Friday Aug. 20, 2021 update-Very Active Yesterday

Just a brief update while I am not busy doing any buying today, to report on a very active day yesterday. We were out buying several miners, SILJ etf, MUX (McEwen Mining) and MGMLF (Maple Gold). We out more money to work yesterday than any other day in the last few months, being the miners were getting smacked down again and I am suspecting we have a false breakdown below horizontal support in just about everything miner related except GDX, which got within pennies of a new low. The plan is to add more if we get further weakness, or if the HUI Gold Bugs Index breaks above 248, so for now all there is to do is wait patiently.

I won’t chase strength while miners are mired in a down trend, either we buy into weakness, or we buy the breakout I mentioned. There isn’t much new to comment on as we wait for miners to find a bottom and turn higher, but I will leave you with a WEEKLY GDXJ chart, showing the 200 WEEK MA is now very close by. I still expect a bounce sooner rather than later, as more and more areas of potential support are coming into focus. Here is the chart…

Let’s see what next week brings!