Jordan Roy-Byrne
Author, CMT, and Editor @ The Daily Gold
Jordan Roy-Byrne, CMT is a Chartered Market Technician and member of the Market Technicians Association. He is the publisher and editor of TheDailyGold Premium, a publication which emphasizes market timing and stock selection, as well as TheDailyGold Global, an add-on service for subscribers which covers global capital markets. He is also the author of the 2015 book, The Coming Renewal of Gold’s Secular Bull Market which is available for free. TheDailyGold.com was recently named one of the top 50 Investment Blogs by DailyReckoning and WalletHub.
Jordan Roy-Byrne Articles
Gold closed up 1% this week while Silver gained slightly and miners were down. Gold & Silver remain in correction mode.
When most people think of juniors, they think about exploration companies and drill plays. The appeal of these stocks is their huge upside potential. One drill hole can change everything and make you rich.
Gold has broken out against Oil and is inches from breaking out against equal weighted Commodities index. It has already crushed Bonds. Is the stock market next?
Precious Metals were slammed on Friday. Gold lost over 3% while Silver lost nearly 7% and the miners were down ~7%.
A few months ago, Gold completed what, in time, will be viewed as the biggest Gold breakout in 50 years.
Gold and Silver closed May making new monthly all-time highs but appear to be cooling off before the summer. The path of least resistance for Gold, Silver and the miners over the next week to two weeks looks to be lower.
There is a history of precious metals diverging from the stock market (cyclically) and it has occurred during stagflation and around the start of secular bear markets in stocks.
Gold reversed lower after a false new high, losing 3% on the week. Silver and the miners held up better, losing 2.5% and 3%-4% respectively.
Silver cleared $29 resistance and is in breakout mode as Gold has rebounded to near its previous high at $2417. Silver could retest the breakout at $29 but retest or not, it appears headed to that strong target at $34-$35.
Gold and Silver especially closed the week higher, with Silver surging to above $31/oz while Gold closed at a weekly higher high, above $2400/oz. Gold is building on its cup and handle breakout, which has a measured upside target of $2900...
