There will be several of these similar types of PM posts coming up. And most of them will be taking aim at the gold permabulls, and their totally un-researched, unsupportable, and emotional theories about the PMs. But just to be clear, in this post from 12/9/15, I believed it was finally time to start buying PMs, especially the miners, and that long-term bullish view is still firmly intact. So to be fair, we’re on the “same side” once again, but I share none of their outrageous claims. There are many myths about gold which amazingly still persist today. One of them is that if the miners and silver are lagging gold, then it’s worrisome. My view is not remotely the same. In early 2016, several comments came in about how wrong I am regarding my bullishness on gold. And how silver and the miners lagging is bearish. And last November/December, as the PMs were falling, gold started underperforming silver and the miners. Meaning the others were leading, and my constant reply was “no, that makes me more concerned, I want to see gold take over the lead“. Those are just two example – there are numerous examples. If you look at the big picture gold and silver charts, just go thru and figure it out for yourself. And shorter-term, there is a recent video here about why are the miners lagging. The premarket comments over the last week have discussed that the miners still have time to play some big catch up, and they certainly did on Tuesday. but gold is still the leader. The lagging by silver, or the miners is more a reflection on themselves relative to gold. Also, for the ultimate “proof” to debunk the gold leading-silver lagging concern, gold set a new all-time high in 2007, but we’re still waiting on you silver. Lastly, gold’s had a big rally, and no I’m not buying now.
So here we are again, are they getting close to a final shake out before a run up in the new year again?
That’s my belief. First a November low and then another push (higher low in gold itself) into December – angling up.