From CEO.CA Weekly Wrap - 3/9/2019 Golden Triangle Rally
Turning back to Canada and more specifically the Golden Triangle, we have seen an interesting trend higher in many Golden Triangle explorers over the last several weeks. I have chosen to highlight a few that I follow:
ABN.V (Daily)
BNCH.V (Daily)
GTT.V (Daily)
SKE.V (Daily)
While all of these charts are a bit different, 3 out of 4 made an important low in December 2018 and all four are well off of their 2019 lows, and at/or near highs for 2019. Is this the smart money getting in ahead of the summer drilling run-up that we typically see between March and June?
The standard Golden Triangle script (which seems to repeat almost every year) is a steady move higher between March and July followed by some profit taking ahead of drill results, then there is usually at least one big burst higher on drill results between August and October, followed by the roundtrip back to base camp which typically takes place between October and December, then we do all it again next year. I’m going to bet on a different scenario this year, and it seems that a different sequence of events is already unfolding.