Wrecked Miners

Deflation is coming and gold miners will probably be smashed in the first leg of it, unless investors have learned their lessons and accumulate gold in anticipation of an eventual central bank reversal. I'm still holding some of these, and haven't initiated positions in others yet such as AMX and BNCH, both of which are breaking down too after losing support.

SMI has been one of my few winners, but it has pulled back quite a bit, as I expected following that run.

Off the Beaten Path: Based Miners

SMI has already broken out, posting simply as an update. Not an area I'd be chasing.

I still like Maritime Resources. I believe the stock is caught in a "doom loop" where investors are selling because they expect dilution. As the price drops, the dilution becomes larger, more investors sell and so on. I pray they do not fund the mine down at these levels, but instead wait for either strong drill results or a rebound in the gold price. If either of those situations unfold, then it will flip into a virtuous cycle where the value of the mine rises, the stock price rises, the needed dilution falls. I also expect there will be a "goldilocks" window opening for all gold mining stocks, similar to spring 2020, where energy prices are down, labor and material supplies for mine construction will be available and the gold price will be high. Navigating this opportunity will separate many winners from losers.

Attention on Ohesseye

This is exactly the type of chart you want to be buying these days. Not the only kind, but this chart indicates strength amid sector weakness. Miners with charts like these will become market leaders in the next bull phase. This top one could pop today because Miningbookguy put a buy alert on it. I think this one may have enough volume that it doesn't cause movement in the price, but I wouldn't chase it if it does.

A chart that looked similar and has since turned a bit ugly:

Another one that keeps hitting good drill holes:

Setups Getting Blasted

I remain long gold miners, but expect better setups coming for investors with cash.