Encouraging Signs For PMs But Still No Breakouts
With the silver market leading the way for precious metals today there are some very encouraging signs for the sector. We are not seeing any breakouts yet but let’s watch where the markets close this week. Jordan Roy-Byrne, Founder of The Daily Gold joins me to share some of the factors that have him encouraged by the moves over the past couple weeks.
Click download link to listen on this device: Download Show
Click here to visit Jordan’s site for more high quality technical comments on the metals.
No doubt about it this is an extremely important juncture. The 50 month MA and 233 WMA are massive hurdles.
When Jordan SPEAKS , people LISTEN !!!
Off Topic:
Their are rumors that Among Cohen emails are compromising information from Niki Haley and Jared Krushner and several other White House members.
It is now absolutely clear that Mueller is a Democrat plant to seek information and destroy Trump’s presidency.
Unfortunately it is not clear Sessions has not been compromised:
https://www.vox.com/policy-and-politics/2018/4/18/17252290/desantis-letter-prosecute-clinton-comey
There is now a report saying Mexico is prepared to pay for a wall, in exchange for continuation of NAFTA terms.
THE REAL RUSSIA COLLUSION was between Democrat leaders and Russia.
BUT Democrat Policy is ALWAYS MAKE FAKE CHARGES claiming Republicans are doing what the Democrats are guilty of.
So Mueller is a sooge to cover up Democrat crimes and dig for whatever he can on Republicans.
LOOK AT WHO MUELLER HIRED FOR HIS TEAM:
https://www.wired.com/story/robert-mueller-special-counsel-investigation-team/
All of Mueller’s hires are Democrat Partisans.
You think there’s any chance of no bias?
oops, Mueller is a stooge not sooge.
There are all kinds of emails from wikileaks indicating how corrupt Comey, McCabe, Reummler and Comey are.
unbelievable waste:
https://dailyreckoning.com/where-your-tax-dollars-go/
…..It is now absolutely clear that Mueller is a Democrat plant to seek information and destroy Trump’s presidency
No kidding Sherlock……….. 🙂
Mueller , or one of the other goons ………will plant evidence…..depend on it…… JMO
A good sign for the whole sector:
SLV:GLD
http://schrts.co/ENSi9B
The week is not over but I think this breakout is going to stick:
I for one am ready for $2000 gold and $50 silver, and then 5K gold and $200 silver. Let her rip!
For real. Would be fantastic if silver can get to $50 in the next 2-2.5 years and basically mirror the decline with respect to price and time (more or less). And hell, if it can do it in 8 or 9 months like in 2010-11, I won’t complain.
> On October 10, 2017 at 1:08 pm,
spanky says:
“Wake me when silver cracks $18 (that’s USD not pesos). I think it is going to be a very long nap, might even turn into a dirt nap for me by the time it sees $18 again.”
– spanky
On January 24, 2018 at 11:36 am,
spanky says:
“Like I said Matthew, some day, some day.”
“Some day I will be dead and buried. Maybe then these miners will catch a bid.
When gold puts in a short term top, the silver miners are going to test if not break their December lows. Where is the smart money? Still shorting apparently.” — Spanky
(Wrong – December marked the lows in the miners as expected, like they have the last 3 years in a row. They’ve moved up off their recent bottoms again and have been clawing their way higher since then, so the smart money was getting positioned at the end of last year.)
_______________________________________________________________
> On January 24, 2018 at 11:49 am,
spanky says:
“And like I said, I am sure the miners will reach new highs, some day. The silver miners will be basing out for years. They won’t break their 2016 highs until 2020 or later.” – spanky
(We’ll make sure to keep you abreast of when the miners break their 2016 highs, and many of them will happen way before 2020).
> On February 27, 2018 at 9:33 am,
spanky says:
“If the stock market crashes, so will gold and silver, but more so. Especially silver. The trade of the year is long stock market and short silver.”
___________________________________________________________
> On February 27, 2018 at 9:48 am,
spanky says:
“Post PM wash will be an awesome buying opportunity of a lifetime.”
I heard this in 2012, 2013, 2014, 2015, 2016, 2017 and now 2018.
“Silver is done. The monthly charts are wrecked. It will be basing out for another 10 years.”
_____________________________________________________
> On March 16, 2018 at 10:38 am,
spanky says:
“Unfortunately $silver is not going to do squat ahead of the FOMC meeting. Needless to say it looks extremely sick on the weekly charts in pretty much every aspect and even a tiny nudge lower could send it into a prolonged downtrend. Honestly is looks like 2000 all over again, where it based out for a couple of years prior and then broke down along with the stock market and drifted lower for 2 years.”
“The fact is since 2016 silver has made higher lows and lower highs. That’s not exactly a screaming bull market. Looks more like multi year basing to me with the possibility of new multiyear lows just like from the mid 90’s through 2002.”
— spanky
Please quit harassing me.
I only posted your very own words spanky.
You clogged the boards up here for most of a year with posts like these, and now you have the audacity after claiming a few dozen times that Silver would be basing for years and heading lower that it would be great if Silver went to $50 in the next 2 years, or maybe 8-9 months (???).
Sorry dude, I call Bull$hit where I see it.
We haven’t broken out if you havent noticed, genius. Silver still hangs in the balance. With as certain you are that silver is headed to the moon, you should be one of the richest people on earth and levered 1000x.
Take a look at what silver did in the 1990s and even from 1998 to 2002 and get a clue. If you are saying it is impossible, you should be mortgaging your house and going all in.
> On February 27, 2018 at 9:17 am,
spanky says:
“Silver is about to break down on the weekly and months charts. It will definitely be taking out the 2016 low by late March. The bloodbath begins today.”
“Silver miners are headed back to new multi year lows too, though I am not sure they will take out the 2016 low.”
• On February 27, 2018 at 9:26 am,
Matthew says:
“Silver will take out 13.73 by late March?”
• On February 27, 2018 at 9:27 am,
spanky says:
“Yes.”
Spanky – don’t put words in my mouth. I’ve NEVER said Silver was headed to the moon and there are 0 posts that ever said anything like that, but thanks for playing.
I said a few times I’d be thrilled if Silver got up to $18-20+ this year and it would be a shot in the arm for the miners. Just on the move up today we saw the Jr and Mid-tier Silver miners out performing the larger companies and the spot price about 2:1 – 4:1, so that is an encouraging sign.
You have clearly stated repeatedly that the miners would take out the 2016 this year. based on an inverse h&S or whatever. You never qualified that prediction. Hats off to you if you get it right.
I have repeatedly stated that I am long, and will remain long come hell or high water. If I truly believed my own rants, I would have sold a long time ago.
But I will at least acknowledge, unlike you, that a powerful move up is highly dubious until the monthly charts clear up. No other bull market in the miners that I can see on stockcharts has gone through such an ugly mid cycle consolidation. None. At best you saw the XAU go up and down in a range for decades during the 80s and 90s after this type of consolidation.
I’ve got a lot riding on a bull, but I am by no means certain of that outcome at this very point in time. The monthly charts are dead neutral. We’ll know in the next few months whether this is the real deal. So until then, kindly F off.
spanky – for the second time in 1 thread, there you go putting words in my mouth. I had the decency to at least use your quotes accurately, and they show just how completely wrong-footed you’ve been the entire time.
> Let me clear this up for you – I stated about a dozen times that I felt Gold in particular, will take out it’s 2016 high of $1377.50 later this year, and I still believe it will. I said I felt it would drag Silver’s sorry butt along with it and Silver would eventually play catch-up later in the year into next year. I stand by that comment.
* That is Waaaay different than metals going to the moon. I never stated Silver or the miners will take out their 2016 highs, although it wouldn’t surprise me if the sector really gets moving in the fall.
You’re entitled to your own opinions but not your own facts.
Here’s the basic difference between you and I:
I did exactly what my posted indicated, and saved up some dry powder to deploy during tax loss selling at the end of Dec 2017, before the FOMC rate hike, and it ended up being the actual intermediate bottom the very next day, and overall the metals and miners have rallied since then as expected. My actions were congruent with my words.
When I said that was my plan, you had to make it personal and talk about me jumping out of buildings. That’s the kind of man you are.
Stay classy
_________________________________________________________
> On October 26, 2017 at 5:34 pm,
Excelsior says:
“It is painful to watch the sea of red across the PM sector, and 2 months may end up feeling like an eternity….. However, I’m going to take the scrapes and bruises, and work on building up some dry powder and deploy pre-FOMC.”
“Until then batten down the hatches and the beatings will continue until morale improves.”
• On October 26, 2017 at 6:57 pm,
spanky says:
“No. Extreme pessimism is good. When you are ready to jump off a building, I will know we are close to a bottom.” — Spanky
So wait, you are denying that you said the miners would take out their 2016 highs this year?
Unfortunately, I am not psychotic enough to dredge up your old posts, but it is pretty shocking that you deny making that call.
spanky: “Please quit harassing me.”
Now THAT is funny! I guess he’s got a sense of humor after all.
But no sense of irony.
😮
Look dude, sorry if I offended you. I am extremely sarcastic. Basically every penny I have in savings in tied up in the metals (I also own bullion, but it’s not as significant a position). This has been pretty much the case since 2001. I have made and lost a fortune during that time and I am trying to catch lightning in a bottle a second time. Odds say I’ll fail. But what are the alternatives? Muni bonds? NFLX?
I am not trading at all. I have vowed not to sell anything until the HUI takes out its 2011 high, and then only a portion. So if the metals were to stay flat or range bound for the next 10 years, I will be screwed. I shouldn’t watch the metals every day, but since I have so much hanging in the balance, I have to. Add in a ridiculously tight consolidation and the stress is amped up to 11.
spanky – I’ve been incredibly consistent, and since you are questioning my character, here is exactly what I said. You’ll note almost every talk is that I felt Gold needed to take out it’s 2016 high, and that I feel this is the prime mover to get money in off the sidelines and that this event will pull Silver along and eventually it will catch up, as will the miners, and they’ll both outperform Gold as things develop.
I haven’t had any posts that I’m aware of where I said the miners were going to take out their 2016 highs.
_____________________________________________________________
> On April 20, 2017 at 10:21 pm,
Excelsior says:
” Don’t get me wrong, my level of excitement hasn’t been much the last few weeks. I’m generally optimistic that later this year (Aug/Sept/Oct) that Gold may have a chance at rising to take out $1377.50 (the high from 2016). I’d be encouraged if that happened and we had a “higher high” for 2017, even if only marginally (maybe up in the $1420 region). As for Silver, I’d like to see it get above $20 again for many of the miners I hold, and ideally above last year’s high of $21.23.”
“One step at a time…..”
> On September 1, 2017 at 6:31 pm,
Excelsior says:
“Yes the rise in Gold this year versus last year is more orderly, but until I see something different, the Gold bear ended in December of 2015, and the explosive action in 2016 had a number of factors, but mostly it was just extreme oversold conditions snapping back when the metals bottomed and started heading up, so there was much more to it than just Brexit which was merely a contributing factor.”
“We started a new Cyclical Gold bull in 2016, within a larger Secular gold bull that stems back to 2000-2001, and those typically last 20-25 years and may have 3 or 4 cyclical bulls in them and 2 or 3 cyclical bears. I see 2000-2007/8 as the first cyclical bull, 2009-2011 as the second, and 2016-2020? as the 3rd cyclical bull within this larger Secular pattern.”
“1 leg up in 2016, then the long sideway/downward digesting leg 2, now the upwards impulse leg 3 (that will need to take out $1377.50 to be vindicated) and likely will head into the high $1400’s in 2018, then a 4th leg that will be a corrective leg down (but still make a higher low) in late 2018, and then the final wave 5 upleg into 2019 or maybe 2020.”
“That’s my projection for the longer game, but I take each day, week, month one step at a time.”
> On September 23, 2017 at 9:09 am,
Excelsior says:
“It may be that $1377.50 (the high from 2016) swats Gold back down on the first attempt, but if when that level is taken out, and heads towards $1392 and the round $1400 then more money will come into the sector that is sitting on the sidelines.”
“The miners will start to get much peppier at those levels as well.”
> On October 18, 2017 at 8:43 pm,
Excelsior says:
“From a technical perspective, every day that goes by where Gold doesn’t break $1045.40 makes it less and less likely Gold is still in the Bear market that formed from 2011 down to December 2015. One could make the case that everything that happened from December 2015 through present is part of a large counter-trend rally, and that is may reverse back down and still break through $1045.40. If that happened then we’d be in the mother of all bear markets, or some would consider them 2 separate bear markets.”
“If that happens, then my investing thesis will be wrong, and I’ll tip my hat to you spanky.”
“However, if Gold does break above $1377.50, then it will have made a higher high, and it will confirm the Bull market thesis. I hope you’ll tip you hat to the bulls if that is what plays out.”
“It really comes down to $1045.40 or $1377.50. Which comes next?”
“Those are the 2 lines in the sand that if crossed are either a lower low or a higher high.”
> On October 23, 2017 at 2:20 pm,
Excelsior says:
“Yes, agreed that on the next attempt I want to see the 2016 high broken to the upside, making a higher high, and then for that level to act as support afterwards.”
“If Gold fizzles on that move higher in 2018, then it may be in trouble, and I’ll sign up for spanky’s newsletter and position for more bear action. My expectation though is for the $1377.50 to be taken out definitively in the first half of 2018, and put all the bear theories to rest for good.”
> On October 24, 2017 at 11:01 am,
Excelsior says:
“If 2016 was just a countertrend move, then why didn’t Gold reverse right back down and continue on with the bear market and take out it’s 2015 low all year long in 2016? Why hasn’t it even gotten close to taking out its Dec 2015 Major low in all of 2017?”
“Here’s a clue, because we aren’t in Bear Market any more. If anything the consolidation from last August to this August was the corrective move.”
“We’ll see about your coup de grace waterfall decline in 2018. If Gold breaks down below it’s major low of $1045.40 next year, then I’ll tip my hat to you spanky. If it takes out the 2016 high of $1377.50 though, maybe you’ll give the dire prognostications a rest eh?”
> On October 24, 2017 at 11:38 am,
Excelsior says:
“Wake me up when Gold is below $1045.40. Until then it is just doomleading and we are not in a Bear market.”
“The fact that it has been 2 years since the low in Gold is pretty obvious that we aren’t in Bear. That isn’t rocket science.”
> On October 26, 2017 at 5:14 pm,
Excelsior says:
“As Avi Gilburt mentioned on the weekend show, Gold had 3 different technical set-ups during the year to be able to rally and test/break the 2016 high, and on the more recent one I felt we really had a chance to break $1377.50. No dice.”
“The next 2 months may have some more selling, but “Waterfall” is a bit extreme. If we do get a terrible waterfall decline then it will suck the air out of the sector that was only coasting on fumes as it is. Maybe that is what is needed to do a sentiment wash, but there is a lot of money on the sidelines waiting to position in Tax Loss selling, so the tax loss buying may keep a floor under the metals/miners to some degree.”
> On January 24, 2018 at 10:35 am,
Excelsior says:
“2017 high in $Gold was $1362.40 the more crucial 2016 high was $1377.50”
“If Gold can take out the 2016 high of $1377.50 then it will put to rest for good whether the PMs are in a bull market.”
“It remains to be seen whether there is enough juice on this rally to get gold to break out to a higher high, but it seems very probable that we’ll see this play out in 2018.”
“So far, the run in PMs out of the Dec 13th FOMC rate hike has been a strong move.”
> On February 6, 2018 at 8:19 am,
Excelsior says:
“As we’ve discussed a few times, watch Gold, and if it breaks out to a new high above the 2016 peak of $1377.50 then it is game on. Gold will drag Silver higher with it, and then when the momentum traders pivot back to the PMs then Silver will kick on it’s afterburners and outperform Gold. The Silver miners will really get wild and crush the other sectors.”
“For now Gold will be the metal doing the heavy lifting, until the momentum turns.”
> On March 1, 2018 at 10:52 am,
Excelsior says:
“. and a toast to the new bull market that kicked off when Gold bottomed in Dec 2015. When the next leg up in Gold finally takes out the 2016 high of $1377.50, then it will drag Silver’s sorry butt along with it until it finally wakes up.”
“When that happens, it will trigger the institutional money to come in off the sidelines and some of that will find it’s way into the Silver sector, and since it is much smaller it won’t take much to kick off that bullish pattern that has been setting up for a long time.”
“It’s less hopeum and more riding up this metals cycles to a very profitable return.”
“There still may be a few rough months to slog through but later 2018 into 2019 should be very rewarding for those that position before it takes off. No rush at present, but I’ll be searching through my couch cushions looking for any spare change to throw at the miners if they do have one more sentiment wash.”
“However if the metals just take off suddenly and leave most behind, my portfolio is already well fortified with miners in the PMs, Base Metals, Battery Metals, and Specialty Metals.”
“Ever Upward!”
spanky,
Why don’t you just shut up and take your medicine like a good little boy.
> Nice to see the ~green on the screen today in Silver miners!
Ticker Symbol – $Silver #Producers – % Chg on (04/18/18)
ASM Avino Silver & Gold Mines Ltd. +12.41%
HOC.L Hochschild Mining PLC +8.95%
BHS.V Bayhorse Silver Inc. +7.69%
SCZ.V Santacruz Silver Mining Ltd. +7.14%
IPT.V IMPACT Silver Corp. +7.07%
FRES.L Fresnillo PLC +5.06%
EXK Endeavour Silver Corp. +4.39%
GPL Great Panther Silver Limited +4.17%
GGD.TO GoGold Resources Inc. +3.61%
TAHO Tahoe Resources Inc. +3.44%
SVM Silvercorp Metals Inc. +3.27%
USAS Americas Silver Corporation +2.56%
PAAS Pan American Silver Corp. +2.38%
AG First Majestic Silver Corp. +2.09%
HL Hecla Mining Company +1.86%
FSM Fortuna Silver Mines Inc. +1.73%
SMT.TO Sierra Metals Inc. +1.54%
EXN.TO Excellon Resources Inc. +1.35%
Ticker symbol – $Silver #Developers & #Explorers – % change on (04/18/18).
GOG.V Golden Tag Resources Ltd. +28.57%
AUU.V Aura Silver Resources Inc. +16.67%
GNG.V Golden Goliath Resources Ltd. +14.29%
SMI.AX Santana Minerals Limited +13.33%
WRM.AX White Rock Minerals Ltd +11.11%
BTT.V Bitterroot Resources Ltd. +7.69%
BCK.V Blind Creek Resources Ltd. +6.25%
GRG.V Golden Arrow Resources Corporation +5.66%
PSL.V Prospero Silver Corp. +5.56%
SVB.TO Silver Bull Resources, Inc. +4.55%
CLZ.V Canasil Resources Inc. +4.55%
AXU Alexco Resource Corp. +4.52%
MAG.TO MAG Silver Corp. +4.23%
REX.V Orex Minerals Inc. +4.17%
SBR.TO Silver Bear Resources Plc +4.17%
KTN.V Kootenay Silver Inc +2.86%
MMG.V Metallic Minerals Corp. +2.86%
AUN.V Aurcana Corporation +2.33%
SSV.V Southern Silver Exploration Corp. +1.82%
BCM.V Bear Creek Mining Corporation +1.67%
MSV.TO Minco Silver Corporation +1.47%
SIL.V SilverCrest Metals Inc. +1.46%
DV.V Dolly Varden Silver Corporation +1.41%
DEF.V Defiance Silver Corp. +1.20%
SDRG Silver Dragon Resources Inc. +0.78%
This week’s resistance for the HUI consist of more than just the 200 week MA:
$hui outperformed GDX on the upleg in 2016 and gave back pretty much everything during the last 2 years. I would guess that the ratio should rally in earnest if this latest setup in the miners is the real deal.
It did put in a black candle today on the daily FWIW. I know you don’t put much value in them but it is worth noting that it hasn’t left behind a black candle on the daily chart since the low in Jan ’16. So I am guess the next couple of days will reveal some sort of pullback. Don’t get me wrong I have no problem with it racing up another 10 pts tomorrow and never looking back.
Any pullback should be bought.
Something tells me pullbacks will be bought aggressively. I know Gary Savage sold his entire mining position today. Based on the gap up and close lower, right now that doesn’t look like a bad move. Wouldn’t mind seeing the $hui up tomorrow, but unless it is a massive move, I have a feeling we will be consolidating a bit for a day or two soon.
I could see it starting the day by going lower but finishing higher. The odds seem to favor a strong close for the week as well…
That would be the ideal scenario. A gap down open and hollow red candle at the close.
The rest of this month and May are going to be nuts.
I lean toward lower then higher and not red tomorrow.
The intermediate term outlook is clearly bullish:
http://schrts.co/qceLaC
I was seeing resistance on a few different charts, so sold yesterday, spent today wondering if I got to clever for myself. The close made me feel better, but yes, will be watching tomorrow to see if I need to get back in.
Criminal Referral Issued For Comey, Clinton, Lynch And McCabe; Rosenstein Recusal Demanded
Eleven GOP members of Congress led by Rep. Ron DeSantis (R-FL) have written a letter to Attorney General Jeff Sessions, Attorney John Huber, and FBI Director Christopher Wray – asking them to investigate former FBI Director James Comey, Hillary Clinton and others – including FBI lovebirds Peter Strzok and Lisa Page, for a laundry list of potential crimes surrounding the 2016 U.S. presidential election.
USERX breakout:
The gold/silver miners delivered a very powerful message in 2016 but the last two years showed me that an awful lot of people don’t have a clue what it was. Many of them were the same people that thought gold was in for a 20 year bear market. Ignore those people even if they live in your mirror! Whether our patience is tested further or not, the outlook for the next several years has never been so bullish.
I don’t get it dude. How can you be so certain? Look what the XAU did during the 80s and 90’s. It was a traders delight. Don’t get me wrong, I have been a believer in the miners for 20 years (to my detriment during the bear market). and yet all we saw was the gold:$hui ratio go higher and higher and higher and higher yet. All while gold has been in a raging bull market. How do you explain that? What on earth have the miners been discounting while gold has been raging higher for 20 years??? Why is the BGMI the same level it was in the late 1970s? I don’t even care about debt levels and declining reserves. There is no explanation unless you buy Hugh Hendry’s thesis that the miners are terrible investments because the higher gold goes, the higher the probability of mine nationalization. Maybe that’s what they are discounting.
I’m not sure, but I am willing the bet that the BGMI is not going lower. Trading ranges were meant to be broken afterall and this one has been standing for 40 years. It’s a pure contrarian play on my part. But I am willing to acknowledge that Hendry could be right. We won’t know until the 2016 peak in the ratio is taken out, or not.
I’ve never heard of Hugh Hendry and I’m glad. Whether mass nationalizations happen or not, you will have plenty of time to capture a fortune first. As LPG liked to say (paraphrasing), have a plan or plan to fail.
When you consider the stupidity of the average politician, it makes sense that nationalizations never happen early in a move/cycle. No, just like the typical (greedy and undisciplined) dumbass, the politician will come in at the top — just in time to turn a deteriorating situation into a catastrophic one and make the voters the bag holders. Then, when things couldn’t look worse (and can only get better), the properties will be returned to private hands for pennies on the dollar.
I’m not going to get into the details but there’s no reason to look at what the XAU did in the 80s and 90s.
Great point about politicians coming in late to the party at the top just like the dumb money. Look for example at what is happening in the Congo now after Cobalt is up 150% and has been rallying for 2 years on the battery metals narrative. Only now are they starting to move towards grabbing more and more from miners and the nationalization efforts are just now closing their grasp into the bubble phase of the commodity.
Also this line made me chuckle 🙂
“I’ve never heard of Hugh Hendry and I’m glad.”
Time is running out fast for the bears…
The imminent cross of the 144 and 233 WMA SHOULD be the spark that sets off an inferno. I’ve been watching those two converging MAs for a year now. We’ll see.
$Gold is pretty much in the exact same position. The 144 and 233 are literally going to cross in the next two weeks. They are $1apart atm.
Don’t worry if all we get are a few scattered brush fires for now. That will change nothing.
Look at silj 144 and 233. No way the 233 is tested again. Maybe the 144. It looks primed for a huge sustained move.
The 200 day MA looks like a decent sell stop for GDX…
> What in the world has gotten into John McAfee?
He is talking absolute craziness on his Twitter account, and this is the Tech/Crypto genius?
https://twitter.com/officialmcafee?ref_src=twsrc%5Egoogle%7Ctwcamp%5Eserp%7Ctwgr%5Eauthor
Come on gold bulls now is the time. Sell in May and go away is not far away, closely followed by the so called summer doldrums. If recent history is anything to go by, there could be muted action in the PMs for the next few months. Who knows for sure though.
The more gold fails this resistance, the harder it will be to hold it as support as we move forward.
A 2002 repeat would see the HUI rise 50% from here by June…
A 2003 repeat would be even more problematic for the bears…
In 2005, selling (or not buying!) in May was a very foolish thing to do…
Im no expert but Im willing to guess that the respective markets are very different now to what they were in the early to mid 00s. Not trying to be argumentative, its just an observation.
Charting works because human behavior doesn’t change and human behavior is what paints a chart. Yes, there are some differences between the markets then versus now, but I don’t see any changes that might make repeats of the action I showed above any less likely. If anything, rallies that go right through the summer doldrums might be more likely now when we consider the changes in China and India and the multi decade top in T bonds – among other things.
You could well be right Matthew
Could be, but the setups are there right now for the miners.
Silver is nothing but a buy…
Weekly:
SLV weekly:
http://schrts.co/hHjwkT