Maybe precious metals have a chance. Gold is managing to push its way into the overhead supply zone.
Revisiting the Miners
Slope of Hope Blog Posts
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Miner Leagues
Although I admit I kind of resent how lame gold and silver have been, I know some people are still enthusiastic about miners (I’m looking at you, Rev!) I offer below five charts of mining stocks I think are good long ideas.
Precious Range
I’d say the recover in precious metals is just about over. The range is pretty clear, and given the mountain of overhead supply, the pressure is on for these to start sinking again.
What a Long and Not so Strange Trip it’s Been for the Gold Miners
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 gold miners never do, unless they rise against their preferred fundamentals as they did during two separate phases in the last bull market, which were justly resolved with crashes.
Here are a couple charts we used in NFTRH 648 in a segment written to set the record straight. We have also used these charts – especially the first one – since the caution flags went up last summer, visually by the first chart and anecdotally by the usual suspects aggressively pumping the unwitting masses. Buffett buys a gold stock!… okay, well so much for that. Sentiment became off the charts over-bullish and now, as we prepare for the final act of the correction, it’s the opposite. That’s perfect.
(more…)Without a Net
About seven months ago, gold looked like a sure thing. Trillions of dollars of fresh fiat, rising inflation, rising interest rates, and central banks gone wild. On top of this, metals were pushing to lifetime highs and had emerging from an enormous basing pattern.
That all ended on August 6th. Anything to do with precious metals has stunk to high heaven, like GLD:
