We need to wait a few weeks to see some movements in the gold market
Doc has said for a while and continues to stand by his call of the 3rd or 4th week of August to see a movement in gold.
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great point FranSix.
Yes FranSix. Scroll down to McAlvany’s Yellen subpoenaed to read how gold’s doing just fine in most currencies other than the dollar. For all those gold naysayers life is too hard to be dealing with the truth.
I’m thinking that July 22nd was Wall St., reaching for the last eigth.
In $U.S. terms weekly RSI at 30:
Doc:
I continue to appreciate your comments. You are definitely a patient man!
Ditto that. Doc is a fantastic contributor, and very patient waiting for the right setup to take long positions. A gentleman and a scholar!
Doc,
You’ve been calling these gold moves right for quite a while now. No need to second guess you. I just wish you were wrong this time ( ; cause I really would like to see the bounce right Now..
Me too. I want to see a bounce start on Friday or the beginning of next week, and hope it doesn’t take until the 3rd week of August. Having said that, I’ll take the bounce the 3rd week over it falling out of bed here, because I just entered a few new positions in the miners to play the potential bounce. I still have some dry powder if we drop further, but Gary’s point about now being a time with so many indicators coming together does lend some rationale behind taking a contrarian position.
I’m about a 40% contrarian at this time (more than that percentage if you count some of the other sectors I have positions in). The only snag is the turmoil in China and some of the Greek fireworks earlier this week has kept adding strength to the USD and is keeping a lid on commodities. At this point it is still a tug-o-war, and I’m hoping Friday turns the tide (and doesn’t pull out the rug).
McEwen Mining Reports 2015 Second Quarter Operating & Financial Results
TORONTO, ONTARIO – Aug. 5, 2015
Silverdollar – McEwen mining couldn’t hang onto its gains today and fell back to around $.70, so whoever the large buyer was yesterday, maybe they were just trying to get in front on the news release today, or Rob may have spiked it to get people to notice the new release today. I still like this company, but was hoping to pick it up in the $.60’s where it just was recently. Here was the close today:
McEwen Mining Inc. (MUX) -NYSE
0.7010 Down 0.0890(11.27%) 4:04PM EDT
Actually, it looks like a pretty good value on McEwen at present prices and if today was a low, then it would be the 3rd higher low recently $.678, $.685, $.701. That could be a good sign it is bottoming. We’ll have to keep on eye on this one, because if we do get the pop in metals, I could see this making a nice percentage jump.
Right, thanks. I picked some up at $.70 a while back. Will buy some more at .65 if it gets there. Hoping it doesn’t.
I had bought some around the $.80 level in mid-July and had a chance for a gain but missed the move, and sold around the same price for a wash, because I had a feeling it was going down a bit further. Now that it is has dipped down as low as $.65, I think it is trying to find a short term bottom. That spike on Tuesday to $.79 and then the pullback on Wednesday back to $.70 is some wild action. I am curious to see if it may dip down below $.70 for Thursday, and if so I may “nibble at it” to quote the great Doc Postma : – )
Looks like MUX – McEwen mining is rebounding for real @ $.7444. Refreshing.
Mandalay Resources Corporation Announces Financial Results and
Quarterly Dividend for the Second Quarter of 2015
TORONTO, ON, August 5, 2015
http://www.mandalayresources.com/wp-content/uploads/2015/01/MND_August_5_2015.pdf
CFS – You’ve probably seen this already but here is the June Investor presentation for Mandalay Resources. I’m curious to see when they’ll release an updated presentation now that the Q2 2015 numbers are out today post-market.
Barrick Announces Streaming Agreement With Royal Gold
TORONTO, ONTARIO–(Marketwired – Aug. 5, 2015)
Great Panther Silver Reports Second Quarter 2015 Financial Results
VANCOUVER, Aug. 5, 2015
Shad,
Much thanks for all you bring in here!!
It doesn’t go un-noticed, and is always much appreciated!
BIG DITTO……………………………
Bigger ditto!
Thanks Chartster, FFM CCF, and Rev!
It is a pleasure to be part of such a good group of investors and just good people.
Shad,
The old saying or cliché , is , the more you give, the more you get.
You got that in spades my friend. Thank You!
Thanks again Chartster. Yes, I truly believe life is more fulfilling when you share and give energy towards affecting your local environment in a positive way. I feel the same way about the good information you share on a regular basis as well.
I do frequent other sites often, but always return to the KER site to collect my thoughts and share ideas, because for years this site has been one of the few with real collaboration. It is refreshing to bounce ideas off like-minded individuals.
Cheers!
Does anyone else se a bullish wedge on Gold starting on 21July? You know, decreasing daily highs and increasing daily lows
The standard DAILY on Sharp charts does provide the optics; you need to bring the pre-defined range to “1 month”
August 12-19th time would determine if gold breaks out to the upside or continues to decline
Yes I’m seeing the same thing Brian, and that is why I am thinking we are getting near the breakout/breakdown moment. My bet is on the upside pop because I see the pattern as bullish, and your timing seems to line up nicely with Doc’s, so you guys are likely on target.
Best of luck to you in your investing.
Brian,
I’m in Gary’s camp. Gold should break to the upside right here. I’m really confused as of why it hasn’t happened yet. Strange times..
We should get a big move up right here.
In 2009, gold prices spent four weeks in the doldrums at the corrective price low before fundamentals took over again.
FranSix, you seem to have a good grasp on technical analysis. What are your thoughts for the short term. We have been stuck in the doldrums of summer, but do you think we’ll get a currency reversal and short-term pop in commodities, or are you thinking we’ll break down in a waterfall decline with the USD moving higher?
Well, I don’t think people believe the implications of interest rates lagging inflation, for one because inflation and deflation are subjective matters.
Interest rates aught to decline(or bond prices should appreciate) with a correction in major indices. Commodities won’t go down forever and have seen a world of decline.(oil, copper)
For gold prices to perform, you need interest rates lagging inflation once again. With the steepening of the yield curve, you also had a drop in commodities.
But there might be another financial crisis that fits the description of deflation. Certainly we’ve seen more than enough evidence for an absolute seizure in credit in the first major financial crisis after the collapse of the oil price mania.
If you have a stockcharts.com subscription, you’ll see how I mean on the subject of fundamentals being interest rates lagging inflation:
For a discussion on Pring’s Inflation/deflation indices, this article will be helpful:
There seemed to be a definite inverse relationship between Gold and the 10 year treasure priced in Pring’s inflation index. People often discuss how interest rates and inflation play into gold’s price movement, but that chart did a good job of painting the visual picture.
Much appreciated FranSix.
Thank-you, Shad. Monthly chart of the same very smooth.
It’s like this, see:
Good stuff as usual FranSix. Thank you.
It does look like inflation is due for at least a good bounce.
http://stockcharts.com/h-sc/ui?s=!PRII%3A!PRDI&p=W&yr=7&mn=0&dy=0&id=p65910561362&a=419350935
Bring on the inflation bounce……The Fed will be happy about that : – )
I think gold is finally starting to bounce.
http://stockcharts.com/h-sc/ui?s=%24GOLD&p=D&yr=1&mn=0&dy=0&id=p37241295878&a=406396269
It is looking that way. I’ve done good with Stillwater, SIL, and Yamana today that I picked up yesterday, but not so hot with Hecla. This was an example of where I wasn’t following them fundamentally and didn’t realize they were going to put out a stinker press release this morning so it tanked at the open and has clawed it’s way back. Overall though, it has been an encouraging day so far as many of my smaller explorers are also up today. I’d like to see Gold get above $1094-1095 and see if it has any legs after that.
Everyone is like a deer in headlight……………the fed has frozen the game, with all the idiotic bs………..when the game is up, it will be up.
It looks like commodities will be weak relative to gold for awhile…
http://stockcharts.com/h-sc/ui?s=%24GNX%3AGLD&p=W&yr=3&mn=0&dy=0&id=p89726373567&a=378282313
Yes, we discussed in the spring that it was most likely that, after the summer doldrums (June- early Aug) it would be Gold that would lead the other commodities out of the intermediate bottom. Going one step further, it will likely be the miners that will lead the PMs out first, and then the other commodities will follow suit.
As a side-bar: I also believe if the Japanese reactors come online soon that Uranium could start moving a little ahead of the commodity pack as well. It’s been treading water for months now waiting for whether Japan is going to give the green light.
Profit and production up, cost down in another record quarter for Randgold
Thursday, August 6, 2015
http://www.randgoldresources.com/profit-and-production-cost-down-another-record-quarter-randgold
*This is an interesting article about how the Gold miners would be impacted by $800 Gold. I’m still not sure it would get that bad, but it’s an interesting scenario that the Majors are planning for:
_________________________________________
Gold Miners ‘Fried’ at $800 an Ounce as Randgold Makes Plans
by Thomas Biesheuvel
August 6, 2015
GDXJ – The Bull/Bear Battle (Blue line).
http://stockcharts.com/h-sc/ui?s=GDXJ&p=D&yr=1&mn=0&dy=0&id=p10655177740&a=419357652&listNum=1
Yep riding that trend line.
The Long Capitulation
http://stockcharts.com/h-sc/ui?s=GDXJ&p=M&yr=5&mn=11&dy=30&id=p65147534848&a=409118317
GDXJ Schiff fork support/resistance:
http://stockcharts.com/h-sc/ui?s=GDXJ&p=D&yr=1&mn=1&dy=0&id=p32521085545&a=406951885
SLV:GLD clings to its uptrend:
http://stockcharts.com/h-sc/ui?s=SLV:GLD&p=D&yr=3&mn=3&dy=0&id=p25882513257&a=407706196&listNum=1
Zoomed-in. At 50 day MA resistance and 20 dMA is pointing up again.
http://stockcharts.com/h-sc/ui?s=SLV%3AGLD&p=D&yr=1&mn=1&dy=0&id=p20700702161&a=415279966
Btw, SLV is up 6%+ in just the last month when priced in GLD. That is bullish for the sector, if anything.
Here’s a look at the SLV:GLD action in 2008-2009:
http://stockcharts.com/h-sc/ui?s=SLV%3AGLD&p=D&st=2008-07-06&en=2009-09-11&id=p28750140505
GDXJ:GDX big gap down today and a quick rebound from just above the 50 day MA to fill the gap. The action is good for the bulls.
http://stockcharts.com/h-sc/ui?s=GDXJ%3AGDX&p=D&yr=1&mn=1&dy=0&id=p11602366011
$A or $CAD gold prices are doing well, despite utter pessimism in the U.S.:
(Click on the ‘reader’ button to format the article)
http://investorintel.com/gold-precious-metals-press/outback-swagger-for-australian-gold-miners-as-ma-deals-roll-on/