Macro Round-Up
Let’s start with FX as it’s ultimately the most important driver when it comes to major inflection points and cycles in global macro. Here, as I noted in early August, the USD (via the DXY Index) continues to appear as if…...
Multiple Years of USD Work Suggests Another Secular Peak in Place
Back in March-2015 we highlighted the chart below when the USD was approaching ~100 and noted that at this price level the currency was nearing major long-term resistance line (1) and that it had spent very little time above that resistance…...
Heightened Prospects of a Material Single-Day Plunge in Gold
In a recent post on gold we highlighted its generally bullish position with respect to our historical framework but added the caveat that it faced a significant near-term test – i.e., the 1993 analog comparison which showed how it had traded…...
A Look at Gold Miners
I’ve relentlessly made the case for gold on this site over the past year or so, believing a major bottom was approaching. Less focus has been placed on the miners, but it’s worth visiting that group as the rally they’ve…...
Miners Held Steady as Gold Reached a New Low this Week
Courtesy of ST the following occurred this week: Even with gold itself hitting a new low, the gold mining stock indexes are at least 5% above their own lows. The only other times this has happened, using the HUI Gold…...
PMs Appear Green-Lit to Advance
In the chart below take note of the simple fact that the DXY index (USD) appears poised to break down from a consolidation/flag pattern formed by lines (1) and (2) through much of 2015 at inset (A) while at inset (B), it is…...
More Gold Miner Downside to Come
In the chart below the Gold Miners Index is breaking 12 year support line (1) on a monthly basis. Assuming that break down holds through the last few days of the month, this suggests there is a high probability of…...
Gold Offers Favorable Risk/Reward Set-Up, But in Which Direction?
A few weeks ago on 2/19/14 we made a high conviction call to buy gold and related miners. Our thesis in that post was based on two historically bullish price action characteristics that the metal was then exhibiting including: Gold…...
The Conundrum that Remains Gold?
With its 2/13/14 close of $1,302 gold managed to close above its 200 day moving average (MA) for the first time since 2/8/13, or for the first time in over a year. Dating back as far as I have daily…...
Gold & Related Miners…Will the Bloodletting Ever Cease?
We’ve spent a significant amount of time on silver over the past year on this site, largely at the expense of gold. We harbor no bias against gold, we’ve simply not seen any noteworthy set-ups from which to develop a…...