Perhaps gold and the miners are waiting for the Sochi 2014 Winter Olympics to begin on February 7th before they commence another leg higher after recently consolidating. Either way, the junior gold miners are notably outperforming the seniors today, comparing their respective ETF’s on the first and second daily charts, below.
The concerning part of the equation is the general weakness in silver, though we have seen at times in 2013 the gold miners rallying anyway.
I am close to putting on a new long in the miners, like using JNUG or NUGT. A move over $36.75 on GDXJ would be a good start.
_________________________________________________________
_________________________________________________________
Silver, as it has some use, can be dragged down like other commodity metals.
GDX has moved opposite the market of late but a large sell down will put them under pressure. With the macd heading down on the daily for gdx, I’m hedging my miners.
Thanks Bill.
yes, thanks, bill
If GDX can break above 24, I’ll let the hedge go.
This does feel like a rather weak broad market bounce, does it not?
it does
JVA
hot coffee
Just sticking with my cuppa jo for now.