This Past Week In Precious Metals: Gold Sector Cycle Is Down
Jack Chan | Mar 19, 2018 06:18AM ET
SPDR Gold Shares (NYSE:GLD) – on sell signal.
iShares Silver (NYSE:SLV) – on buy signal.
VanEck Vectors Gold Miners (NYSE:GDX) – on buy signal.
iShares S&P/TSX Global Gold (TO:XGD) – on buy signal.
Sprott Physical Gold and Silver Trust (NYSE:CEF) – on sell signal.
VanEck Vectors Junior Gold Miners (NYSE:GDXJ) – on buy signal.
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Silver: Speculation is in bull market values.
Data is supportive for overall higher prices.
Barrick Gold Corporation (NYSE:ABX) – a major component in the gold indices as well as GDX, had a very high volume day early this month, and has marked a bottom so far.
Summary
Long term – on major buy signal.
Short term – on mixed signals, the pullback is at or near completion.
Gold sector cycle is down.
COT data is supportive for overall higher metal prices.
We are holding long term positions.
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