Editorials

The rebounds in Gold and Silver exceeded my expectations and closed May in a strong fashion, near the highs of the month. Gold’s monthly close was the third-highest ever. Silver failed to break resistance at $28.50, but its monthly close at $28 was the second-highest in the last eight years. As noted last week, Gold … Continue reading

After updating my macro-market outlook report for subscribers, I realized something about Gold. On a historical basis, it remains incredibly cheap. It may seem expensive on the surface, trading near $2,000/oz, but the reality is contrary to the perception. Gold is trading around the same level as 10 years ago.  Think of the gains in … Continue reading

The rebound in Gold and gold mining stocks has been weak. Gold hasn’t even hit $1800 yet, and GDX and GDXJ sputtered at the first sign of resistance. In addition, their weekly closes have been weak, and they failed to hold most of April’s gains into May. Monday’s pop aside; there has not been much … Continue reading

Last week we noted that Gold and gold stocks had made a short-term bottom.  The action this week has confirmed such and raised hopes of battered and beleaguered investors.  Gold and gold stocks have broken above initial resistance from double bottoms. Gold has surpassed $1750 while GDX has exceeded $34, and GDXJ has exceeded $49. … Continue reading

The action in recent days has confirmed a short-term bottom in Gold and gold stocks.  After becoming very oversold, Gold, GDX, and GDXJ have traced out double bottoms around areas of strong support. The chart below shows that GDX held 8-year support, which is a successful retest of the breakout in 2020. GDXJ fell below … Continue reading

The fundamental driver for Gold is declining real interest rates or expectations of a decline in real interest rates. Fed rate cuts or accelerating inflation and rising inflation expectations lead to declining real interest rates.  In the current macro-market context, the most important indicator is something different. Recently, we wrote why the real bull market … Continue reading

Gold rallied after becoming very oversold and hitting important support at $1675-$1690, but it could retest that low or make a lower low before a sustained rebound begins. Regardless of the short-term movements, with Gold having corrected 20% and GDX and GDXJ correcting over 30%, there are some great opportunities to buy quality and there … Continue reading

Gold’s severe correction and weak performance in relative terms has led many to ask if the bull market is over.  While Gold is correcting the move since 2016 or 2018, the better question is, has the bull market even started? In recent years, I’ve written about how important it is for Gold to outperform the … Continue reading

As I pen this article, Gold and gold stocks may be starting to form a low. Over the past four trading days, GDX and GDXJ have dug in and formed bullish reversal candles, while Gold has traded lower and tested its 38% retracement at $1690.  Gold traded as low as $1683 on Friday. I would … Continue reading

Since we called for a bottom a few weeks ago, Gold and gold stocks have tested that call. Gold and gold stocks rebounded but then appeared to begin another leg lower. This week had some optimism, but Thursday’s decline erased the optimism.  Traders and analysts (uh, me) are getting whipsawed.  The gold stocks are oversold … Continue reading