As shocking as it may sound, after I wrote about miners’ ridiculous weakness, they showed their greatest proof of weakness ever!
I could even understand the lack of rebound after Tuesday’s slide, but yesterday’s decline in the GDXJ despite a $16 upswing in gold is just preposterous!
In yesterday’s analysis, I wrote that the junior miners were not able to be strong for even one full day.
But the fact that juniors still refused to rally even given the lead from gold is breathtaking.
I’m super excited about this, because it’s very rare that you get such a clear signal for more than one day in a row. We’re already profitably positioned to take advantage of what’s likely to come, with a seat belt fastened in the form of a protective stop-loss that would profitably take us out even in the unlikely event that miners do rally here.
What’s next? I think you already know – a major slide is already underway, and the above suggests that it’s going to continue. Our profits are likely to move from being big to being huge.
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Sincerely,
Przemyslaw K. Radomski, CFA
Founder, Editor-in-chief