As the stock market cracked on October 10th we noted…
Looks Who’s Holding Firm Amid the Carnage; the Gold Miners
And sure enough the GDX bottoming pattern noted in that post (and before that in an NFTRH subscriber update) played out perfectly amid the stock market carnage going on all around it.
Was I trying to predict something? Of course not. I was just following general rules we’ve had in place through all of NFTRH’s 10-plus year history and privately for myself since early in the bull market that began in 2001. Very simply, the counter-cyclical winds must blow and the Macrocosm must come front and center for a constructive fundamental view of the gold stock sector. That first crack in the stock market was a good start.
With respect to the Gold vs. Stocks planet, the S&P 500 topped vs. gold right at our targeted resistance…
Continue reading Counter-Cyclical Winds Blow, Gold Miners Front and Center
It’s an over obsessed upon commodity, previously hyped for its (Hubbert’s) “peak” status by “experts” like T Boone Pickens and a whole clown show of promoters amplified by the media at the time.
Now WTI Crude Oil has reached a thick resistance zone (as managed in NFTRH for the last couple of years) and may be breaking down from a peak of a whole other kind. Here is the monthly chart we use.
It is preliminary, and one weekend OPEC jawbone could put oil back up in the consolidation. But as of now the price has ticked below the previous 2018 low to close the week. It is not a good look… unless you’re a gold bug, that is. More on that later.
Continue reading Positive Implications for Gold Miners if Crude Oil Breaks Down
By Bob Hoye
Click for PDF report.
Support 100% ad-free Biiwii.com by making a donation of your choice!
Or better yet, subscribe to NFTRH Premium for an in-depth weekly market report, interim updates and NFTRH+ chart and trade ideas to get even more bang for your buck. You can also keep up to date with plenty of actionable public content at NFTRH.com by using the email form on the right sidebar. Or follow via Twitter @BiiwiiNFTRH, StockTwits or RSS. Also check out the quality market writers at Biiwii.com.
The GDX/COPX ratio has broken above the 50 & 200 day moving averages and is still going, despite gold’s ignominious state at the moment.
Here’s what gold (GLD) looks like today.
Continue reading Gold Miners/Copper Miners Ratio is Interesting