Evidence is growing that the recent downturn in the Canadian materials sector - especially precious metals - has reached its conclusion, points out Dave Harder, analyst with the technical analysis firm Phases & Cycles.
A "double-bottom" - where prices fall, then rise only to dip for a second time - may have formed in gold, silver and precious metals stocks. That tends to foreshadow a more stable recovery where selling has been exhausted.
And there was another recent clear signal that the bear market for gold and precious metal stocks may have ended: the share prices of Silver Wheaton Corp. and Barrick Gold Corp saw little selling pressure on recent bearish news of a major mine suspension.
Mr. Harder details all this, along with some charts, in this PDF report that Phases & Cycles has given us permission to re-publish in its entirety.
- Gold Front Month Futures$1.28K+11.80(+0.93%)
- Copper High Grade Front Month Futures$2.27+0.04(+2.00%)
- Silver Front Month Futures$17.80+0.24(+1.38%)
- Barrick Gold Corp$22.030.00(0.00%)
- Silver Wheaton Corp$24.930.00(0.00%)
- SPDR Gold Trust$121.290.00(0.00%)
- Kinross Gold Corp$6.490.00(0.00%)
- Goldcorp Inc$23.800.00(0.00%)
- Updated April 28 8:37 AM -4GMT. Delayed by at least 15 minutes.