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Picture 1: GDX Breadth Indicators
In this chart we plot the advance/decline line (for GDX) as well as the bullish percentage index (BPI). The A/D line is typically one of the best leading indicators. The BPI, while also a breadth indicator tends not to be a leading indicator like the A/D line.
Anyway, the A/D line is quite strong. It is at a 3.5 month high and it didn't even come close to testing its 400-dma. Also, GDX retraced 62% of its advance while the A/D line retraced only 38% of its advance.
Picture 2: GDX & GDXJ Hourly Charts
These are the hourly bar charts. GDXJ is on top, GDX below.
Note the strength in GDXJ. It has grinded higher even as it has consolidated. GDX has consolidated in textbook fashion. It has held above $22 three times. Measure the consolidations and project from the start of the consolidations and we get upside targets of GDXJ $40 and GDX $25. Those targets are inline with our general targets.
In TDG #500, a 26 page update sent Sunday morning, we provided a report on one of our recent buys. It is a takeover candidate which we are up 30% on (should have bought more!) and we projected some upside targets based on some ranges of Gold prices and their project being fully permitted.
We also added a new company to our nano-cap watch list. It has an enterprise value of less than $10M and a major company owns a chunk of it.
We would like to buy another position or two as we do see some more upside for the sector. As we noted last week we are trying to buy based on fundamental quality and value. My best buys have been according to this method and not trying to time my buys perfectly. This being said, if and when miners reach $40 and $25 then we will want to be patient.
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Jordan focuses nearly exclusively on the gold sector and in my opinion does a good job either being right, or getting right when adjustment is needed. He moves forward without hype, bias or ego.
Thanks for all your great work - charts and analysis is the best there is.
Your service is truly a gem among this industry. I've subscribed to several services over the past year and a half, and I wish I had landed on your site first.
I'm a new member - just want to say how much I appreciate your expert advice but mostly, your direct, honest and zero bullshit approach.
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Disclaimer: This newsletter is intended for informational and educational purposes only and should not be considered
personalized and individualized investment advice. Investment in the precious metals sector contains significant risks. You should consult with an investment advisor and do your own due diligence before making any investment decisions. This email may contain certain forward looking statements which are subject to risks, uncertainties and a multitude of factors that can cause results and outcomes to differ materially from those discussed herein.
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