Happy New Year again on this first day of 2017!
Our January 1, 2016, predictions for both the Venture and Gold were bang-on. Hopefully we’ll be as lucky this time around, though discerning the markets with so many volatile political dynamics – not just in the United States but elsewhere – is a challenging task indeed.
Last year, one of the most encouraging signs in the final quarter was the resilience of the Venture in the face of a fresh wave to the downside in commodities. This year, another bullish 4th quarter anomaly was how the Venture held up so well against a big drop in Gold and a powerful run to 14-year highs in the U.S. Dollar Index.
The Venture fell just 4.8% in Q4 despite a 12.5% drop in the price of Gold and an 18.5% decline in the TSX Gold Index. The Venture’s pullback from a high of 848 in mid-August to a low of 711 December 20 – just 3 points above the top of an exceptionally strong support band – was very consistent with previous corrections during bull markets.
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