Gold closed the week at $3,874 – well below the $4,000 level
and a nasty drop from last week’s $3,995 when I suggested we were seeing capitulation
at the end of a long correction since the heady days in the spring when we saw
$5,500. Gold stocks were also battered, as can be seen on the chart below (courtesy
of ADVFN) of Gold against its mining ETFs GDX, GDXJ and GOEX. It all looks grim.
Tom Winnifrith noted on 12th October that yet another placing at AIM investment dog Tern plc (TERN) was inevitable before Christmas. Today it has announced it’s handed over another approx. £78,000 to cash-guzzling
investee Device Authority, bringing that next trip to the bucket shops (its
sixth this year) all the closer.
Gold closed the week at $3,995 – below the $4,000 mark and
down from last week’s $4,164 as it seemed to succumb to capitulation. Gold
stocks also suffered as can be seen on the chart below (courtesy of ADVFN) of
Gold against its mining ETFs GDX, GDXJ and GOEX which plumbed depths not seen since
early August: the bounce since then is most certainly over.
Gold closed the week at $4,164 – down a little from last
week’s $4,194 but essentially boxed in between $4,100-4,200. Gold stocks
continued a general downward ski-slope which has been in place since late August,
but managed a bounce this week after setting another new low, as can be seen on
the chart below (courtesy of ADVFN) of Gold against its mining ETFs GDX, GDXJ
and GOEX.
Gold closed the week at $4,194 – up (at last) from $4,140
last week as rate-hike expectations of the Fed fell and Donald Trump signed a
deal with Russia for loads of diesel (much to Zelensky’s chagrin). Gold stocks
also managed a small rebound late week, as can be seen on the chart below
(courtesy of ADVFN) of Gold against its mining ETFs GDX, GDXJ and GOEX.
Gold closed the week at $4,140 – down again on last week’s
$4,284 as the bond rout continued. Of course, a bond rout means their
respective yields increase and the US dollar has also benefitted from the Fed
hiking rates and expectations of more to come. So in some ways the fact that
the yellow stuff hasn’t declined more is a good sign. However, Gold stocks took
a bit of a hit last week, as can be seen on the chart below (courtesy of ADVFN)
of Gold against its mining ETFs GDX, GDXJ and GOEX.
AIM listed URU Metals (URU), run by John Zorbas, released
its full year results to March 2026 at the last possible moment: 4.12pm on
deadline day, Wednesday September 30th. As Tom Winnifrith oft
states, good news travels fast….and URU’s news was definitely not good!
Gold closed the week at $4,284 – dropping from last week’s
$4,377 as the market priced in further rate hikes from the Fed and treasury
yields broke more long-term records. Gold stocks also fell, but seem to be
outperforming the yellow metal as this mini-correction grinds on, as can be
seen on the chart below (courtesy of ADVFN) of Gold against its mining ETFs
GDX, GDXJ and GOEX.
Gold closed the week at $4,377 – up from last week’s $4,348
despite the Fed hiking interest rates by 0.25%. Gold stocks also rose – rather more
firmly than the yellow metal – as can be seen on the chart below (courtesy, as
ever, of ADVFN) of Gold against its mining ETFs GDX, GDXJ and GOEX. So what to
make of that?
Gold closed the week at $4,348 – down from last week’s
$4,429 and back below $4,400. Gold stocks also suffered as can be seen on the
chart below (courtesy of ADVFN) of Gold against its mining ETFs GDX, GDXJ and GOEX,
although so far the apparent re-rating since the start of August seems still
intact…..for now!
