Loading ...Gold and silver miners misery…
Their relative and absolute performance has been beyond terrible. The fact that GDX is flat vs the junk bond ETF, HYG, over the last decade says it all. SIL vs HYG is even worse.
While I always anticipated that 2023 could be challenging because of the absolute tail whipping the metals received in 2022 (that selloff kicked off a cyclical bear market), I can’t deny that the current chart picture has a VERY eery resemblance to the 2012-2013 top. Then again look what happened in 2018-19.
Interesting chart for sure Nautilus….food for thought
Welcome back to the tent…appreciate your insights and charts
Sad to say but war seems to be the only event to get a rise. Although I await Yellen and her bond swap gig to be announced soon as nobody wants the long.Will the market realize it is QE is to be seen.
The mining indexes are all tagging or very near the 30 week MA. Back in 2012-13, the miners blew right through that key MA and plummeted.
Looking at bollinger bands, this looks far more like 2012-13 than 2018-19 IMO. There is PLENTY of room for a huge crash lower if the miners feel like doing so.