Canary down the gold mine
I think GDX is a good marker for risk for medium to longer term
Apart from diehard metals bugs it’s an unloved sector
One narrative is that risk appetites have changed and most people would prefer to invest in tech, but tech has been decimated over the last year
There’s another narrative that crypto has made this sector less relevant
The charts show a bubble that popped in 2011 and a major downtrend from there (blue)
But what we also see is an uptrend since 2015
I believe miners broke out when gold did in 2015
And I believe both are in bull markets, post significant corrections
If gold is going to be relevant as we edge towards 2030, miners need to prove it now
We shall see if the golden Age of Aquarius is indeed real
I’m targeting 50 for Gdx this year, but as with most things depends on the dollar
The majority believe the dollar just bottomed
I don’t
GRI 2023
DYOR
Apart from diehard metals bugs it’s an unloved sector
One narrative is that risk appetites have changed and most people would prefer to invest in tech, but tech has been decimated over the last year
There’s another narrative that crypto has made this sector less relevant
The charts show a bubble that popped in 2011 and a major downtrend from there (blue)
But what we also see is an uptrend since 2015
I believe miners broke out when gold did in 2015
And I believe both are in bull markets, post significant corrections
If gold is going to be relevant as we edge towards 2030, miners need to prove it now
We shall see if the golden Age of Aquarius is indeed real
I’m targeting 50 for Gdx this year, but as with most things depends on the dollar
The majority believe the dollar just bottomed
I don’t
GRI 2023
DYOR
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