Collin welcomes Jordan Roy-Byrne back to the program. Jordan is a regular contributor to Palisade Radio and is the editor and publisher of TheDailyGold.com.
Jordan feels that the correction in GDX is close to being over. Top to bottom GDX has corrected by 17% over the past month, which is typical and healthy.
Gold is gaining relative strength compared to the S&P and silver and will likely hold up at these levels. It’s building a tight consolidation that will eventually give way to a much higher move.
Jordan can’t see anything in the markets currently that would be negative for gold. Silver is still setting up for a move to $21. Once that target is reached, there is little in the way of resistance until $27.