It does not mean that the pullback in the miners (and gold/silver) is over but it does mean that an annoying issue is being addressed today. HUI has not quite gotten the job done but the two ETFs have. Gaps are being filled.
All in all it’s not a bad look for the sector that we noted last Friday as needing to have a cork stuck in its bull horns. Gold analyst chest thumping and/or greed mongering is always a sure signal for the need to pull back and clean things out to mini or maxi degree, depending on the prevalence of the touting offenses in the gold “community”.
Per Friday’s NFTRH Trade Log I bought DUST to hedge the miners. I did so with all due trepidation about taking on a hyper-fueled short against a bullish sector. But… those pumpers.
I now should be thinking about offing the DUST, which is a good overseer while buying positions on pullbacks (added a bit today). DUST (or JDST) can burn you but good so taking a profit from it after it hedges but before it starts to rip you new one is optimal.
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