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Gold Mining Stocks Have Yet to Attract the Institutions

gold panning

Yes, some of the gold mining stocks have popped on the back of the recent gold rally, but so far the institutional money has yet to pile in boots and all.

By viewing the chart for Newmont Mining Corp (NEM) a large cap mining stock you can see that it has yet to enjoyed a strong rally. This suggest the institutions have yet to jump into this sector. But you notice the cycle suggest a rally is due in the months ahead. Wyckoff traders would like to see a nice base formed rather than a 'V' reversal, so chart watchers will place this stock on your list.

From the two charts below you notice two positives to the chart reader (1) it cycles well, (2) and it is in a well respected long term channel.

The Newmont Mining chart goes back to 1950, where as charting data for the XAU and HUI do not, hence this gold mining stock chart has more value. It is suggest folks study this chart with gold price (GLD) and (!INDU) to review the relationships between stocks and gold during up and down swings.


The swing

NEM Newmont Mining Corp Chart
Larger Image


The big channel

NEM Newmont Mining Corp Chart
Larger Image

NOTE: readtheticker.com does allow users to load objects and text on charts, however some annotations are by a free third party image tool named Paint.net

Investing Quote

"It cost me millions to learn that another dangerous enemy to a trader is his susceptibility to the urgings of a magnetic personality when plausibly expressed by a brilliant mind." ~ Jesse Livermore

"The time of maximum pessimism is the best time to buy and the time of maximum optimism is the best time to sell" ~ John Templeton

 

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