#Gold - Consolidating Before Another Positive Trend Starts BUY ALL THE DIPS! $GDX $GLD

Gold was overbought. It is now in a consolidation period, however, it will be coming to an end before you know it.

The trend is still positive for gold prices. 

BUY ALL THE DIPS!

Gold - Consolidating before another positive trend starts

Attachment 1 above is the weekly chart of the gold continuous contract (futures market). It has broken on the upside at US$ 1'380 per ounce and advanced to around US$ 1'550 per ounce where it ran into resistance.

The daily chart (attachment 2) shows the correction over the last 4 days, nothing severe considering gold gained since the breakout on June 22, 2019, US$ 170 per ounce.

GDX, the largest gold shares ETF (attachment 3), indicates the correction over the last few days of around 11%. However, this ETF has gained since June 22, from bottom to top, 29% in under three months.

#Mining #exploration spending in #Australia 16.5% higher vs. 2018 and still rising

Current quarter estimate of A$629.6 million 16.5% higher than June quarter 2018 estimate.

Mineral exploration spending in Australia still rising

The trend estimate for mineral exploration expenditure rose by 5.2% in the June quarter to A$629.6 million, according to the Australian Bureau of Statistics.

Largest contributor to the increase in the trend estimate this quarter was Western Australia (up 6.2% or $22.9 million).

The current quarter estimate is 16.5% higher than the June quarter 2018 estimate.

The seasonally adjusted estimate for mineral exploration expenditure rose 6.9% ($41.5 million) to $639.6 million in the June quarter, with WA's 4.2% rise again the largest contributor.

In original terms, June quarter mineral exploration expenditure rose 31.1% ($157.4 million) to $663.1 million.

Greenfields exploration soared by 57.1% or $100.1 million, while brownfields expenditure rose 17.4% ($57.4 million).

In original terms, the largest increase by minerals sought came from expenditure on selected base metals (being copper, silver, lead-zinc, nickel and cobalt), which was up 47.3% or $60.6 million).

Metres drilled fell 1.2% for the quarter but were still 4.7% higher than the June quarter estimate for the previous year. 

Association of Mining and Exploration Companies CEO Warren Pearce said the rise in exploration across all states and territories was pleasing after a drop in the previous quarter.

"Australia needs greater greenfields mineral exploration, and the significant growth in greenfields mineral exploration expenditure right across the country reflects the returning strength of the exploration sector," he said.

"It has been a challenging environment for mineral exploration companies, however the statistics are now supporting better growth in the industry."

For the full-year, the Minerals Council of Australia noted the 19% rise in gold exploration to a record high of $964 million

"Growing investment by mining is helping to secure Australia's long-term prosperity, with more than $2.3 billion spent on minerals exploration in 2018-19, according to exploration expenditure data released by the Australian Bureau of Statistics today," MCA CEO Tania Constable said. 

"This exploration investment is creating and supporting jobs throughout the country, especially in regional Australia." 

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See the article online here: https://www.mining-journal.com/discovery/news/1370606/mineral-exploration-spending-in-australia-still-rising?utm_source=09%2f02%2f19-11%3a07%3a56-454+-+Nickel+ban+confirmation+awaited+Mineral+exploration+spending+in+Australia+still+rising+Nickel+goes+nuts+Sprott+invests+in+Amarillo&utm_medium=email&utm_campaign=09%2f02%2f19-11%3a07%3a56-454+-+Nickel+ban+confirmation+awaited%3b+Mineral+exploration+spending+in+Australia+still+rising%3b+Nickel+goes+nuts%3b+Sprott+invests+in+Amarillo&utm_term=Nickel+ban+confirmation+awaited+Mineral+exploration+spending+in+Australia+still+rising+Nickel+goes+nuts+Sprott+invests+in+Amarillo&utm_content=8288&gator_td=98xkvVplGqt7RGFcsbELrB7n1vNZ%2bLEHNTM4tKiILCzcb8xUAn1F7Io%2fxJk5MYE7QjW7N9krLkeRU7I6hAVUF7FoNcWYDi9iOfx2nlHpucM7zp%2fzRSPJGE6Pv3TI59I8h%2fygd6qrjCguaMK5%2fH7DE9IOmslNGjtRJLdegyl5jEnytlkeiHSE%2b5FOTNOdqryw2B6OqPJ7SxnhA7KqVcZpbvQDxzgQ7UOWyH5ht5ELaZVtjn3yS3IaZNEcrbNKgEUUcRhQZDG4jkXRNdvHoU7iAwBZqhnzodthcDe%2fRu34A%2ftmhm%2figp66yetLAQ8ngGuG

#Gold Prices Hitting All-Time Highs In #GBP, #JPY, #CAD, #AUD

"If I had money in the bank, I [would] sell the dollars and use that money to buy gold. You are divesting yourself from your currency by selling it and buying a hard asset. People are concerned," said RJO Futures senior market strategist Phillip Streible.

Spot gold in British pounds rallied 2.04% on the day, hitting above GBP £1,208 an ounce during the North American trading session, according to Kitco's aggregated charts.

"There is a lot of risk with the British pound right now. The EU would be the first to go into a complete recession, followed by the British pound," Streible pointed out.

Gold in Japanese yen hit a record high on Monday as well with spot prices jumping more than 1.3% on the day at last trading at JPY ¥155,550.