After a long consolidation, things are looking up for the gold market.
Things Are Looking Up For The Gold Market
June 17 (King World News) – Fred Hickey: Another day closer to the end of gold’s seasonal downturn (likely imminent: days/few weeks). Despite significant cuts in Managed Money (mostly hedge funds) long gold futures contracts (-60% longs, -55% net longs) over past several weeks, gold ($1728) has held up well…
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Despite heavy selling pressure from these leveraged, short-term traders, gold has simply consolidated it’s earlier gains as other buyers offset this selling. Of course, miners have corrected a bit more – which is not surprising – it’s their nature.
Best news is that almost all prominent miner/GDX traders (with lots of followers) are now on the sidelines – either out of their miner positions or in DUST (the 2x levered short miner ETF). These traders are all long-term bullish – so they will pile back in once the turn comes.
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