Gold Stocks Still Correcting

by Adam Hamilton
Zeal LLC

The gold miners’ stocks are still correcting, continuing to rebalance both technicals and sentiment. This sector’s huge surge into early August spawned extreme overboughtness and universal euphoria, which are gradually being bled away. This same necessary and healthy corrective process is underway in gold itself, which overwhelmingly drives gold-stock price levels. This is leading to great buying opportunities.

Gold-stock speculators and investors are growing weary, wondering when miners’ next upleg will finally get running. Fully 2.5 months have passed since the gold stocks were rocketing higher with gold last summer, generating great excitement. Since then this sector has gradually ground sideways to lower, leaving traders increasingly discouraged. More are abandoning gold stocks as weeks drag on into months.

Corrections certainly aren’t easy to weather psychologically.

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