I emphasize the term ‘gold analyst’ because I cannot figure out why people would think of someone who micro manages gold, silver and the miners to the exclusion of the greater macro markets as a serious analyst as opposed to say… a promoter. Now, I am not talking about financial analysts who specialize in mining or geologists. That’s their trade. I am mostly talking about Men Who Stare at Charts, and titillate their readers with the things they [think they] see there.
Anyway, a quick scan of the ‘gold analyst’ community yields a herd that is somewhat scattered at this time, running all over the landscape; bears and bulls. This is exemplified by two in particular.
A gold analyst who was raving bullish all through the bear market, is now bearish. His main concern is the CoT and the fear bids that have come into gold (and the miners) due to the Coronavirus. Valid concerns, actually. But overriding? Only time will tell.
Another is one of the 2 Gold Bears (two bearish ‘gold [TA] analysts’ who had been raving bullish until the Q3-Q4 corrective consolidation flipped them to pronounce to their herds how bearish things had become, as I posted on November 11 for contrarian consideration just before significant rallies began in the gold price and the miners) who is back to bullish. He’s reporting the Cup & Handle on GDX (it looks even better on HUI, BTW) that you, I and everyone’s Grandma sees.
So yes, I’ve noted the Cup & Handle, but when this gentleman arrives on the scene with a declarative pronouncement at least some measure of caution is warranted. He’s bullish… and that’ll be a caveat to the bull case if the norm holds true.
Anyway, you can consider this goofy post a lame effort by me not to go a whole day without putting up something. I was busy working, just not at giving opinions on a screwy market that will require more serious attention this weekend.
On that note, I’d like to formally welcome the people who’ve taken me up on the free 1 month trial to NFTRH. It’s not going to be for all of you, because it requires some cranial work on your part and also it will not fit if you want easy answers and handy, ready-made assumptions. But I know some of you are going to think ‘hmm, this is just the stuff I’ve been looking for…’
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