Loading ...You’re right, there’s not a real good correlation. This the 4th straight up day for the shares, but the metals didn’t do much but churn for the first 3 days. The shares usually lead if the metals are going to turn higher.
If you look at a chart of the HUI, the pattern is identical to the bottom around March 6th. If it plays out, that is great news, and we should rally all the way to 320 or so.
We stopped right at the 50 dma, maybe we have a pause here, maybe not. The big difference is the downward momentum of the USD, it looks to me to be in some serious trouble.
Course all this could change tomorrow and they can take us back down hard. Doesn’t feel like it though. All hard assets rallied, and the big copper shares RIO and BHP rallied hard.