying, and I trust my reading of my charts over most anyone else’s recommendations, particularly if those folks happen to make their living by marketing the sector. I do think the 40 year old bond market rally is done. I think it could be a bubble bursting, with massive implications, and PMs have already told me they are directly in the path of that storm. I wish you best of luck.