(Chocolate Pug)

Perhaps the dead are awake? (Chocolate Pug)

Today's action in precious metals and natural gas was quite notable. The stage is now perfectly set for a monster move higher in gold miners, gold, and natural gas over the coming weeks.

The crowd was clearly taken by surprise with today's moves in precious metals and the miners - with the herd so poorly positioned another 20-30% of upside in GDX is far from unreasonable.

Click to enlarge the charts

Gold Daily August 8, 2013:

Gold_Daily_8.8.2013

GDX Weekly August 8, 2013:

GDX_Weekly_8.8.2013

Nat Gas Daily August 8, 2013:

Nat_Gas_Daily_8.8.2013

Rydex Precious Metals:

Rydex_Precious_Metals

Sector Sentiment:

Sector_Sentiment

Nat Gas Seasonality:

Nat_Gas_SeasonalityRelated: The Dumb Money has a Record Short Position in Gold