It is not entirely clear if this is a clean five waves up, or if we have a B-wave into the top, either way this is another one of the relatively large and well known gold stocks that is not going anywhere in a hurry (Goldcorp, Barrick and Kinross are some of the others). This in contrast to the “juniors” as personified in the ZJG, the BMO ETF for the junior gold companies. Here is the chart;
The juniors have doubled over the last year, and the big boys went nowhere. There is no better signal that something is amiss than when junk drifts to the top! As an aside, I started my career buying this stock for a client at around $4. back in 1991. We sold it at around $9. In retrospect we should have held on.