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GLD On Buy Signal

ByJack Chan
Published 10/22/2017, 06:08 AM
Updated 07/09/2023, 06:31 AM

GLD Daily Chart

GLD (NYSE:GLD) – on buy signal.

In a bull market, the 200ema often acts as support for pullbacks and corrections, where investors accumulate positions for the long term.

SLV Daily Chart

iShares Silver (NYSE:SLV) – on buy signal.

GDX Daily Chart

GDX (NYSE:GDX) – on sell signal.

XLD-To Daily Chart

iShares S&P/TSX Global Gold (TO:XGD) – on sell signal.

CEF Daily Chart

Central Fund of Canada Ltd (NYSE:CEF) – on buy signal.

GDXJ Daily Chart

VanEck Vectors Junior Gold Miners (NYSE:GDXJ) – on sell signal.

Gold Daily Chart

Speculative activity favors overall higher gold prices.

Silver Daily Chart

Speculative activity favors overall higher silver prices.

USD Daily Chart

A potential inverted head & shoulder pattern is in progress, and if the dollar breaks out, the metals may correct further, thus delaying a new leg of the gold bull market.

Summary

Long term – on major buy signal.

Short term – on mixed signals.

Gold sector cycle is down.

COT data is supportive for overall higher metal prices.

We are holding long term positions.

Disclosure

We do not offer predictions or forecasts for the markets. What you see here is our simple trading model which provides us the signals and set ups to be either long, short, or in cash at any given time. Entry points and stops are provided in real time to subscribers, therefore, this update may not reflect our current positions in the markets. Trade at your own discretion.

We also provide coverage to the major indexes and oil sector.

Latest comments

I'm also curious if anyone tried calling the GLD hotline at 866▪320▪4053 in search of numerical details on GLD's insurance? The prospectus vaguely states "The Custodian maintains insurance with regard to its business on such terms and conditions as it considers appropriate which does not cover the full amount of gold held in custody." When I asked about how much of the gold was insured, the representative proceeded to act as if he didn't know and said they were just the "marketing agent" for GLD. What kind of marketing agent would not know such basic information about a product they are marketing? It seems like they are deliberately hiding information from investors.
"GLD On Buy Signal". . Jack, you seem to have some familiarity with GLD. I've spent quite a bit of time doing my due diligence into GLD. Do you know why there is a clause in the GLD prospectus that states GLD has no right to audit subcustodial gold holdings? The GLD managing organizations sure went out of their way to create this glaring audit loophole. What is the purpose of this loophole? Additionally, the GLD organizations promise that this fund is 100% backed by actual physical gold but yet they staunchly deny retail investors the right to any of their listed physical gold.. . CNBC's Bob Pisani also made a highly publicized visit to GLD's gold vault in a segment called Gold Rush: The Mother Lode. GLD's administration organized this visit to show that GLD's gold actually exists. However, the gold bar held up by Mr. Pisani showed a serial number of ZJ6752 which did not show up on the latest bar list during that time. It was later found that this "GLD" bar actually belonged to ETF Securities.
Great article
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