Overnight, did you literally say "chinks"? Come on man, you are better than that.... Nice link, however.
Gold is at a critical support spot. If it can’t hold 1680, I’ll forget about it for a long while. Less than 26.5 for silver, and I can’t be long. If silver can make a play, there’s ample room up. platinum is doing just fine. This is the pivot for gold and silver. I’m probably a buyer if they wake up.
Move to 1725 after threatening 1700 again seems bullish but I'm not sold on it yet. Sold one of my two new Gold miner positions; the other is a value play in theory. Copper and Silver miners seem better positioned to move up. We may get a break out in Copper prices again very soon.
Sure feels like Silver and Copper want to rally at this point. Gold miners not moving a ton but they can be day traded fairly easily in this modest rally in Gold prices.
It is indeed, however not as strong as oil. All oil. The energy vertical is going non-linear. It's as if the world woke up and said - we need energy! It's actually bullish for the market. Very much so. (y axis is momentum, x axis is performance vs the USD - The tail represents the last 5 weeks)
TSX Gold miners getting gradual buying interest ( ELD, BTO, CXB, NGD ). Could be the turbulence in IT and Oil related areas is creating some new interest. Might be a good contrarian play into Monday. I'm mostly waiting out energy for now until there is a more clear short term range on Oil and the stocks themselves.
%% XME [S&P Metal + Mining etf ] is still uptrending well. I cut a loss on it, this week because while its a good uptrend , i have done better with + trade/invest tech ETFs for many years. SLV[Silver Trust] has been in an uptrend since 2007 + 2008; never has even taken out the 2008 low. May hit $50 /not a prediction. XME has 4-5 million average day volume,its going up again today