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<title>Minyanville - Jordan Roy-Byrne RSS</title>
<description>
The Trusted Choice for the Wall Street Voice
</description>
<link>
		http://www.minyanville.com</link>
<copyright>
		2013Minyanville Publishing and Multimedia, LLC. All Rights Reserved
</copyright>
		<item>
<title><![CDATA[Charts to Provide Perspective for Gold Bulls]]></title>
<link>
			http://www.minyanville.com/sectors/precious-metals/articles/Charts-to-Provide-Perspective-for-Gold/4/5/2013/id/49095</link>
<pubDate>
			Fri, 5 Apr 2013 09:30:00EST
</pubDate>
<guid isPermaLink="true">
			http://www.minyanville.com/sectors/precious-metals/articles/Charts-to-Provide-Perspective-for-Gold/4/5/2013/id/49095</guid>
<description>
<![CDATA[Most chartists use daily or weekly charts. Few look at monthly charts. I don't know of anyone (myself included) who pays any attention to quarterly charts. We decided to take a look at the quarterly chart of the Gold Bugs Index (INDEXNYSEGIS:HUI). It is shown below, and the two big downturns in the market are noted. Also note the importance of 300, which has been support for the past seven years.  



Some have chided your humble author for saying that the gold stocks are still in a bull market. After all, these two big downturns invalidate any assertion of a ]]>
</description>
<content:encoded>
	<![CDATA[Most chartists use daily or weekly charts. Few look at monthly charts. I don't know of anyone (myself included) who pays any attention to quarterly charts. We decided to take a look at the quarterly chart of the Gold Bugs Index (INDEXNYSEGIS:HUI). It is shown below, and the two big downturns in the market are noted. Also note the importance of 300, which has been support for the past seven years.  



Some have chided your humble author for saying that the gold stocks are still in a bull market. After all, these two big downturns invalidate any assertion of a ]]>
</content:encoded>
			</item>
			<item>
<title><![CDATA[Silver Stocks Could Be Poised for Incredible Performance Next Year]]></title>
<link>
			http://www.minyanville.com/sectors/precious-metals/articles/Silver-Stocks-Could-Be-Poised-for/4/1/2013/id/48994</link>
<pubDate>
			Mon, 1 Apr 2013 09:17:00EST
</pubDate>
<guid isPermaLink="true">
			http://www.minyanville.com/sectors/precious-metals/articles/Silver-Stocks-Could-Be-Poised-for/4/1/2013/id/48994</guid>
<description>
<![CDATA[When I discuss gold stocks, I often refer to gold and silver stocks. Today I will take a look at the silver stocks specifically.
 
Below is a chart of my firm&#39;s partially weighted producers index, which contains 14 of the largest silver producers. We didn't cherry-pick the 14. We went down the list and that includes a handful of companies which have really struggled in recent years. Anyway, the 56% in the current cyclical bear is well in line with history. Previous downturns have been 51% and 49% and then 85% from 2007-2008. 
 

Click to enlarge
 
Only time will tell, ]]>
</description>
<content:encoded>
	<![CDATA[When I discuss gold stocks, I often refer to gold and silver stocks. Today I will take a look at the silver stocks specifically.
 
Below is a chart of my firm&#39;s partially weighted producers index, which contains 14 of the largest silver producers. We didn't cherry-pick the 14. We went down the list and that includes a handful of companies which have really struggled in recent years. Anyway, the 56% in the current cyclical bear is well in line with history. Previous downturns have been 51% and 49% and then 85% from 2007-2008. 
 

Click to enlarge
 
Only time will tell, ]]>
</content:encoded>
			</item>
			<item>
<title><![CDATA[Next US Dollar Peak Is Catalyst for Precious Metals, Hard Assets]]></title>
<link>
			http://www.minyanville.com/sectors/precious-metals/articles/Next-US-Dollar-Peak-Is-Catalyst/3/22/2013/id/48864</link>
<pubDate>
			Fri, 22 Mar 2013 10:30:00EST
</pubDate>
<guid isPermaLink="true">
			http://www.minyanville.com/sectors/precious-metals/articles/Next-US-Dollar-Peak-Is-Catalyst/3/22/2013/id/48864</guid>
<description>
<![CDATA[The tile of this piece seems obvious. We all know that the US dollar tends to be negatively correlated with commodity prices. This is true in the short-term but not always so over the long-term. The US dollar index is currently nearing 83. It's at the same level it was in 2007 when gold was trading in the $600s and the CCI (currently 554) was trading near 400. The US dollar index is near the same level it was at the end of 2005 when gold was trading below $400 and the CCI was trading below 300. This tells us ]]>
</description>
<content:encoded>
	<![CDATA[The tile of this piece seems obvious. We all know that the US dollar tends to be negatively correlated with commodity prices. This is true in the short-term but not always so over the long-term. The US dollar index is currently nearing 83. It's at the same level it was in 2007 when gold was trading in the $600s and the CCI (currently 554) was trading near 400. The US dollar index is near the same level it was at the end of 2005 when gold was trading below $400 and the CCI was trading below 300. This tells us ]]>
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<title><![CDATA[Spring Rally Directly Ahead for Gold Stocks]]></title>
<link>
			http://www.minyanville.com/sectors/precious-metals/articles/spring-rally-ahead-in-gold-gold/3/15/2013/id/48730</link>
<pubDate>
			Fri, 15 Mar 2013 10:10:00EST
</pubDate>
<guid isPermaLink="true">
			http://www.minyanville.com/sectors/precious-metals/articles/spring-rally-ahead-in-gold-gold/3/15/2013/id/48730</guid>
<description>
<![CDATA[Last week in Gold Fails to Break Support Despite Extreme Negative Sentiment, I wrote the following about gold:
 

	We have the majority of sentiment indicators showing more pessimism than in 2008, an explosion in negative news coverage, and news that major banks have downgraded their outlooks. Without knowing anything else, you'd expect gold to be down considerably, yet it's only off about 5% year to date and 10% in the past three and a half months. Most important, gold hasn't even broken support!
 
Gold has failed to break below its 2011 and 2012 lows, and that is a telling sign ]]>
</description>
<content:encoded>
	<![CDATA[Last week in Gold Fails to Break Support Despite Extreme Negative Sentiment, I wrote the following about gold:
 

	We have the majority of sentiment indicators showing more pessimism than in 2008, an explosion in negative news coverage, and news that major banks have downgraded their outlooks. Without knowing anything else, you'd expect gold to be down considerably, yet it's only off about 5% year to date and 10% in the past three and a half months. Most important, gold hasn't even broken support!
 
Gold has failed to break below its 2011 and 2012 lows, and that is a telling sign ]]>
</content:encoded>
			</item>
			<item>
<title><![CDATA[Gold Fails to Break Support Despite Extreme Negative Sentiment]]></title>
<link>
			http://www.minyanville.com/sectors/precious-metals/articles/Gold-Fails-to-Break-Support-Despite/3/8/2013/id/48606</link>
<pubDate>
			Fri, 8 Mar 2013 10:00:00EST
</pubDate>
<guid isPermaLink="true">
			http://www.minyanville.com/sectors/precious-metals/articles/Gold-Fails-to-Break-Support-Despite/3/8/2013/id/48606</guid>
<description>
<![CDATA[We all know that sentiment on gold is quite bearish. Rather than post numerous charts which you've likely already seen, I want to note some of the recent statistics. By recent, I refer to the past two weeks. Market Vane's bullish consensus for gold hit its lowest since 2001.

SentimenTrader.com's public opinion, which combines various surveys, touched its lowest level since 2004. SPDR Gold Trust ETF (NYSEARCA:GLD) has seen outflows for 41 consecutive days. Its monthly outflow was the largest since inception in 2007. According to BullionVault and COT data, speculative bets against gold are the highest since 1999. The ]]>
</description>
<content:encoded>
	<![CDATA[We all know that sentiment on gold is quite bearish. Rather than post numerous charts which you've likely already seen, I want to note some of the recent statistics. By recent, I refer to the past two weeks. Market Vane's bullish consensus for gold hit its lowest since 2001.

SentimenTrader.com's public opinion, which combines various surveys, touched its lowest level since 2004. SPDR Gold Trust ETF (NYSEARCA:GLD) has seen outflows for 41 consecutive days. Its monthly outflow was the largest since inception in 2007. According to BullionVault and COT data, speculative bets against gold are the highest since 1999. The ]]>
</content:encoded>
			</item>
			<item>
<title><![CDATA[Will We See Consolidation in the Gold Mining Industry?]]></title>
<link>
			http://www.minyanville.com/sectors/precious-metals/articles/Will-We-See-Consolidation-in-Gold/3/1/2013/id/48464</link>
<pubDate>
			Fri, 1 Mar 2013 10:10:00EST
</pubDate>
<guid isPermaLink="true">
			http://www.minyanville.com/sectors/precious-metals/articles/Will-We-See-Consolidation-in-Gold/3/1/2013/id/48464</guid>
<description>
<![CDATA[As the gold mining sector plunges to the end of a cyclical bear market, one wonders if this ongoing selling climax will precipitate a catalyst for more mergers and acquisitions in the industry. The last 12 years tells us that these transactions tend to follow the market itself but with a lag. Peaks in M&A activity (in global mining) in terms of number of transactions and value occurred in 2006-2007 and 2010-2011 while troughs occurred in 2002 and 2008-2009. According to Ernst & Young, 2012 had the lowest number of global mining deals since 2008 and the lowest in terms ]]>
</description>
<content:encoded>
	<![CDATA[As the gold mining sector plunges to the end of a cyclical bear market, one wonders if this ongoing selling climax will precipitate a catalyst for more mergers and acquisitions in the industry. The last 12 years tells us that these transactions tend to follow the market itself but with a lag. Peaks in M&A activity (in global mining) in terms of number of transactions and value occurred in 2006-2007 and 2010-2011 while troughs occurred in 2002 and 2008-2009. According to Ernst & Young, 2012 had the lowest number of global mining deals since 2008 and the lowest in terms ]]>
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			<item>
<title><![CDATA[Now's the Time to Buy Precious Metals]]></title>
<link>
			http://www.minyanville.com/business-news/editors-pick/articles/precious-metals-invest-in-precious-metals/2/22/2013/id/48298</link>
<pubDate>
			Fri, 22 Feb 2013 09:31:00EST
</pubDate>
<guid isPermaLink="true">
			http://www.minyanville.com/business-news/editors-pick/articles/precious-metals-invest-in-precious-metals/2/22/2013/id/48298</guid>
<description>
<![CDATA[Since the end of December 2012 my firm has been writing about the coming bottom in precious metals. Our forecast for 2013 was to see a low in Q1 and then continued consolidation until the end of the summer in which gold could be in good position to break $1800. That forecast remains largely intact, although it appears the mining stocks will bottom quite a bit lower than we thought two months ago, and even five months ago. Three weeks ago we noted that a potential final bottom was on the way. After beating around the bush, we are ready ]]>
</description>
<content:encoded>
	<![CDATA[Since the end of December 2012 my firm has been writing about the coming bottom in precious metals. Our forecast for 2013 was to see a low in Q1 and then continued consolidation until the end of the summer in which gold could be in good position to break $1800. That forecast remains largely intact, although it appears the mining stocks will bottom quite a bit lower than we thought two months ago, and even five months ago. Three weeks ago we noted that a potential final bottom was on the way. After beating around the bush, we are ready ]]>
</content:encoded>
			</item>
			<item>
<title><![CDATA[Is Gold Becoming a Risk-Off Asset?]]></title>
<link>
			http://www.minyanville.com/sectors/precious-metals/articles/Is-Gold-Becoming-a-Risk-Off/2/15/2013/id/48150</link>
<pubDate>
			Fri, 15 Feb 2013 09:30:00EST
</pubDate>
<guid isPermaLink="true">
			http://www.minyanville.com/sectors/precious-metals/articles/Is-Gold-Becoming-a-Risk-Off/2/15/2013/id/48150</guid>
<description>
<![CDATA[Lately I&#39;ve been writing about the negative correlation between the equity market and the precious metals market. This phenomenon has been in place since summer 2011 and has re emerged in the past few months. Since November 23, the S&P 500 (INDEXSP:.INX) is up 8% while the gold shares are down 14%, silver has lost 11% and gold 7%. For those who have studied history this should not come as a total surprise. From 1972 to 1977 and November 2000 to July 2002, precious metals and the equity market trended in opposite directions. We've postulated that precious metals and the ]]>
</description>
<content:encoded>
	<![CDATA[Lately I&#39;ve been writing about the negative correlation between the equity market and the precious metals market. This phenomenon has been in place since summer 2011 and has re emerged in the past few months. Since November 23, the S&P 500 (INDEXSP:.INX) is up 8% while the gold shares are down 14%, silver has lost 11% and gold 7%. For those who have studied history this should not come as a total surprise. From 1972 to 1977 and November 2000 to July 2002, precious metals and the equity market trended in opposite directions. We've postulated that precious metals and the ]]>
</content:encoded>
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<title><![CDATA[Large Cap Miners Will Underperform Gold Over Next Five Years]]></title>
<link>
			http://www.minyanville.com/sectors/precious-metals/articles/large-cap-Miners-Will-Underperform-Gold/2/8/2013/id/47985</link>
<pubDate>
			Fri, 8 Feb 2013 09:50:00EST
</pubDate>
<guid isPermaLink="true">
			http://www.minyanville.com/sectors/precious-metals/articles/large-cap-Miners-Will-Underperform-Gold/2/8/2013/id/47985</guid>
<description>
<![CDATA[The gold and silver stocks as a group have certainly been a disaster over the past two years. Both Market Vectors Gold Miners ETF (NYSEARCA:GDX) and Market Vectors Junior Gold Miners ETF (NYSEARCA:GDXJ) are down with GDXJ leading the spiral. Yet, the metals are actually higher. Gold is up quite a bit while silver is up marginally. Because of the volatility in this sector we can certainly choose any period to emphasize a point. However, it is becoming clear that the mining equities are struggling to outperform the metals. In studying the history of this sector (both the stocks and ]]>
</description>
<content:encoded>
	<![CDATA[The gold and silver stocks as a group have certainly been a disaster over the past two years. Both Market Vectors Gold Miners ETF (NYSEARCA:GDX) and Market Vectors Junior Gold Miners ETF (NYSEARCA:GDXJ) are down with GDXJ leading the spiral. Yet, the metals are actually higher. Gold is up quite a bit while silver is up marginally. Because of the volatility in this sector we can certainly choose any period to emphasize a point. However, it is becoming clear that the mining equities are struggling to outperform the metals. In studying the history of this sector (both the stocks and ]]>
</content:encoded>
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			<item>
<title><![CDATA[Equities, Miners, and Commodities Are Nearing Major Turning Points]]></title>
<link>
			http://www.minyanville.com/sectors/precious-metals/articles/Equites-Miners-and-Commodities-Are-Nearing/1/28/2013/id/47664</link>
<pubDate>
			Mon, 28 Jan 2013 09:26:00EST
</pubDate>
<guid isPermaLink="true">
			http://www.minyanville.com/sectors/precious-metals/articles/Equites-Miners-and-Commodities-Are-Nearing/1/28/2013/id/47664</guid>
<description>
<![CDATA[In recent weeks my firm has written about the decoupling or negative correlation between the equity market and mining equities. As the miners take a hard turn lower and the S&P 500 (INDEXSP:.INX) continues higher, this current trend is all the more obvious. At the same time, commodity prices have been in a cyclical bear and have struggled to gain traction. Our forecast for 2013 is for these cyclical trends to shift. It won't happen instantly but it will slowly evolve in the coming months and quarters. The equity market is ever closer to that cyclical top, miners are about ]]>
</description>
<content:encoded>
	<![CDATA[In recent weeks my firm has written about the decoupling or negative correlation between the equity market and mining equities. As the miners take a hard turn lower and the S&P 500 (INDEXSP:.INX) continues higher, this current trend is all the more obvious. At the same time, commodity prices have been in a cyclical bear and have struggled to gain traction. Our forecast for 2013 is for these cyclical trends to shift. It won't happen instantly but it will slowly evolve in the coming months and quarters. The equity market is ever closer to that cyclical top, miners are about ]]>
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<title><![CDATA[Gold Is Setting Up for Massive Breakout Later This Year]]></title>
<link>
			http://www.minyanville.com/sectors/precious-metals/articles/Gold-Is-Setting-Up-for-Massive/1/18/2013/id/47492</link>
<pubDate>
			Fri, 18 Jan 2013 10:30:00EST
</pubDate>
<guid isPermaLink="true">
			http://www.minyanville.com/sectors/precious-metals/articles/Gold-Is-Setting-Up-for-Massive/1/18/2013/id/47492</guid>
<description>
<![CDATA[This piece expounds upon what we covered last week in The Critical Shift in Precious Metals That Analysts Are Missing. Regarding gold, we concluded:
 

	"If gold is able to firm up here and now, then it has a good shot to rally back to $1750-$1800 over the next few months. If we get the bullish scenario and a fundamental catalyst shift then expect gold to break past $1800 in Q3. That would mean that gold consolidated for two years, which would be its longest consolidation on record. The longer the consolidation, the more explosive the breakout."
 
Following that editorial, my ]]>
</description>
<content:encoded>
	<![CDATA[This piece expounds upon what we covered last week in The Critical Shift in Precious Metals That Analysts Are Missing. Regarding gold, we concluded:
 

	"If gold is able to firm up here and now, then it has a good shot to rally back to $1750-$1800 over the next few months. If we get the bullish scenario and a fundamental catalyst shift then expect gold to break past $1800 in Q3. That would mean that gold consolidated for two years, which would be its longest consolidation on record. The longer the consolidation, the more explosive the breakout."
 
Following that editorial, my ]]>
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<title><![CDATA[The Critical Shift in Precious Metals That Analysts Are Missing]]></title>
<link>
			http://www.minyanville.com/sectors/precious-metals/articles/The-Critical-Shift-in-Precious-Metals/1/11/2013/id/47320</link>
<pubDate>
			Fri, 11 Jan 2013 09:33:00EST
</pubDate>
<guid isPermaLink="true">
			http://www.minyanville.com/sectors/precious-metals/articles/The-Critical-Shift-in-Precious-Metals/1/11/2013/id/47320</guid>
<description>
<![CDATA[When making forecasts and writing outlooks, analysts must look at a multitude of things. We usually begin by examining the macro landscape via intermarket analysis. How are the various markets trending? Which are lagging? Where are the divergences? As we begin 2013, there has been an important shift in regards to precious metals that few analysts have picked up on. The rest of our analysis filters down from this discovery.
 
We are speaking of the decoupling that has taken place between the equity market and the precious metals complex. This is significant because it began nearly 17 months ago. (Decouplings ]]>
</description>
<content:encoded>
	<![CDATA[When making forecasts and writing outlooks, analysts must look at a multitude of things. We usually begin by examining the macro landscape via intermarket analysis. How are the various markets trending? Which are lagging? Where are the divergences? As we begin 2013, there has been an important shift in regards to precious metals that few analysts have picked up on. The rest of our analysis filters down from this discovery.
 
We are speaking of the decoupling that has taken place between the equity market and the precious metals complex. This is significant because it began nearly 17 months ago. (Decouplings ]]>
</content:encoded>
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<title><![CDATA[Higher Low in Place for Gold Stocks as 2013 Beckons]]></title>
<link>
			http://www.minyanville.com/sectors/precious-metals/articles/Higher-Low-in-Place-for-Gold/1/3/2013/id/47096</link>
<pubDate>
			Thu, 3 Jan 2013 08:54:00EST
</pubDate>
<guid isPermaLink="true">
			http://www.minyanville.com/sectors/precious-metals/articles/Higher-Low-in-Place-for-Gold/1/3/2013/id/47096</guid>
<description>
<![CDATA[With all of the volatility of the past nine months, few market observers would think the gold equities have begun a series of higher lows or even a new bull market. However, this action is typical of this sector. Market Vectors Gold Miners ETF (NYSEARCA:GDX) first formed a low in May followed by a double bottom low in July. From that point, GDX gained 35% in only two months! After three months and a pullback of 20%, the gold stocks are pushing higher once again and have a chance at a tremendous 2013.
 
There are two extremely important levels for ]]>
</description>
<content:encoded>
	<![CDATA[With all of the volatility of the past nine months, few market observers would think the gold equities have begun a series of higher lows or even a new bull market. However, this action is typical of this sector. Market Vectors Gold Miners ETF (NYSEARCA:GDX) first formed a low in May followed by a double bottom low in July. From that point, GDX gained 35% in only two months! After three months and a pullback of 20%, the gold stocks are pushing higher once again and have a chance at a tremendous 2013.
 
There are two extremely important levels for ]]>
</content:encoded>
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<title><![CDATA[Precious Metals Decouple From Stock Market]]></title>
<link>
			http://www.minyanville.com/sectors/precious-metals/articles/Precious-Metals-Decouple-from-Stock-Market/12/21/2012/id/46873</link>
<pubDate>
			Fri, 21 Dec 2012 08:40:00EST
</pubDate>
<guid isPermaLink="true">
			http://www.minyanville.com/sectors/precious-metals/articles/Precious-Metals-Decouple-from-Stock-Market/12/21/2012/id/46873</guid>
<description>
<![CDATA[At the end of July, my firm wrote an article examining the relationship between gold stocks and general equities. We sought to understand the huge variance in performance between the two markets. Sometimes they trended higher together. Sometimes the gold stocks surged while conventional equities fell into a bear market. Both markets have endured bad bears at the same time. Is there any rhyme or reason why there is such variation?
 
Here was our conclusion:
 

	What can history tell us going forward? The key is the correlation. If gold stocks are trending higher with the equity market into a potential ]]>
</description>
<content:encoded>
	<![CDATA[At the end of July, my firm wrote an article examining the relationship between gold stocks and general equities. We sought to understand the huge variance in performance between the two markets. Sometimes they trended higher together. Sometimes the gold stocks surged while conventional equities fell into a bear market. Both markets have endured bad bears at the same time. Is there any rhyme or reason why there is such variation?
 
Here was our conclusion:
 

	What can history tell us going forward? The key is the correlation. If gold stocks are trending higher with the equity market into a potential ]]>
</content:encoded>
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<title><![CDATA[Secondary Bottom Coming in Gold Stocks]]></title>
<link>
			http://www.minyanville.com/sectors/precious-metals/articles/Secondary-Bottom-Coming-in-Gold-Stocks/12/7/2012/id/46466</link>
<pubDate>
			Fri, 7 Dec 2012 09:18:00EST
</pubDate>
<guid isPermaLink="true">
			http://www.minyanville.com/sectors/precious-metals/articles/Secondary-Bottom-Coming-in-Gold-Stocks/12/7/2012/id/46466</guid>
<description>
<![CDATA[I have to admit, I never saw the gold stocks correcting this much.

After making a textbook double bottom and registering very strong momentum readings, I expected a relatively tame October correction to be followed by another leg higher into year end. I thought the Market Vectors Gold Miners ETF (NYSEARCA:GDX) would bottom at $49. Obviously I was wrong on all counts. It's difficult to make predictions when they are about the future. Kidding aside, forecasts are only a guide or a potential road map. No one can predict the future. However, we can assess risk, reward, and probabilities.

At ]]>
</description>
<content:encoded>
	<![CDATA[I have to admit, I never saw the gold stocks correcting this much.

After making a textbook double bottom and registering very strong momentum readings, I expected a relatively tame October correction to be followed by another leg higher into year end. I thought the Market Vectors Gold Miners ETF (NYSEARCA:GDX) would bottom at $49. Obviously I was wrong on all counts. It's difficult to make predictions when they are about the future. Kidding aside, forecasts are only a guide or a potential road map. No one can predict the future. However, we can assess risk, reward, and probabilities.

At ]]>
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<title><![CDATA[Gold's Relative Strength and What It Means]]></title>
<link>
			http://www.minyanville.com/sectors/precious-metals/articles/bond-markets-gold-precious-metals-commodities/11/14/2012/id/45849</link>
<pubDate>
			Wed, 14 Nov 2012 13:25:00EST
</pubDate>
<guid isPermaLink="true">
			http://www.minyanville.com/sectors/precious-metals/articles/bond-markets-gold-precious-metals-commodities/11/14/2012/id/45849</guid>
<description>
<![CDATA[Longtime readers of my firm&#39;s editorials know that we are big fans of intermarket analysis as well as ardent believers in the real price of gold (real POG) or relative gold. No, this has nothing to do with the paper market versus the physical market. The real POG is essentially the POG relative to other assets and markets. There are two reasons why we track this. First, gold priced against the other currencies (specifically the euro) has been a leading indicator for gold in US dollar terms. Second, Gold's performance against commodities (in general) is a leading indicator for margins ]]>
</description>
<content:encoded>
	<![CDATA[Longtime readers of my firm&#39;s editorials know that we are big fans of intermarket analysis as well as ardent believers in the real price of gold (real POG) or relative gold. No, this has nothing to do with the paper market versus the physical market. The real POG is essentially the POG relative to other assets and markets. There are two reasons why we track this. First, gold priced against the other currencies (specifically the euro) has been a leading indicator for gold in US dollar terms. Second, Gold's performance against commodities (in general) is a leading indicator for margins ]]>
</content:encoded>
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<title><![CDATA[Putting Gold and Gold Stocks in Proper Context]]></title>
<link>
			http://www.minyanville.com/sectors/precious-metals/articles/precious-metals-gold-gold-price-price/11/5/2012/id/45545</link>
<pubDate>
			Mon, 5 Nov 2012 09:50:00EST
</pubDate>
<guid isPermaLink="true">
			http://www.minyanville.com/sectors/precious-metals/articles/precious-metals-gold-gold-price-price/11/5/2012/id/45545</guid>
<description>
<![CDATA[The precious metals complex had a great rebound at the end of the summer but is now in the midst of a correction. Recently my firm wrote that the correction was nearing an end. We believe that to be the case. A short-term bottom could occur sometime this week. However, the precious metals sector was unable to retain much of the very strong momentum it previously had. Thus, the metals and stocks will need some time to confirm support and generate positive momentum before they have a chance of breaking to new highs. That being said, we wanted to take ]]>
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	<![CDATA[The precious metals complex had a great rebound at the end of the summer but is now in the midst of a correction. Recently my firm wrote that the correction was nearing an end. We believe that to be the case. A short-term bottom could occur sometime this week. However, the precious metals sector was unable to retain much of the very strong momentum it previously had. Thus, the metals and stocks will need some time to confirm support and generate positive momentum before they have a chance of breaking to new highs. That being said, we wanted to take ]]>
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<title><![CDATA[Gold Mining Margins Will Expand Further]]></title>
<link>
			http://www.minyanville.com/sectors/precious-metals/articles/gold-gold-price-price-of-gold/10/26/2012/id/45404</link>
<pubDate>
			Fri, 26 Oct 2012 16:10:00EST
</pubDate>
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			http://www.minyanville.com/sectors/precious-metals/articles/gold-gold-price-price-of-gold/10/26/2012/id/45404</guid>
<description>
<![CDATA[Longtime readers know that I am a fan of intermarket analysis. The movement of certain markets influences other markets so it is always wise to analyze a handful of markets rather than just a single market by itself. Several years ago we learned from others before us how intermarket analysis can help us get a handle on the margins of gold (and silver) miners.

Generally, oil (energy) represents about 25% of the cost of mining while industrial metals prices can be a proxy for the costs of trucks, chemicals and blasting agents (like cyanide). It has been a while since ]]>
</description>
<content:encoded>
	<![CDATA[Longtime readers know that I am a fan of intermarket analysis. The movement of certain markets influences other markets so it is always wise to analyze a handful of markets rather than just a single market by itself. Several years ago we learned from others before us how intermarket analysis can help us get a handle on the margins of gold (and silver) miners.

Generally, oil (energy) represents about 25% of the cost of mining while industrial metals prices can be a proxy for the costs of trucks, chemicals and blasting agents (like cyanide). It has been a while since ]]>
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<title><![CDATA[Correction in Gold and Silver Stocks Nearing End]]></title>
<link>
			http://www.minyanville.com/trading-and-investing/etfs/articles/gold-silver-correction-in-gold-correction/10/18/2012/id/45136</link>
<pubDate>
			Thu, 18 Oct 2012 14:00:00EST
</pubDate>
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			http://www.minyanville.com/trading-and-investing/etfs/articles/gold-silver-correction-in-gold-correction/10/18/2012/id/45136</guid>
<description>
<![CDATA[We expected a correction after the gold and silver shares ran into predictable resistance that coincided with October seasonal resistance. That was predictable. Now we are 19 days into the correction and we see some stealth signs of strength and signs of the correction nearing its end.
 
Let's take a quick look at Market Vectors Gold Miners ETF (NYSEARCA:GDX) before we get to the analysis.




There are numerous positive elements to the current technical makeup of GDX. First, there is the price action. The market has very strong support at $48 to $49. It first bottomed at $50.90 and then ]]>
</description>
<content:encoded>
	<![CDATA[We expected a correction after the gold and silver shares ran into predictable resistance that coincided with October seasonal resistance. That was predictable. Now we are 19 days into the correction and we see some stealth signs of strength and signs of the correction nearing its end.
 
Let's take a quick look at Market Vectors Gold Miners ETF (NYSEARCA:GDX) before we get to the analysis.




There are numerous positive elements to the current technical makeup of GDX. First, there is the price action. The market has very strong support at $48 to $49. It first bottomed at $50.90 and then ]]>
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<title><![CDATA[Gold and Gold Stocks Readying for Upturn Against Stocks]]></title>
<link>
			http://www.minyanville.com/sectors/precious-metals/articles/precious-metals-gold-gold-stocks-gold/10/11/2012/id/44889</link>
<pubDate>
			Thu, 11 Oct 2012 10:00:00EST
</pubDate>
<guid isPermaLink="true">
			http://www.minyanville.com/sectors/precious-metals/articles/precious-metals-gold-gold-stocks-gold/10/11/2012/id/44889</guid>
<description>
<![CDATA[In the wake of the Fed's announcement of open-ended -- or as I like to call it, permanent -- quantitative easing (QE), mainstream advisors and pundits have found another way to promote stocks. Recently I heard one popular media pundit say, based on QE, that one should buy stocks, but not gold stocks. Also, pundits are instructing followers to buy Apple (NASDAQ:AAPL) based on QE. What nonsense.

This stuff practically writes itself. Next, when inflation takes hold, we'll hear about how stocks are an inflation hedge. The reality is that the cyclical bull market in equities is approaching its end ]]>
</description>
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	<![CDATA[In the wake of the Fed's announcement of open-ended -- or as I like to call it, permanent -- quantitative easing (QE), mainstream advisors and pundits have found another way to promote stocks. Recently I heard one popular media pundit say, based on QE, that one should buy stocks, but not gold stocks. Also, pundits are instructing followers to buy Apple (NASDAQ:AAPL) based on QE. What nonsense.

This stuff practically writes itself. Next, when inflation takes hold, we'll hear about how stocks are an inflation hedge. The reality is that the cyclical bull market in equities is approaching its end ]]>
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