Saturday, 24 August 2013

Precious metals and miners make a U-turn

After grinding lower the first week of August, precious metals made a U-turn. The sentiment change sent the heavily depressed miners soaring. HUI/Gold made it to 0.20 last week and now stands at 0.195. (for fresh graphs, check the GoldMinerPulse page). While we could barely imagine any value below that 0.20 threshold until recently, we're glad the gloomy days are behind us (at least for a while). Last Friday gold peaked above $1400 intraday for the first time since early June.

Wednesday, 7 August 2013

Brutal end of a nascent gold miner recovery

We 've witnessed a nascent precious metal miner recovery since June 27, as miners have started recovering even before gold found its final bottom below $1200 in the morning of June 28. For as long as the stealth gold rally had legs, miners responded favorably. The gold rally was petering out the week after last posting:
The stealth gold recovery rally. Gold has been sliding from July 29 onwards. Despite a small technical recovery last Friday, the gold slide aggravates. Whenever there is some rumor out about "tapering" the QE3/QE4 bond purchase programs of the FED, hell breaks loose.