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It’s still primed for a blast much, much higher on the weekly chart.
In the very near term, the daily chart is priming for another large move as the daily Bollinger bands are narrowing dramatically as we speak.
My only pause is that gold is and has been in nosebleed territory for ages, in terms of momentum indicators, on just about every time frame. At some point, as we all know, gold WILL correct either through time or price or both. And if it does correct, there is a high likelihood that it will take silver down with it or at a minimum weigh on it.
Yeah that’s the fear right. G/S near 100 now does it go to 126 again or higher? Miners while decent trades the past few years still underperforming. I’m waiting on adds maybe 4-6 weeks. Very whippy action lately imagine how hard it is going to be to hold on to anywhere near the top down the road.
Yes, indeed. Gold’s chart is gorgeous. Everything else’s chart in the complex looks heinous.
Silver’s chart since the 2011-12 top is just ugly as sin and untradeable. Yes it has been making higher highs, but the moves higher have been very short while the consolidations/corrections have been loooooooong. Good luck trying to trade that.
I own a ton of Hecla. The price chart from the 1990s to date is absolutely wild.
Hecla and Couer have deluded and for that matter diluted a lot the past 35 years. I wouldn’t expert a return to anywhere near the old highs ever.
Well, tradingview’s history for HL goes back to 1968. It basically opened at its all time high of $47 and made lower lows until 2001’s low around $0.69!
(In 1979, it went from $3 to $35 in about 8 months!)
There is actually a clear trend line that it has been pinned under since 1968, and it’s been making higher lows since 2001. Currently, that upper downtrend line is at $7.00–so very close!
Dare I say it, but if silver does what I think it will do, HL is going to EASILY break that upper trend line. How high will it go? I don’t know, but what I do know is that technically it will be blue sky. I’ll take that!
I think the projected IHS target would be $22-23. I’ll take that! Hahaha
In the metals space step 1 of a stock sell off and 2 emergent recognition by institutional $ of PM’s role in a portfolio are complete.
The gold price will take care of silver – all that has to happen is for Joe’s to get priced out of physical gold (perhaps $4k) and turn to (physical) silver. GDX behaving rationally today, Gold futures up less than a percent, GDX up nearly 3%. The past three days is more evidence miners are getting attention and even if gold were to chop for the next 6 months between 3k and 3,400, the miners would still be making considerable profits (value still to be ‘discovered’ by institutions).
Will we see the big intraday GDX beat-downs we did at gold’s recent blowoff between 4/16 and 4/22? A GDX close above $53 could breakout to blue sky. There Fully, if that happens I’ve just cancelled your jinx post.
today is definitely one of those days where it appears the miners are sniffing out a major move higher in the metals, especially the silver miners.
FWIW – GDX trajectory peak targets with 1-10 probability through August: $55.57 around 5/20 3.5, $54.88 around 6/11 (but may not be peak) 7, $56.37 around 6/17 5, $57.50 around 8/12 8.5.
Also, HL’s 200 week BBs are the narrowest they have been since 1995! Something monumental is definitely coming that will occur within the next year, be it up or down. I am obviously betting upwards and I am willing to stomach the extreme volatility until the major trend makes itself clear.
Silver reminds me of Brazil.
The future is very bright. And it always will be.
That said, I do have a constructive setup for the metal by June.
The miners, less so. Esp. SILJ.