The gold and silver mining stocks are still very early in a parabolic move higher.
Another Upside Breakout
August 7 (King World News) – Graddhy out of Sweden: I shared charts showing the three breakouts above the blue + purple + black lines. Then it backtested the black line. This means the last big resistance is now cleared.
GDXJ broke out on daily time frame yesterday. It is lagging GDX and should play catch-up.
KING WORLD NEWS NOTE: Gold & Silver Mining Stocks Following Red Parabola Higher
Expect Strong Trading
Graddhy out of Sweden: GDXJ put in a false breakout to the downside, then turned around and broke back inside the blue symmetrical triangle, and yesterday it broke out to the upside.
That is a very clear and very stylish chart.
KING WORLD NEWS NOTE: Expect Continued Strong Upside Trading In Gold & Silver Miners
Bank of England Cuts
Peter Boockvar: The Bank of England cut its bank rate by 25 bps as expected to 4% but the vote was tight at 5-4 with 3 wanting no change while one voted for a cut of 50 bps. For context, the June CPI was up by 3.6% y/o/y so REAL rates are barely positive again but the BoE is still forecasting a trend towards 2% with inflation though they said “Overall, the MPC judges that the upside risks around medium-term inflationary pressures have moved slightly higher since May.”
They seem to be growing more worried about this, “Underlying UK GDP growth has remained subdued, consistent with a continued, gradual loosening in the labor market. A margin of slack is judged to have emerged in the economy.” And, “Downside domestic and geopolitical risks around economic activity remain, although trade policy uncertainty has diminished somewhat.”
With 3 dissents in not wanting to cut rates, it’s certainly more unclear when rates get cut again and likely why the 2 yr gilt yield is rising by 5 bps in response. The pound is rallying too.
Gold, Silver And Mining Stocks!
To listen to James Turk discuss the possibility of the gold price reaching $51,000 as the Fear Index surges to Great Depression highs CLICK HERE OR ON THE IMAGE BELOW.
Gold & Silver!
To listen to Alasdair Macleod discuss the wild trading in global markets and what to expect next CLICK HERE OR ON THE IMAGE BELOW.
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