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Precious metals, my ass. For months on end, precious metals and their miners have been crumbling in spite of every possible advantage going their way (countless trillions of fiat being printed, raging inflation, and so forth). This entire sector looks like it’s simply going to keep melting away, while the 0’s and 1’s of crypto rage ever higher to lifetime highs on a nearly daily basis.
With the focus on precious metals lately, I wanted to share a free chapter from my Panic Prosperity and Progress book about a germane period in financial history related to the California Gold Rush of the mid-19th century. Enjoy!
The California Gold Rush is one of the most universally-known eras of American history, but it is also one of the most widely-misunderstood. It obviously altered the importance of California (which today reigns as one of the most important technological and business powerhouses on Earth), but it was just as important to the history of the entire nation in the decades that followed gold’s initial discovery at Sutter’s Mill.
There were not any meaningful financial markets for it to affect, but the gold rush laid the foundation for some important personal fortunes and fundamental Californian characteristics that lived far past the middle of the 19th century.
(more…)Just as ole’ Jim Cramer above signaled an imminent short-term rally recently in the stock market, bleak views coming out of the gold bug “community” are reliable contrary indicators. The Hulbert Gold Newsletter Sentiment Index (HGNSI) is out and it is fully bullish on a contrary basis as it shows gold newsletter writers in full retreat.
But first…
We have noted that Gold’s CoT has been improving (CotBase)…
I believe the miners, and particularly the junior miners (symbol GDXJ) are about to make a meaningful U-turn southward. Below is, at first, a simple chart of this ETF, followed by four of the same chart augmented by some interesting technical indicators. As usual, click on any chart for a larger version.
