GDX broke out with force into new all-time highs on the longer term charts. One by one these miner etfs are going to follow each other to new historic highs, what.a change from a year ago. It’s still not too late, there is no bull like a bull market in precious metals miners! Gold and silver are breaking out as well, lending on going support to the extended rally in miners.

Looking forward to other trade setups, it still feels too early to short technology stocks including semiconductors, but maybe after we get the FOMC rate cut in a few weeks? Same with bitcoin, its looking vulnerable and when the die-hard fans of crypto realize they no longer double every time they go up, or worse, they go down big percentages and don’t bounce back like they used to, they very well could run to the best performing sector in the world today. There wreckless buying to cahse performance could be exactly that puts the finishing touches on this precious metals bull.

One by one the mining etfs are following the $XAU index to new all-time highs. Even better, there is still lots of upside left in this bull market.

The title says it all. Let’s watch the $XAU miners index as a tell for future upside in the $HUI, GDX, GDXJ, SIL, and SILJ. They all will follow.

I have posted and updated monthly chart of SIL, also re-drawn the horizontal trend line that is clearly broken to the upside, no matter which chart we use. SIL is gunning for it’s all-time highs next, up around $80, and likely go much higher than that. We remain long and strong, with a five-bagger aleady in DSVSF, and several three-baggers+, such as CDE, ORLA, AAGFF, ASM, ANPMF, and others. The bull market in miners is here!

Several mining etfs including GDX, GDXJ, and SIL have closed at new daily highs for the bull market, and if they hold up into Friday’s close, they will be new weekly highs as well. The pullback over the last few weeks now appears to be nothing more than a typical shakeout. I added back shares I had trimmed back in mid-July, and think SILJ is next to break out. Silver itself might not be far behind, either, which would be another catalyst on top of the fact the miners’ earnings report season has just begun, with many of their stocks responding very well to blowout results to the upside. Case in point, the consolidation in SSRM after a huge run appears to be over, with the stock flying over 16% higher yesterday, smashing into new bull market highs. Let’s see what the rest of the miners can do, being the Q2 results being reported being the best in history for many of our holdings. Many of our miners are up several hundred percent already, but this group can fly like no other, and there is still lots of gains to be made, we remain heavily loaded.

Also we must not forget how well the precious metals and their miners did earlier in the year, when the stock market puked and the miners took off higher. It looks as though the stock market might be in for some downside, this should provide an additional catalyst to boost the miners higher on top of the stellar earnings being reported. Stay long and strong, no need to watch or respond to every tick, the group is headed higher.

A few charts of the etfs mentioned above:

Will there be pullbacks along the ride to much higher prices, sure, but they are to be bought. Many of the smallest junior miners are just starting to move, another sign the bull is still in its early stages. I might take some profits in our accounts, if the miners get over-extended on the longer-term charts, but still I will look to put those funds back to work on any significant pullbacks to new support levels. Try not to get too fancy, stick with the strong trend higher for most of your positions, lots more upside to come!