After years of going nowhere, gold launched into the next stage of its bull market.
While inexperienced investors might feel inclined to capitalize on recent profits, such a move could prove detrimental in the long run.
Gold and silver miners have underperformed the metals for years – recent evidence suggests that may finally be changing.
Our Gold Cycle Indicator finished at 236; we hedge our mining portfolio once it advances above 350.
GOLD MONTHLY- The monthly gold chart confirmed a major breakout, and we think prices could test $3000 in 2024. By 2030, we see prices trading over $8000.
GOLD- In the near term, gold is consolidating after spiking to $2448. We think prices could challenge $2500 before slipping into the next four-month cycle low due mid-June.
SILVER- Silver is taking a breather after spiking above $29.00; we see the potential for a significant short squeeze above $30.00. Currently, prices are consolidating ahead of next week’s Fed announcement.
PLATINUM- Platinum remains deeply undervalued, and we see prices trading at parity with gold later this decade. In the early 2000s, prices were often double that of gold.
GDX- The pattern in miners is remarkably symmetrical. The recent pullback to $32.50 appears complete, and we see miners taking the lead and outperforming metals from here.
GDXJ- Juniors found support near $40.00 and the pullback looks complete. We expect prices to make fresh highs above $45.00 in May.
SILJ- Silver juniors reversed Monday’s down gap, and a breakout above $12.00 should follow.
NEM- The market liked Newmont’s Q1 EPS beat and positive second-half outlook. Prices broke cleanly above the downtrend line, and the late February low looks like a generational bottom.
Conclusion
The gold bull market is in full swing, and sub-$2000 prices may be forever in the past. Gold miners are on the move and have a lot of potential. Silver could rip to the upside once it gets above $30.00.
AG Thorson is a registered CMT and an expert in technical analysis. For daily market updates, consider subscribing www.GoldPredict.com.
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