Wednesday, November 4, 2015
GDX outperforming gold
Well, it is reassuring and all that GDX has found a bounce right at the SMA(50).
Then again, when you look at the volume bars you realize it's from lack of any continued selling, not so much from any buying.
Then again then again, that's reassuring because maybe it means the gold miner bears aren't confident that GDX can break back below its SMA(50). And maybe all the people who would have sold in disgust already have sold in disgust.
Despite Venezuela imminently dumping 300 tons into the market and Indian peasant farmers not buying any gold this year and a gold monetization scheme about to be rolled out and whatever other anti-gold propaganda is being promulgated by Frik Els at the behest of his puppetmasters at Goldman Sachs.
Whatever. I still prefer only buying gold miners when they've popped above their short-term EMA, and right now this action just looks like an attempt to define an upper trendline for a downward move.