Doc is still very positive on the gold market
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Pete, I also might mention that the charts are signalling that volatility is getting ready to rev up again. That signals also a potential market top for the conventional markets in the making.
Pete, I believe based on multiple TA factors I watch that we have a little more work to the downside on the PMs. Right now, the technicals are not indicating a major move down but largely a sideways to gradual move down. I figure the earliest this slide would be over would be by the end of September. The dollar might run a little more during this time. The conventional markets are now at a technical neutral signal. They could go either way right now. My preference would be a topping out at this level with a little more higher level. Having said that; it’s encouraging that a lot of the gold stocks are not getting hammered and if we see the gradual move down in gold that I suspect, they should hang in there pretty well.
Or is the gold market a coiled spring about to go to $2k in three months. I’d be interested to hear your response Doc. Thanks, A
That would take an unusual economic black swan in my opinion. Otherwise, I believe a slow trudge higher over time. We’re bearing down on another important technical marker and that’s the long term uptrend line. It could go either way…… my bet is we move off it again. We’ll see.
Thanks Richard.
We had a similar setup exactly nine years ago that resulted in gold jumping 33% by January and more than twice that by May.
I don’t believe that a black swan is necessary when sentiment turns around and the market realizes that a repricing is in order. Convictions flip quickly when fear turns to greed.
http://stockcharts.com/h-sc/ui?s=$GOLD&p=M&yr=15&mn=0&dy=0&id=p08072021124&a=362062180
I agree. I saw that article and checked the charts. Both 2005 and 2007 saw dramatic increases after long consolidations. Not to mention the bounce back after 2008. Definitely there are precedents.
Now that’s a chart I can understand Matthew! Thanks, A
If the HUI can get back above resistance at the dashed blue line here:
http://stockcharts.com/h-sc/ui?s=$HUI&p=D&yr=1&mn=3&dy=0&id=p03734079563&a=364704702
…I think the miners will move substantially higher.
Doc, Al and Gary thank you for your input. We all much appriciate it.
My gut is telling me higher low has been put in in GDX but i’m usually wrong. LOL.
I’m hoping for 25 on GDX and 1260ish in Gold but my gut is telling me 127x was a low here and summer low of Bo Polny target has been established. BTW has has just released his update. I hope our panel is right. Thank you all.
So far Bo Polny has been more or less right for the last two years. I am not sure to make it. Let wait and see. His post June low has been reached. I am waiting for 2000, not I believe it.
This is for Brian or anyone else with an interest. Based on enterprise value per ounce of gold equivalent (EV/AuEqOz), Claude is a bargain compared to its peers. For example, it would have to go up 5-fold in order to reach AuRico Gold’s valuation.
http://www.goldminerpulse.com/gold-mining-valuations.php
Great table Matthew ! The more I find out about Claude the more I like. ~ Brian
I answered Stews question on my link.
GDXJ is looking good:
http://stockcharts.com/h-sc/ui?s=GDXJ&p=D&yr=0&mn=6&dy=0&id=p30126978321&a=363368270
GDX is looking good:
http://stockcharts.com/h-sc/ui?s=GDX&p=W&yr=3&mn=3&dy=0&id=p71296349920&a=364856818
SLW wants to go higher before it goes lower:
http://stockcharts.com/h-sc/ui?s=SLW&p=D&yr=1&mn=3&dy=0&id=p89043532668&a=364039891
DOC, today we have a “golden cross” in S&P500 daily chart and, tomorow, a “golden cross” in the dolar index to. Preparing a big spike on gold VERY SOON?