Gold Miners not yet buying it

GDX/GLD ratio is not confirming gold’s bounce

And so, considering what at least has a chance to shake out as my preferred macro scenario – complete with gold herds, stock herds, inflation herds and any other sheeple rushing toward that cliff over there – I am becoming interested, even excited about the macro now.

Summer is ending soon and post-labor day we’ll see who the real heroes are. In Q4, 2008 for example, there were none. Only cowards, charlatans and sheep running toward that cliff before the whole cacophonous parade just terminated. If this mess follows current short-term signals, pain and opportunity will live in the same (macro) house.

Other than that, I have no strong opinions about any of it. Ha ha ha.

gdx/gold ratio

For “best of breed” top down analysis of all major markets, subscribe to NFTRH Premium, which includes an in-depth weekly market report, detailed market updates and NFTRH+ dynamic updates and chart/trade setup ideas. Subscribe by PayPal or credit card using a button on the right sidebar (if using a mobile device you may need to scroll down). Keep up to date with actionable public content at by using the email form on the right sidebar. Follow via Twitter @NFTRHgt.