RE:RE:Gold next stop granafirme,
I have a large portfolio of PM miners which I had hedged with short positions this week.
I closed my short hedges on Friday as I see near term capitulation in gold/silver and the miners.
I may be a little early and I tend to be early in my trading, but Friday looked like classical capitulation by longs and we had huge volume in GDX, GDXJ, SIL and Comex gold and silver futures.
This may not be the final bottom, but there is considerable evidence of a near term bottom.
Below is a chart from Steve Saville from last week.
Here is the current weekly chart for HUI.
Down 9 weeks again similar to bottom in 2000.
A difference now is that we have a big down candle on the current weekly chart, but this is remarkable panic selling as noted in the ROC.
RSI and slow STO are very oversold.
I agree that there are better trading vehicles than ANV, which has issues unrelated to POG.
IMO, ANV needs a POG about $200 higher before it becomes a truly viable company and if we get there in the next few months ANV could perform well.
I own BTO and many other miners and particularly like royalty companies including FNV, RGLD and SLW.
Good luck!
goldguy
The major low that occurred 14 years ago (November-2000) was put in place via the HUI declining on 9 out of the prior 10 weeks, with the last 4 weekly declines being small. The following weekly chart shows what happened during 2000-2002.