GDX

Weekly game plan 18 October 2020

Overall markets are feeling a little ‘in the middle of nowhere’ at this stage and thus our weekly game plan is to mostly be patient and wait for better setups. We look at some of the major U.S. indices and note that there are no really good setups to be had at this stage, although Gold, Sliver and Oil might be setting up for some decent trades. On the local front, we’re probably complaining too loudly about low volumes, but there seems to be a select few good setups.

Trade ideas: Gold and silver

Gold and silver have been the talk of the town amongst most professional investors in recent months. With the Fed printing the dollar into oblivion, gold caught a decent bid and became massively overbought, along with its cheaper brother silver. Gold and silver sentiment became extreme and as you know, when the hysteria hits the market, it’s normally the end of the bull run. We have now had a decent retracement and believe that we can start looking at gold shares again for a bounce.

Be greedy when others are fearful

Let’s get to the point: what’s happening is totally unprecedented… the market has gone up or down more than 4% for 7 consecutive days. That’s a new record. The previous record was 1929. There are a whole number of stats like this that are unprecedented. Below are stats of this week… craziest moves we’ve ever seen.

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