so far in 17 we have passed 1300 on 2 other occasions this is the 3 rd try up there and so far we have not gotten there
a close above 23 for gdx will give us a weekly close above resistance
keep in mind the eclipse has not happened yet =21st of august. i think the big part of the move is ahead
we might pull back or consolidate 1st we shall see. how it plays out
one thing is certain by the present majors reporting earnings. the majors are not making money @1250 gold . this is because they used their best materials in the 11-16 downphase. that material got used up and they are forced to mine lower grades.
silver miners have cut back , more than 20% of their previous output. at 16 dollar silver they dont make money.
this in my opinion will lead to the majors buying out explorers. i dont know when the feeding frenzy starts but i have been positioning for it since the 16 lows. they need higher grade materials to make profits. it will happen very soon. some folks think we have seen peak gold . i dont know about that. but i do know the majors are using low grade material and not making money. its an area where one needs to do alot of due diligence the explorer space is quite tricky. lots of companies i see stansbury is pumping one gold miner.
i am on the buy should we consolidate or pullback and it will be in the junior space
dharma