Sunday Sept. 12, 2021 Recap

Last week was another tough one, as miners resumed their downtrend. I didn’t write a post Friday because there wasn’t much to say, and I wasn’t too active in the markets as I wait for the run higher. However, I did get the chance to add to Irving Resources (IRVRF), and also GDXJ LEAP call options expiring in Jan. 2023. As I type, gold and silver futures have opened Sunday evening electronic trade essentially unchanged.

About the only positives I see right now are that miner etfs are almost oversold on the weekly charts again, and are fully oversold on the daily charts. Sentiment is also rock.bottom, nobody and I mean nobody wants anything to do withy precious metals miners, which is strange being many are currently valued withy PE’s (price to earnings ratios) in the 9 to 11 range, while sporting earnings growth rates of 20%. Adam Hamilton, who posts on Bob Moriarty’s site 321gold.com http://www.321gold.com/editorials/hamilton/hamilton091021.html remains one of the very few bulls and even he is only a recent one!

On the negative side, we are getting due for a Daily Cycle Low (DCL) in gold, and that could imply another week of sideways to lower prices. I am still looking to add into this decline to stocks like IRVRF, MUX, and maybe the miner etfs as well like GDXJ and SILJ, but this trade is testing my fortitude, no doubt. I wll keep it short and leave you with a couple charts, lets see what the new week brings.