NFTRH is following parameters in nominal HUI along with the metals. But SLW-RGLD would certainly accompany a bullish complex higher.
Here is the ratio looking like it is still in a nice bottoming process, but at resistance. MACD and TRIX above zero along with price breaking the red dotted resistance line would be quite good. I expect this, but there could be a short term reaction first.
NFTRH holds both of these companies in the risk managed, buttoned down Model portfolio. But for our purposes here, it is their relation to one another that is a telling market indicator.
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