A lot of the “twitter traders” I follow seem to have been bearish gold and the miners for quite some time (even expecting a crash), and more are joining the choir every passing day. Personally I am still 100% allocated based on my charts because the indicators I use have triggered medium term buy signals:



GDX (Weekly).


I think that either we are in for a big head fake (in line with the somewhat extended COT-report), or we are in for a real treat in the coming weeks. Personally I don’t consider the medium term trend to have shifted to bearish until the indicators have broken the blue support lines in the chart and as my indicators are currently flashing major buy signals instead, I am still fully allocated in miners. Note that this doesn’t mean that gold will rocket upwards. We might simply see miners catch up big time. Also, the GVI/GLD ratio is still trading under support, which I take as another good sign that miners will indeed rally in the medium term.

This should not be considered trading advice! Everyone should make up their own minds and use their own strategies. I have only described my very personal view and some of the models I use. This was a weekly chart and that means we might very well have some short term headwinds even if I am right.


Best regards,

The Hedgeless Horseman

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