Tuesday, March 10, 2015
Is this that "one last puke" Rick Rule was waiting for?
Well Ricky, this is certainly a puke right here:
GDXJ is now on its way to a new all-time low.
It's silly when you remember that the price of gold is only doing this:
It looks scary in USD terms only because the USD is doing this:
Which can't go on forever, of course, but whatever.
What's the story this time? Buy USD because June rate hike? Cos that's not happening.
Anyway, since the price of gold is not going anywhere except in the currency of a country that eschews buying gold in favour of buying paper-only positions that have to get cancelled back out over time anyway, the gold miners are setting up for yet another fantastic pop.
Just gotta wait til the carnage is done. Maybe by June.