Note: Posts on this site are for education purposes only. They provide one firm’s insight on the markets. Not investment advice. See additional disclaimer here.
If it really was as simple as ‘dollar collapse’ and ‘inflation’, why have the miners GDX, GDXJ, and SILJ, been in a bear market since 2011; fourteen years ago?
During that time, we’ve had rallies for sure. However, the fastest (major) moves with 2016, the exception, have been to the downside.
Drilling down a bit on Senior Miners GDX, we’ll look at the 4-Hour chart.
Senior Miners, GDX, 4-Hour
In the past three months, depending on one’s timeframe, there were trading opportunities both up and down.
With that said, we’re now at the far-right edge.
There’s a (potential) set-up: ‘Spring-to-Up-Thrust‘ (not advice, not a recommendation).
Positioning
As noted in yesterday’s update, right around mid-session, a short was opened: DUST-25-01 (not advice, not a recommendation).
Of course, the expectation is for GDX, to decline immediately from here (DUST, higher) at the next session.
Note: Posts on this site are for education purposes only. They provide one firm’s insight on the markets. Not investment advice. See additional disclaimer here.
Let’s go all the way back (nearly four years ago) to this post, and the following:
“Think of the irony. The ‘stackers’ (and maybe the rest of us), having to exchange actual money, gold and silver, for worthless fiat just so they/we can buy food to stay alive.”
Fast forward to now and this link, time stamp: 6:35.
How close is that to the post from way back when?
Strategy, First
The About section presents the priorities of this site.
Strategy, Tactics, Focus; with three market masters, that were masters of each.
The insight, years ago, was that we’re in a situation not unlike that of Genesis 41. It’s the food supply first, then gold and silver (not advice, not a recommendation).
With updates like this just out, it’s becoming clear, food is the focus (not advice, not a recommendation).
Silver Update
The last update on silver (SLV) was back in early October, link here.
Silver’s down over -16%, since then.
It’s even worse for the bulls, including the Rod Stweart reference:
Note: Posts on this site are for education purposes only. They provide one firm’s insight on the markets. Not investment advice. See additional disclaimer here.
Note: Posts on this site are for education purposes only. They provide one firm’s insight on the markets. Not investment advice. See additional disclaimer here.
Note: Posts on this site are for education purposes only. They provide one firm’s insight on the markets. Not investment advice. See additional disclaimer here.
The next trade (lower) could be in silver itself, or it could be in the Junior Miners, GDXJ, and/or SILJ, the sectors (ETFs) most susceptible (not advice, not a recommendation).
The last time silver had a major downswing was in early-to-late 2022; tracking fund SLV, declined about -35%, top-to-bottom.
During the same period, Junior Miners GDXJ, declined over -50%, so take your pick.
Silver SLV, closed out last week penetrating downside support and then moving (inching) back higher.
We should all know what that means. 🙂
Silver SLV, Weekly
Silver penetrates support and then retraces; Wyckoff ‘spring’ position (not advice, not a recommendation).
The 50% retrace area is shown. It will be interesting to see if SLV, gets that far.
Perhaps more interesting from a set-up standpoint, is what GDXJ, and SILJ, will be doing if and when that happens.
Positioning: SLV & Miners
The mining sector has been ‘out-of-favor’ since this update years ago.
Since that time and looking at the charts, the most dynamic (fastest action) trade opportunities, were to the downside.
There are no open positions in this sector at this time (not advice, not a recommendation).
Positioning: Biotech, XBI-24-01
Separately, as stated in this update, the short trade in biotech (via XBI) was brief.
It was stopped out with a loss of 0.15-pts (not advice, not a recommendation).
Note: Posts on this site are for education purposes only. They provide one firm’s insight on the markets. Not investment advice. See additional disclaimer here.
Wasn’t silver supposed to ‘catch up’ with gold and ‘close the gap’, launch higher because of ‘hyperinflation’, ‘go along for the ride’, expose the ‘evil manipulators’?
No one ever considered that gold might head lower, to close that gap, but I digress (not advice, not a recommendation).
Of course, we won’t know until it’s all over if this is just a blip lower or if we’re in a sustained downside reversal.
One thing that is known from the chart itself, we have Fibonacci showing up yet again.
Gold GLD, Daily
First, the un-marked chart. “What do you see?”
Now, for the mark-up. This is one way to look at it.
Wednesday’s close was slightly higher and with increased volume.
That suggests some amount of support … or behind Door No. 2, a potential exhaustion point if support fails.
Currently (as of 9:18 a.m., EST), in the futures market gold (GCG25), is up about +0.24%.
Note: Posts on this site are for education purposes only. They provide one firm’s insight on the markets. Not investment advice. See additional disclaimer here.
Note: Posts on this site are for education purposes only. They provide one firm’s insight on the markets. Not investment advice. See additional disclaimer here.
Note: Posts on this site are for education purposes only. They provide one firm’s insight on the markets. Not investment advice. See additional disclaimer here.
Note: Posts on this site are for education purposes only. They provide one firm’s insight on the markets. Not investment advice. See additional disclaimer here.
The Danger Point® 