Global Macro Overview
In the charts below the following noteworthy events are occurring: Mega-cap gold miner ABX is at 20-year support as well as its 2008 panic lows while its YoY is more negative than it’s ever been at -56% The ratio of the…...
Where do Gold Miners Stand after All the Carnage in PMs?
Wanted to update my thoughts on gold miners after precious metals have been absolutely annihilated lately. As you might remember we have been short and/or avoiding this group for a very long time dating back to posts like this and this when…...
Three Decade Perspective on Gold Miners
As you might have noticed over the past week or so, I’ve begun tempering my precious metals bearishness. My disposition has turned most noticeably on gold – not yet an outright pound the table bull, but have warmed up to…...
Mega-Cap Gold Miner Bellwether ABX Sitting at Critical Support
If support line (1) can’t hold, the next stop is 35% lower at line (2) support. Big crossroads for not only this stock, but the group. If the industry bellwether can’t hold here, the weaker ones won’t either. On the…
More Gold Miner Thoughts
Wanted to update this evolving short set-up with three charts. Each has a similar conclusion and when triangulated, suggests intermediate-term downside of ~25%. Such downside can be captured via a GDX short, via DUST, a 3x inverse ETF on gold…...
Evolving FX and PM Set-Ups
Forgive me for continuing to focus so much attention on the PM space. However, I do tend to think it currently offers very solid risk/reward set-ups and more importantly, the opportunity to make some money on the short side in…...
PMs, Especially Miners, at a Critical Crossroads
I’d say the juncture PMs find themselves at right now is as important as those from their secular bull market beginnings in the early 2000s as well as their global panic lows in late 2008. This is less my opinion…...
After a Brutal January, Gold Miners Approaching Support
The Arca Gold Miners Index is down over 10% thus far into January. Brutal indeed. That said, the index now finds itself at support line (1) below, where swing lows from 2010 and 2012 occurred. As it reaches this support…
Gold Miners Update
On 12/4/12 we suggested it was time to be short gold miners in this post. Since then, the index has decline by ~370 bps. Decent, but not stellar, return on the short in a single month. In our view, given…...
More on the USD and Related Assets
Anybody find it ironic that the USD suggests the following… While the silver analog suggests this…? and the AMEX Gold Bugs Index is doing this…?...