Good Morning!

In this update we provide our analysis of the quarterly charts in Gold, Silver, GDXJ and Copper.

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Gold

Gold closed the quarter up another 5.9% to $3307. 

Gold has been consolidating bullishly for two months but that did not dent the quarterly chart. 

RSI is the best momentum indicator for its simplicity. It can help measure overbought and oversold conditions on very long time frames. 

We see comparable overbought conditions to the present in 2006, 1979 and 1973. The peak in 1972 was a few points short of being included. 

In a recent thread, I noted the potential for Gold to correct 20% AFTER another leg higher. 

The quarterly RSI supports that view. 

That is the clear risk for Gold. 

Mind you, this is not an imminent risk. 

If Gold breaks out again and surges past $4000, it will be setting up for an intermediate correction like in 1973 (29%) or 2006 (24% in 5 months).

Silver

Silver closed the quarter up 6% to $36.10. 

This was the 2nd highest quarterly close ever. 

Silver also cleared the monthly resistance at $34-$35. 

Its remaining resistance is $41 on the monthly chart and $37 on the quarterly chart. (There is a measured upside target, from the recent breakout of $41). 

A close at $38 or higher at the end of September or end of December, sets the stage for a move to $50.

GDXJ

GDXJ surged 18% on the month to $67.59. 

It broke past 4.5-year-long resistance and April and continued higher until the end of Q2. 

There is a strong measured upside target of $80, with a rough one (less likely) of $90. 

The daily, weekly, and monthly charts show significant resistance at $75 and $85. GDXJ traded as high as $72 before pulling back. 

The next leg higher should go to $80, and then slow down as big resistance at $85 sets in.

Sponsor Companies

GoGold Resources (GGD.to, GLGDF) is currently a small Silver producer with a pipeline of two development projects. Its CEO Brad Langille owns a large position in the company and has a very strong track record.

The company is attractively priced and in position to produce 9M oz Silver-equivalent/year in a few years, with another development project that could take it to 16-17M oz Silver-equivalent.

The stock doubled since we called it a buy on December 22, 2024. It is emerging from a complex bottoming pattern, which projects an upside target of C$2.60.

For more analysis of this company and many more companies, subscribe to TheDailyGold Premium.

Copper

Copper closed the quarter at $5.06. 

It was a new monthly all-time high by 2 cents. 

It marked back to back quarterly all-time highs. 

But the market has not strongly surpassed that resistance at $5.00. 

The monthly all-time high and back to back quarterly all-time highs, argue that it will. 

Bears need to put up a fight soon, because if Copper takes out $5.20, it's gone to the upside. 

In TheDailyGold Premium....

In TDG #941, an 18-page update, we focused on the upside potential of each of our Top 10 Companies.

The notes in our table focus on the upside potential and we included two pages of extra commentary. The table notes also included the key deliverable for each company.

We assessed the upside potential based on $3000-$3100 Gold and $33-$34 Silver, in two to three years.

The problem with assuming dramatically higher metals prices is it leads you to lesser companies, worse values and neglects timing and cost inflation.

If something has 3x upside in 2-3 years at current margins, we know it can be a 5-bagger if metals prices continue to rise.

We also plan to update our watch list and assess potential for more companies. 

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I wish you all the best in 2025 and beyond.