Loading ...Gold, Silver & The Miners From Here
I thought the correction in silver from $35 to $32.50 would have been enough. Obviously, it wasn’t, and yesterday’s smash took it down below what should have been support.
Today, the FED cuts. If I am wrong in my call for another 50, the metals should still bounce, but not as much or last as long, as if it is 50. Either way, the damage over these last 2 plus weeks since silver topped, is basically done.
Both gold and silver can either spend the rest of November backing and filling before resuming their uptrends, or start doing so immediately. The miners should copy whichever of those two scenarios play out.
As stackers looking to still accumulate as cheaply as possible, the backing and filling option would be preferable. If you are loaded up to the max. Immediately, gets your vote.
The metals bull market remains in tact and 2025 is going to be better percentage wise than 2024, and is just around the corner. Be long and strong.
Looking at the GDX, appears that yesterday’s plunge move at the open gap-filled the 9/12 (what I would consider to be) ‘epic’ breakout in gold (physical), which caught most everyone off guard. With that gap-fill complete I could see the majors behaving as described above (yesterday’s intraday low in GDX will not be revisited for quite some time). GSR was stretched at 85 yesterday also. BTW CM – it was unplanned but I bought around $1G in silver CAN junk and American (impared) Eagles before the Fed announcement. Thanks for sharing your insights!
Good for you. Buying major selloffs that get to or below support(at least for physical metal) is always a good move. I don’t follow GDX closely but what you suggested about filling the gap at the major breakout level makes good sense. Good luck.