Thursday, July 11, 2013
Why I'm not impressed with the miners just yet
Oh wow gold spiked last night etc.
In the grand scheme of things, all gold did was get back to the Bollinger mean.
And now GDXJ, despite being up like a gazillion percent from yesterday, is still only back at its own mean.
All this happened on the back of a Bernanke Beard Intervention.
Past BBIs faded in like 24-48 hours.
Oh, and all this is happening as the Indian gold dealers have agreed to voluntarily stop selling bars and coins for six months.
So while I'm sure it feels nice for the goldbugs to get the boot taken off their throats, and a marginally higher high is a refreshing change from the action of the past 3 years, this is not the beginning of an uptrend til my handy-dandy charts indicate the beginning of an uptrend.
You goldbugs can go ahead and take your chances at making the first 20% in the next 500% junior miner bull market. I'll come back when the coast is clear.