Miners held their gains after 11:00 AM and prices are near the highs of the days. It’s not the spirited recognition day I’ve been expecting, but it’s constructive nonetheless. Ideally, prices will maintain their momentum into the close and set up another rally tomorrow.
Continue Reading →Miners held up well, relatively speaking, as gold declined in May and June. In July, psychology shifted, and miners began overreacting to the downside. For example, gold declined just 0.75% last Thursday, but miners finished 3%+ lower. To support a meaningful bottom, miners need to begin overreacting to the upside. We see a little […]
Continue Reading →After several months of weakness, precious metals are finally beginning to perk up. It’s the first time in a while gold reacted positively to Fed-related news. It feels like a fundamental/physiological shift may be taking hold. I believe last weeks $1167.10 low in gold was the much belated 6-month low. Currency fluctuations, record short-selling, […]
Continue Reading →The MACD in GLD is breaking out supporting an intermediate low.
Continue Reading →Powell’s speech didn’t directly speak to a December rate hike. However, he did address some weakening trends and stated that he doesn’t want to make a policy mistake (to paraphrase). I took that to mean that if the economy begins to roll over, the fed may pause their rate hiking agenda. What a brilliant […]
Continue Reading →Gold (December) reached an overnight low of $1189.50. Prices are bouncing (currently $1199). As long as the $1189.50 low holds, I’ll consider this a routine pullback in a developing uptrend. Below $1189.50 and more downside becomes likely. In the coming hours, gold needs to push its way back above $1200 and $1205 to promote […]
Continue Reading →The pattern following the parabolic 2011 top in silver is similar to what we currently see in Bitcoin. After a parabolic top, there is an initial crash, then a long sideways consolidation before a secondary collapse. -SILVER POST BUBBLE COLLAPSE- Notice how silver bounced off the $26.00 support several times. Each post-bubble rebound […]
Continue Reading →The 2018 price pattern in gold continues to mimic the 2016 Q3/Q4 model. The 2018 design has taken more time, but prices have hit the relevant benchmarks. Virtually everyone is bearish on gold and looking for a decline to $1050 and lower. We heard the same calls back in December 2016. Maybe the bears […]
Continue Reading →The COT improved even more. Commercial combined positions (futures/options) are now net long. Comparatively, as a whole, these numbers are more bullish than they were in November/December 2015. But as we are learning, that doesn’t guarantee a bottom. Nevertheless, the COT numbers are excellent, and at some point, will lead to higher gold prices. […]
Continue Reading →The dollar is extending its losses and gold is attempting another short-term breakout. Prices are at critical near-term resistance (5-minute chart). It would be encouraging to see gold (currently $1187.50) push through and hold the $1190 level into the 4:00 PM close.
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