BPGDM Gold Miners Bullish Percent Index and GDX Gold Miners Weekly Charts

Everything that is associated with gold shines brightly these days. The gold miners are in ecstasy with money being thrown at them. One of the astute followers, Sunil, pointed Keystone to the 96 on the BPGDM. Yes, that will get your attention.

There are not many charts worth posting these days since King Donnie bloviates each day creating a choppy pile of slop trading environment. The sawtooth jaggedness you see in charts where equities change direction are due to the Donnie or Fed Chairman Powell comments. Anyhoo, the gold miners are setting up very negatively. How can that be? Blasphemy! Gold bugs are now banging on Keystone's door demanding that he retrack such a blasphemous call. How dare he diss the coveted gold miners.

Well, the charts are the charts. Do not kill the messenger. The BPGDM above 96 indicates that everybody and his bro are buying gold miners these days. There are no gold miner bears. When everyone is partying on one side of the boat, cheering as they display their heavy gold bars and nuggets, you know what is going to happen.

The green and red circles show the tops and bottoms in the gold miners over the last few years. The big breakout higher was a year ago as traders worried about the presidential election approaching with King Donnie, the orange-headed bloviating carnival clown, versus cackling Kamala the communist, so Americans picked what they perceive as the least bad choice. Gold takes another big move higher this year as the Trump Trade and Tariff War created global angst and uncertainty.

For the GDX weekly chart, the red rising wedge pattern is bearish. Price makes a higher high so the chart indicators can be assessed for negative divergence. All are neggie d (red lines) except for the MACD line that remains long and strong. If you bring up the GDX daily chart, it is in full neggie d now and wants a spankdown to begin now in the daily time frame. The weekly chart likely wants to jog once more (down-up) so the MACD can go neggie d and join the other indicators and the top can be called on the weekly basis.

Marrying the daily and weekly charts, you could see an initial pullback in GDM now, for a few days, but the bigtime bullishness will cause dip-buyers to buy, and price will likely come up for another matching high in a week or so, and then the MACD on the weekly should go neggie d sealing in the fate of the gold miners.

Price has violated the upper band so the middle band at 46 and rising is on the table and also the lower band at 37 and rising. The ADX shows that despite the euphoric buying in gold miners last year, the rally barely resulted in a strong trend higher (pink box) and now, with price well above those levels, the ADX is not in a strong trend higher.

The Aroon is comical like many charts these days. 100% of the gold miner bulls believe that gold miners will go up forever. That is not surprising. If you are a gold bug, you always believe in the power of gold as a store of money value. The Aroon also shows that nearly every gold miner bear is also bullish and believes that gold miners will go up forever. What do you think? Is another drop on tap like the Fall swoon? Yes.

Keystone is not long or short any gold miners or gold derivatives these days. Obviously, the play forward would be shorting the gold miners since a multi-week downward slide should begin going forward. Do not bank to much on the MACD on the weekly chart if you are bullish GDM since it is already at an elevated level and the gold miners can begin the down move at any time in the days and couple weeks ahead. If long the gold miners, it is likely prudent to ditch one half the position right away, and then see how things go with the Fed meeting, and then scale-out of the remainder of the longs in the days following the Fed decision. Simply watch the MACD line on the weekly chart and you can call the top in GDM.

Keystone overturns his mahogany desk for protection from the onslaught of gold bugs attacking his analysis and throwing pyrite at him. Numbers are numbers and charts are charts. Plan accordingly if you are long the gold miners. This information is for educational and entertainment purposes only. Do not invest based on anything you read or view here. Consult your financial advisor before making any investment decision.

Happy 250th to the Army but the parade was boring. It was a big grift for King Trump with Fox News and Newsmax (republican-run media) the only cable outlets covering the parade. The commercials were pushing Trump watches and bibles and other garbage trinkets. It is hilarious; the Grifter-in-Chief. Trump receives his 21-gun salute for his birthday party; that is what the narcissist demanded. If you want to show-off military hardware, it should be moving at more than 5 MPH (8 KPH) but could not since it would damage the roads. It looked like the crowd consisted of the friends and family of the people in the parade. It is Father's Day weekend with people doing lots of other activities. Hundreds of thousands of Americans showed-up at the No-Kings protests around the country. The US Open golf tournament is ongoing in Pittsburgh (Oakmont) consuming southwestern Pennsylvania so few made the trip to Washington, DC. The news on shootings and the Israel-Iran War also dominate news coverage placing the parade on the back burner. Another tip for the parade folks. Please practice marching ahead of time so all of you can stay in sync. It was pathetic seeing some of the groups walking in formation and out of step. The parade is supposed to show precision. Left-ho, left-ho, left, right, left, is the cadence, jackasses. The ho is your right foot. It is easy. Go out in your yard and walk and as you step say, left-ho, left-ho, left, right, left, and stay in step and in sync. If you are ever tired trying to walk up a big hill, use the cadence to push yourself and you will soon reach the peak. A parade showing soldiers just walking along and marching out of sync looks like a bunch of folks that would rather be anywhere else except there. Big spender Baby Trump got his little military parade so he is happy. $50 million dollars worth of taxpayer money. King Cry-Baby.

Note Added Tuesday, 6/24/25, at 8:09 PM EST: GDX drops to 50.70 today. It topped out at 54.70 on Friday the 13th so Keystone calls the exact top. What else is new?.

Note Added Sunday, 6/29/25: GDX is at 50.73 dropping to 50.32 and receiving support from the 50-day MA at 50.41. If the 50 fails, GDX will probably start looking for a bottom at 45-48.

Note Added Tuesday, 7/8/25: GDX is 50.79 with the 50-day MA support at 50.62. It is time to bounce or die. It bounced 7 days ago, will it again?