Daily Report : Gold miners show perfect breadth; The past 3 months' "everything rally"


  • Jason Goepfert

    Jason Goepfert

    Published: 2020-07-28 at 17:32:02 CDT

Every gold mining stock is trading above its 50- and 200-day moving averages and a near-record percentage of them have hit a 52-week high. Even though it might be having a speculative moment with a high correlation to bitcoin, this kind of buying pressure has mostly preceded limited sustained upside for miners.; Over the past 3 months, stocks, bonds, commodities, and gold have all rallied strongly. This is unusual due to shifting correlations over the years. When other widespread buying spurts got this extreme, all the assets typically settled back over the ensuing months.


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