Green Shoots in the Gold Patch

The Gold miners, as a group, have quietly lead the Gold price higher since the early February bottom (which I believe will be THE bottom for this correction). This is constructive action. Anything can change and there are no guarantees, but this is what would be expected with a fledgling uptrend.

Here is a 60 minute intraday chart of the GDXJ junior Gold mining ETF divided by the GLD Gold ETF price (i.e. GDXJ:GLD) over the past 3 months:



And here's the 2008 fall panic lows and recovery in its early stages for the $HUI:GLD ratio (I used the 1st 6.5 weeks after the bottom to show how it looked in real time):



It is also interesting to note that GDXJ is outperforming GDX since the February bottom. The Gold and Gold stock rally has to begin somewhere and I call "GREEN SHOOT!"...

I remain wildly bullish on all things precious and metal.