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While sitting out this boring consolidation, let's review the huge potential in the miners on this 2nd leg since THE bottom.
(1)
(1)
A move of #gold to $2050 later this year is my most conservative forecast
I expect the $GDX/$GLD ratio to hit the first resistance at 0.31 on this next leg.
Look at this LT chart how far we have to go!
(2)
I expect the $GDX/$GLD ratio to hit the first resistance at 0.31 on this next leg.
Look at this LT chart how far we have to go!
(2)
this simple math (gold $2050 and 0.31), gives us a $GDX target of $60 ($5 higher than @DaveHcontrarian)
a simple double from here, for the seniors
(3)
a simple double from here, for the seniors
(3)
Looking at the juniors, this becomes even more juicy.
A reversion to the former 2016 highs in the $GDXJ/$GDX ratio gives us a target of 1.71
(4)
A reversion to the former 2016 highs in the $GDXJ/$GDX ratio gives us a target of 1.71
(4)
The $GDXJ target becomes $102 (or 2$ higher than @DaveHcontrarian) - which is also a resistance level.
So while we had some nice moves, the bigger moves are around the corner.
Just sit & wait
So while we had some nice moves, the bigger moves are around the corner.
Just sit & wait
