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This Week in Review: Metals prices continue to consolidate but should the price of gold drop below the 50day MA, there is a chance we see a larger correction, potentially testing $1,825-$1,850/oz. Regardless of whether this comes to fruition, it doesn’t change a thing except for providing another (and likely last) buying opportunity. The window is closing quickly to get into the mining stocks at these cheap valuations. Further, any correction in gold and gold stocks will be short-lived so it is best to put in some stink bids ahead of time and hope they get filled.
At the September FOMC meeting, the Fed did nothing but assure the market cheap money and inflationary policies will remain intact until at least 2023. The Fed also said it would continue its asset purchase program for some-time. There are a number of near-term catalysts for the metal prices including monetary policy, fiscal policy (the two sides seem to be coming together on a stimulus bill before the election of $1.5T, which if implemented should move gold and silver prices beyond $2,000/oz. and $30/oz.). But that is immaterial as there will be one or multiple stimulus programs over the next 12-months. Lastly, the U.S. elections. If Biden wins, this should be incredibly supportive of gold prices and bad for equity prices. One thing is for sure, precious metal prices are headed considerably higher. If Trump wins, it will also be very supportive just not to the degree of a Biden win.
$AGI, $USAS, $AR.TO, $BTG, $CGC.V, $CXB.TO, $DSV.V, $EQX, $AG, $GCM.TO, $KGC, $MGR.V, $OR, $ROXG.TO, $SKE.TO, $TGZ.TO, $WM.TO
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https://goldseek.com/article/gold-seeker-report-31-week-mining-take-advantage-period-consolidation
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