The mining stocks continue to hold up with gold moving down
We kick off today with Gary Savage chatting about gold and relating the price moves to the mining stocks. We then switch focus to oil and the US dollar.
Click download link to listen on this device: Download Show
She ever had any credibility?
Still bag holding on my gold and oil. Just stopped out on Russia. Got groin kicked when China went down and been whipsawed ever since. Total loss of $40. Wife is gonna have to settle on Pho Friday night. lol So when is this month long cover rally gonna end on the markets?
A set-up? Gold rallied into the FOMC as bets were placed that the rate hike was off the table for the year and when it wasn’t gold fell and the DXY popped. Today, gold rallied hard into ADP this morning, then got hit when it came in line and got hit again when Yellen said Dec rate hike is on the table.
Silver Wheaton and Franco streaming deals with Glencore and Tec over the last week are sure awesome. Would love to see a silver cartel form on the supply side and the streamers sure to be positioning themselves to take more control.
The whole streaming conept really worries me. Maybe I don’t know enough about finance.
It saws a seed in my mind that hints to me that the precious metals bear market has much further to run; I don’t quite now why. Call it kind of a woman’s intuition!
What would happen if there was a supply disruption on a streaming deal, I would wonder? Not to say there would be in these cases but as a hypothetical situation. Can anyone illuminate?
The whole streaming conept really worries me. Maybe I don’t know enough about finance.
It sews a seed in my mind that hints to me that the precious metals bear market has much further to run; I don’t quite know why. Call intuition!
What would happen if there was a supply disruption on a streaming deal, I would wonder? Not to say there would be in these cases but as a hypothetical situation. Can anyone illuminate?
(My typing sure is bad today. Ageing sight you know. Presbyopia).
Interesting thoughts about the bear market in gold Dave!
V.FMG is gear up for major break out. You guys already lost out on cheap shares but change to still get in a low level.
Al- you forgot oil…
This really isn’t rocket science – central bankers move rates, rates move FX, FX moves commodities and stocks.
I haven’t given up total hope that Gary is still making the correct call but things are looking somewhat bleak. Some really bullish things happening on mining side. Major streaming deals SSL, Wheaton, Franco and the total bust of Rubicon. Rubicon was suppose to be guaranteed future supply and it is gone improving hurting supply side. Rubicon will put into question all the high grade vein deposits to many are investing in right now. (eg. Pretium).
peter R., have you sold your Pretium?
What Rubicon is putting into very serious question are some high profile guys in the gold mining world that were always talking about the great management of this company. Claiming to make all the difference in valuing a stock because they knew management so well, made personal visits to mining sites and were experts in reading and assessing mining plans and geology. I don’t mean anybody of this website. Since this Rubicon crash I do however have my very serious doubts about the real value of some so called experts that were also mentioned at the IKN website.
The IKN website spanks another high profile subscription service gold pick today too.
Well my suspicion was actually raised already a long time since I read an interview in the aureport where this expert wanted to own this 7 goldmining companies among which also Rubicon Minerals but at the disclosure at the end of the article actually owned…….not a single one of them. And this while these guys were always telling everybody that nobody should ever trust anybody who wasn’t putting a large part of his own money in the game.
what is this IKN website you speak of???
what is this IKN website you speak of???
AS CASEY SAID…….”THE FED IS COMPLETELY WORTHLESS”
Miners are looking good!
Yes, gold action looks bad. One positive, I have never seen the 3 and 5 day RSI so oversold with gold still holding onto a higher low. Every time in the past few years the 3 or 5 day rsi has been this oversold, gold had already made a much lower low in terms of daily cycles.
In any event we are no more than a few days from some sort of relief. Again, from.what level that rally comes from is anyone’s guess.
Also, miners still holding within the channel going back to August, although we are approaching the lower rail now. Do we bounce and then break below? Bounce and never look back? Or just gap down below the lower rail in the next couple of days? Fun stuff.
The XAU is now down 2.8%. Yesterday’s gains are being given back as gold continues to drop. But I am noticing that volume is now rather low in the miners I follow with intermittent bursts of buying and selling. Trend is dow, though. I hope they go down more, because I sold stock yesterday into what I expected would be a seroius down day, but turned out to be an up day for the miners. Made a bit of money selling close to this morning’s top but am still under water with yesterdays trade.
Here’s to hoping for more down action!
Jawboning from the Fed and ECB has basically wiped out all of the gains since the last employment report. All yellen said was a rate hike is a live possibility in December. She’s been saying the same thing for at least a year.
Ker just lost major credibility for Corys Hulbert….=drivel…. Market watch is the usual corporate controlled… wake up Ker..
Are you sure? Look at the COT on silver.
Hulbert drivel? Something for everyone, Agatha!
The fed’s credibility is alive and well. Thing is no one can do anything about it either.
Gold goes up ONLY when the fed allows it. It is as simple as that folks.
The old unweighted crb index (gcc) doesnt look so hot on the daily chart. It is breaking down from the 50dma today. It needs to rally back to that level in the next few days or commodities are looking like lower lows are coming.
Not sure what game Yellen is playing, but the extent markets move on her every word is sickening and surreal.
$Hui and gdx are most definitely going to close or at least intraday go well below their 50dma in the next few days. Just too tempting a technical level for the shorts to avoid at this point. Gdx at $14.0 would be my line in the sand.
Action in HUI:Gold is not that convincing bullish sign. Looks just like market noise to me:
Gold has plunged about $30 since Monday while GDX still hasn’t taken out Monday’s low. That’s a little too unusual to call noise, in my opinion.
Let me guess – Monsieur Gary le Savage has doubted me once again, much to his chagrin! Do not bet again&again$again$$again$$$again again-st da King ! Dollah, that is!
You are better off trying to pick a bottom in the metals. 🙂
King Gold, QUEEN Dollar. 😉
So much for the concept of the fed losing credibility. Yellen has lost no credibility at all.