Are We There Yet?
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The good, the bad and the ugly of the gold mining stocks are on full display.
The good, well there really is nothing good on this chart of the HUI Index.
Alright, the HUI Index has not yet breached the last LOWER LOW of 172.86 and that is the only thing good I can say about the HUI Index of gold mining stocks.
The bad, well there is one really bad thing on the charts for the Bulls. Last week, I posted that if the bulls could take out the prior HIGH of 211.89 then we may get a change in trend. That did not happen.
The HUI Index of gold mining stocks remains in a DOWN TREND.
Now lets look at the UGLY.
Unfortunately, there is an ugly. The gold mining stocks remain in a well defined DOWN TREND, with a series of LOWER LOWS and LOWER HIGHS.
If the Bears can take out the prior low, of 172.86, then the mining stocks are likely to take another deep dive.
Gold is once again trading along support. A break down here and gold could plummet.
Gold remains in a well defined DOWN TREND.
Silver is slightly different. Silver is range bound between $18 and $21 per ounce. Silver on the COMEX closed today smack dab in the middle of the range.
source: JM Bullion
Premiums on American Silver Eagles remains stubbornly high.
Is the premium based upon a lack of supply or high demand or simply a complete rip off?
I will leave it to you to decided the answer to these questions.
Peace out and Stack On!
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(6/10)
I would say silver is starting to get a bit shaky, but that's just a good buy in opportunity
It's swinging up and down. Maybe can buy some now !
A little birdie whispered in my ear, "A quietly orchestrated monopolization of the major players of the supply chain such that maximize retail pricing without effecting wholesale prices while minimizing flow of the physical commodity."
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I am starting to think about buying some shares of mining companies in the Silver Valley of Idaho. The current prices do not seem to mesh with the state of the industry or the potential upsides of market volatility and inflation.
Perhaps we are still going deeper