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.Report Typo/Error
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- Gold Front Month Futures$1.32K0.00(0.00%)
- Copper High Grade Front Month Futures$2.110.00(0.00%)
- Silver Front Month Futures$17.790.00(0.00%)
- Barrick Gold Corp$26.65+1.96(+7.94%)
- Silver Wheaton Corp$27.69+1.11(+4.18%)
- SPDR Gold Trust$126.01+5.90(+4.91%)
- Kinross Gold Corp$6.66+0.41(+6.56%)
- Goldcorp Inc$23.89+1.43(+6.37%)
- Updated June 23 8:13 PM CDT. Delayed by at least 15 minutes.