On the heels of the metals rebounding, today was a great buy on silver, plus a look at gold snapback, good sign for gold miners, and no worries about plunging stock market dragging gold lower.
Silver Buying Opportunity
September 24 (King World News) – Daniele Lacalle, Chief Economist at Tressis: Judging by the increase in money supply and currency debasement, silver dips, just like gold, seem to be a long-term opportunity. (See chart below).
Long-Term Buying Opportunity For Silver
Good Sign For Gold Miners
SentimenTrader: For the 1st time since April, more than half of gold miners are in a bear market. Since 2019, when this hit 50%, the pullback in GDX was near its end. If miners are going to flip back into a sustained bear market, then we’ll see this figure consistently hang above 50%. (See chart below).
We Usually See This At Bottoms In Mining Stocks
Home Sales Strong
Liz Ann Sonders, Chief Investment Strategist at Charles Schwab: August new home sales beat expectations, +4.8% vs. -1.2% est. & +14.7% in prior month (revised up from +13.9%) … now at an annualized 1.01 million rate, which is highest since November 2006 (see chart below).
New Home Sales Spike To Over 1 Million
Liz Ann Sonders, Chief Investment Strategist at Charles Schwab continues: … average selling price at $369k & months’ supply at 3.3 vs. 3.6 prior (see chart below).
All-Time Record Low Inventory Of Homes For Sale
Gold & Miners Rebound
Fred Hickey: “Nice gold and miners snapback following yesterday’s (likely) pre-option expiration mauling. Rally following such an event is common. Not to be a party-pooper, but we may not be out of the woods yet as there was serious technical damage done. I have lots of cash in case selloff resumes. Still super bullish longer-term on gold and miners, but I want to keep my flexibility in case the short-term correction has further to go.”
No Worries About Plunging Stock Market Taking Gold Lower
Regarding whether gold investors should worry about a declining stock market taking gold with it Fred Hickey replied, “No. Gold usually does well in times of turbulence – and that usually means a declining stock market. Look at the 2000’s “lost decade for stocks” – but huge gold bull market. Nevertheless, anything can be “correlated” in the short-term.”
***To listen to the incredibly powerful audio interview with Danielle DiMartino Booth is a musts listen for anyone who wants to understand the big picture as she covers everything from the need for investors to aggressively buy the current dip in gold prices to the stock market hitting the biggest bubble level in history and much more. To listen to this incredibly powerful interview click here or on the image below.
We May See This Horror Take Place In The US & Other Countries
***ALSO JUST RELEASED: WARNING: We May See This Horror Take Place In The United States And Other Countries CLICK HERE.
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