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Chart 1: Gold Sentiment
Daily line chart of Gold with its net speculative position (as a percentage of open interest) and the daily sentiment index (DSI).
Gold bounced from its 200-dma as the net spec position hit 26%, a 10-month low and the DSI hit 24. The 20-dma of the DSI is still in the 50s. If Gold tests $1260 in the summer I'd love to see the net spec position at 15% (a 2.5 year low) and the 20-day average DSI <30%.
TheDailyGold Premium #568
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Saturday evening we published TDG #567, a 27-page update in which we analyzed the short and medium term outlook for Gold (with key targets) and how we planned to manage or tweak our portfolio.
If Gold isn't going to breakout soon (as in the next few months) then its wise to be positioned in companies that are working on projects that are economic and have a great chance to add value to those projects. In this aspect, I feel good about most of our holdings.
Novo for one is an obvious example. If it breaks above C$5.50-$6.00, that would be significant. The Gold price has had no influence on the stock. There is good support at C$4.30. If you are nervous, you could use that as your stop loss.
Another company we own, which has been one of our biggest winners, still has excellent exploration upside and the stock has corrected by ~30% recently. (We trimmed the position around its high). The industry likes the project and people and this could go materially higher if they expand upon their discovery.
Right now, you have to be in the right stocks that are either trending well or have a great chance to add more value which will bring in more buying- regardless of where metals prices go.
Gold looks to be less of a threat to breakout right now but we aren't phased by it. The miners continue to be well within historical recoveries that follow mega-bear markets. Most of that data would argue the next big leg higher in the miners could start around September of this year. Consider a subscription as we can help you follow the stocks that have a chance to make huge runs into 2019 and beyond.
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For only $149, you can subscribe and get access to our top picks and biggest holdings. And you can accumulate them at reasonable prices before Gold has a major breakout. Now is definitely the time to be looking and accumulating as Gold's breakout is postponed.
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You nearly always read the trends and support and resistance extremely well. Please keep us posted if or when the outlook seems to change. which you always do of course. TDG is the most valuable resource for understanding what is possible to understand about the PMs.
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-Jordan
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
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