Rick and Doc discuss today’s move in the metals.
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THE MANIPULATION NO OVER NO OVER !!!! !!!!
A MAST SEE !!!!!!!! WHERE CAN I BUY DIS ??????? https://www.youtube.com/watch?v=08TDo6x8GEo
BIRD MAN ; JJ ; HH ! HAVE FUN ! https://www.youtube.com/watch?v=Pr3Dz3fxmYo
I believe you are correct, Franky!
REAL EUROPE TAX’S AND BELGIUM ! https://www.youtube.com/watch?v=1G4lAbjVckI
Rick needs to congratulate Gary Savage as well.
correct!!
Bird needs to congratulate Gary Savage as well.
Duke needs to read more carefully.
Doc? What went wrong? You didn’t see any significant down moves. lol
Over due having a positive day. I might not break out the bubbly but Im enjoying it anyway.
It is enjoyable, isn’t it. You could just feel a percolation below the surface and we got one heck of a blow off. The fact we’re 2/3rds through June is also positive. It would be nice if we “digest” these gains for a couple of weeks and then head higher. It would make for a sustainable move.
Hey Doc
Great work so far and you are leading the masses to the retirement patch.
I think most of the bears willbe in hybernation soon as my silver stocks are all above the 50 week moving average and next pullback to test 50 week will be signal to add to positions.
Cheers
We did get in at the right time didn’t we? As usual, I wish I had been bolder. However, I’m probably in some of my positions now for long term and will have to be patient for the pullbacks when I’ll add to my base positions—-that’ll happen especially when we break out to new highs and close a couple of weeks over those new highs.
Doc – YOU did it quite right this time and I am not sure what the next few years will look like but we may well look back to these past few months and be glad that we had so much information available to us and proper guidance.
Thanks to both you and Rick and I hope we all can profit and enjoy the ride as I am holding many of my positions.
Chat soon and put out a newsletter as I would gladly subscribe.
Its just about impossible to hit the “perfect” trade Doc, even when everything we figure turns out well, we can always wish we had more conviction.
Markets are a little different to cards or sportsbook, with them you get “rubberband” bets, that’s everything your little ol rubberband wraps around.
Tuffer to do with markets I think.
Hey Doc
– Just for the record, I still believe we have the potential of seeing the metals below the 2013 lows of June by Aug. 16 of this year. The metals stocks are a different story, as I think many have bottomed and will diverge when the metals head down again and there are still many stocks most noticbly – Barrick Gold that still look like they have one final push lower before bottoming.
I am with you bb!
Don’t break out the bubbly yet….but not long now!!
Nice timing bb! Well done Doc!
Some posts in the recent past brought up the “short squeeze” and were criticized for that idea.
Because the short squeeze theme in silver/gold is a recurring one that has refused to pay off. Until now.
Anybody wonder if the Faber interview on cnbc? might have any effect on new buyers?
Rick, oil not moving, remember the descriptions of money being in a fishtank?
I think Ive been seeing that for awhile.
Maybe Im wrong of course.
That was because the “short squeeze” occurred with a large short that was put on AFTER the talk in this forum. The big short, put on at 9 am, June 17 was covered today.
That was what the zerohedge chart was about.
We agree it was a short squeeze none the less (;-)
The dollar did not anti-correlate as it should have……That is a red flag.
The dollar did go down slightly.
Specifically the dollar appeared to anticipate the upward move in gold and then slowly moved up as gold moved up. but with the dollar ending up slightly down over all.
CFS, I believe the dollar has to move up in the short term and then challenge its’ low in May. What’s extremely interesting is how the bollinger bands on the weekly chart are narrowing considerably—–they’re the narrowest I’ve see in years—–you read that right, years. That means complacency and something big occurring in the near future. I wouldn’t be surprised if we stay in that band for about 2 more weeks and then something will have to give.
Doc – If you don’t mind answering, please. In looking for back filling, where would you expect/want to see GDX that would be a buying opportunity to you? (I understand your answer will not be advice). Also, do you have any kind of a newsletter service?
Fan, the odds are very good that we see 24.75 again—-we may see a higher move though before a pullback. We could as well go back and challenge the 200 day MA as well and that’s at about 24. For a move back down right away would entail a sudden reversal of the MACD which is positive going into tomorrow. However, we are already into overbought positions in some of the momentum charts right now. Of course, you can stay there longer then imagined sometimes. One of the things that concerns me is the numnber of charts with “breakaway” gaps. That’s another reason why I would love us see a move down sooner then later. If this is primarily a short covering squeeze we’re seeing, then we’ll come back somewhat again—and that’s not all bad since the shorts won’t be as brave next time to take large short positions. What’s also good is that we’re entering the summer months at a price level where the odds are we shouldn’t see significant low prices again. As far as the newsletter service is concerned—–Al and Cory have been talking with me about a potential newsletter. When I’m in Vancouver with them in July we’ll carry that discussion further and see where it leads us.
I agree with you that many gaps and many overbought stocks do not indicate a to-the-moon probability. Volume has picked up a bit, but it is still very low.
Thanks very much for the detailed answer Doc. Much appreciated! You’re always class act here when discussing your views with Al, Cory and the others. Please keep us posted on the possiblity of a newsletter.
Now a typical question. Will we get the customary up-kick in the general market just before 4 pm? It is not a Friday, so this is harder to call……I have no idea.
Looks like a gentle up-kick is happening.
Maybe the brave are shorting silver and going long the general market after a big swing like this.
http://www.telegraph.co.uk is claiming ISIS has captured Sadam’s chemical weapons,
Saw that, thank you.
You planning on traveling to that part of the world? i would bet not!
I would love to travel in Iran, but that will not be possible in my lifetime. About 2 miles away is as close as I’ve been. I do find the emirates interesting to explore. Abu Dhabi will soon out-do Dubai, but places like Sallalah and Oman have great potential.
Anyone here think this sudden move up in the metals portends any like move down in the conventional market? I’m looking at the VIX long-term chart and the last time it was under $10 was the mid 1990’s. Right now sitting at $10.63. I mean wow, how low can you go?
http://finance.yahoo.com/q/bc?s=%5EVIX&t=my&l=on&z=l&q=l&c=
Chips, I believe that in the last 30+ years, the vix has gotten as low as the low 9’s on 3 occasions. If that happens which I believe could, I’ll be purchasing call options out a few months. I might add that the charts for the vix right now reveals the path of least resistance to be down currently.
I like that idea, Doc. I’ve had dreams of catching the VIX on a nice move up via call options. Only problem this year is I get caught in that Fed nightmare where nothing is real 🙂
You’ve got that right. Wouldn’t it be something if the VIX just continued moving down broke 9, and kept going for awhile.
That would be something; unprecedented in fact. I guess we shouldn’t be surprised by what can happen in a Fed-Pretend World.
I was watching some stocks on level II towards market close. Sometimes it is entertaining when volume is thin. e.g. Just before the close SILJ had a bid around $13 but the ask suddenly shot up to $9,000. My broker will not let me put in crazy asks like that, so I wonder if that was the marketmaker or just an average citizen.
Remember in France the bankers were guillotined long before Louis and Marie-Antoinette.
CFS………they are throwing them out the window today…
ZEROHEDGE……………do we believe them today………….WHAT DOES BOB M. have to say…………………………………..
what does Jmiller have to say……………..
Listen to his commentary for today.
JPM……………..HAS 6000 TONS OF SILVER………….
.., THE CHINESE have lent there silver out…….this is a breakout….they want the silver back….
SILVER FIXING STOP………AUG.2014, no more FIXING……game over.
Silver going over $65…….I put out the news yesterday……..according to KWN.
They will be talking about SHORT COVERING ……….pressure is on…..
Congrats to longs — shaping up to be a beautiful rally.
To illustrate the positive divergence of the gold miners… the basket of mining stocks I am tracking is not too far from reaching the March high, with physical gold still well below the high water mark reached during the first quarter.
The power of the move should argue for an intermediate to longer term move. While some of the mining stocks I watch are already over-bought on daily charts, they have room on the weekly charts.
Much in the way that Gary and Doc are explaining, if the eventual correction is more sideways than down (admittedly what I was looking for after the March peak, but didn’t get), then we could be on the cusp of a truly impressive bull run.
Of course, as I look at weekly and monthly charts on some of the miners (especially well-positioned juniors who are have wonderful prospective resources and have continued to attract funding — but which nonetheless were thrown away with the trash), we have a tremendous runway in front of us.
For those who haven’t participated and looking for an idea that hasn’t moved yet, I would suggest doing some research on Wellgreen Platinum. They have an updated PEA scheduled to come out in the next month or so that could be a good catalyst.
On Jay Taylor’s website, http://www.jaytaylormedia.com, there is an interview with the company’s CEO in the archives section (April 8th) — that would help someone begin to get familiarized with the story.
Please note that I am long the stock (and not a registered investment advisor), and it is only one of a very diversified portfolio of mining stocks that I own. Please perform the necessary due diligence.
Good luck all.
Wellgreen is as much a nickel play as Platinum, but nickel has been doing well.
I would only rate management so-so, but I believe there have been some recent changes.
(I too, own the stock at a loss currently)
Hi, CFS
they brought in a new management team a while back. It is poly-metallic, as you suggest. As I believe the updated PEA may illustrate, the credits on the copper, nickel and cobalt deposits could produce sufficient credits that they would become one of the lowest cost producers of the platinum group metals. (and with a location in the Yukon, as opposed to Africa or Russia)
COOL COOL COOL IS THE WAY BE CAREFUL ! https://www.youtube.com/watch?v=zsTRxXvQY0s