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Gold and Silver both up today ! What more could a goldbug ask for eh?
Well, as usual, the scoreboard does not tell the whole story. Lets look at some stats:
Gold +1.41%
Silver +1.20%
HUI +.27%
XAU -.34%
GDX +.16%
GDXJ +.47%
At least for this time around, it appears the PM miners will have to be dragged screaming and crying upwards as the Physical leads the way. Don’t know if that is right, or wrong, but that’s how it was today. I guess the miners are going to redefine the old adage about climbing a wall of worry. I don’t know what exactly it is they are waiting for before joining in the rally. Gold broke through the 1250 barrier, and Silver decidedly blew past the 18 marker. Guess we will wait and see what the chartists have to say on today’s action. As far as the miners go, I will say performance gets checked, needs improvement. Perhaps some knee braces would help? 🙂
I am hoping today’s action signals the weakening of the will, or perhaps the ability even, of the banksters to continue to pull off their monthly smash mouth with the PM’s. I hope 2017 is different.