The rout in the mining stocks is continuing today with the HUI Gold Mining Index plunging another 6.25%. At this point the rout has become one for the history books in terms of the carnage as panic selling hits extreme levels.
Gold Miner Panic
July 5 (King World News) – This is a small portion of a report from Jason Goepfert at SentimenTrader on the panic selling in the gold mining stocks: Gold miner selling triggers a Panic Breadth Composite extreme. Miners started a bull market in 2018, and there was only once when sellers were so persistent that every one of the stocks fell below their 50-day moving average. That was the pandemic puke when everything got sold. Now, it’s happened twice in less than two months. The overwhelming selling in May has only led to more selling.
Panic Selling In Miners Twice In 2 Months!
The 10-day average of this indicator is nearing zero for only the third time in the past 20 years.
Nearing Zero For Only 3rd Time In Past 20 Years
This time, true panic
Using the same inputs and calculations for the Panic Breadth Composite that we did in May, the latest bout of selling surpassed anything from then. Or any other date in almost a decade…
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On June 30, the Composite jumped above 90, suggesting the kind of overwhelming and broad-based selling of an entire sector that we don’t see too often. For gold miners, that day ranked in the top 20 all-time, going back nearly 40 years.
Investors Throwing In The Towel As Panic Selling
Hits One Of The Highest Levels In 40 Years!
This was only a small portion of today’s report, and another example of why Jason Goepfert is the best in the world at what he does – providing actionable market data. To subscribe to the internationally acclaimed work Goepfert produces at SentimenTrader CLICK HERE.
***To listen to Matthew Piepenburg discuss why the coming collapse will be far worse than anything we’ve witnessed this century and much more CLICK HERE OR ON THE IMAGE BELOW.
***To listen to Alasdair Macleod discuss the major shock that is coming to the commodity markets as well as what to expect from gold and silver CLICK HERE OR ON THE IMAGE BELOW.
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