Gold & Silver Market Thoughts
Top to bottom Gold already corrected 21%, exceeding the +20% correction threshold we began writing about weeks ago.
Corrections are a function of price and time.
In bull market corrections in Gold, the majority of price damage tends to occur very quickly.
Gold traded as low as $4404, falling to the strong support zone of $4250 to $4500.
The bottom in price could be in. The question now is how much correction do we see in terms of time? 4 months? 1 month? I don’t know.
I’m less focused on the action in Silver, which made a low at $71 and has rallied back to nearly $85.
If it builds a base at $70-$80 and gradually trends higher, the silver stocks will outperform.
Gold and Silver had a volatility blowoff. The price lows could be in but a reduction in volatility should lead to more range-bound action after this oversold rebound.
GDX and GDXJ declined only ~20% despite the 21% decline in Gold. Silver dumped 45% but SILJ declined 26%.
This is just one sign that miners and juniors can really outperform on the next leg up. More capital will move into the sector and valuations will rise. Speculation will increase. That’s the second half of the cyclical bull market that began from the October 2023 bottom.
Source: https://thedailygold.com/gold-silver-market-thoughts/
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