Are We There YET!
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We are in the last week of July and the question must be asked, "Are we there yet?".
Have the precious metals finally found a bottom?
The precious metals and the mining shares rally hard to day, but is it enough to call a bottom?
Exactly! Calling bottoms or tops for that matter is a suckers bet! So lets just start with the basics. A downtrend is defined as a series of LOWER HIGHS and LOWER LOWS. On Monday July 25, 2022 the HUI Index of Gold Mining Stocks hit a new LOWER LOW at 192.45.
So to put it simply the downtrend remains intact, although this particular down leg is getting rather long in the tooth.
Gold rallied hard today gaining over $35 per ounce. However, gold remains in a downtrend with lower lows and lower highs.
Silver made a rocket launch to the moon putting on a 7.46% increase! Very exciting and yet the down trend remains intact.
Nothing is "certain" and there is a rare "V" recovery in which an asset rockets higher and never looks back. So anything is possible BUT I prefer to see a change in the pattern to a HIGHER HIGH and MORE IMPORTANTLY at this juncture a HIGHER LOW.
Peace out and Stack On!
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A good analysis. It be amazing if the V can happen, prices go higher !
Hard to say what institutional investors want. They control the market everything is rallying, but I’ve see reports it’s trap. Not sure how I feel yet. I know inflation (aka margin increase cough,cough) are an issue. However, it does feel like we rounded a corner. Gas is lower, supply chains are not getting much worse and employment is still strong.
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But not as fast as his brother Sudden Lee.
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The suckers are the markets believing Powell's assessment that the recession will be short lived. Haven't we been down this road before? TPTB are even changing the definition of what a recession is defined as.
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I’ll top that! There changing the definition of the word Definition! 🤯🤯🤯
A fluid statement! This is beyond 1984!
Why bother changing each word one by one. Just attack the word that means what a word defines and save the time. This is sick evil shit.
I still strongly believe there are more dipping that is still needed
I think it's too early to tell but even if it ain't the heavy accumulation continues
So far looking good!
Did we bottom? Could be but I’m not 💯 sure. Either way I think the bottom if not in won’t be far from the 2022 low…