Posted 07 October 2021 - 06:38 PM
This looks bullish in a contrarian way.
As does today's TV splash screen.
Posted 09 October 2021 - 11:30 AM
From https://ttheorygroup.science.blog/ in August when GDX was at 31.
We have completed Terry Laundry’s 20 year bull market in gold, until the next one starts.
I have been known to be a gold bear, but the truth is I am more of a miner bear. In my mind, miners are dumber than rocks, or at least much less valuable. Unlike oil, which is mined and then utilized, practically all the gold ever mined is still in existence. How does adding more of an existing commodity raise the price of that commodity? Mining companies seem to always shoot themselves in the foot when it comes to mergers, hedging, or adding to their capital expenses.
In any event, that doesn’t keep me from looking for opportunities when GDX is close to 31. Between 2014 and 2020, I posted many times on Avi Gilbert’s elliotwavetrader.net that I did not see GDX making it above 31. But now I feel that 31 is extreme support.
After that post in August, GDX fell to below 29, rallied recently but finished Friday still below that "extreme support" at 31.
Traders in GOLD are overall bullish this week.
But miners are still much weaker than gold itself.
Sentiment continues to improve in the gold market even as the price spins in neutral, unable to get any sustainable traction following another month of disappointing labor market data.
The latest Kitco News Weekly Gold Survey shows that both Wall Street analysts and Main Street retail investors are solidly bullish on gold in the near term.
Edited by Rogerdodger, 09 October 2021 - 11:53 AM.
BIGGEST SCIENCE SCANDAL EVER...Official records systematically 'adjusted'.