As I explained in a video earlier this week, the GDX/GLD relative strength indicator is confirming the rally in gold and silver. That’s why when gold fell on Tuesday on Russia peace hopes the mining stocks shook off the drop and just closed in the green that day. Now there are several big cap mining stocks that I own that are simply consolidating and getting into a position to breakout again.
Here are three of them.
Notice how WPM is consolidating in a range with $46 as support and $50 as resistance.
And FNV looks like it looks ready to run now.
And so does NEM.
Look at these charts.
None of this leading big cap mining stocks are trading like gold has topped or is about to have this huge drop.
This is why I ignore the gold bears.
BTW – remember IAF?
That’s the Australian fund I told you I bought in a video the other week paying a 10% dividend.
I did a little video on Youtube hoping to direct some of the AMC type traders into better stocks.
It really looks like what AMC did with this Hycroft stock is the sorta of thing Tesla did with Bitcoin last year.