Friday Recap - 21st February 2020

Woo-woo. Nice Friday close. Gold up $24. The HUI close to 250. Silver at the magical $18.50 level. I had a feeling Q1 was going to be good. I was a bit nervous with the stock markets and jobs remaining strong, but we got a black swan - the corona virus. Now we wait and see if we get follow through. Will silver trend above $20 and make the miners fly? Let's hope so.

It's really nice to see the dollar at 99 and gold at $1643. I didn't expect to see that. This means that gold is in demand and the fear-trade is active. If the dollar falls, gold should go higher. As good as this week's close was, I still don't think we have broken out. The gold chart looks like a breakout, but the GDX chart does not (and most juniors are still languishing). Also, the silver chart does not yet look like a breakout, although very close. If silver closes above $18.50 next week and the GDX chart has a breakout, then I will probably change my mind.