Forget gold and silver for a moment. Do you hear the music? Yes, it’s coming from the mining ETFs club. But how long will the party last?
And more importantly, why miners, you may ask? Because miners tend to outperform in the early days of a major rally.
After closing only $0.10 below my initial downside target of $31 on Mar. 1 , the GDX ETF could be ripe for an upward revision. Able to ignore much of last week’s chaos, the GDX ETF’s outperformance of gold and silver signals that the tide has likely turned.
Please see below:
The GDX ETF has garnered historical support at roughly $29.52. The level also coincides with the early-March high, the mid-April low and the 61.8% Fibonacci retracement level.
Contributed Opinion
Streetwise Reports (2/26/21) Mickey Fulp, the Mercenary Geologist, in conversation with Maurice Jackson of Proven and Probable, discusses what metals he is and is not buying, and also talks about two companies in his portfolio.
Maurice Jackson: Joining us for a conversation is Mickey Fulp, the world-renowned
Mercenary Geologist.
It s always a pleasure to speak with you, sir. I hope that life has been treating you well and that your family is in good health.
Mickey Fulp: Absolutely.
Maurice Jackson: Mickey, the Biden administration has announced the Green New Deal and speculators are anxious to find out, where do you see the next big opportunity and/or opportunities? Let s get your thoughts on precious metals first, beginning with gold.
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