11:50 a.m., EST
Gold miners back at it … about to ‘Up-Thrust’
The daily GDX chart is almost self-explanatory.
Price action spent about seven days in spring position before finally getting up enough energy to launch. The past two trading days have been essentially straight up.
Straight up that is, into known resistance.
This site’s not part of the hyperinflation crowd. It’s too easy to jump on the bandwagon, get the clicks and then say it’s all ‘manipulated’ when price action does not follow the narrative.
The (market) truth is and has been for a long time, gold and the miners are not yet confirming hyperinflation.
Buying gold/silver, gets more ‘clicks’ than buying food and showing everyone your freeze-dried plastic packs.
Since you have chosen to monitor this site, you have also made a choice to access information that’s not comfortable; information that may challenge (or even change) already held beliefs on how it’s all supposed to go down.
Case in point: With each passing day, it becomes more clear that food (Genesis 41) and the ability to create it, will come first as one storehouse of wealth.
Gold and silver will come … but only after nearly everyone has had it stripped from them (not advice, not a recommendation).
As of this post, GDX, is pushing through the resistance level shown in the chart.
How it behaves if/when it contacts the 38% level, will let us know if a downside reversal (up-thrust) is in the works.
Charts by StockCharts