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Gold Miners Reversal

Dean Christians
2021-10-14

The NYSE Arca Gold BUGS Index surged over the previous ten trading days from a 252-day Low. According to my calculation, the 10-day rate of change reached a level of 12.55%. In case you were wondering, BUGS stands for Basket of Unhedged Gold Stocks. The index contains companies that do not hedge their gold production beyond 1.5 years to provide a better correlation to gold prices.

Let's conduct a study to assess the outlook for the NYSE Arca Gold BUGS Index when the miners close at a 252-day low and subsequently register a 10-day rate of change cross above 12%.

CURRENT DAY CHART

HOW THE SIGNALS PERFORMED

Results look weak across almost all time frames. Markets rarely form v bottoms, and gold miners are no different.


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