GDX is under heavy attack today, after a good bounce from the death.
Gold itself is holding well. I believe that this take down is an orchestrated strategy to scare traders.
I will be a buyer around $27 if the MF is positive.
Gold could pull-back down to $1400. This is also my buy target.
Pascal
Re manipulation, I believe there is mostly some discounting of higher production costs (crude oil) that are unable to compensate for overbought (and consolidating?) gold prices.
Geopolitical tensions make this a hard time to make sure of anything and the PM/Oil sectors are in casino roulette for the moment.
Billy
This is a good reminder!Originally Posted by Billy
I did not think about oil.
Below is the oil Futures EV pattern. Large traders are following the move, but not extremely optimistic. However, SU (Oil sands company) is still attracting money. This means that SU investors expect oil prices to stay high. SU is a high cost oil producer and needs high oil prices to make money.
Pascal
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