Opinions
Larry Berman CFA, CMT, CTA
VanEck Gold Miners ETF
GDX-N
SELL
Sep 10, 2018
$17.610
Stock price when the opinion was issued
E.T.F.'s
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Gold.
Gold remains in an uptrend, past his target of $2600. He's a big fan of the Commitment of Traders data from the Chicago Board of Trade, which comes out weekly on Fridays at 3:30 pm. Commercial traders continue to reduce exposure on the way up. Though gold can push higher, we're getting to the end of this move in the intermediate term.
We've had a good move, but he's cautious at current levels. Vulnerable to at least a near-term correction. Some charts look great, such as OR, AGI, and WPM, and he'd gravitate toward those.
E.T.F.'s
An ETF with large gold miners in the US. The gold price has been pulling back and miners have slid down as well. It is getting whacked from both sides. Go into this when the stock market is going to do well as well as the metals. He would not hang on to this at this time. This is not a seasonally strong period for gold.