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Miners’ Refuse to Follow Gold Lower

October 9, 2018, 8:17 AM Przemysław Radomski , CFA

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Yesterday’s session started in the red for gold, silver, and mining stocks, but only the metals ended the day lower. The mining stocks reversed and both: GDX ETF and HUI Index ended the session higher, thus showing significant strength. The inverse head-and-shoulders pattern is not complete, but given this kind of strength, it could be complete shortly. But is it likely?

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Dec Market Overview

Gold Market Overview

There are plenty of myths about the gold market, in particular about the alleged factors which are supposed to prevent gold prices from declining. In this edition of the Market Overview, we refute five of them:

1. Trade wars and lax fiscal policy are negative for the US dollar and positive for gold.
2. Central banks’ purchases create a floor for gold prices.
3. The price of gold cannot decline and stay below the gold production costs.
4. There is a disconnection between paper and physical gold prices and the former has to catch up with the latter eventually.
5. The extreme bearish CoT positioning necessarily implies the turning point in the gold market.

Read more in the latest Market Overview report.

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