HUI Monthly Chart (from NFTRH164)

HUI monthly view - consolidation continues

Boy, #164 sure must've had a lot of charts...

Look, whether today begins the real rally in the precious metals stocks or not, there has been a big picture guide in play.  This chart is merely a picture that is the product of the important elements to the investment case for the gold miners.

Unfortunately, those elements along with a lot of words and a multifaceted chart that tries to encapsulate those elements - shown repeatedly in NFTRH - must be reserved for the newsletter.  The case is underpinned by fundamentals, unlike in 2008.

But technically, you can juxtapose all the noise and pain coming from the gold bug camp of late ("the miners suck!"... "I hate these gold stocks!"... "the gold miners never keep up with gold, just buy bullion!"... buh buh buh BUT Russell said sell all your miners and Gartman and Roubini hate gold!!") with the simple message of this chart.

So to put it succinctly, I am no longer aggravated because the dull consolidations have ended and now at least data points are coming in daily that allow ongoing refinement of the plan.  There has been a lot of angst and pain of late and yet Huey continues to fly around up there in outperforming 'blue sky' while the average gold bug is on suicide watch.

This makes me anything but aggravated.

Okay, have a great weekend.

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