The prices of gold, silver, and mining stocks moved higher on Friday, which might have seemed a big deal, but in reality, it wasn’t. Nothing happened that hasn’t already happened before, and the outlook is just as bearish as it’s been previously.
Of course, we would all prefer to see our profits increase on a daily basis, but sometimes the market really “likes” to test our patience. Fortunately, the current short position in the GDXJ is still profitable, as we entered it on July 28, 2022, when the GDXJ was trading at about $33.50, and all previous trades this year were profitable (just as this one currently is), so the waiting shouldn’t be that difficult.
In the video you’ll find below, I’ll discuss the current technical picture, and will also talk about the supposedly bullish nature of the recent increase in the official (governments / monetary authorities) sector’s purchases (it’s not bullish).
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