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Gold Miners Waiting on This Chart


 -- Published: Thursday, 20 June 2019 | Print  | Disqus 

 -Gary Tanashian

Itís not a chart of nominal HUI with upside technical targets. Weíll do that in NFTRH this weekend, along with the usual individual miners. Rather, itís a companion to other charts weíve been reviewing over the last several months showing the under valuation of the gold stock sector relative to goldís performance vs. cyclical assets/markets. For example, gold has risen strongly vs. the CRB index and that is a sector fundamental under valuation.

gold crb ratio

But on the macro picture, do you think that maybe gold stocks would benefit if gold manages to turn up vs. the US stock market? This chart appears to hold the key. HUI has been in a beautiful correlation to Gold/SPX since the 2011 top. To this point the ratio has not turned up but you can see why I harp so much on the need for Au/SPX to get in gear. If it does, and joins Au/CRB and others, hang on to your hats and prepare for some upside targeting beyond the bounces of the last few years.

hui

Subscribe to NFTRH Premium (monthly at USD $33.50 or a 14% discounted yearly at USD $345.00) for an in-depth weekly market report, interim market updates and NFTRH+ chart and trade setup ideas.

- NFTRH.com 


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 -- Published: Thursday, 20 June 2019 | E-Mail  | Print  | Source: GoldSeek.com

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