Editorials

The intermediate-term correction in precious metals is getting long in the tooth—but it is not over yet. We are finally seeing the kind of cleansing you want to see after a major breakout: sentiment has cooled, positioning has washed out, and participation has thinned. But when you line up the historical analogs and drill into … Continue reading

Precious metals remain in an intermediate correction, but several real-money sentiment indicators suggest the market is working its way into the later innings of this pullback. While technical charts still point to potential downside, sentiment data indicates any lower lows would likely be unsustainable . Institutional Positioning Shows Limited Enthusiasm The Bank of America Global … Continue reading

Introduction After the second greatest breakout in its history in March 2024, Gold has entered its first meaningful correction. For many investors, pullbacks can feel uncomfortable, especially after strong gains. But in long-term bull markets, corrections are not only normal—they are essential. History suggests that the current correction in gold may simply be the market … Continue reading

You might think you’re late to the party.   Gold is trading above 5,000 and silver is holding near 80, at least for now. Miners and juniors were ripping until just last week.   Yet this bull market is still in its early innings.   The following charts lay out the evidence.   First, consider … Continue reading

Introduction Silver has entered a historic phase in capital markets, breaking out of a 45-year consolidation base. This analysis explores the technical setup, historical analogs, and implications for silver investors, including upside targets, correction risks, and potential blowoff scenarios.   The Historic Breakout Silver has just broken out of a 45-year-long base—the second greatest breakout … Continue reading

Gold was extremely overbought in the spring & due for a rest. It has corrected bullishly but is far from its 200-day moving average.   Meanwhile, breadth indicators in gold stocks are flashing some warning signs.   Let’s dig into both.   We start with the quarterly chart of Gold.   It’s not the end … Continue reading

We last wrote two months ago that Gold would undergo a correction that could set up an accelerated leg higher.   Gold has held up very well over the past few months, consolidating in a bullish manner.   The consolidation may need to continue for another month or two. The longer it consolidates, the … Continue reading

Gold has enjoyed one heck of a run.    It has gained almost 60% since March 2024, when it broke out from its 13-year cup and handle pattern. It’s up 85% in the past 18 months.   This is a natural bull market, but bull markets correct and rest occasionally.   Let’s evaluate Gold at … Continue reading

It has been a heck of a last year for precious metals. A year ago, Gold broke out from its 13-year cup and handle pattern, and days ago, it reached its measured upside target of $3,000/oz. Quality miners and quality junior mining companies have surged higher.   Silver has moved higher alongside Gold but … Continue reading

Nearly two weeks ago, we wrote that Gold and Gold Stocks were due for a pause. Naturally, that includes Silver.   The miners were very overbought and at resistance while Gold was approaching measured upside targets of $3000 and $3050 after a sharp move over the previous 12 months. Silver had only a tiny … Continue reading

Last week, we wrote about the Near Perfect Setup in gold stocks but that a correction or pause was likely before a sustainable breakout.    Gold closed the week at $2900 after trading as high as $2968. It has measured upside targets of $3000 and $3050.    It is overbought, which is a long-term positive, … Continue reading

Gold stocks have enjoyed a strong move while Gold has climbed to $2900/oz. The various ETFs and indices have gained 20% since the end of December.    Gold is approaching measured upside targets of $3000/oz and $3050/oz, and the gold stocks are short-term overbought as they approach multi-year technical resistance.     HUI and GDXJ … Continue reading