19 thoughts on “CHART OF THE DAY – HUI Mining Index

  1. Alexandru Popovici

    yes indeed, Gary, currencies are too evasive or at least to us 🙂 , maybe others like them and are good at trading them, but it’s not a game for me either.
    I personally find treasuries the easiest to trade and stocks fall right behind, sniffing treasuries’ nape.

  2. Gary Post author

    The two longest corrections during the last bull market lasted 9 weeks. Assuming the miners go on to make an undercut low and extend the correction they are now on week 8.

    I still find it hard to believe that the vast majority of analysts got this right and the metals will correct into Oct. Most of the time the market doesn’t reward the herd.

    1. Dreamer

      I am in agreement here. IMO gold just bottomed at 1321.10. Believe the algos that were selling have just reversed to go long.

      Note: please do not trade off my opinion. Gary is the knowledge guy here.

      1. Dreamer

        JNUG just did Fib 50 percent retracement from 33.29 to 15.75.

        So lets see if the correction is over. LBMA gold options still expire on Friday so that is a fly in the ointment. Chinese Yuan officially in the SDR basket come October 1 but the market knows that.

        Reports have said that China will announce gold holdings either this week, over the weekend or next week. True or not true? no idea……Why? no idea……..so wait and see.

        What if we get crazy Deusche Bank news this weekend. Commerzsbank in trouble too.

  3. zkotpen

    Gold & GDX looking like triangles over the month of September — looks like a consolidation prior to the next corrective move down.

  4. rayalex123

    Triangles are normally continuation patterns. The trend before the triangle started forming In August in gold, silver and GDX was strongly up. Some miners such as AG, HMY, GPL and ABX have gone through more severe downward corrections since July or August, that have bottomed at or near their 200 day EMA.

  5. AmantedeTeclas

    Oil has just broken the downtrend resistance.

    Well, let us see if it is for real. Or if they will clobber it down again. I am out already. Won peanuts again. I know it is stupid and I am overtrading probably. Bought every dip when the $ shot up and sold every rally when it fall. 🙂

  6. Frederic Degembe


    I agree with your assumption that the analysts timing October low could be wrong, on the other hand your statement of max 9 weeks does not apply for 2001-2008 bull market as we got corrections of 6 months then.

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