Are We There Yet?
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The Gold Mining Stocks had a nice rally today closing at 206.45 BUT the the DOWNTREND remains intact with a series of LOWER LOWS and LOWER HIGHS.
However, we do have a little hope for a BULLISH RUN in the near future. If yesterday's LOW holds and the BULLS can take out the HIGH on August 2, 2022 of 212.86 then we might get a little action.
For a bit of perspective I have posted below a long term chart.
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The Blue Line represents the prior support area for the HUI at around 236-237 area. If the BULLS can get something going then that would be a target area.
Yep, as we are still in a downtrend.
Gold put on a monster rally today smack into prior SUPPORT which is no RESISTANCE.
As with the miners, gold remains in a downtrend.
Silver's downtrend remains intact despite its recent rise.
So the answer to the question "Are we there yet?".
Nah, the downtrend remains in the precious metals market.
If you are BULLISH a Hail Mary or two might help.
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In your opinion, if major companies, especially Tesla, invested in silver, would it be possible to witness an increase of its price?
My opinion is that the "Green Energy" lacks the resources to make any difference, as there is not enough silver, nickel, cobalt nor lithium for a sustainable move to any meaningful shift to EV and solar power.
It all seems to me to be a con, especially given the fact that all these materials are ripped from the Earth utilizing Diesel Power in the West and Slave Labor in Africa.
Silver is fast becoming a Commodity as opposed to a Precious Metal. Who knows where this all goes BUT in my opinion physical silver is absolutely at the heart of the "Green Energy" movement. So as long as the folly marches forward, I can not see a scenario where major "Green Energy" players if they were serious would not be involved in securing silver as well as the other metals I mentioned. By the way as long as these companies remain "users" of the metals and not producers of these metals then the price will remain suppressed on paper.
Great question.
I hope that the recent rise of gold will be an escape from the bottom and a recovery for the value of other metals and currencies.
A Bullish run would make a change. For once in a while seeing prices go up !
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I agree we need a bit more time to be more sure , blto be honest I don't really mind for another bit correction would just buy up more
I'm not done buying cheap silver and gold!
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I strongly believe we are definitely at the resistant point. We should expect a uptrend movement soon
DCA is probably the best strategy in a market downtrend. Then, harvest the profit when the bulls are back