Chart of the Day - Friday, April 1st, 2022

Today’s Chart of the Day was shared in a note by John Roque of 22V Research. It's a chart of Newmont Mining Corp. ($NEM) over the past four decades. Gold has pulled back over the past couple of weeks, yet Gold Mining Stocks have continued to show strength. One of the largest Gold Mining Stocks, $NEM, just broke out of a 34-year base that dates back to 1987. In the note, John makes a compelling case for Newmont - "Momentum is strong across all periodicities and not overbought using the long-term momentum indicator (pink). Newmont is outperforming the S&P by a ton in 2022 with a 30% gain vs. -4% for the S&P. With a market cap of nearly $64 billion it’s likely that NEM would be the gold stock most likely to be bought by investors who would not normally buy a gold stock." $79 appears to be the line in the sand for this breakout, as long as it's above there, $NEM looks poised for higher prices.