Gold Rebounds but Gold Miners Struggle
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Company Announcement - Several weeks ago the entire precious metals space was extremely oversold and due for at the least, a reflex rally. Gold was down in nine of twelve weeks with Silver down in eleven of those twelve weeks. The miners experienced a nasty September and were down five consecutive weeks. With Gold rallying from $1185 to $1255, we would expect Silver and the mining stocks to rebound strongly in percentage terms. However, those markets have lagged Gold badly. The mining stocks are essentially back to their lows and Silver hasn’t fared much better. The recent stark underperformance of Silver and the mining stocks especially is a warning sign of further downside.
The weekly candle chart below plots Gold and Silver. We can see how Gold has rallied for a few weeks following its weekly close below $1200. Yet over the past two weeks Gold has tested $1250 and failed to close above it. This week Gold will close near the low of the week and below its 50-day or 10-week moving average. Gold is sitting less than 3% above important weekly support and remains below key short-term moving averages. Meanwhile, Silver has not touched $18 yet, let alone rallied back to previous support.
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