Sticking With Leadership #Gold Names: $IMG, $BTO, $EDV, $MUX

From Paradigm capital:

Sticking With Leadership Gold Names: IMG, BTO, EDV, MUX

Ø  As we noted yesterday, shares of junior gold companies are leading their senior counterparts as the Junior Gold Miners ETF (GDXJ) breaks out versus the Gold Miners ETF (GDX).  

Ø  Today we highlight four of our favourite Canadian junior gold leaders: IAMGold, B2Gold, Endeavour Mining, and McEwen Mining.

Ø  The common technical characteristics of the highlighted names include price action above the 200-day moving average, breakouts above their August downtrends, and relative uptrends versus the Equal Weight Global Gold Index (ZGD).

IAMGold Corp.:

#Gold #Silver #ETF's - Finally some buying comes back $GLD $SLV

Total Global Gold ETFs were UP 41kozs Friday to 57.015Mozs.  …. Global Silver ETFs were UP 116kozs Friday to 652.4Mozs.

Attached are ETF gold redemptions since the election in the U.S. Up to January 4, 2017, every single day saw gold redemptions (attachment 1).

 

Below is the chart as of January 6th, 2017 (last Friday). Finally some buying occured for the first time on January 4, 2017. This was the first buying since November 9, 2016, and the chart is flatten out in gold and silver.

 

Total Global Gold ETFs were UP 41kozs Friday to 57.015Mozs.  …. Global Silver ETFs were UP 116kozs Friday to 652.4Mozs.

Source: Bloomberg

 

 

#Gold & #Silver: How does it look from here? $GLD $SLV, $HUI, $XAU

Large speculators as well as net commercial gold dealers slightly reduced positions. However the open interest starts to increase. (Attachment 1)

 

The Gold Barometers (Attachment 2) indicate that gold shares (GDM, HUI and XAU) are now in overbought territory. Shares of precious metals companies have vastly outperform last week the physical gold and silver price, which is in a neutral position.

 

KITCO Gold Survey reveals that Wall Street and Retail investors are in a bullish camp for next week (attachment 3).

 

The hourly gold chart (attachment 4) shows that gold had a good week closing at US$ 1,172 per ounce at 4 pm New York time last Friday for a  weekly gain of US$ 22 per ounce or 1.9%.

 

As concerns silver large speculators and net commercial dealers slightly increased their positions. These positions are historically very large. The open interest is low (attachment 5).

 

The hourly silver chart shows the nice rally on January 3rd, once the traders were back. For the rest of the week silver digested that rally (attachment 6).

 

We added a daily gold chart for the last 2 years to better understand where we stand with the current rally (attachment 7). As can be seen there is strong resistance around US$ 1,220 per ounce. The 300-day moving average is currently also at that level. The Point&Figure chart also indicates the resistance at US$ 1,210 per ounce (attachment 8).