Loading ...Yes with all the calls just put on GDX last week it is having a difficult time. It appears some people have figured out Powell is gone and Lael Brainard is in next year. This is why the PMs have caught a bid. (see here)
Brainard makes Powell look like an Austrian hard liner.
The announcement should be forthcoming within a week or two at which point if the put / call ratios on PM stocks are still low, a good sized pullback should not be surprising. Some of the futures players, who are piling in right now (gold OI is up 50,000 contracts over the past few days) should puke their positions as well.
That pullback should of course be bought.
Let’s hope the corner has turned.
Cheers