Gold Stocks Reach New Highs
Contributed Opinion

1. As of the date of this article, officers, contractors, shareholders, and/or employees of Streetwise Reports LLC (including members of their household) own securities of Rio Tinto Plc., Barrick Mining Corp., and Agnico Eagle Mines Ltd. 
2. Barry Dawes: I, or members of my immediate household or family, own securities of: Rio Tinto Plc. and BHP. My company has a financial relationship with: None. My company has purchased stocks mentioned in this article for my management clients: None. I determined which companies would be included in this article based on my research and understanding of the sector.
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I have been told by everyone that I am wrong and that gold is going to the Moon.

So what.

Follow the crowd or look at the data.

Do keep in mind that I consider gold to be just overbought against almost all assets, and a reversion to its mean (wherever that is!) will allow everyone to get back to focusing on all stocks and particularly resource stocks.

The performance of the U.S. stock market running to new highs makes the 'sell stocks/buy gold rotation' story look a bit silly.

We also need to note that so many commodities like silver, lithium, and natural gas are now outperforming gold.

Explorers are running and outperforming gold.

Successful gold explorers are adding value to their shareholders, and it wouldn't matter if gold were US$2,000 or US$5,000.

Note BHP Billiton Ltd. (BHP:NYSE; BHPLF:OTCPK) and Rio Tinto Plc (RIO:NYSE; RIO:ASX; RIO:LSE; RTNTF:OTCMKTS) are outperforming gold now.

Something is afoot, and it is not bearish.

Gold is going to really run now, it seems.

Big surge overnight, and the Fed is going to print and print. It is clear that gold is going higher, and so many haven't got any gold.

So much more buying to come.

Just like that!

So there!

The vibe!

Well, the Fed did cut rates, and there is almost a normal yield curve now.

Gold surged but closed off the highs. It is overbought, and still those upsloping wedges remain.

Note that it is 8 weeks since the October 20 high. Gold has rising highs but in upsloping wedges and with no strong volume.

These charts look treacherous and dangerous.

Highs seem to come after parabolic thrusts and peter out

Upsloping wedges:

These two look awful and need a massive rise to break free.

These indices have made new highs in frenzied surges over just a couple of days.

Extremely overbought.

Closed off highs.

The big gold stocks make new highs.

None of these suggests strong bull markets developing.

Newmont Corp. (NEM:NYSE; NGT:TSX; NEM:ASX)  has new highs, but is very overbought.

Barrick Mining Corp. (ABX:TSX; B:NYSE) has new highs, but is very overbought.

Agnico Eagle Mines Ltd. (AEM:TSX; AEM:NYSE) does not have a new high.

Neither does Kinross Gold Corp. (K:TSX; KGC:NYSE).

Head the markets.