Gold Stocks: Good Times Could Be Here Already

Most Wall Street analysts failed to project the current rally. Are they wrong again now, or is gold set to keep rallying in its overbought state?But if the fundamentals are strong gold can continue to rally for weeks, months, or even years while staying technically overbought.

While Israeli and Iranian warmongers are unlikely to get out of control, there’s enough animosity and action between them to keep Western gold market analysts in a bullish stance. Western analysts tend to focus on silly price targets while 3 billion Eastern citizens are focused on getting more gold. The bottom line:

Rather than swooning into October like they did in 2023, gold and silver mining stocks are more likely to have little more than a pullback that forms a right shoulder of a big inverse H&S pattern, followed by a surge to $40-$45, basis GDX. Western money managers are becoming frustrated with their stock market, the crypto ETF-themed rally has fizzed, and they are impressed with action of the miners.

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