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Title : Mining company Q3 earnings season looks more interesting than most
link : Mining company Q3 earnings season looks more interesting than most

Mining company Q3 earnings season looks more interesting than most

This from the intro to last week's edition of The IKN Weekly, IKN542:

With the uptick in gold ownership and the way in which we’ve witnessed traded volumes in precious metals stocks drop sharply in the last couple of weeks, it occurs to me that the whole market is sitting around waiting to find out if the bets they placed on juniors were right or wrong and what’s more they are only watching gold price as their marker and judge. If gold goes to 1600 they will be right, if it goes back under 1450 they’re going to sell the juniors.

But at some point a new driver will appear and I think we might have one in our very near future. One thing that doesn’t seem to be in calculations and with the potential to snap the market out of this precious metals inertia are strong quarterly operating results from the tier 1 and tier 2 mining companies and on consideration, I think that is what Barrick, Newmont, Agnico, Newcrest and all their bigass friends (into which we must also include the new star-turn Kirkland Lake) are about to deliver to the market. If the third quarter earnings period turns out to be as positive for the mining sector as I suspect, the rally is on its way even if gold stays at 1500 for the rest of 2019 and to gauge that call, I’m marking the GDX clock at $26.96 this weekend; let’s see where we are at the end of the main earnings period.

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