This Is – IT – August 2023
After a number of false starts, the bottom is in for gold and silver and the mining stocks. While I have called a bottom last fall, and this past March, I have been both correct on gold & silver and wrong on the miners, at the same time. Looking at the charts of both metals, they continue to make higher lows on every decline.(extremely bullish) At the same time, most miners have gone on to make lower lows. That has created even better entry points for any that you favor. Four that I have posted about CDE, HL, RGLD and NEM have all gone below where they were when I posted, but only CDE broke last fall’s lows.(As Plunger has correctly pointed out on a number of occasions, they are a serial issuer of shares to fund their operations.That is why it is a trading vehicle and not an investment. Note however, the day of his negative post about CDE, marked it’s low.) Despite the issue of dilution, whenever silver has rallied meaningfully, CDE is usually one of the largest percentage gainers for a period of time, and is likely to do so again this time. In fact it has just completed a mini inverse H&S bottom pattern yesterday (Tues.) and is at a perfect entry point for a trade. I have been calling for a change in the cycle of wash, rinse and repeat that has been the norm for the fifty plus years since the US dropped the gold standard. I believe, This Is IT. Week One of Metal Market Mania!
Here’s to that Bold Prediction
I would agree. In general, it looks like most miners have bottomed or are near the bottom. 3-4x moves look very possible for many of the juniors.
Watch out for September, still think we have one last nasty leg down in everything but the dollar. Fullys dollar chart on the post above this could spell difficult times for everything but cash for a bit.