I will use the GLD etf for my charts, since they are up to the minute including today’s move higher. Below are the daily and weekly charts for GLD, and not only is gold above all the moving averages I use, its the same on my monthly charts as well. So we have a definite trend higher, and the only thing that could hold it back from making new all time highs might be the horizontal resistance in this general area, going back to 2011. It has tried several times to get through these highs, in fact did so recently before pulling back to test the break out. The ceiling has slowly turned into a new floor, providing a launch pad from which to mount the next significant run higher. How high? I’ve learned nobody can know for sure, but spot gold could easily go to $2500 in this move, which would be in the area around $250 on GLD.

Everybody hates miners, refusing to touch them ever again. They post charts showing how poorly they perform over time as investments, and I can’t argue with that. I also know the group can fly faster and farther than most can imagine, often in very short time periods. These can be life-changing moves for those that realize it’s far better to be a buyer with the mood so grim, than any other time. It won’t surprise me to see such fierce negativity remain, after the double from here, providing the fuel for a 300-400% returns in just the “slower” moving big miners, and 600-1000% gains in many junior explorers. Maybe I will be proven wrong, but its always darkest before dawn, and I have seen what miners can do in the past when everybody despises them.

I have been waiting patiently for cotton to rise and hold above the 90 area, which has now occurred. While it has overbought technicals on the daily and weekly charts already, we will be looking to buy cotton futures into a decline to around 90, with technical indicators well out of overbought, but preferably into oversold zones.

Aside from looking to enter cotton and the MJ etf, we also made some small additions to our mining positions, while they are still weak.

The down trend line goes back to late 2021, let’s see if GoGold can breakout above it, that is the first step in starting a new trend direction.

Oversold stochastics and near horizontal trend line support. Will it hold?

We started buying BTG today. Let’s see if this is a false breakdown below the horizontal trend line I’ve drawn on the weekly chart. A $3.2 billion market cap with a 5.78% dividend today, with a PE just under 11% are just a few things to like about this miner.

Let’s see if platinum hold up or works higher next week.

Just a quick daily chart of the GDX, they say a trend line isn’t valid unless it has at least three points of contact. I took the liberty to draw one, wondering if the third contact it is nearing now, will be where it halts it’s recent decline? In the meantime, I took advantage of the pullback today to nibble here and there on several of the holdings in our portfolios, keeping my overall TR fixed as a percentage of my portfolio. Essentially this give me less room on the downside before I have to stop out, because I have the same amount of dollars at risk over larger position sizes, but it also gives me more shares to ride higher if I am correct and they change course soon.

New Gold was bought yesterday before the close of trading, below are both daily and weekly charts. In the current price zone seems like a good area for the stock to find support, both the trend and the stochastics suggest. I also like how the moving averages are shaping up on both charts. Essentially, we are buying a strong stock after a good-sized correction, realizing that metals prices (fundamentals) will still be the most important factor driving the stock price. I consider this a mid-cap producer with exploration potential that could increase reserves.