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March 22, 2013 / Jeb

Rebound in Gold Mining Stocks?

I have just returned from PDAC, the largest mining show in the world where I was invited to be a speaker.  This is my second year presenting at the show which is attended by over 30,000 people from all over the world.  It is a great honor and privilege to be selected by the highly prestigious PDAC committee.  Only two years ago, the sentiment was completely different.  In 2011, the mood was euphoric and may have marked the top in the junior mining sector.  This year the sentiment was negative and may be marking a capitulation and major bottom.

The theme this year at the conference was that explorers and developers are having a difficult time raising capital as investors chase the overbought Dow and Nasdaq which is hitting record levels and making multi-year breakouts.  Surprisingly, this is at a time when the gold and silver miners are hitting multi-year lows despite gold and silver holding the $1500 and $26 area.  I expect support for gold and silver to hold as the equity markets are overbought and our sectors look to rebound off of these oversold levels.

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