BOB HOYE - PUBLISHED BY INSTITUTIONAL ADVISORS

OCTOBER 26, 2017 - Precious Metals

Our September 14th Pivot noted that the decline in the DX seemed to be basing. In which
case, as the dollar recovered, the sector would sell off.

Our conclusion was that the Precious Metals sector could be much cheaper by late in the
year.

This year’s high for the GDX was 25.58 at the first of September. This week’s decline to
22.25 has taken out the 20-Week ema at 23.22.

To look to the brighter side, the decline could diminish the old mojo that the Fed is evil
and will drive the dollar down. This of course will drive gold, for those who know
someone at the CIA, to “Ten Thousand Dollars!”.

Highly unlikely.

Further on the brighter side, the completion of this financial bubble will set up a real
cyclical bull market for gold and gold stocks.

By “real” we mean that gold’s real price and gold mining profitability will increase,
which is one of the features of a post-bubble contraction.

This could get underway early in 2018. In the meantime, we will be watching for the buying “window”.

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