/biz/ - Business & Finance

>>22338796
I'm not that anon, but I can shill.


The biggest takeaway right now is the correction in the precious metals
sector should continue. I see little chance of a leg higher. Tomorrow will
mark day 23 of the correction in GDX. The 2008-2009 analog shows the
next leg higher began on day 43. I continue to look for GDX $37 and
GDXJ $51 as potential bottom targets.


Generally speaking, there is about
10% downside in the miners. The ideal buy point could come over the
weeks ahead, and perhaps after Gold breaks below $1920.
Turning to the metals, Gold is at risk of a short-term technical breakdown.
A close below $1920 could trigger a move down to the low $1800s. Gold closed Friday at $1934. Silver, which closed at $26.71 is outperforming Gold due to rising inflation expectations. But should Gold crack, Silver would come down to at least $23-$24. Both Gold & Silver have net spec positions that are somewhat elevated which means there is “fuel” to push the metals lower


There should be good entry points across many stocks over the days and weeks ahead,
should my expectation of 10% downside play out.

the top 5 would be (in no order) Rio2, Minera Alamos, Liberty Gold, Osino Resources and K92 Mining.

Watch list: Roscan Gold and Integra Resources.