As panic continues to engulf the gold, silver, mining and exploration sector, there is hope that the historic capitulation may be at an end.
November 10 (King World News) – Eric King: “James, I know a lot of the smart money is in the market buying these mining stocks. If you pull up a chart of Agnico Eagle, there is a reverse head and shoulders pattern that is very powerful. That seems to be the trend across the board as we near the end of tax loss selling season in 2023.”
James Turk: “It’s not just Agnico Eagle that’s forming this reverse head and shoulders. We are seeing it a number of different things. We’ve seen it in the HUI Index, XAU Index, silver has formed a similar pattern, even gold to a certain extent has a similar pattern. This is significant because a reverse head and shoulders pattern tends to be pretty reliable. You have a high probability this indicates a bottom.
You can understand why it tends to be reliable. We had the selloff in early October, which I don’t think anyone was expecting so it was an emotional selloff across the board when we hit the lows in mid-October. Then we…to continue listening to James Turk discuss the takedown in the gold and silver markets and why there are indications that a bottom is at hand CLICK HERE OR ON THE IMAGE BELOW.
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