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Gold and Silver Take Last Place


I recently reviewed Amazon’s (NASDAQ:AMZN) despite general weakness in the tech sector, thanks to Apple’s (NASDAQ:AAPL) pullback. But one area that really looks bad is the commodity space, specifically gold and silver.

Video Transcript

This is the Gold Bugs Index (HUI), and it’s nearing new multi-year lows. It continues to be a bearish descending triangle pattern, but if you follow stocks like Newmont Mining (NYSE:NEM), it’s at new 52-week lows; AngloGold Ashanti (NYSE:AU) is at new 52-week lows; Compañía de Minas Buenaventura (NYSE:BVN), which is like a Freeport McMoRan (NYSE:FCX) but with gold and silver, is at new 52-week lows as it continues to break down. Harmony Gold Mining (NYSE:HMY) is at new 52-week lows; you can see a ski slope pattern in its chart.

You can always find an individual stock, like Apple (NASDAQ:AAPL) that is in full-blown bear market territory, but as far as a sector goes, the worst hands-down has to be gold-, silver-, and commodity-related. Mining and metals are just awful.

InvestorPlace advisor John Lansing tracks the charts all day and offers expert technical analysis in his day trading, options and trading services: Power Trading at the Open, Parabolic Options and Trending123.  For more information on which service is for you click here.

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