These markets are a breath of fresh air
Rick has picked these drops right over the past couple of days. He has been waiting for the markets to fall and now has his wish. Will the drop continue and will the precious metals continue to get hit as people are rushing to sell almost everything?
Click download link to listen on this device: Download Show
I will be watching the rates in Canada closely. In a way i hope you are right (selfishly for my mortgage). It would be nice to see our economy pick up! Especially with the Canadian dollar dropping so much recently.
Quickie rate reference:
I thought sector rotation is indicative of topping.
It is now clear that pharma/biotech has topped.
I would like to think there will be rotation into energy, which shows some sign of bottoming, but the major drop of nuclear stocks yesterday kills that idea.
I still think oil is range bound and near the bottom, so maybe a rotation into clearly-chosen oil or gas stocks might happen.
Hope you are wrong about the energy sector. (Long term)
Yes, I was surprised by how hard nuclear got hit yesterday and today CFS. I’ve been doing really well swing-trading the uranium miners, and made some cake on a few mergers, but and I got my clock cleaned on few positions (ouch). Oil getting down to lower levels was expected, but I could see it even heading lower in the next month or two.
mid to longer term I’m very bullish on Uranium & Nat gas though, and short -mid term neutral to bearish on Oil. Longer term I’m bullish on Oil, but want to see how this commodity bottoming plays out.
Shad . If the Iran deal works then they would be free to flood the market with oil.
then lower oil prices…..SHORT OIL.
Very good point Irish. Yes, like was saying at $62-$63 Oil when many were touting $70-$80 oil around the corner, I’ve been mid-term bearish, but longer term bullish. My lower target if we get a US dollar spike in August has been $38-$40. That seemed like a stretch when we getting into the mid-$60’s but not so much now that we dipped below $52. Like the PMs I expect it to whipsaw in a range with a bias to the downside over the next 2 months.
Good show guys. Al & Cory good questions, and Rick – interesting answers on bonds, equities, and PMs. I was startled by the $11 Silver call, but do expect it to head down a little further into the low $14’s.
Here’s the quote Cory was referencing in the audio:
On July 2, 2015 at 8:37 am,
spanky says:
“Silver reversal triangle still alive. I’m calling it right here: we won’t see silver sub $15.45 for the rest of our lives. :)”
On July 2, 2015 at 8:41 am,
Shad says:
“wowzers. That’s a bold call spanky : – )
I’m thinking we may get back into the $14′s in mid-late July, but would love it if you were correct. Cheers!”
I do remember that Shad!
Hi Big Al.
Yes, we are in the summer doldrums and commodity sell-off we’ve been expecting and discussing on this blog since Feb/Mar, and June-Aug was when he biggest seasonal weakness was expected.
Even so, $11 silver would be a great price to buy more physical coins and bars, but that seems really low below the cost of production to me. I’ll be a bit surprised if it gets that low, but anything is possible in these crazy markets.
I would definitely buy some at those levels, Shad.
Absolutely. I’m considering buying some physical in the $13’s if we get there.
GENTLEMEN! BETWEEN now and September you are going to see GOLD and SILVER go even LOWER and again, that’s ONLY because the FED and the COMEX BOYS are MANIPULATING IT THAT WAY……..BUT THAT’S OKAY…….TIME is running out for these CLOWNS and their CIRCUS ACT………….SO let them PLAY ALL THEY WANT………..THEY GOT THREE MONTHS LEFT !!!!!!!!!!!!!!!!!!
Hey Mark – It has been very good seeing you on the site again recently.
Out of curiosity – what is the 3 months left in reference to? The expectations of the September major correction in the general markets?
CHINA MARKETS CRASHING PUSHES NEED FOR YUAN BACKED BY GOLD, CHINA JOINING IMF BASKET OF CURRENCIES BACKED WITH GOLD YUAN, CHINA ANNOUNCMENT OF STRONG GOLD RESEVRES LATER THIS FALL, NEW CHINA GOLD EXCHANGE THAT WILL SET THE GOLD PRICE AS WELL AS COMEX MASSIVE SHORTS NON DELIVERABLE, LBMA VAULTS EMPTY, ABX GLOBAL COMING ON LINE AND BLACK SWANS AFTER BLACK SWANS COMING…………..AND THAT’S JUST A LITTLE BIT OF WHATS TO COME !!!!!!!
Interesting time frame Mark. We will be watching to see if it all comes to fruition.
Thanks Mark.
COMEX AND THE LBMA WILL BE WORTHLESS COME THIS OCTOBER…………THEY WILL BE BUST !!!!
That’s a little more gloom and doom than I subscribe to.
BOTH ARE WORTHLESS NOW……….
***** BREAKING ***** U.S. MINT SUSPEND SILVER AMERICAN EAGLE SALES !!! ******
AGAIN………..how’s that for another BLACK SWAN !!!
HOT DOG………….I SMELL AN OPPORTUNITY…………HELLO SHAD…….
Hi Frank……I was going for Canadian Maple Leafs once we get sub $14. Do you think that we are starting to see the delays in coinage all around? I can still go buy them on Ebay or many sites online still, but I see your point. What if we suddenly found out this was true everywhere?
Shad:
A couple weeks ago you mentioned you would be buying MUX when it went below $.90. Closed today at $.89. Are you buying?
Funny you bring that up Silverdollar. I looked at McEwen Mining 3 different times today, because $.89 was a new all-time low, but still held off pulling the trigger. In my opinion $.89 is a great longer term value for Rob’s enterprise because they have great Gold and Silver assets, beat their guidance, and have done a great deal to get costs in line, and have a great management team.
Gold is getting dangerously close to testing the Nov 2014 lows at $1131, so I’m watching to see how things play out over the next few weeks with PMs. I could actually still see a little more downside in many mining stocks if PMs break lower.
The valuations are crazy right now…..but that is how things start to look when sentiment gets washed out. MUX is a quality company and they are definitely on my short list, but I’m waiting for the daily RSI to get closer to 30 and the Slow Stochastics to get closer to 20.
http://stockcharts.com/h-sc/ui?s=MUX&p=D&yr=1&mn=0&dy=0&id=p71123715943
Just to be clear – Not investment advice, and I make wrong calls all the time, just like any honest trader. I just get more right than wrong : – )
The stock could easily jump up 10-15% out of nowhere, and the miners don’t have to follow the PM price. My attitude is that most mining stocks will have years of appreciation and will be multi-baggers when the sector recovers, so I’m not in a rush to get in all at once. I’m going to tier into my positions (3 tiers usually), so in some equities that will be averaging down, and if some start really moving, it will be averaging up on the quality names when they pull back. If I miss the initial moves in some of them that’s OK with me.
I think the price decline in MUX is nutty, but I feel that way about many great companies right now
McEwen Mining Inc. (MUX) -NYSE Watchlist
0.8360 Down 0.0540(6.07%) 3:05PM
Yep, Glad I waited, another 6% down today. I’m debating starting a position here at $.836, but there is a lot of red in the miners and commodities everywhere I look today. Risky business.
McEwen Mining Inc. (MUX) -NYSE Watchlist
0.8214 Down 0.0686(7.71%) 3:16PM EDT
Now I’m really thinking about it Silver Dollar. It’s getting a bit crazy. Down almost 8% today.
Maybe I’m a sucker, but I just took out a position in McEwen Mining Silverdollar.
MUX – 03:42:26
Bought position @ $0.8056
It looks oversold enough for me to average into it, but if it pops back tomorrow I’m selling it right back for a profit.
http://stockcharts.com/h-sc/ui?s=MUX&p=D&yr=0&mn=6&dy=0&id=p92138733498
Here’s how it closed, so I have a nice profit heading into tomorrow. I’m going to wait to see if it gets up to the $.86-$.88 range tomorrow and then sell it back.
McEwen Mining Inc. (MUX) -NYSE
0.84 Down 0.05(5.62%) 4:02PM EDT
THANKS FOR THE INFO………
The U.S. mint will be back minting quickly.
This is normal.
when is the last time…….like a year ago?
ran out of blanks the last time as I recall…….
Just bought Russia (RUSL)! Chart turned up around $19.21, MACD crossed around $20.25 and I put my forward buy order in at $20.25. She’s at about $21.20 right now. I’m hoping for $3 – $4 pop this week. I made 18% on RUSL this past Spring.
Correction, I put a forward buy order in at $20.50.
Where do you set your stop on a buy like that? Just below the intraday low?
Weekly chart looks ‘weakly’…
The moose on the highway is negative interest rates. Rate cut coming this month for Canada, meaning the decline doesn’t amount to much:
http://schrts.co/X6fxJP