Stay Stealth At Fort Knox

With a supposed looming audit of Fort Knox coming by the Trump Administration, gold and metals/miners are back at it again today.

It seems particularly bullish and risk-on that the silver metal and the junior precious miners, below on the GDXJ ETF daily chart, are out in front of the complex. Of course there are also rumors of jumbo jets carrying bars of gold from overseas to be stored in America, but we will let another crew handle that. 

Either way, when the junior are leading it is something I want to note, especially with the daily chart for GDXJ in good shape--Above all moving averages and flagging tightly. Platinum and palladium are the other two precious metals and are catch-up candidates, given their recent underperformance. 

But silver still strikes me as having the most explosive upside to follow gold, for now. And, of course, the high beta small miners. 

As far as sentiment and positioning go, although the move up in gold has gotten headlines (along with Trump mentioning Fort Knox). However, you would be hard-pressed to say with a straight face that gold is anywhere close to being a widely-held and invested asset at this point. You have several generations (no exaggeration) of iinstitutional and retail investors, effectively dating back to Greenspan Fed years, who only know growth stocks and growth stocks only: Any notion of commodities and deep value stocks as being a major part of the portfolio is essentially viewed as obsolete.