As we step toward a counter-cyclical macro, the fundamentals will finally improve for gold mining From a June 19th interview I did with with Jordan Roy Byrne with respect to gold stocks, Energy and the proper macro fundamentals for the gold mining sector: In my experience gold stocks will… they can paint ugly charts and then follow through on those ugly charts. But when a … Continue reading Gold miners watch the “last inflated man standing” start to fail
The miners leverage gold’s standing within in the macro. So if gold is weak vs. cyclical markets/assets then the miners tend to be much weaker. If gold is strong relative to these assets then the miners can leverage that to the upside as well and eventually outperform. Here is a snapshot of the current macro setup, which does not take into account the recently oversold … Continue reading NFTRH+; Gold miner macro fundamentals
As inflationary pressures ease, inflation-centric gold bugs do the wrong thing It is ridiculous, but they are out there, en masse. They buy gold stocks for the same reason they buy oil, copper and other cyclical and more inflation sensitive commodities. They are the inflationist gold bugs and they follow the dogma of their influencers, with no second level thinking. No critical thought or logic. … Continue reading Inflationists pressuring gold mining stocks
As you know, the daily charts are in gross looking patterns, having failed to hold support. HUI has filled its ‘212 gap’ and also has a gap way down at 107 from the January 2016 launch. Indeed, HUI is technically questionable on the weekly chart as well, but it is getting oversold and a channel bottom parallel to the 2020 and 2022 highs indicates a … Continue reading NFTRH+; interesting weekly gold miner charts
Gold, silver and the miners in relation to SPY/SPX We all know that gold and its fellows have bottomed (minor or major)* vs. broad stock markets, and below is a daily chart pictorial view showing the impulsive bursts upward off the lows (relative to SPY) by gold, silver and the miners. The caveat is the shirtless man on the Ukraine border, associated media ‘war drums’ … Continue reading Precious metals ‘vs. SPY’
With the understanding that the precious metals are still trending down by daily charts and the broader markets are still trending up, here’s a dialed-in look at some day trader type in-day charts showing gold doing what it is supposed to do when the system comes under liquidity stress and showing a microcosm of why I belabor the point about liquidity stress (not inflation) being … Continue reading NFTRH+; this is a microcosm of the proper gold mining ‘buy’ backdrop
NFTRH 666(6) took a focused look at Semiconductors, updated/added more details to the gold stock view (adding new weekly miner/royalty charts), did a full Commodities segment and updated the current macro, which of course is the director of everything else. Angelic NFTRH 666(6), out now. Continue reading NFTRH 666(6), out now
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 … Continue reading Gold miners still caught up in the ‘inflation trades’
Metals & Mining SPDR vs. Gold Mining XME includes base and precious metals miners and also service centers and other related businesses. It’s a broad view of mining with a bias toward steel last time I checked (last year sometime). What more proof do you need of the gold miners’ relative counter-cyclicality than the XME/GDX ratio? When inflationary operations by Central Banks and governments start … Continue reading General Mining vs. Gold Mining
The Gold Miner correction was well earned, but it was not a bubble Even today there is some pablum out there talking about how if inflation is good for gold it is especially good for gold miners. I will simply repeat once again that if gold usually does not benefit fundamentally by cyclical inflation (i.e. inflation promoted for and currently working toward economic goals) the … Continue reading What a Long and Not so Strange Trip it’s Been for the Gold Miners
The gold mining sector is entering capitulation mode Buffett buys a gold stock! and the touts trumpet the exact highs. Buffett pukes a gold stock! and said gold stock continues downward. I thought about buying some of these today but my upper HUI target zone only today got hit, there is a lower target yawning and well, the margin man may cometh. Doesn’t he come … Continue reading Miners’ Margin Monday?
The Hecla Mining (HL) chart is among the bullish setups that will either be confirmed or ruined in the wake of the FOMC meeting Using a stock that I bought recently, Hecla (HL) as an example, is this bullish consolidation break (and associated sweet RSI & MACD) real or Memorex? I ask the question because due entirely to market history I have been trained to … Continue reading Miners: Real or Another FOMC Week ‘Memorex’?
From Sentimentrader (which I recommend for anyone who wants to keep closer tabs on market sentiment and some Quant-like data) comes this interesting study on the gold miners. The number of GDM/GDX components above their 200 day moving averages just dropped to the lowest level since the spring. It did that immediately prior to the March crash as well after a shorter period. But that … Continue reading NFTRH; A Breadth (and Seasonal) Study on the Gold Miners
 I realized just now that I never put out an ‘NFTRH 617 Out Now’ post. Okay, well let’s consider this it. #617 was uploaded for subscribers earlier today and below is an excerpt from it. A subscriber’s question spurred what I hope is a timely and helpful response. Excerpted from this week’s edition of Notes From the Rabbit Hole, NFTRH 617: Gold Miners and … Continue reading Gold Miners and Inflation