We have the very interesting action today in Gold and Gold Miners. With Gold hammered down on the bad news for the sector: "very strong payroll numbers" - which should imply Taper Impulsive Disorder again - Gold miners refused to sell off and made the reversal with many names closing Up for the day. It will be important this time to see for how long Gold will stay below $1300 again. This kind of diversion in Gold and Gold Miners is the very good sign, when Gold Miners are leading the Gold prices Up.
On this chart we can see HUI relative to the Gold price and all this bear market Gold miners were sliding with faster pace than the Gold price. Now we can see the bottoming process with all momentum indicators turning Up from July.
HUI has printed the Double Bottom on weekly chart and momentum indicators are going Up now.
HUI has refused to sell off today with Gold hammered down $18 and after Reversal has made a very strong candle.
Royal Gold is the very important indicator for the whole sector: it had a very impressive rally in the Summer and now is setting up another potential advance.
With all ongoing manipulations in Gold and Silver market we will be looking for additional value drivers and catalyst. Our darlings McEwen Mining and TNR Gold should benefit in case if these tea leaves reading will materialise.
TNR Gold: McEwen Mining Q3 2013 Results And Los Azules Copper Project 43-101 Report TNR.v, MUX, GDX
McEwen Mining has published 43-101 report on Los Azules copper project in Argentina and now industry insiders will be busy crunching the numbers.Copper M&A: Peru Officials Meeting Chinalco, Minmetals This Week on Las Bambas Bids MUX, TNR.v, LCC.v, CU, GDX
"With Chinese economy in the recovery mode quest by Chinese companies for the best mining assets is ongoing worldwide. Lumina Copper is getting some bids today again and Los Azules copper will be getting on the investors' radar screens with the changing political landscape in Argentina again."