Jordan Roy Byrne: No Pullback Coming in Mining Sector – 3/12/14
In the beginning of January, we had Jordan on the program where he called for a major bottom in the junior mining sector.
Today, Jordan says we are still in a recovery and this is going to continue for the balance of the year. The silver stocks are witnessing a slight correction over the past week, but this does not worry Jordan in the mid to long term. Investors should expect much more upside in the gold and silver stocks ahead.
Jordan has studied 6 major bear market bottoms going back to the 60s in gold stocks. His analysis has told him that investor fear causes many people to believe that the bottom is not in, even once a major rally has ensued. This seems to be what is happening today.
Further, in all six instances, Jordan notes that it took over a year into the recovery rally before a major intermediary pull back occurred. Therefore, he says that the current mantra of ‘cautiously optimistic’ is not to be derived from historical analysis, but simple investor fear.
Jordan Roy-Byrne, CMT is a Chartered Market Technician and member of the Market Technicians Association. He is the publisher and editor of TheDailyGold.com, a publication which emphasizes market timing and stock selection for the sophisticated investor.