Buying Time

In the aftermath of being so completely wrong lately with my shorter term forecasts, I hesitate to write this post. But, without putting myself out there on occasion, there would be little thrill in following the markets, nor in writing this blog. So, here goes.

In continuing to monitor gold and the mining stocks, I think we have found a bottom in the former (I made my first purchase since 2010 recently), and in checking in on the latter, they also look like they are bottoming and starting to turn up, signaling the moment to dip a toe. All of this pretense of knowledge based on the shorter, daily charts.

But, from a longer term perspective, the set-up is even more compelling. Here is a 10-year monthly chart for Newmont Mining (NEM), one of the biggest gold miners out there. While the fundamentals are the most important in my book, the squiggles can still help to guide you on when to buy. And, right now, this chart is a buy to me.