The miners ran up these past 2 weeks each day in anticipation
of a pop in PMs.
Conspiracy theories aside, it played out as expected. Metals did indeed pop a bit.
The miners ran a bit ahead of themselves and even with todays continuation of the price movement in metals, the miners and streamers had to pause.
It was healthy, given Gold still moved higher.
IF PMs are strong again on Monday, the miners will pop again and continue this move, which if sustained, is quite a move.
Given the world geo-political climate, continued economic uncertainty, continued Fed uncertainty, and continued printing, China VS the world, Japan pursuing Abenomic monetary policy, and of course, the ETFs purchasing the hard stuff.......we have a good chance this continues.
IF metals dip on Monday, the miners could crash.
You know where my bet was placed.
If AU rises between $1-$5.GDX stays in the channel.
If AU rises over $15--put your seat belt on.
The word from friends in the pits is, money is flowing into AU and AG.
Next 3 months will be supreme test.
And $1423 is looking like it may fall this week.