Would-be gold miner bounce stalling as inflationista bugs sell along with their base metals miners
You see, to the inflationista bug – doped up on dogma – gold is silver is copper is tin is… you get the picture. These are the bugs who “buy metals!”, “buy resources!” to “protect yourself from inflation!”
Copper and base metals miners are getting sold down as the Fed openly frets about the inflation it created. This increasing obsession with the inflation the Fed manufactured is freaking out the inflation markets. And gold stocks, being in the purview of the average wrong-headed inflationist, are under pressure as well.
Even though this will eventually prove out as it always does, either sooner (like now) or later (like after every last gold stock/inflationista promoter is sent packing).
As to the here and now, GDX maintains its standing to put on a bounce. But it sure ain’t gonna come easy if it plays out. Either way, a real bull that distinguishes the gold miners as something special will not come about until the inflation trades – including stocks – are put on ice.
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