The high volume selling in the precious metals and miners is definitely one of the major headlines from today’s session. The issue now is whether it is simply a one-day event of aggressive profit-taking, shaking out weak hands, or rather the sign of a fake-out higher that has lured in bulls before we roll over. We know that the gold and silver metals recently broke out from multi-month falling channels within the context of secular bull runs. The miners have more work to do technically, but have made strides as well. My sense is that these are aggressive shakeouts to scare the daylights out of weak longs not used to playing in the precious metals space, but as always I will let price dictate to me. The bears want to see some immediate downside follow-through this week.
Some key levels to watch and see if buyers defend them: $33 on SLV, $165 on GLD, the inverse head and shoulders on the junior gold miners in GDXJ, and $25 on the silver miners, SIL.
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rather wild.but a whole lot of folks are gonna see this as a gift.
I am tempted to buy, but I think the raid is not over yet on them. SIL does look good though.
Paper profits in SIL, PPLT, GDXJ, NUGT are all 10% – 22% so holding for now. Adding only if we see a second bear raid.
paper profits? seriously? fuck it. why not hold til 2020 so you can gloat!
You dont see high volume selling like this after a healthy breakout. Head for the hills is my opinion