Rick’s technicals for GDXJ came to within 1 cent this morning
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I’m $501 and $4.01 bid james……………..lol
Gary Wagner on kitco talks about pivot points, maybe Rick uses the same thinking as Gary, Mr Wagners targets are almost the same as Ricks. Just thought that was interesting.
Thx Everybody.
Great interview Rick!!!!!
This is where so many longs get their heads stuck up their how-r-yous notice how Rick has highlighted where GDXJ “should” put in a tradeable bottom…with the key point Rick makes is a close below that level continues the trend which is clearly down….$28 comes into play. And I’m sure this week “IF” GDXY closes above $36 Rick will call in higher targets as the trend unfolds.
Cory gold has not been a store of value since Sept 2011 the chart is clearly going from the top left of the page to the bottom right, the Bear is still in control with short coverings unfolding in July of 2013 and Jan 2014 but NO new bulls , just short covering.
Excellent Rick!
Just to provide a big picture outlook:
The HUI’s 2 most major recent rallies started in late 2000 and late 2008, after the stock markets had topped and nearing the end of their mini bear markets (bottoms in late 2002 and early 2009). Even in the 1930’s the mining sector topped with the DOW in Oct. 1929 but the mining sector’s bear market ended their 1931 and headed higher into 1935 but the DOW kept falling into june 1932 and Silver bullion did not bottom till december 1932.
It would seem reasonable to conclude that the next big move in mining stocks does not occur till the next major correction starts in the stock indexes (DOW, SP500 etc.). We still have to see a top in the NYSE CAD line as it made all-time new highs last week and as I pointed out last week NYSE CAD line, DOW and Martin Armstrongs’s ECM model tops tend to all occur in a cluster, next ECM model top 2015.75 (fall of 2015).
This bottoming process may take many more months and into 2016, as the next major bottom in Gold Bullion due in 2016.
Regards
That $28 target was not supposed to have been divulged in a public forum, although I don’t mind sharing it with Al’s audience. With at least a temporary bottom in place in GDXJ a penny above the low I’d forecast, here is the update to my tout:
______ UPDATE (April 21, 1:04 p.m. ET): Having fallen by nearly 8% since I aired the forecast above, GDXJ this morning has bounced 42 cents from within a single penny of the 33.76 target. If you got long near the bottom, please let me know in the chat room so that I can establish a tracking position for your further guidance. Please note that the bounce offers no guarantee of an end to this vehicle’s nasty bear market, only a very low-risk spot to try bottom-fishing. If the support is decisively breached, however, it would put into play a downside target that is going to shock some of you. Check my 12:52 post in the chat room for the precise number, which I will disclose in the touts section at a later date.
PLEASE NOTE THAT I STILL HAVE BEARISH TARGETS OUTSTANDING in SLW ($20.22) and in June Comex Gold (1263.10).
Appreciate you taking the time to post Rick……
Good luck with your positions
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If the world is in a deflationary death spiral I’m sure the FED would be aware of it.
And since the FED desperately wants INFLATION there is NO REASON on earth why they would be TAPERING.
Now, I don’t get that the figures for the Fed’s buying of Treasuries ;last year are not the same as the stated amount of QE. The Fed is always doing open market operations, isn’t it?
So, is the 85bn, 75bn anmd65bn$ of QE justthe GUARANTEED (minimum) AMOUNT and not the actual amount? I am guessing that it is but I don’t know if that it true. Does anyone have info to clarify if that is correct?
If so, the Fed could decrease its guaranteed amount of Treasury buying but actually buy the same amount as before by going above the guaranteed minimum amount. Tapering then = no tapering. Is that what is happening in truth?
As Pontius Pilate said, “What is Truth?”
Most economists who are technical analysts merely give cover to the elite’s suppression of the alternatives to the petro-dollar system. Inflation by a fractional reserve system without a commodity backing, in other words, fiat, is fraud and theft. Deflation is the reversal of that and therefore a good thing – “what this country needs is a good five-cent cigar”.
If that were indicative of all of the prices!
made good money x2 on COP conoco philips . Just now i am researching some closed end bond funds. most of them [including some muni funds] are slowly moving up in price, and the international mess, makes european and asian , investors, seem ready to park money in USA bonds, in general. this may be a shorter term trend , but i need a vec. to ride, that also pays monthly dividends, as many closed end bond funds do. beast of health and wealth to you all S
Gold is signaling massive deflation.
Gold to $500
Silver to $4