Gold Stocks Buckle
There is absolutely nothing good that can be said about the mining stocks at this point. Then again, there has been little good to say about these things for a long, long time.
The month of October provided a bit of a glimmer of hope but the rally could not even make it to the 200 day moving average before failing. The secondary top near 140 lies between the 100 day and the 200 day moving averages and is now going to be a key technical level that will stand in the path of any recovery rally.
Downside momentum remains strong at this point with no evidence of any concerted buying.
What is astonishing is that this index ended last year (started this year) near the 165 level. It is currently below 105 for a whopping loss of 36% YTD! What is even more astonishing is how the poor victims of the gold cult have simply sat there and watched their life's savings going up in smoke while their ringleaders regale them with stories of how proud they should be because they have held their ground and stuck with their "real/honest money" in the face of "blatant manipulation, etc."...MUCH MORE