08Apr10:45 amEST

My Message to the Pet Rock: Let's Rock

Beyond dabbling in the precious miners with short-term timeframes for years on end at this point, if you have been reading along then you know I am looking for the mocked, loathed, and generally sneered at yellow metal to finally stage a new leg higher on the back of what was a potent rally from late-2018 through last summer 2020. 

While gold has been its usual annoying self for gold bugs betting on that imminent leg higher, our best defense with Members has been patience, trading in and out of the miners. And just when Bitcoin is finally being accepted by the mainstream media as the gold replacement, what better time for a new leg higher in the metals?

Either way, the technical context is there to at least take a stab: The GLD ETF daily chart, below, is breaching resistance for a double-bottom. On the longer-term timeframes gold and many major miners like NEM look like bull flags after prior multi-year rallies.

I am long GLD with a stop below $150, also betting that a relief rally on bonds and a shaky Dollar rally at risk of rolling over helps the pet rock propel higher. 

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