119 replies to this topic

[Russ]

Silver - W bottom?

 

[ryanoo]

Russ, in the 2007-2009 market, the miners dropped harder than SPX, but it bottomed 4months before the index.  I'm expecting similar thing this time.  Does it make sense?  Maybe not 4 months, but earlier at least by a few weeks than SPX.

Edited by ryanoo, 17 March 2020 - 08:20 PM.

[Russ]

Ryanoo,

 

Maybe gold and silver have bottom now,  this author Brien Lundin

Editor, Gold Newsletter thinks they may have... 

As the Dow crashed by over 3,000 points yesterday, gold rallied strongly from its lows on the day.

And get this — gold stocks soared even while every other sector was crashing. Major gold mining indices were up over 10% yesterday alone.

Here’s why I’m writing you now: Gold’s up strongly today, rising about $20...and the mining stocks are continuing their run higher. The major gold stock indices are all up from 6% to 12%.

There’s more: The physical gold and silver market is on absolute fire. Demand has surged to a degree rarely if ever seen before. Over only the past day or so, my sources have told me that all available supplies of bullion in the United States have been snapped up. All deliveries are on a delayed basis, and only if the mints can ramp up production.

So is this the turn in the gold market?

In my view, it’s close enough. As I told my Gold Newsletter Alert readers yesterday as the selling reached indiscriminate levels, “It is of such capitulation that market bottoms are formed.”

And I’m putting my money where my mouth is, putting orders in for a half dozen of the top junior mining stocks recommended right now in Gold Newsletter.

These companies are selling for as little as a third of where they were just a few weeks ago. At that point, I thought every one of them had the potential to triple from those levels.

You get the math. If/when the markets get back to some semblance of normal in a few months, these companies could be selling for close to 10 times their current levels.

[gannman]

bought some rgld today will continue  to add on pullbacks 

[gannman]

hey  russ i agree i think a good chance he bear market in gold and miners is done done done 

[Russ]

hey  russ i agree i think a good chance he bear market in gold and miners is done done done 

Sure is looking that way.... M tops and W bottoms.... 

[dougie]

That GDX gap is sure stubborn here. this might not be bottoming action yet

[Russ]

https://www.kitco.co...since-2008.html

 

Latest poll for end of March, 2020... Fourteen market professionals took part in the Wall Street survey. There were 10 votes, or 71%, for higher prices next week. One respondent, or 7%, was bearish, while three, or 21%, were neutral or called for sideways prices.

Meanwhile, 1,595 votes were cast in an online Main Street poll. A total of 1,138 voters, or 71%, looked for gold to rise in the next week. Another 244, or 15%, said lower, while 213, or 13%, were neutral.

[Russ]

That GDX gap is sure stubborn here. this might not be bottoming action yet

Looks like a bull flag on the hourly for gdx, perhaps going to blast through the 26 dollar resistance line and it roughly closed the breakout gap in the 23 area.... 

Edited by Russ, 30 March 2020 - 06:17 AM.

[Russ]

Gold possibly going to resume the rally on Tuesday...