Jordan Roy-Byrne: Gold & Silver & Miners to Rally Now?

The Daily Gold, Released on 9/11/22

In this video we preview the week ahead and the potential for a short-term rally. The net speculative position in Silver (as a percentage of open interest) is at its second most bullish level in history. On the day miners bottomed, 71% of GDX made a new 52-week low and over 50% of GDXJ made a new 52-week low. The stock market is rallying too, which is not so great for precious metals but it will not stop a short-term rebound. We also note that sentiment, anecdotally has reached a major extreme. Fundamentally, even if the Fed can hike rates to 4%, after September, the majority of their hiking will be done.

Jordan Roy-Byrne, CMT is a Chartered Market Technician and member of the Market Technicians Association.. He is the publisher and editor of TheDailyGold Premium, a publication which emphasizes market timing and stock selection for the sophisticated investor, as well as TheDailyGold Global, an add-on service for subscribers which covers global capital markets.

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