Gold stocks have been trending down for some time now. I dont see that changing in the short to medium term. I used to own some gold stocks but costs are always high and margins are slim in the bad times. Then the price of Gold itself is held down via trillions in paper derivatives and Central banks use fiat currency to hoard most of it. I see better plays myself in other resources, nickel, iron ore, lithium, copper. XJO starting to buckle as overseas indices have continued downwards this week. Still short the XJO200 as the daily bounce seems to be getting weak now.
Any further down side moves could see some capitulation for this drop. Yesterdays candle seemed to show a possible bounce for today but that is dead in the water. Path of least resistance is down as more people see the party is over? Might get a bounce tomorrow but i cant see that lasting long in the face of RBA rate hike next week.
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