Besides adding to CDE, HL, FSM, and EXK, I also initiated a position in SLVP, another silver miner etf. I included the chart below, even though it looks a lot like SILJ, the only reason I started the new position is SLVP has some different stocks in the top 10 holdings, like NEM, WPM, and HL is the second largest holding at around 12% of the fund, than the SILJ, which oddly enough shares five miners in its etf with the GDXJ etf as well.

To try and catch readers up with all our recent activity, we have been buying and adding all week, but especially on down days, even picked up our first junior explorer in a long time. It’s a PGM (platinum group metals) play, that also has a nickel/copper project in northern Michigan on the upper peninsula. The explorer was brought to my attention by Bob Moriarty at 321.gold, and I couldn’t resist buying shares yesterday knowing I was getting them for half what Bob paid, and he thinks his higher price is a screaming bargain too! He has clued me into some big winners over the years, so I am not chiding him for paying more than me, instead I treat it as good fortune and luck for me. I will post the chart of Biterroot Resources below, as well.

And here is Bitterroot’s weekly chart, I like that their projects are in the US, should have less jurisdictional risk.

Throughout last week, I was adding to many of the miners I have mentioned here in the most recent posts. I just wanted to mention the new buys, and also point out that we might be at another turning point (to head higher), once again. Friday saw good volume in the group, as well as the SLV and GLD etfs, and the miner etfs GDX, GDXJ, SILJ and SIL managed to work above some important moving averages, an important first step in changing the trend back into bull mode.

I will just post the SILJ chart to illustrate, it is now over its 10 day MA, its 50 day MA, and its 10 WEEK MA, not bad for a day’s work on Friday. Also, while I don’t make trading decisions based on the weekly COT reports, I do like when they line up in support of an anticipated trend change, which appears to be the case again this week as the professionals covered more shorts and added to long side positions, while retail and money managers again did the opposite, shorting metals while taking off some long positions. This action on both sides is typically a sign that prices of the metal are about to turn up. If we can get a new intermediate cycle started, we could have 6 months or so of general upside. It could consist of a screaming bull run, or just a modest move higher, but the trend should be up if we can work the miners just a little higher than where they closed trading for the week. For example, GDX closed at $24.34, but only needs to close above $24.59 next week to signal a new Intermediate cycle has begun.

And here is the WEEKLY chart of GDX, to show how close it is to starting a new intermediate cycle.

Lots happening in the markets lately, just a quick note that I added to EQX today, daily chart is below.

While not deeply oversold on the daily chart, EQX is very oversold on the monthly chart technicals still, so I am comfortable adding into this multi-day pullback. Monday we saw silver make its second largest one-day gain ever, so the tide could be turning for metals and their miners as surprises are now coming on the upside again.