From the Desk of Ian Culley @IanCulley

You can’t keep the gold bugs down.

They’re a hearty bunch full of true grit, choosing to focus on the silver lining while persevering through countless downturns.

Gold, on the other hand, has been an easy target…

Every time buyers have managed to drive the price back to the 2,089 level… 

Rejected! 

Sellers have stepped in, capping price while breaking the hearts of gold bugs everywhere. 

From the Desk of Ian Culley @IanCulley

The market is punishing investors for owning gold mining stocks.

Sure, a handful of gold miners are holding above key levels.

Buenaventura S.A.A. $BVN, Orla Mining $ORLA, and Harmony Gold $HMY belong to this elite group of outperformers.

But that’s about it.

I’m not giving these trades too much room. And I’m not piling into new long positions. Not yet! 

Here’s why…

Gold mining stocks continue to print fresh lows versus the broader market.

Check out the VanEck Gold Miners ETF $GDX relative to the S&P 500 ETF $SPY:

This is the video recording of the February 2024 Mid-month Conference Call.

From the Desk of Ian Culley @IanCulley

Gold’s beginning to attract some attention.

Not because it was shooting higher but because it kept trading while most respectable markets closed in observance of Presidents Day.

US stocks, grains, and other god-fearing commodities did not trade. So investors needed something to talk about other than Bitcoin. 

But as gold stole the headlines, no one was talking about platinum.

I like that platinum isn’t attracting too many eyeballs right now.

Here’s why…

Platinum futures are carving out a potential multi-year reversal pattern.

From the Desk of Ian Culley @IanCulley

I’m fed up with precious metals. 

I’m tired of all the failed breakouts and the sideways chop.

So, please, spare me the silver-surfer stories about undervalued silver or how it will outperform gold 16-to-1 during the next bull run. 

I’m tired of it – all of it!

But the diehard gold bugs continue to rally the troops – and maybe they’re on to something.

After all, gold is trading less than a hundred bucks from its all-time high. Is there still a chance for a clean breakout soon?

Let’s take a cold, hard look…

Check out gold’s four-year base:

This is the video recording of our February 5th Monthly Charts Live Strategy Session

From the Desk of Ian Culley @IanCulley

If silver doesn’t come to play, precious metals won’t win the day.

Gold’s resilience has been impressive lately, especially as its two main headwinds – the US dollar and real yields – catch higher. 

But while all eyes are following gold as it coils just below all-time highs, I’m tracking silver. Because gold’s doggedness is all for naught if silver breaks down.

Check out the iShares Silver Trust ETF $SLV retesting a critical former support level at approximately 20.50:

From the Desk of Ian Culley @IanCulley

Precious metal charts aren’t painting a bullish picture for investors.

Silver is underperforming gold. The Gold Miners ETF $GDX is posting new all-time lows versus the broader market. And everywhere you look, individual gold mining stocks are breaking down.

Well, not all mining stocks. One chart continues to fly high…

Check out Buenaventura S.A.A. $BVN: